<SEC-DOCUMENT>0001104659-25-030198.txt : 20250401
<SEC-HEADER>0001104659-25-030198.hdr.sgml : 20250401
<ACCEPTANCE-DATETIME>20250401064855
ACCESSION NUMBER:		0001104659-25-030198
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20250401
DATE AS OF CHANGE:		20250401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENDEAVOUR SILVER CORP
		CENTRAL INDEX KEY:			0001277866
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286297
		FILM NUMBER:		25796519

	BUSINESS ADDRESS:	
		STREET 1:		#1130-609 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1G5
		BUSINESS PHONE:		604-685-9775

	MAIL ADDRESS:	
		STREET 1:		PO BOX 10328
		STREET 2:		#1130-609 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1G5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENDEAVOUR GOLD CORP
		DATE OF NAME CHANGE:	20040128
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>tm259701d1_f10.htm
<DESCRIPTION>F-10
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">As filed with the Securities and Exchange Commission
on April 1, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 80%; border-top: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;F-10</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
    ACT OF 1933</B></P></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm259701d1_f10img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>ENDEAVOUR SILVER
CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><B>British Columbia</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><B>1040</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><B>Not Applicable</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">(Province or other jurisdiction of<BR>
incorporation or organization )</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Primary Standard Industrial<BR>
Classification Code Number)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1130-609 Granville Street</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada V7Y 1G5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(604) 685-9775</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: black 0.5pt solid">(Address and telephone
number of Registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1015 15<SUP>th</SUP> Street N.W., Suite&nbsp;1000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20005</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(202) 572-3100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: black 0.5pt solid">(Name, address (including
zip code) and telephone number (including area code) of agent for service in the United States)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jason K. Brenkert,&nbsp;Esq.<BR>
Dorsey&nbsp;&amp; Whitney LLP<BR>
1400 Wewatta Street, Suite&nbsp;400<BR>
Denver, CO 80202-5549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(303) 629-3400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Approximate date of commencement of proposed
sale of the securities to the public</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">From time to time after the effective date of this
registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Province
of British Columbia, Canada</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is proposed that this filing shall become effective
(check appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">A.</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 94%; text-align: justify">Upon filing with the Commission, pursuant to Rule&nbsp;467(a)&nbsp;(if in connection with an offering being made contemporaneously in the United States and Canada).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">B.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify">At some future date (check the appropriate box below):</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">1.</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 87%; text-align: justify">pursuant to Rule&nbsp;467(b)&nbsp;on __(date) at___(time) (designate a time not&nbsp;&nbsp;sooner than 7 calendar days after filing).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify">pursuant to Rule&nbsp;467(b)&nbsp;on __(date) at ___(time) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on ___(date).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">3.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify">pursuant to Rule&nbsp;467(b)&nbsp;as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">4.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify">after the filing of the next amendment to this Form&nbsp;(if preliminary material is being filed).</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on
this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to the home jurisdiction&rsquo;s shelf prospectus offering
procedures, check the following box.&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the registration statement shall become effective
as provided in Rule&nbsp;467 under the Securities Act, or on such date as the Commission, acting pursuant to Section&nbsp;8(a)&nbsp;of
the Securities Act, may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES
OR PURCHASERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><I>Information contained herein is
subject to completion or amendment. A registration statement relating to these securities has been filed with the United States Securities
and Exchange Commission. These securities may not be offered or sold nor may offers to buy be accepted prior to the time the registration
statement becomes effective. This short form prospectus shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><I>This short form prospectus is a
base shelf prospectus. This short form prospectus has been filed under legislation in each of the provinces of Canada, except for Qu&eacute;bec,
that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission
from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the
omitted information within a specified period of time after agreeing to purchase any of these securities. Notwithstanding the foregoing,
delivery to purchasers of a prospectus supplement containing the omitted information is not required where an exemption from the delivery
requirements under applicable securities legislation in each of the provinces of Canada is available. This short form prospectus is filed
in reliance on an exemption from the preliminary base shelf prospectus requirements for a well-known seasoned issuer.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No securities regulatory authority has expressed
an opinion about these securities and it is an offence to claim otherwise.</I></B><I> This short form base shelf prospectus constitutes
a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons
permitted to sell such securities.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information has been incorporated by reference
in this short form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada.</I></B><I>
Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Financial Officer of
Endeavour Silver Corp. at 1130-609&nbsp;Granville Street, Vancouver, British Columbia&nbsp;V7Y&nbsp;1G5, telephone:&nbsp;(604)&nbsp;685-9775,
and are also available electronically at www.sedar.com.</I></P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><I><U>New Issue</U></I></TD>
    <TD STYLE="width: 50%; text-align: right">June&nbsp;16, 2023</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm259701d1_f10img002.jpg" ALT=""></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ENDEAVOUR SILVER CORP.</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Endeavour Silver Corp. (the &ldquo;<B>Company</B>&rdquo;
or &ldquo;<B>Endeavour</B>&rdquo;) may offer and issue from time to time common shares of the Company (&ldquo;<B>Common Shares</B>&rdquo;),
warrants (&ldquo;<B>Warrants</B>&rdquo;) to purchase Common Shares or other Securities (as defined below), subscription receipts (&ldquo;<B>Subscription
Receipts</B>&rdquo;) which entitle the holder to receive upon satisfaction of certain release conditions, and for no additional consideration,
Common Shares or Warrants of the Company or any combination thereof, debt securities (&ldquo;<B>Debt Securities</B>&rdquo;) or units (&ldquo;<B>Units</B>&rdquo;)
consisting of two or more of the foregoing (all of the foregoing, collectively, the &ldquo;<B>Securities</B>&rdquo; and individually,
a &ldquo;<B>Security</B>&rdquo;) or any combination thereof during the 25-month period that this short form base shelf prospectus (the
 &ldquo;<B>Prospectus</B>&rdquo;), including any amendments thereto, remains effective. Securities may be offered separately or together,
in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying shelf
prospectus supplement (a &ldquo;<B>Prospectus Supplement</B>&rdquo;) to this Prospectus. Securities may be also offered and issued in
consideration for the acquisition of other businesses, assets or securities by the Company or a subsidiary of the Company. The consideration
for any such acquisition may consist of any of the Securities separately, a combination of Securities or any combination of, among other
things, Securities, cash and assumption of liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This offering is made by a Canadian issuer
that is permitted, under a multijurisdictional disclosure system adopted by the United States and Canada (&ldquo;MJDS&rdquo;), to prepare
this Prospectus in accordance with Canadian disclosure requirements. Prospective investors in the United States should be aware that such
requirements are different from those of the United States. Financial statements included or incorporated by reference herein have been
prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting
Standards Board (&ldquo;IASB&rdquo;) and may not be comparable to financial statements of United States companies.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospective investors should be aware that
the acquisition, holding or disposition of the Securities described herein may have tax consequences both in the United States and in
Canada. Such consequences for investors who are resident in, or citizens of, Canada or the United States may not be described fully herein.
Prospective investors should read the tax discussion contained in the applicable Prospectus Supplement with respect to a particular offering
of Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The enforcement by investors of civil liabilities
under the United States federal securities laws may be affected adversely by the fact that the Company is existing under and governed
by the laws of the province of British Columbia and the federal laws of Canada, that some or all of the Company&rsquo;s officers and directors
are residents of Canada, that some or all of the experts named in the registration statement of which this Prospectus forms a part are
not residents of the United States, and that a substantial portion of the assets of the Company and said officers, directors and experts
are located outside the United States.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION NOR ANY STATE OR CANADIAN SECURITIES COMMISSION OR REGULATOR HAS APPROVED OR DISAPPROVED THE SECURITIES OFFERED HEREBY OR DETERMINED
IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities may be sold from time to time in
one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of sale, at prices
related to such prevailing market prices or at negotiated prices, including sales in transactions that are deemed to be &ldquo;at-the-market
distributions&rdquo; (each an &ldquo;<B>ATM Distribution</B>&rdquo;) as defined in National Instrument 44-102 &ndash; <I>Shelf Distributions
</I>(&ldquo;<B>NI 44-102</B>&rdquo;), including sales made directly on the Toronto Stock Exchange (the &ldquo;<B>TSX</B>&rdquo;), the
New York Stock Exchange (the &ldquo;<B>NYSE</B>&rdquo;) or other existing trading markets for the Securities, and as set forth in an accompanying
Prospectus Supplement. The prices at which the Securities may be offered and sold may vary as between purchasers and during the period
of distribution. In connection with any offering of Securities, subject to applicable laws and other than an ATM Distribution, unless
otherwise specified in a Prospectus Supplement, the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions
which stabilize, maintain or otherwise affect the market price of the Securities at a level other than those which otherwise might prevail
on the open market. Such transactions may be commenced, interrupted or discontinued at any time. A purchaser who acquires Securities forming
part of the underwriters&rsquo;, dealers&rsquo; or agents&rsquo; over-allocation position acquires those securities under this Prospectus
and the Prospectus Supplement relating to the particular offering of Securities, regardless of whether the over-allocation position is
ultimately filled through the exercise of the over-allotment option or secondary market purchases. See &ldquo;Plan of Distribution&rdquo;.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus may qualify an ATM Distribution.
No underwriter of an ATM Distribution, and no person or company acting jointly or in concert with an underwriter, may, in connection with
the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the Securities or Securities
of the same class as the Securities distributed under the at-the-market prospectus, including selling an aggregate number or principal
amount of Securities that would result in the underwriter creating an over-allocation position in the Securities. See &ldquo;Plan of Distribution&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific terms of the Securities with respect
to a particular offering will be set out in the applicable Prospectus Supplement and may include, where applicable: (i)&nbsp;in the case
of Common Shares, the number of Common Shares offered, the issue price, and any other terms specific to the Common Shares being offered;
(ii)&nbsp;in the case of Warrants, the designation, number and terms of the Common Shares or other Securities issuable upon exercise of
the Warrants, any procedures that will result in the adjustment of these numbers, the exercise price, dates and periods of exercise, the
currency in which the Warrants are issued and any other specific terms; (iii)&nbsp;in the case of Subscription Receipts, the designation,
number and terms of the Common Shares or Warrants receivable upon satisfaction of certain release conditions, any procedures that will
result in the adjustment of those numbers, any additional payments to be made to holders of Subscription Receipts upon satisfaction of
the release conditions, the terms of the release conditions, terms governing the escrow of all or a portion of the gross proceeds from
the sale of the Subscription Receipts, terms for the refund of all or a portion of the purchase price for Subscription Receipts in the
event the release conditions are not met and any other specific terms, (iv)&nbsp;in the case of Debt Securities, the specific designation,
the aggregate principal amount, the currency or the currency unit for which the Debt Securities may be purchased, the maturity, the interest
provisions, the authorized denominations, the offering price, whether the Debt Securities are being offered for cash, the covenants, the
events of default, any terms for redemption or retraction, any exchange or conversion rights attached to the Debt Securities, whether
the debt is senior or subordinated to the Company&rsquo;s other liabilities and obligations, whether the Debt Securities will be secured
by any of the Company&rsquo;s assets or guaranteed by any other person and any other terms specific to the Debt Securities being offered;
and (v)&nbsp;in the case of Units, the terms of the component Securities and any other specific terms. A Prospectus Supplement may include
specific variable terms pertaining to the Securities that are not within the alternatives and parameters described in this Prospectus.
Where required by statute, regulation or policy, and where Securities are offered in currencies other than Canadian dollars, appropriate
disclosure of foreign exchange rates applicable to such Securities will be included in the Prospectus Supplement describing such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus does not qualify for issuance
Debt Securities, or Securities convertible or exchangeable into Debt Securities, in respect of which the payment of principal and/or interest
may be determined, in whole or in part, by reference to one or more underlying interests, including, for example, an equity or debt security,
or a statistical measure of economic or financial performance (including, but not limited to, any currency, consumer price or mortgage
index, or the price or value of one or more commodities, indices or other items, or any other item or formula, or any combination or basket
of the foregoing items). For greater certainty, this Prospectus may qualify for issuance Debt Securities, or Securities convertible or
exchangeable into Debt Securities, in respect of which the payment of principal and/or interest may be determined, in whole or in part,
by reference to published rates of a central banking authority or one or more financial institutions, such as a prime rate or bankers&rsquo;
acceptance rate, or to recognized market benchmark interest rates such as CDOR (the Canadian Dollar Offered Rate), SOFR (the Secured Overnight
Finance Rate), EURIBOR (the Euro Interbank Offered Rate) or a U.S. federal funds rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, the Company has determined
that it qualifies as a &ldquo;well-known seasoned issuer&rdquo; under the WKSI Blanket Orders (as defined below). See &ldquo;Reliance
on Exemptions for Well-Known Seasoned Issuers&rdquo;. All information permitted under applicable laws, including as permitted under the
WKSI Blanket Orders, to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will, except in respect
of any sales pursuant to an ATM Distribution as contemplated by NI 44-102, be delivered to purchasers together with this Prospectus, such
delivery to be effected in the case of United States purchasers through the filing of such Prospectus Supplement or Prospectus Supplements
with the SEC. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation
as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities to which the Prospectus Supplement
pertains. Prospective investors should read this Prospectus and any applicable Prospectus Supplement carefully before investing in any
Securities issued pursuant to this Prospectus. <B>This Prospectus may not be used to offer or sell Securities without the Prospectus Supplement
which includes a description of the method and terms of that offering.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus constitutes a public offering
of these Securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell
such Securities. The Company may offer and sell Securities to or through underwriters or dealers and may offer and sell certain Securities
directly to purchasers or through agents pursuant to exemptions from registration or qualification under applicable securities laws. A
Prospectus Supplement relating to each issue of Securities offered thereby will set forth the names of any underwriters, dealers or agents
involved in the offering and sale of such Securities and will set forth the terms of the offering of such Securities, the method of distribution
of such Securities including, to the extent applicable, the proceeds to the Company and any fees, discounts or any other compensation
payable to underwriters, dealers or agents and any other material terms of the plan of distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outstanding Common Shares of the Company are
listed for trading on the TSX under the symbol &ldquo;EDR&rdquo; and on the NYSE under the symbol &ldquo;EXK&rdquo;. On June&nbsp;15,
2023, the closing price of the Common Shares on the TSX was $ 3.91 per share and the closing price of the Common Shares on the NYSE was
U.S.$ 2.96 per share. Unless otherwise specified in the applicable Prospectus Supplement, Securities other than the Common Shares of the
Company will not be listed on any securities exchange. <B>There is currently no market through which Securities, other than the Common
Shares, may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus and the Prospectus Supplement.
This may affect the pricing of the Securities, other than the Common Shares, in the secondary market, the transparency and availability
of trading prices, the liquidity of these Securities and the extent of issuer regulation. See &ldquo;Risk Factors&rdquo;.</B></P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospective investors should be aware that
the acquisition of the Securities described herein may have tax consequences. Such consequences may not be described fully herein or in
any applicable Prospectus Supplement. Prospective investors should read the tax discussion contained in this Prospectus under the heading
 &ldquo;Certain Income Tax Considerations&rdquo; as well as the tax discussion contained in the applicable Prospectus Supplement with respect
to a particular offering of Securities. Prospective investors should also consult with their own tax advisors with respect to their particular
circumstances.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No underwriter has been involved in the preparation
of this Prospectus or performed any review of the contents of this Prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in securities of the Company involves
a high degree of risk. You should carefully review the risks outlined in this Prospectus and in the documents incorporated by reference
in this Prospectus and consider such risks in connection with an investment in such securities. See &ldquo;Risk Factors&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering of Securities hereunder is subject
to approval of certain legal matters on behalf of the Company by Koffman&nbsp;Kalef&nbsp;LLP, with respect to Canadian legal matters,
and Dorsey&nbsp;&amp;&nbsp;Whitney&nbsp;LLP, with respect to United States legal matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s head office is located at
1130-609&nbsp;Granville Street, Vancouver, British Columbia&nbsp;V7Y&nbsp;1G5 and its registered office is located at 19th&nbsp;Floor,
885&nbsp;West&nbsp;Georgia Street, Vancouver, British Columbia&nbsp;V6C&nbsp;3H4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain directors of the Company and certain &ldquo;Qualified
Persons&rdquo; for the purposes of NI&nbsp;43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> (&ldquo;<B>NI 43-101</B>&rdquo;)
reside outside of Canada. The persons named below have appointed the following agent(s)&nbsp;for service of process:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><B>Name of Person or Company</B></TD>
    <TD STYLE="width: 47%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><B>Name and Address of Agent</B></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding: 1pt 5.4pt; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directors:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Margaret Beck<BR>
    Ricardo&nbsp;M.&nbsp;Campoy<BR>
    Amy Jacobsen<BR>
    Mario Szotlender</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center">Endeavour Silver Corp.<BR>
1130-609&nbsp;Granville Street,<BR>
Vancouver, British Columbia<BR>
Canada&nbsp;&nbsp;V7Y&nbsp;1G5</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding: 1pt 5.4pt; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Qualified Persons:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Allan Armitage</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Richard A. Schwering</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Humberto F. Preciado</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Paul Gill Ivancie</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Kirk Hanson</P></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 1pt 5.4pt; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchasers are advised that it may not be possible
for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed
an agent for service of process.</P>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_001"><FONT STYLE="text-transform: uppercase">Cautionary Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#a_001"><FONT STYLE="text-transform: uppercase">5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="text-transform: uppercase">Cautionary Notes to United States Investors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002"><FONT STYLE="text-transform: uppercase">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="text-transform: uppercase">Currency Presentation and Exchange Rate Information</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003"><FONT STYLE="text-transform: uppercase">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="text-transform: uppercase">The Company</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004"><FONT STYLE="text-transform: uppercase">8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="text-transform: uppercase">Recent Developments</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005"><FONT STYLE="text-transform: uppercase">8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_006"><FONT STYLE="text-transform: uppercase">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006"><FONT STYLE="text-transform: uppercase">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="text-transform: uppercase">Consolidated Capitalization</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007"><FONT STYLE="text-transform: uppercase">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_008"><FONT STYLE="text-transform: uppercase">Earnings Coverage Ratios</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008"><FONT STYLE="text-transform: uppercase">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="text-transform: uppercase">Dividend Policy</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009"><FONT STYLE="text-transform: uppercase">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="text-transform: uppercase">Description of Common Shares</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010"><FONT STYLE="text-transform: uppercase">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="text-transform: uppercase">Description of Warrants</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011"><FONT STYLE="text-transform: uppercase">12</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_012"><FONT STYLE="text-transform: uppercase">Description of Subscription Receipts</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012"><FONT STYLE="text-transform: uppercase">14</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013"><FONT STYLE="text-transform: uppercase">Description of Debt Securities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013"><FONT STYLE="text-transform: uppercase">17</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_014"><FONT STYLE="text-transform: uppercase">Description of Units</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014"><FONT STYLE="text-transform: uppercase">19</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_015"><FONT STYLE="text-transform: uppercase">Denominations, Registration and Transfer</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015"><FONT STYLE="text-transform: uppercase">20</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_016"><FONT STYLE="text-transform: uppercase">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016"><FONT STYLE="text-transform: uppercase">20</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_017"><FONT STYLE="text-transform: uppercase">Prior Sales</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017"><FONT STYLE="text-transform: uppercase">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_018"><FONT STYLE="text-transform: uppercase">Trading Price and Volume</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018"><FONT STYLE="text-transform: uppercase">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_019"><FONT STYLE="text-transform: uppercase">Certain Income Tax Considerations</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019"><FONT STYLE="text-transform: uppercase">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_020"><FONT STYLE="text-transform: uppercase">REliance on Exemptions for Well-known Seasoned Issuers</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020"><FONT STYLE="text-transform: uppercase">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_021"><FONT STYLE="text-transform: uppercase">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021"><FONT STYLE="text-transform: uppercase">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_022"><FONT STYLE="text-transform: uppercase">Interest of Experts</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022"><FONT STYLE="text-transform: uppercase">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_023"><FONT STYLE="text-transform: uppercase">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023"><FONT STYLE="text-transform: uppercase">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_024"><FONT STYLE="text-transform: uppercase">Documents Incorporated by Reference</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024"><FONT STYLE="text-transform: uppercase">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_025"><FONT STYLE="text-transform: uppercase">Documents Filed as Part&nbsp;of the Registration Statement</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025"><FONT STYLE="text-transform: uppercase">26</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_026"><FONT STYLE="text-transform: uppercase">Additional Information</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026"><FONT STYLE="text-transform: uppercase">26</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_027"><FONT STYLE="text-transform: uppercase">Enforceability of Civil Liabilities AGAINST NON-u.s. PERSONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027"><FONT STYLE="text-transform: uppercase">27</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information contained
in or incorporated by reference in this Prospectus or contained in any applicable Prospectus Supplement in connection with an investment
in the Securities. The Company has not authorized anyone to provide you with different information. The Company is not making an offer
of these Securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in this
Prospectus and any Prospectus Supplement is accurate as of any date other than the date on the front of those documents or that any information
contained in any document incorporated by reference is accurate as of any date other than the date of that document.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unless the context otherwise requires, references
in this Prospectus and any Prospectus Supplement to &ldquo;we&rdquo;, &ldquo;our&rdquo;, &ldquo;us&rdquo;, &ldquo;Endeavour&rdquo; or
the &ldquo;Company&rdquo; refer to Endeavour Silver Corp. and each of its material subsidiaries.</B></P>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><FONT STYLE="text-transform: uppercase"><B>Cautionary
Note Regarding Forward-Looking Statements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus and the documents incorporated
by reference herein contain forward-looking statements within the meaning of applicable Canadian securities laws and forward-looking statements
within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern the
Company&rsquo;s anticipated results and developments in the Company&rsquo;s operations in future periods, planned exploration and development
of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and
other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements concerning reserves and mineral resource
estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization
that will be encountered if the property is developed and, in the case of mineral reserves, such statements reflect the conclusion based
on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements
of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks,
uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking
statements, including, without limitation:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to precious and base metal price fluctuations;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">fluctuations in the price of consumed commodities;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and United States dollar);</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the impact of COVID-19 or future pandemics on the Company&rsquo;s operations;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to the inherently dangerous activity of mining, including conditions or events beyond the Company&rsquo;s control, and operating or technical difficulties in mineral exploration, development and mining activities;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">uncertainty in the Company&rsquo;s ability to fund the development of its mineral properties or the completion of further exploration programs;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty that the Company&rsquo;s development activities will result in profitable mining operations;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to the adequacy or availability of infrastructure to support current or future mining developments;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to the Company&rsquo;s reserves and mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral reserves as properties are mined;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">uncertainty as to the market price of silver or gold;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">volatility of global financial markets and the Company&rsquo;s share price;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to changes in governmental regulations, changes to mining, environmental, tax and labour laws, among others, and the availability of licenses and permits and securing and maintaining mineral property concessions;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to our mineral properties being subject to prior unregistered agreements, transfers, indigenous peoples&rsquo; claims and other defects in title;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to inadequate insurance or inability to obtain insurance;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to our ability to acquire new projects and to successfully integrate the acquisitions;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">uncertainty in the Company&rsquo;s ability to obtain adequate financing for planned mine development and further exploration programs;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to increased competition that could adversely affect the Company&rsquo;s ability to attract necessary capital funding or acquire suitable producing properties for mineral exploration in the future;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks related to the Company operating in foreign jurisdictions, including political, economic, and regulatory instability;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks related to mine closure and reclamation;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks related to the impact of climate change;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">challenges related to recruiting and retaining qualified personnel;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the impact of the conflict in Ukraine and its effects on supply chains;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the impact of increased interest rates;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to the Company&rsquo;s officers and directors becoming associated with other natural resource companies which may give rise to conflicts of interests;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">uncertainties relating to our status as a foreign issuer under United States federal securities laws; and</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">risks relating to financial instruments.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This list is not exhaustive of the factors that
may affect the Company&rsquo;s forward-looking statements. Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements due
to a variety of risk, uncertainties and other factors, including, without limitation, those referred to in this Prospectus and any Prospectus
Supplement under &ldquo; Risk Factors&rdquo; and elsewhere in this Prospectus and any Prospectus Supplement and in the documents incorporated
by reference herein. The Company&rsquo;s forward-looking statements are based on beliefs, expectations and opinions of management on the
date the statements are made and the Company does not assume any obligation to update forward-looking statements if circumstances or management&rsquo;s
beliefs, expectations or opinions change, except as required by applicable law. For the reasons set forth above, investors should not
place undue reliance on forward-looking statements.</P>

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

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

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>Cautionary
Notes to United States Investors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are permitted under the MJDS to prepare this
Prospectus in accordance with Canadian disclosure requirements, which are different from United States disclosure requirements. We prepare
our annual financial statements, certain of which are incorporated by reference herein, in accordance with IFRS as issued by the IASB,
and our interim financial statements, certain of which are incorporated by reference herein, in accordance with IFRS as issued by the
IASB as applicable to interim financial reporting, and they therefore may not be comparable to financial statements of United States companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to the reporting requirements
of the applicable Canadian securities laws and, as a result, reports the mineral reserves and resources of the projects it has an interest
in according to Canadian standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument&nbsp;43-101
- <I>Standards of Disclosure for Mineral Projects</I> (&ldquo;<B>NI&nbsp;43-101</B>&rdquo;). NI&nbsp;43-101 is a rule&nbsp;developed by
the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic United
States reporting companies under subpart 1300 of Regulation S-K (&ldquo;<B>S-K&nbsp;1300</B>&rdquo;) under the United States Securities
Exchange Act of 1934, as amended (the &ldquo;<B>U.S. Exchange Act</B>&rdquo;). As an issuer that prepares and files its reports with the
SEC pursuant to MJDS, the Company is not subject to the requirements of S-K&nbsp;1300. Any mineral reserves and mineral resources reported
by the Company in accordance with NI&nbsp;43-101 may not qualify as such under or differ from those prepared in accordance with S-K&nbsp;1300.
Accordingly, information included or incorporated by reference in this Prospectus concerning descriptions of mineralization and estimates
of mineral reserves and resources under Canadian standards may not be comparable to similar information made public by United States companies
subject to the reporting and disclosure requirements of S-K&nbsp;1300.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_003"></A><B>Currency
Presentation and Exchange Rate Information</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unless stated otherwise or as the context otherwise
requires, all references to dollar amounts in this Prospectus and any Prospectus Supplement are references to Canadian dollars. References
to &ldquo;$&rdquo; or &ldquo;Cdn.$&rdquo; are to Canadian dollars and references to &ldquo;U.S.&nbsp;dollars&rdquo; or &ldquo;U.S.$&rdquo;
are to United States dollars.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise noted in the Company&rsquo;s
annual information form for the year ended December&nbsp;31, 2022 (the &ldquo;<B>AIF</B>&rdquo;) and the Company&rsquo;s financial statements
and related management&rsquo;s discussion and analysis of financial condition and results of operations of the Company that are incorporated
by reference into this Prospectus (see &ldquo;Documents Incorporated by Reference&rdquo;), the financial information contained in such
documents is expressed in United States dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The high, low, average and closing exchange rates
for the United States dollar in terms of Canadian dollars for each of the financial periods of the Company ended December&nbsp;31,&nbsp;2022,
December&nbsp;31,&nbsp;2021 and December&nbsp;31,&nbsp;2020, as quoted by the Bank of Canada, were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>Year ended December&nbsp;31, 2022</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>Year ended December&nbsp;31, 2021</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>Year ended December&nbsp;31, 2020</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 18%">High</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%; text-align: center">1.3856</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center">1.2942</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center">1.4496</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Low</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.2451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.2040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.2718</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Average</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.3011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.2535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.3415</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Closing</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.3544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.2678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.2732</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June&nbsp;15, 2023, the exchange rate for the
United States dollar in terms of Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.00&nbsp;=&nbsp;Cdn.$ 1.3252 (Cdn.$ 1.00
= U.S.$ 0.7546).</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A><FONT STYLE="text-transform: uppercase"><B>The
Company</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a Canadian mineral company engaged
in the evaluation, acquisition, exploration, development and exploitation of precious metal properties in Mexico, Chile and the USA. The
Company has two producing silver-gold mines in Mexico: the Guanacev&iacute; Mine in Durango acquired in 2004 and the Bola&ntilde;itos
Mine in Guanajuato acquired in 2007. In addition to operating these two mines, the Company is advancing one development and two exploration
projects in Mexico: the Terronera property in Jalisco acquired in 2010 that is now in the development stage, the prospective Pitarrilla
property in Durango acquired in 2022 and the Parral properties in Chihuahua acquired in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has two exploration projects in northern
Chile that have been advanced over the past several years; the Aida project (silver) and the Paloma project (gold).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, the Company acquired the Bruner Property,
located in Nye County, Nevada, USA which is an exploration project that includes mineral claims, mining rights, property assets, water
rights, and government authorizations and permits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further information regarding the business of
the Company, its operations and its mineral properties can be found in the Company&rsquo;s AIF and the materials incorporated by reference
into this Prospectus. See &ldquo;Documents Incorporated by Reference&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_005"></A><B>Recent
Developments</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May&nbsp;31, 2023, the Company filed an amended
and restate technical report titled &ldquo;NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State,
Mexico &ndash; Amended&rdquo; dated May&nbsp;15, 2023 with an effective date of September&nbsp;9, 2021 (the &ldquo;<B>2023 Terronera Technical
Report</B>&rdquo;). The 2023 Terronera Technical Report supersedes the Company&rsquo;s previous technical report, as further described
in the AIF, titled &ldquo;NI 43-101 Technical Report on the Feasibility Study of the Terronera Project, Jalisco State, Mexico&rdquo; dated
October&nbsp;21, 2021 with an effective date of September&nbsp;9, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Updated Development Plans and Initial Capital Costs</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the Company filed the 2023 Terronera Technical
Report the Company has further evaluated various operating scenarios, cost-benefit initiatives and technologies to optimize the Terronera
Project&rsquo;s operating flexibility and economics. The Company has approved the construction of an optimized Terronera Project scenario,
consisting of a process plant with 2,000 tonne per day (tpd) capacity and an initial capital expenditure cost of U.S.$230 million, partially
offset by a decrease in sustaining capital to U.S.$88.3 million over the life of the mine. The Company expects a 21-month construction
period, including 3 to 6 months ramp up to full production with initial production expected in the fourth quarter of 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The revised metrics for the 2,000 tpd plant as
compared to the 1,700 tpd plant contained in the 2023 Terronera Technical Report are set out in the following table. The Company does
not consider these changes to be material. References in &ldquo;$&rdquo; in the following table are to U.S.$.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid">Internal &ndash; FS Change</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">2023 Revised 2,000 TPD Plant Compared to 2021 FS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">% Change</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt">Silver Price</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">20.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">20.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Gold Price</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,575</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,575</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Silver: Gold Ratio</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">79</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">79</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Operating Statistics</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">LOM Tonnes Processed LOM (thousands)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,382</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,380</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Life of Mine (Years)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12.0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(17</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Average silver grade (g/t)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">196</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">197</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Average gold grade (g/t)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.13</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Silver equivalent grade (g/t)<SUP>(1)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">364</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">374</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Average silver recovery</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Average gold recovery</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">78.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">76.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">LOM payable Ag ounces produced (millions)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39.9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39.3</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">LOM payable Au ounces produced (thousands)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">384</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">393</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">LOM payable Ag Eq ounces produced (millions)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">69.7</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70.3</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Avg annual payable Ag ounces produced (millions)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.3</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Avg annual payable Au ounces produced (thousands)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Avg annual payable Ag Eq ounces produced (millions)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Capital Expenditure Statistics</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Initial Capital Expenditure (millions)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">230.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">175.0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Process Capacity (tonnes per day)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,990</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,700</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">LOM Sustaining Capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">88.3</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">105.6</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(16</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total LOM Project Capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">318.7</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">280.6</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Operating Cost Metrics (in U.S.$)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">LOM Gross Revenue (millions)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,403.2</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,406.2</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">LOM Gross COS (millions)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">596.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">642.5</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">LOM EBITDA (millions)<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">806.9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">756.6</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">After Tax LOM Free Cash Flow (millions)<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">316.9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">311.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cash costs by Product (per silver ounce)<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.20</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.59</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(134</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">All in sustaining (per silver ounce)<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.24</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(34</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cash costs by Silver Equivalent (per silver ounce)<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8.50</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9.14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">All in sustaining Silver equivalents (per silver ounce)<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9.84</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.62</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total Direct Production Costs (per Tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">80.43</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87.06</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Mining Costs (per tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29.26</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30.96</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Processing Costs (per tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23.38</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25.47</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">General and Administrative (per tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9.32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Treatment&nbsp;&amp; Refining Charges (per tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14.36</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15.26</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">Royalty Costs (per tonne)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.47</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.46</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.2in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">Silver equivalent grade is calculated using a 79:1 silver:gold ratio.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.2in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">Non-IFRS measures - For a detailed description of each of the non-IFRS measures used in this Prospectus, refer to the &ldquo;Non-IFRS Measures&rdquo; section in the Company&rsquo;s Interim MD&amp;A (as defined below and incorporated by reference in this Prospectus) on pages&nbsp;16-21. As these items are forward-looking we do not currently have comparable forward looking IFRS measures to report and therefore no reconciliation of these items is presented. The comparable measures under IFRS for these items would be net earnings, net operating earnings and direct production costs which would be divided by silver ounces produced or silver equivalent ounces produced, respectively. LOM EBITDA represents LOM Net earnings plus LOM Depreciation and LOM Taxes. After Tax LOM Free Cash Flow represents LOM Net operating earnings plus LOM Taxes and LOM Capital Costs. Management believes these non-IFRS measures are important measures of the potential economics of the proposed mine plan and demonstrate potential mine economics with factors like depreciation and taxes which can vary over LOM. The important factors in determining IFRS comparable measures which remain unknown at this time include mining, processing and indirect costs, and mining, processing and indirect labour costs which may require adjustments to IFRS from estimates provided in the Life of Mine (&ldquo;LOM&rdquo;).</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The scientific and technical information contained
in this <B>Updated Development Plans and Initial Capital Costs </B>has been reviewed and approved by Dale Mah, P.Geo., Vice President
Corporate Development, and Don Gray, SME-RM., Chief Operating Officer, each a Qualified Person within the meaning of NI 43-101.</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_006"></A>Use
of Proceeds</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in a Prospectus Supplement,
the net proceeds from the sale of the Securities will be used for general corporate purposes, including, without limitation, the following
anticipated purposes:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to fund the construction and development of the Terronera Mine;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">advancement of the Pitarrilla property;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to assess potential development stage mineral properties for acquisition;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to fund the potential acquisition of other development stage mineral properties; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">for continued exploration on the Company&rsquo;s various existing mineral properties.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Prospectus Supplement will contain specific
information concerning the use of proceeds from that sale of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All expenses relating to an offering of Securities
and any compensation paid to underwriters, dealers or agents, as the case may be, will be paid out of the Company&rsquo;s general funds,
unless otherwise stated in the applicable Prospectus Supplement.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>Consolidated
Capitalization</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the issuance of 228,900&nbsp;Common
Shares pursuant to the exercise of stock options, there has been no material change in the share and loan capital of the Company, on a
consolidated basis, since March&nbsp;31, 2023 (the period end of the most recent financial statements of the Company filed and incorporated
by reference in this Prospectus). As of the date of this Prospectus, there were 191,505,299 Common Shares issued and outstanding, as well
as 4,854,508 Common Shares reserved for issuance pursuant to outstanding stock options, deferred share units and performance share units.
The applicable Prospectus Supplement will describe any material change in, and the effect of such material change on, the share and loan
capital of the Company that will result from the issuance of Securities pursuant to such Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><FONT STYLE="text-transform: uppercase"><B>Earnings
Coverage Ratios</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company offers any Debt Securities having
a term to maturity in excess of one year under a Prospectus Supplement, the Prospectus Supplement will include earnings coverage ratios
giving effect to the issuance of such Debt Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_009"></A>Dividend
Policy</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has not declared or paid any dividends
on its Common Shares since the date of its incorporation. The Company intends to retain its earnings, if any, to finance the growth and
development of its business and does not expect to pay dividends or to make any other distributions in the foreseeable future. The Company&rsquo;s
board of directors may, however, declare from time to time such cash dividends or distributions out of the monies legally available for
dividends or distributions as the board of directors considers advisable. Any future determination to pay dividends or make distributions
will be at the discretion of the board of directors and will depend on the Company&rsquo;s capital requirements, results of operations
and such other factors as the board of directors considers relevant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_010"></A><B>Description
of Common Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s authorized share capital consists
of an unlimited number of Common Shares without par value. As at the date of this Prospectus, there are 191,505,299 Common Shares issued
and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Common Share ranks equally with all other
Common Shares with respect to distribution of assets upon dissolution, liquidation or winding-up of the Company and payment of dividends.
The holders of Common Shares are entitled to one vote for each share on all matters to be voted on by such holders and are entitled to
receive pro&nbsp;rata such dividends as may be declared by the board of directors of the Company. The holders of Common Shares have no
pre-emptive or conversion rights. The rights attaching to the Common Shares can only be modified by the affirmative vote of at least two-thirds
of the votes cast at a meeting of shareholders called for that purpose.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>Description
of Warrants</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description, together with the additional
information the Company may include in any Prospectus Supplements, summarizes the material terms and provisions of the Warrants that the
Company may offer under this Prospectus, which may consist of Warrants to purchase Common Shares or other Securities and may be issued
in one or more series. Warrants may be offered independently or together with Common Shares or other Securities offered by any Prospectus
Supplement, and may be attached to or separate from those Securities. While the terms summarized below will apply generally to any Warrants
that the Company may offer under this Prospectus, the Company will describe the particular terms of any series of Warrants that it may
offer in more detail in the applicable Prospectus Supplement. The terms of any Warrants offered under a Prospectus Supplement may differ
from the terms described below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants will be issued under and governed by
the terms of one or more warrant indentures or agreements (each a &ldquo;<B>Warrant Indenture</B>&rdquo;) between the Company and a warrant
agent or warrant trustee (a &ldquo;<B>Warrant Agent</B>&rdquo;) that the Company will name in the relevant Prospectus Supplement. Each
Warrant Agent will be a financial institution organized under the laws of Canada or any province thereof and authorized to carry on business
as a trustee. If applicable, the Company will file with the SEC as exhibits to the registration statement of which this Prospectus is
a part, or will incorporate by reference from a Report of Foreign Private Issuer on Form&nbsp;6-K that the Company files with the SEC,
any Warrant Indenture describing the terms and conditions of such Warrants that the Company is offering before the issuance of such Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary of some of the provisions of the
Warrants is not complete. The statements made in this Prospectus relating to any Warrant Indenture and Warrants to be issued under this
Prospectus are summaries of certain anticipated provisions thereof and do not purport to be complete and are subject to, and are qualified
in their entirety by reference to, all provisions of the applicable Warrant Indenture. Prospective investors should refer to the Warrant
Indenture relating to the specific Warrants being offered for the complete terms of the Warrants. The applicable Prospectus Supplement
relating to any Warrants offered by us will describe the particular terms of those Warrants and include specific terms relating to the
offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of Warrants
will be described in the applicable Prospectus Supplement. This description will include, where applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the designation and aggregate number of Warrants;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the price at which the Warrants will be offered;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the currency or currencies in which the Warrants will be offered;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the date on which the right to exercise the Warrants will commence and the date on which the right will expire;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the number of Common Shares or other Securities that may be purchased upon exercise of each Warrant and the price at which and currency or currencies in which the Common Shares or other Securities may be purchased upon exercise of each Warrant;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the designation and terms of any Securities with which the Warrants will be offered, if any, and the number of the Warrants that will be offered with each Security;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the date or dates, if any, on or after which the Warrants and the other Securities with which the Warrants will be offered will be transferable separately;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any minimum or maximum number of Warrants that may be exercised at any one time;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Warrants will be subject to redemption and, if so, the terms of such redemption provisions;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Company will issue the Warrants as global securities and, if so, the identity of the depositary of the global securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Warrants will be listed on an exchange;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">material Canadian federal income tax consequences and, if applicable, material United States federal income tax consequences of owning the Warrants; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">and any other material terms or conditions of the Warrants.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 14; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rights of Holders Prior to Exercise</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the exercise of Warrants, holders of
Warrants will not have any of the rights of holders of the Common Shares or other Securities issuable upon exercise of the Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Warrant will entitle the holder to purchase
the Securities that the Company specifies in the applicable Prospectus Supplement at the exercise price described therein. Unless the
Company otherwise specifies in the applicable Prospectus Supplement, holders of the Warrants may exercise the Warrants at any time up
to the specified time on the expiration date set forth in the applicable Prospectus Supplement. After the close of business on the expiration
date, unexercised Warrants will become void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of the Warrants may exercise the Warrants
by delivering the Warrant Certificate representing the Warrants to be exercised together with specified information, and paying the required
amount to the Warrant Agent in immediately available funds, as provided in the applicable Prospectus Supplement. The Company will set
forth on the Warrant Certificate and in the applicable Prospectus Supplement the information that the holder of the Warrant will be required
to deliver to the Warrant Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon receipt of the required payment and the Warrant
Certificate properly completed and duly executed at the corporate trust office of the Warrant Agent or any other office indicated in the
applicable Prospectus Supplement, the Company will issue and deliver the Securities purchased on such exercise. If fewer than all of the
Warrants represented by the Warrant Certificate are exercised, a new Warrant Certificate will be issued representing the balance of the
Warrants. If the Company so indicates in the applicable Prospectus Supplement, holders of the Warrants may surrender securities as all
or part of the exercise price for Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Indenture will specify that, upon
the subdivision, consolidation, reclassification or other material change of the Common Shares or any other reorganization, amalgamation,
arrangement, merger or sale of all or substantially all of the Company&rsquo;s assets, Warrants exercisable for Common Shares will thereafter
evidence the right of the holder to receive the securities, property or cash deliverable in exchange for or on the conversion of or in
respect of the Common Shares to which the holder of a Common Share would have been entitled immediately after such event. Similarly, any
distribution to all or substantially all of the holders of Common Shares of rights, options, warrants, evidence of indebtedness or assets
will result in an adjustment in the number of Common Shares to be issued to holders of Warrants that are exercisable for Common Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Indenture will also provide that,
if Warrants are offered separately, any misrepresentation in this Prospectus, the Prospectus Supplement under which Warrants are offered
separately, or any amendment hereto or thereto, will entitle each initial purchaser of Warrants to a contractual right of rescission following
the issuance of the Common Shares or other Securities to such purchaser entitling such purchaser to receive the amount paid for the Warrants
upon surrender of the Common Shares or other Securities, provided that such remedy for rescission is exercised in the time stipulated
in the Warrant Indenture. This right of rescission does not extend to holders of such separately offered Warrants who acquire such Warrants
from an initial purchaser, on the open market or otherwise, or to initial purchasers who acquire such Warrants in the United States.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Warrants in whole or in
part in the form of one or more global securities, which will be registered in the name of and be deposited with a depositary, or its
nominee, each of which will be identified in the applicable Prospectus Supplement. The global securities may be in temporary or permanent
form. The applicable Prospectus Supplement will describe the terms of any depositary arrangement and the rights and limitations of owners
of beneficial interests in any global security. The applicable Prospectus Supplement will describe the exchange, registration and transfer
rights relating to any global security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Indenture will provide for modifications
and alterations to the Warrants issued thereunder by way of a resolution of holders of Warrants at a meeting of such holders or a consent
in writing from such holders. The number of holders of Warrants required to pass such a resolution or execute such a written consent will
be specified in the Warrant Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may amend any Warrant Indenture and
the Warrants, without the consent of the holders of the Warrants, to cure any ambiguity, to cure, correct or supplement any defective
or inconsistent provision, or in any other manner that will not materially and adversely affect the interests of holders of outstanding
Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><FONT STYLE="text-transform: uppercase"><B>Description
of Subscription Receipts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Subscription Receipts, which
will entitle holders to receive upon satisfaction of certain release conditions and for no additional consideration, Common Shares, Warrants
or any combination thereof. Subscription Receipts will be issued pursuant to one or more subscription receipt agreements (each, a &ldquo;<B>Subscription
Receipt Agreement</B>&rdquo;), each to be entered into between the Company and an escrow agent (the &ldquo;<B>Escrow Agent</B>&rdquo;),
which will establish the terms and conditions of the Subscription Receipts. Each Escrow Agent will be a financial institution organized
under the laws of Canada or a province thereof and authorized to carry on business as a trustee. A copy of the form of Subscription Receipt
Agreement will be filed with Canadian securities regulatory authorities and, if applicable, the Company will file with the SEC as exhibits
to the registration statement of which this Prospectus is a part, or will incorporate by reference from a Report of Foreign Private Issuer
on Form&nbsp;6-K that the Company files with the SEC, any Subscription Receipt Agreement describing the terms and conditions of such Subscription
Receipts that the Company is offering before the issuance of such Subscription Receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description sets forth certain general
terms and provisions of Subscription Receipts and is not intended to be complete. The statements made in this Prospectus relating to any
Subscription Receipt Agreement and Subscription Receipts to be issued thereunder are summaries of certain anticipated provisions thereof
and are subject to, and are qualified in their entirety by reference to, all provisions of the applicable Subscription Receipt Agreement
and the Prospectus Supplement describing such Subscription Receipt Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Prospectus Supplement relating to any Subscription
Receipts the Company offers will describe the Subscription Receipts and include specific terms relating to their offering. All such terms
will comply with the requirements of the TSX and NYSE relating to Subscription Receipts. If underwriters or agents are used in the sale
of Subscription Receipts, one or more of such underwriters or agents may also be parties to the Subscription Receipt Agreement governing
the Subscription Receipts sold to or through such underwriters or agents.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Prospectus Supplement and the Subscription
Receipt Agreement for any Subscription Receipts the Company offers will describe the specific terms of the Subscription Receipts and may
include, but are not limited to, any of the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the designation and aggregate number of Subscription Receipts offered;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the price at which the Subscription Receipts will be offered;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the currency or currencies in which the Subscription Receipts will be offered;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the designation, number and terms of the Common Shares, Warrants or combination thereof to be received by holders of Subscription Receipts upon satisfaction of the release conditions, and the procedures that will result in the adjustment of those numbers;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the conditions (the &ldquo;<B>Release Conditions</B>&rdquo;) that must be met in order for holders of Subscription Receipts to receive for no additional consideration Common Shares, Warrants or a combination thereof;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the procedures for the issuance and delivery of Common Shares, Warrants or a combination thereof to holders of Subscription Receipts upon satisfaction of the Release Conditions;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether any payments will be made to holders of Subscription Receipts upon delivery of the Common Shares, Warrants or a combination thereof upon satisfaction of the Release Conditions (e.g.&nbsp;an amount equal to dividends declared on Common Shares by the Company to holders of record during the period from the date of issuance of the Subscription Receipts to the date of issuance of any Common Shares pursuant to the terms of the Subscription Receipt Agreement);</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the identity of the Escrow Agent;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will hold all or a portion of the gross proceeds from the sale of Subscription Receipts, together with interest and income earned thereon (collectively, the &ldquo;<B>Escrowed Funds</B>&rdquo;), pending satisfaction of the Release Conditions;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the terms and conditions pursuant to which the Escrow Agent will hold Common Shares, Warrants or a combination thereof pending satisfaction of the Release Conditions;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will release all or a portion of the Escrowed Funds to the Company upon satisfaction of the Release Conditions;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">if the Subscription Receipts are sold to or through underwriters or agents, the terms and conditions under which the Escrow Agent will release a portion of the Escrowed Funds to such underwriters or agents in payment of all or a portion of their fees or commission in connection with the sale of the Subscription Receipts;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">procedures for the refund by the Escrow Agent to holders of Subscription Receipts of all or a portion of the subscription price for their Subscription Receipts, plus any pro&nbsp;rata entitlement to interest earned or income generated on such amount, if the Release Conditions are not satisfied;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any contractual right of rescission to be granted to initial purchasers of Subscription Receipts in the event this Prospectus, the Prospectus Supplement under which Subscription Receipts are issued or any amendment hereto or thereto contains a misrepresentation;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any entitlement of the Company to purchase the Subscription Receipts in the open market by private agreement or otherwise;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 17; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Company will issue the Subscription Receipts as global securities and, if so, the identity of the depositary for the global securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Company will issue the Subscription Receipts as bearer securities, registered securities or both;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">provisions as to modification, amendment or variation of the Subscription Receipt Agreement or any rights or terms attaching to the Subscription Receipts;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Subscription Receipts will be listed on an exchange;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">material Canadian federal income tax consequences and, if applicable, material United States federal income tax consequences of owning the Subscription Receipts; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any other material terms of the Subscription Receipts.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The holders of Subscription Receipts will not
be shareholders of the Company. Holders of Subscription Receipts are entitled only to receive Common Shares, Warrants or a combination
thereof on exchange of their Subscription Receipts, plus any cash payments provided for under the Subscription Receipt Agreement, if the
Release Conditions are satisfied. If the Release Conditions are not satisfied, holders of Subscription Receipts shall be entitled to a
refund of all or a portion of the subscription price therefor and all or a portion of the pro&nbsp;rata share of interest earned or income
generated thereon, as provided in the Subscription Receipt Agreement.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Escrowed Funds will be held in escrow by the
Escrow Agent, and such Escrowed Funds will be released to the Company (and, if the Subscription Receipts are sold to or through underwriters
or agents, a portion of the Escrowed Funds may be released to such underwriters or agents in payment of all or a portion of their fees
in connection with the sale of the Subscription Receipts) at the time and under the terms specified by the Subscription Receipt Agreement.
If the Release Conditions are not satisfied, holders of Subscription Receipts will receive a refund of all or a portion of the subscription
price for their Subscription Receipts plus their pro&nbsp;rata entitlement to interest earned or income generated on such amount, in accordance
with the terms of the Subscription Receipt Agreement. Common Shares or Warrants may be held in escrow by the Escrow Agent and will be
released to the holders of Subscription Receipts following satisfaction of the Release Conditions at the time and under the terms specified
in the Subscription Receipt Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will specify
that upon the subdivision, consolidation, reclassification or other material change of Common Shares or Warrants underlying the particular
Subscription Receipts or any other reorganization, amalgamation, arrangement, merger or sale of all or substantially all of the Company&rsquo;s
assets, the Subscription Receipts will thereafter evidence the right of the holder to receive the securities, property or cash deliverable
in exchange for or on the conversion of or in respect of the Common Shares or Warrants to which the holder of a Common Share or identical
Warrant would have been entitled immediately after such event. Similarly, any distribution to all or substantially all of the holders
of Common Shares of rights, options, warrants, evidences of indebtedness or assets will result in an adjustment in the number of Common
Shares to be issued to holders of Subscription Receipts whose Subscription Receipts entitle the holders thereof to receive Common Shares.
Alternatively, such securities, evidences of indebtedness or assets may, at the option of the Company, be issued to the Escrow Agent and
delivered to holders of Subscription Receipts on exercise thereof. The Subscription Receipt Agreement will also provide that if other
actions of the Company affect the Common Shares or Warrants, which, in the reasonable opinion of the directors of the Company, would materially
affect the rights of the holders of Subscription Receipts and/or the rights attached to the Subscription Receipts, the number of Common
Shares or Warrants which are to be received pursuant to the Subscription Receipts shall be adjusted in such manner, if any, and at such
time as the directors of the Company may in their discretion reasonably determine to be equitable to the holders of Subscription Receipts
in such circumstances.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will also provide
that any misrepresentation in this Prospectus, the Prospectus Supplement under which the Subscription Receipts are offered, or any amendment
hereto or thereto, will entitle each initial purchaser of Subscription Receipts to a contractual right of rescission following the issuance
of the Common Shares or Warrants to such purchaser entitling such purchaser to receive the amount paid for the Subscription Receipts upon
surrender of the Common Shares or Warrants, provided that such remedy for rescission is exercised in the time stipulated in the Subscription
Receipt Agreement. This right of rescission does not extend to holders of Subscription Receipts who acquire such Subscription Receipts
from an initial purchaser, on the open market or otherwise, or to initial purchasers who acquire Subscription Receipts in the United States.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Subscription Receipts in
whole or in part in the form of one or more global securities, which will be registered in the name of and be deposited with a depositary,
or its nominee, each of which will be identified in the applicable Prospectus Supplement. The global securities may be in temporary or
permanent form. The applicable Prospectus Supplement will describe the terms of any depositary arrangement and the rights and limitations
of owners of beneficial interests in any global security. The applicable Prospectus Supplement also will describe the exchange, registration
and transfer rights relating to any global security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will provide
for modifications and alterations to the Subscription Receipts issued thereunder by way of a resolution of holders of Subscription Receipts
at a meeting of such holders or a consent in writing from such holders. The number of holders of Subscriptions Receipts required to pass
such a resolution or execute such a written consent will be specified in the Subscription Receipt Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will also specify
that the Company may amend the Subscription Receipt Agreement and the Subscription Receipts, without the consent of the holders of the
Subscription Receipts, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision, or in any other
manner that will not materially and adversely affect the interests of the holders of outstanding Subscription Receipts or as otherwise
specified in the Subscription Receipt Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_013"></A>Description
of Debt Securities</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section describes the general terms that
will apply to any Debt Securities issued pursuant to this Prospectus. Debt Securities may be offered separately or in combination with
one or more other Securities of the Company. The Debt Securities may be issued in one or more series under an indenture (the &ldquo;<B>Indenture</B>&rdquo;)
to be entered into between the Company and one or more trustees (the &ldquo;<B>Trustee</B>&rdquo;) that will be named in a Prospectus
Supplement for a series of Debt Securities. To the extent applicable, the Indenture will be subject to and governed by the <I>United States
Trust Indenture Act of 1939</I>, as amended. A copy of the form of the Indenture to be entered into has been or will be filed with the
SEC as an exhibit to the registration statement of which this Prospectus is a part and will be filed with the securities commissions or
similar authorities in Canada when it is entered into. The description of certain provisions of the Indenture in this section do not purport
to be complete and are subject to, and are qualified in their entirety by reference to, the provisions of the Indenture. This section
describes the general terms of the Debt Securities. The specific terms of the Debt Securities, and the extent to which the general terms
described in this section apply to those Debt Securities, will be set forth in the applicable Prospectus Supplement. This description
may include, but may not be limited to, any of the following, if applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the title of the Debt Securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any limit on the aggregate principal amount of the Debt Securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 19; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the date or dates, if any, on which the Debt Securities will mature and the portion (if less than all of the principal amount) of the Debt Securities to be payable upon declaration of acceleration of maturity;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the rate or rates (whether fixed or variable) at which the Debt Securities will bear interest, if any, the date or dates from which any such interest will accrue and on which any such interest will be payable and the record dates for any interest payable on the Debt Securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the terms and conditions under which the Company may be obligated to redeem, repay or purchase Debt Securities pursuant to any sinking fund or analogous provisions or otherwise;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the terms and conditions upon which the Company may redeem the Debt Securities, in whole or in part, at its option;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the covenants applicable to the Debt Securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the terms and conditions for any conversion or exchange of the Debt Securities for any other securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the extent and manner, if any, to which payment on or in respect of the Debt Securities of the series will be senior or will be subordinated to the prior payment of other liabilities and obligations of the Company;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Debt Securities will be secured or unsecured;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the Debt Securities will be issuable in the form of registered global securities and, if so, the identity of the depositary for such registered global securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the denominations in which Debt Securities will be issuable, if other than denominations of US$1,000 or integral multiples of US$1,000;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">each office or agency where payments on the Debt Securities will be made and each office or agency where the Debt Securities may be presented for registration of transfer or exchange;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">if other than United States dollars, the currency in which the Debt Securities are denominated or the currency in which we will make payments on the Debt Securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">material Canadian federal income tax consequences and United States federal income tax consequences of owning the Debt Securities;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any index, formula or other method used to determine the amount of payments of principal of (and premium, if any) or interest, if any, on the Debt Securities; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any other terms, conditions, rights or preferences of the Debt Securities which apply solely to the Debt Securities.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company denominates the purchase price
of any of the Debt Securities in a currency or currencies other than United States dollars or a non-United States dollar unit or units,
or if the principal of and any premium and interest on any Debt Securities is payable in a currency or currencies other than United States
dollars or a non-United States dollar unit or units, the Company will provide investors with information on the restrictions, elections,
general tax considerations, specific terms and other information with respect to that issue of Debt Securities and such non-United States
dollar currency or currencies or non-United States dollar unit or units in the applicable Prospectus Supplement. Each series of Debt Securities
may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary. The terms on
which a series of Debt Securities may be convertible into or exchangeable for Common Shares or other securities will be described in the
applicable Prospectus Supplement. These terms may include provisions as to whether conversion or exchange is mandatory, at the option
of the holder, or at the option of the Company, and may include provisions pursuant to which the number of Common Shares or other securities
to be received by the holders of such series of Debt Securities would be subject to adjustment. To the extent any Debt Securities are
convertible into Common Shares or other securities, prior to such conversion the holders of such Debt Securities will not have any of
the rights of holders of the securities into which the Debt Securities are convertible, including the right to receive payments of dividends
or the right to vote such underlying securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may, from time to time, issue debt
securities and incur additional indebtedness other than through the issue of Debt Securities pursuant to this Prospectus.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><FONT STYLE="text-transform: uppercase"><B>Description
of Units</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description, together with the additional
information the Company may include in any applicable Prospectus Supplements, summarizes the material terms and provisions of the Units
that the Company may offer under this Prospectus. While the terms summarized below will apply generally to any Units that the Company
may offer under this Prospectus, the Company will describe the particular terms of any issue of Units in more detail in the applicable
Prospectus Supplement. The terms of any Units offered under a Prospectus Supplement may differ from the terms described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will also add to disclosure in any
subsequent Prospectus Supplement whereby Units are offered the form of any unit agreement (&ldquo;<B>Unit Agreement</B>&rdquo;) between
the Company and a unit agent (&ldquo;<B>Unit Agent</B>&rdquo;) that describes the terms and conditions of the issue of Units being offered,
and any supplemental agreements. The following summaries of material terms and provisions of the Units are subject to, and qualified in
their entirety by reference to, all the provisions of any Unit Agreement and any supplemental agreements applicable to a particular issue
of Units. The Company urges you to read the applicable Prospectus Supplements relating to the particular issue of Units that the Company
sells under this Prospectus, as well as any Unit Agreement and any supplemental agreements that contain the terms of the Units. If applicable,
the Company will file with the SEC as exhibits to the registration statement of which this Prospectus is a part, or will incorporate by
reference from a current report on Form&nbsp;6-K that the Company files with the SEC, any Unit Agreement describing the terms and conditions
of such Units that the Company is offering before the issuance of such Units.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Units comprising two or
more of Common Shares, Warrants or Debt Securities, in any combination. Each Unit will be issued so that the holder of the Unit is also
the holder of each Security included in the Unit. The holder of a Unit will accordingly have the rights and obligations of a holder of
each included Security. Any Unit Agreement under which a Unit is issued may provide that the Securities included in the Unit may not be
held or transferred separately, at any time or at any time before a specified date. The Company will describe in the applicable Prospectus
Supplement the terms of the issue of Units, including: the designation and terms of the Units and of the securities comprising the Units,
including whether and under what circumstances those securities may be held or transferred separately; any provisions of any governing
Unit Agreement that differ from those described below; and any provisions for the issuance, payment, settlement, transfer or exchange
of the Units or of the securities comprising the Units. The provisions described in this section, as well as those described under &ldquo;
Description of Common Shares&rdquo;, &ldquo; Description of Warrants&rdquo; and &ldquo; Description of Debt Securities&rdquo; will apply
to each Unit and to any Common Share, Warrant or Debt Security included in each Unit, respectively.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Units in such amounts and
in such series as the Company may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Enforceability of Rights by Holders of Units</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Unit Agent will act solely as the Company&rsquo;s
agent under any applicable Unit Agreement and will not assume any obligation or relationship of agency or trust with any holder of any
Unit. A single trust company may act as a Unit Agent for more than one series of Units. A Unit Agent will have no duty or responsibility
in case of any default by the Company under any applicable Unit Agreement or Unit, including any duty or responsibility to initiate any
proceedings at law or otherwise, or to make any demand upon the Company. Any holder of a Unit may, without the consent of any related
Unit Agent or the holder of any other Unit, enforce by appropriate legal action its rights as holder under any security included in the
Unit. The Company, any Unit Agents, and any of the Company&rsquo;s or their agents may treat the registered holder of any Unit certificate
as an absolute owner of the Units evidenced by that certificate for any purpose and as the person entitled to exercise the rights attaching
to the Units so requested, despite any notice to the contrary.</P>

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

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

<!-- Field: Page; Sequence: 21; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_015"></A><B>Denominations,
Registration and Transfer</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities will be issued in fully registered
form without coupons attached in either global or definitive form and in denominations and integral multiples as set out in the applicable
Prospectus Supplement. Other than in the case of book-entry-only Securities, Securities may be presented for registration of transfer
(with the form of transfer endorsed thereon duly executed) in the city specified for such purpose at the office of the registrar or transfer
agent designated by the Company for such purpose with respect to any issue of Securities referred to in the Prospectus Supplement. No
service charge will be made for any transfer, conversion or exchange of the Securities but the Company may require payment of a sum to
cover any transfer tax or other governmental charge payable in connection therewith. Such transfer, conversion or exchange will be effected
upon such registrar or transfer agent being satisfied with the documents of title and the identity of the person making the request. If
a Prospectus Supplement refers to any registrar or transfer agent designated by the Company with respect to any issue of Securities, the
Company may at any time rescind the designation of any such registrar or transfer agent and appoint another in its place or approve any
change in the location through which such registrar or transfer agent acts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of book-entry-only Securities, a global
certificate or certificates representing the Securities will be held by a designated depositary for its participants. The Securities must
be purchased or transferred through such participants, which includes securities brokers and dealers, banks and trust companies. The depositary
will establish and maintain book-entry accounts for its participants acting on behalf of holders of the Securities. The interests of such
holders of Securities will be represented by entries in the records maintained by the participants. Holders of Securities issued in book-entry-only
form will not be entitled to receive a certificate or other instrument evidencing their ownership thereof, except in limited circumstances.
Each holder will receive a customer confirmation of purchase from the participants from which the Securities are purchased in accordance
with the practices and procedures of that participant</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_016"></A>Plan
of Distribution</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may sell the Securities to or through
underwriters or dealers, and also may sell Securities to one or more other purchasers directly or through agents, including sales pursuant
to ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers. Underwriters may sell Securities to
or through dealers. Each Prospectus Supplement will set forth the terms of the offering, including the name or names of any underwriters,
dealers or agents and any fees or compensation payable to them in connection with the offering and sale of a particular series or issue
of Securities, the public offering price or prices of the Securities and the proceeds to the Company from the sale of the Securities.
In addition, Securities may be offered and issued in consideration for the acquisition (an &ldquo;<B>Acquisition</B>&rdquo;) of other
businesses, assets or securities by the Company or its subsidiaries. The consideration for any such Acquisition may consist of any of
the Securities separately, a combination of Securities or any combination of, among other things, securities, cash and assumption of liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities may be sold, from time to time
in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of sale, at prices
related to such prevailing market prices or at negotiated prices, including sales in transactions that are deemed to be &ldquo;at-the-market
distributions&rdquo; as defined in NI 44-102, including sales made directly on the TSX, NYSE or other existing trading markets for the
Securities, and as set forth in an accompanying Prospectus Supplement. The prices at which the Securities may be offered may vary as between
purchasers and during the period of distribution. If, in connection with the offering of Securities at a fixed price or prices, the underwriters
have made a bona fide effort to sell all of the Securities at the initial offering price fixed in the applicable Prospectus Supplement,
the public offering price may be decreased and thereafter further changed, from time to time, to an amount not greater than the initial
public offering price fixed in such Prospectus Supplement, in which case the compensation realized by the underwriters will be decreased
by the amount that the aggregate price paid by purchasers for the Securities is less than the gross proceeds paid by the underwriters
to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters, dealers or agents who participate
in the distribution of Securities may be entitled under agreements to be entered into with the Company to indemnification by the Company
against certain liabilities, including liabilities under the U.S.&nbsp;Securities Act and Canadian securities legislation, or to contribution
with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers
or agents with whom the Company enters into agreements may be customers of, engage in transactions with, or perform services for, the
Company in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of Securities,
other than an ATM Distribution, the underwriters may over-allot or effect transactions which stabilize or maintain the market price of
the Securities offered at a level above that which might otherwise prevail in the open market. Such transactions, if commenced, may be
discontinued at any time. No underwriter involved in an ATM Distribution, no affiliate of such an underwriter and no person or company
acting jointly or in concert with such an underwriter may over-allot securities in connection with the distribution or may effect any
other transactions that are intended stabilize or maintain the market price of the Securities in connection with an ATM Distribution including
selling an aggregate number or principal amount of Securities that would result in the underwriter creating an over-allocation position
in the Securities.</P>

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

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

<!-- Field: Page; Sequence: 22; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable Prospectus
Supplement, the Company does not intend to list any of the Securities other than the Common Shares on any securities exchange. Any underwriters,
dealers or agents to or through which Securities other than the Common Shares are sold by the Company for public offering and sale may
make a market in such Securities, but such underwriters, dealers or agents will not be obligated to do so and may discontinue any such
market making at any time and without notice. No assurance can be given that a market for trading in Securities of any series or issue
will develop or as to the liquidity of any such market, whether or not the Securities are listed on a securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_017"></A><B>Prior
Sales</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A description of prior sales of the Securities
will be provided as required in each Prospectus Supplement to this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_018"></A>Trading
Price and Volume</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are listed for trading on the
TSX under the symbol &ldquo;EDR&rdquo; and on the NYSE under the symbol &ldquo;EXK&rdquo;. Trading price and volume of the Common Shares
will be provided as required in each Prospectus Supplement to this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_019"></A>Certain
Income Tax Considerations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable Prospectus Supplement may describe
certain Canadian federal income tax consequences to investors described therein of acquiring Securities, including, in the case of an
investor who is not a resident of Canada (for purposes of the Income Tax Act (Canada)), if applicable, whether payment of principal, premium,
if any, and interest will be subject to Canadian non-resident withholding tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable Prospectus Supplement may also
describe certain United States federal income tax consequences of the acquisition, ownership and disposition of Securities by an initial
investor who is a &ldquo;U.S.&nbsp;person&rdquo; (within the meaning of the United States Internal Revenue Code), if applicable, including,
to the extent applicable, any such consequences relating to Securities payable in a currency other than the United States dollar, issued
at an original issue discount for United States federal income tax purposes or containing early redemption provisions or other special
terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should read the tax discussion in any
Prospectus Supplement with respect to a particular offering and consult their own tax advisors with respect to their own particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_020"></A>REliance
on Exemptions for Well-known Seasoned Issuers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities regulatory authorities in each
of the provinces of Canada have adopted substantively harmonized blanket orders, including British Columbia Instrument 44-503 &ndash;
<I>Exemption from Certain Prospectus Requirements for Canadian Well-known Seasoned Issuers</I> (together with the equivalent local blanket
orders in each of the other provinces of Canada, collectively, the &ldquo;<B>WKSI Blanket Orders</B>&rdquo;). The WKSI Blanket Orders
were adopted to reduce the regulatory burden for certain large, established reporting issuers with strong disclosure records. This Prospectus
has been filed by the Company in reliance upon the WKSI Blanket Orders, which permit &ldquo;well-known seasoned issuers&rdquo; or &ldquo;WKSIs&rdquo;,
to file a final short form base shelf prospectus as the first public step in an offering, and exempt qualifying issuers from certain disclosure
requirements relating to such final short form base shelf prospectus. As of the date hereof, the Company has determined that it qualifies
as a &ldquo;well-known seasoned issuer&rdquo; under the WKSI Blanket Orders.</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_021"></A>Legal
Matters</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters in connection with the Securities
offered hereby will be passed upon on behalf of the Company by Koffman&nbsp;Kalef&nbsp;LLP with respect to Canadian legal matters and
by Dorsey&nbsp;&amp;&nbsp;Whitney&nbsp;LLP with respect to United States legal matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, certain legal matters in connection
with any offering of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of
the offering by such underwriters, dealers or agents, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_022"></A>Interest
of Experts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allan Armitage, Ph.D., P. Geo., is the author
of the technical report titled &ldquo;Mineral Resource Estimate for the Pitarrilla Ag-Pb-Zn Project, Durango State, Mexico&rdquo; dated
March&nbsp;15, 2023 with an effective date of October&nbsp;6, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dale Mah, P. Geo.; Richard A. Schwering, P.G.,
SME-RM; and Donald P. Gray, P.E., SME-RM, prepared the technical reports titled &ldquo;NI 43-101 Technical Report: Updated Mineral Resource
and Reserve Estimates for the Bola&ntilde;itos Project, Guanajuato State, Mexico&rdquo; dated December&nbsp;14, 2022 with an effective
date of November&nbsp;9, 2022 and &ldquo;NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanacev&iacute;
Project, Durango State, Mexico&rdquo; dated December&nbsp;14, 2022 with an effective date of November&nbsp;5, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Henry Kim, P. Geo.; William Bagnell, P.Eng.; James
Tod, P.Eng.; Alan Drake, P.L. Eng.; Kirk Hanson, P.E.; Paul Ivancie, P.G.; Dale Mah, P. Geo.; and Humberto Preciado, P.E., prepared the
2023 Terronera Technical Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the best of the Company&rsquo;s knowledge,
other than Mr.&nbsp;Mah and Mr.&nbsp;Gray, the other experts named above did not have any registered or beneficial interest, direct or
indirect, in any securities or other property of the Company when the experts prepared their respective reports or afterwards, nor will
they receive any such interest. As of the date of this Prospectus, Mr.&nbsp;Mah holds, options to acquire 194,200 common shares of the
Company and 78,000 performance share units (each convertible into common shares of the Company), and Mr.&nbsp;Gray holds options to acquire
393,000 common shares of the Company and 174,000 performance share units (each convertible into common shares of the Company).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KPMG LLP is the auditor of the Company and has
confirmed with respect to the Company that it is independent within the meaning of the relevant rules&nbsp;and related interpretations
prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations under all relevant United States
professional and regulatory standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_023"></A>Risk
Factors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in securities of the Company involves
a significant degree of risk and must be considered speculative due to the high-risk nature of the Company&rsquo;s business. Risks related
to the Offering and certain risks related to the Company are set out below. The risks set out below are not the only risks that the Company
faces. Investors should also carefully consider the information included or incorporated herein by reference in this Prospectus and the
Company&rsquo;s historical consolidated financial statements and related notes thereto before making an investment decision concerning
the Securities. There are various risks, including those discussed in the Company&rsquo;s AIF and MD&amp;A (as defined below under &ldquo;Documents
Incorporated by Reference&rdquo;), which are incorporated herein by reference, that could have a material adverse effect on, among other
things, the operating results, earnings, properties, business and condition (financial or otherwise) of the Company. These risk factors,
together with all of the other information included, or incorporated by reference in this Prospectus, including information contained
in the section entitled &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; should be carefully reviewed and considered
before a decision to invest in the Securities is made. Additional risks and uncertainties not currently known to the Company, or that
the Company currently considers immaterial, may also materially and adversely affect its business. In addition, risks relating to a particular
offering of Securities will be set out in a Prospectus Supplement relating to such offering.</B></P>

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

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

<!-- Field: Page; Sequence: 24; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Market price of Common Shares</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of the Common Shares and any
other Securities offered hereunder that become listed and posted for trading on the TSX, NYSE or any other stock exchange could be subject
to significant fluctuations in response to variations in the Company&rsquo;s financial results or other factors. In addition, fluctuations
in the stock market may adversely affect the market price of the Common Shares and any other Securities offered hereunder that become
listed and posted for trading on a stock exchange regardless of the financial performance of the Company. Securities markets have also
experienced significant price and volume fluctuations from time to time. In some instances, these fluctuations have been unrelated or
disproportionate to the financial performance of issuers. Market fluctuations may adversely impact the market price of the Common Shares
and any other Securities offered hereunder that become listed and posted for trading on a stock exchange. There can be no assurance of
the price at which the Common Shares that become listed and posted for trading on a stock exchange will trade.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Absence of a public market for some of the
Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no public market for the Debt Securities,
Warrants, Subscription Receipts or Units and, unless otherwise specified in the applicable Prospectus Supplement, the Company does not
intend to apply for listing of the Debt Securities, Warrants, Subscription Receipts or Units on any securities exchanges. If the Debt
Securities, Warrants, Subscription Receipts or Units are traded after their initial issuance, they may trade at a discount from their
initial offering prices depending on prevailing interest rates (as applicable), the market for similar securities and other factors, including
general economic conditions and the Company&rsquo;s financial condition. There can be no assurance as to the liquidity of the trading
market for the Debt Securities, Warrants, Subscription Receipts or Units, or that a trading market for these Securities will develop at
all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Future sales or issuance of debt or equity
Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue and sell additional securities
of the Company from time to time. The Company cannot predict the size of future sales and issuances of debt or equity securities or the
effect, if any, that future sales and issuances of debt or equity securities will have on the market price of any securities of the Company
that are issued and outstanding from time to time. Sales or issuances of a substantial number of equity securities, or the perception
that such sales could occur, may adversely affect prevailing market prices for the securities of the Company that are issued and outstanding
from time to time. With any additional sale or issuance of securities of the Company, investors will suffer dilution of their voting power
and may experience dilution in the Company&rsquo;s earnings per share. Moreover, this Prospectus may create a perceived risk of dilution
resulting in downward pressure on the price of the Company&rsquo;s issued and outstanding Common Shares, which could contribute to progressive
declines in the prices of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Discretion over Use of Proceeds</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to allocate the net proceeds
it will receive from an offering as described under &ldquo;Use of Proceeds&rdquo; in this Prospectus and the applicable Prospectus Supplement.
However, the Company will have broad discretion over the use of the net proceeds from an offering by the Company of the Securities. There
can be no assurance as to how the net proceeds received from any offering will be allocated, in particular, if the Company determines
to revise its business plan and growth strategy. Because of the number and variability of factors that will determine the Company&rsquo;s
use of such proceeds, the Company&rsquo;s ultimate use might vary substantially from its planned use. The failure by the Company to apply
these funds effectively could have a material adverse effect on the business of the Company. The Company may pursue acquisitions, collaborations
or other opportunities that do not result in an increase in the market value of the Securities, including the market value of the Common
Shares, or which may result in losses.</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No assurance can be given that an active or liquid
trading market for the Common Shares will be sustained. If an active or liquid market for the Common Shares fails to be sustained, the
prices at which such shares trade may be adversely affected. Whether or not the Common Shares will trade at lower prices depends on many
factors, including the liquidity of the Common Shares, the markets for similar securities, general economic conditions and the Company&rsquo;s
financial condition, historic financial performance and future prospects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company carries on its business through corporate
subsidiaries, and the majority of its assets are held in corporate subsidiaries. The results of the Company&rsquo;s operations and its
ability to service indebtedness, including the Debt Securities, are dependent upon the results of operations of these subsidiaries and
the payment of funds by these subsidiaries to the Company in the form of loans, dividends or otherwise. Unless otherwise indicated in
the applicable Prospectus Supplement, the Company&rsquo;s subsidiaries will not have an obligation to pay amounts due pursuant to any
Debt Securities or to make any funds available for payment on Debt Securities, whether by dividends, interest, loans, advances or other
payments. In addition, the payment of dividends and the making of loans, advances and other payments to the Company by its subsidiaries
may be subject to statutory or contractual restrictions. Unless otherwise indicated in the applicable Prospectus Supplement, the indenture
governing the Company&rsquo;s Debt Securities is not expected to limit the Company&rsquo;s ability or the ability of its subsidiaries
to incur indebtedness. Unless otherwise indicated in the applicable Prospectus Supplement, such indebtedness of the Company&rsquo;s subsidiaries
would be structurally senior to the Debt Securities. As such, in the event of the liquidation of any subsidiary, the assets of the subsidiary
would be used first to repay the obligations of the subsidiary, including indebtedness and trade payables, prior to being used by the
Company to pay its indebtedness, including any Debt Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Effect of changes in Interest Rates on Debt
Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prevailing interest rates will affect the market
price or value of any Debt Securities. The market price or value of any Debt Securities may decline as prevailing interest rates rise
for comparable debt instruments, or increase as prevailing interest rates for comparable debt instruments decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Effect of Fluctuations in Foreign Currency
Markets on Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt Securities denominated or payable in foreign
currencies may entail significant risk. These risks include, without limitation, the possibility of significant fluctuations in the foreign
currency markets, the imposition or modification of foreign exchange controls and potential liquidity restrictions in the secondary market.
These risks will vary depending upon the currency or currencies involved and will be more fully described in the applicable Prospectus
Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Company</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s operations, exploration and
development activities are subject to extensive foreign federal, state and local laws and regulations governing such matters as environmental
protection, management and use of toxic substances and explosives, management of natural resources, health, exploration and development
of mines, production and post-closure reclamation, safety and labour, mining law reform, price controls, import and export laws, taxation,
maintenance of claims, tenure, government royalties and expropriation of property. The activities of the Company require licenses and
permits from various governmental authorities. There is no assurance that future changes in such regulation or licensing, if any, will
not adversely affect the Company&rsquo;s operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recent changes to mining laws in Mexico may affect
the Company&rsquo;s ability to renew its concessions, explore and obtain new concessions, obtain permits to conduct mining operations
or pledge its concessions as security for loan facilities to develop its mineral projects. These changes may have a material adverse effect
on the Company&rsquo;s planned operations and development of its projects in Mexico and future exploration in Mexico.</P>

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

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

<!-- Field: Page; Sequence: 26; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_024"></A><FONT STYLE="text-transform: uppercase"><B>Documents
Incorporated by Reference</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information has been incorporated by reference
in this Prospectus from documents filed with securities commissions or similar authorities in Canada, which have also been filed with,
or furnished to, the SEC.</B> Copies of the documents incorporated herein by reference may be obtained on request without charge from
the Chief Financial Officer of the Company at 1130-609&nbsp;Granville Street, Vancouver, British Columbia&nbsp;V7Y&nbsp;1G5, telephone:&nbsp;(604)&nbsp;685-9775.
These documents are also available through the internet on SEDAR (www.sedar.com) and on EDGAR (accessed at www.sec.gov).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents of the Company, filed
with the securities regulatory authorities in the jurisdictions in Canada in which the Company is a reporting issuer, are specifically
incorporated by reference into, and form an integral part of, this Prospectus:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323008096/exhibit99-1.htm">1.</A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323008096/exhibit99-1.htm">the annual information form of the Company dated March&nbsp;29, 2023 for the year ended December&nbsp;31,
    2022 (the &ldquo;<B>AIF</B>&rdquo;), filed March&nbsp;30, 2023;</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1277866/000106299323005459/exhibit99-1.htm" STYLE="-sec-extract: exhibit">2.</A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1277866/000106299323005459/exhibit99-1.htm" STYLE="-sec-extract: exhibit">the audited annual consolidated financial statements of the Company for the years ended December&nbsp;31,
    2022 and December&nbsp;31, 2021 and the reports of the independent registered public accounting firm dated February&nbsp;28, 2023
    thereon, filed March&nbsp;2, 2023;</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323005459/exhibit99-2.htm">3.</A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323005459/exhibit99-2.htm">the management&rsquo;s discussion and analysis of the Company for the year ended December&nbsp;31,
    2022, filed March&nbsp;2, 2023 (the &ldquo;<B>Annual MD&amp;A</B>&rdquo;);</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-1.htm">4.</A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-1.htm">the unaudited condensed consolidated interim financial statements of the Company for the three months
    ended March&nbsp;31, 2023 and 2022, filed on May&nbsp;10, 2023;</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-2.htm">5.</A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-2.htm">the management&rsquo;s discussion and analysis of the Company for the three months ended March&nbsp;31,
    2023, filed on May&nbsp;10, 2023 (the &ldquo;<B>Interim MD&amp;A</B>&rdquo; and collectively with the Annual MD&amp;A, the &ldquo;<B>MD&amp;A</B>&rdquo;);</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323013021/exhibit99-1.htm">6.</A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323013021/exhibit99-1.htm">material change report dated and filed June&nbsp;6, 2023 with respect to the filing of the 2023 Terronera
    Technical Report, including the summary from the 2023 Terronera Technical Report and incorporating the detailed disclosure in the
    2023 Terronera Technical Report into the material change report by;</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323009059/exhibit99-3.htm">7.</A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323009059/exhibit99-3.htm">the information circular dated April&nbsp;4, 2023 with respect to the Company&rsquo;s annual general
    meeting of shareholders to be held on May&nbsp;23, 2023, filed April&nbsp;12, 2023.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All documents of the type referred to in section&nbsp;11.1
of Form&nbsp;44-101F1 of National Instrument&nbsp;44-101&mdash;<I>Short Form&nbsp;Prospectus Distributions</I> filed by the Company with
the securities commissions or similar regulatory authorities in the applicable provinces of Canada after the date of this Prospectus,
and before the termination of the Offering, are deemed to be incorporated by reference into this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent that any document or
information incorporated by reference into this Prospectus is included in any report filed with or furnished to the SEC pursuant to the
U.S. Exchange Act, after the date of this Prospectus, such document or information shall be deemed to be incorporated by reference as
an exhibit to the registration statement of which this Prospectus forms a part (in the case of documents or information deemed furnished
on Form&nbsp;6-K, only to the extent specifically stated therein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this Prospectus
or in a document incorporated or deemed to be incorporated by reference in this Prospectus shall be deemed to be modified or superseded
for the purposes of this Prospectus to the extent that a statement contained herein or in any subsequently filed document that also is
or is deemed to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need
not state that it has modified or superseded a prior statement or include any other information set forth in the document that contains
the statement that it modifies or supersedes. The making of such a modifying or superseding statement shall not be deemed an admission
for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material
fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in
light of the circumstances in which it was made. Any statement so modified or superseded shall not constitute a part of this Prospectus,
except as so modified or superseded.</B></P>

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

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

<!-- Field: Page; Sequence: 27; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus Supplement containing the specific
terms of an offering of Securities will be delivered to purchasers of such Securities together with this Prospectus and will be deemed
to be incorporated by reference into this Prospectus as of the date of such Prospectus Supplement, but only for the purposes of the offering
of Securities covered by that Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a new annual information form and related
annual financial statements being filed by us with, and where required, accepted by, the applicable securities regulatory authority during
the currency of this Prospectus, the previous annual information form, the previous annual financial statements and all interim financial
statements, material change reports and information circulars and all Prospectus Supplements filed prior to the commencement of the Company&rsquo;s
financial year in which a new annual information form is filed shall be deemed no longer to be incorporated into this Prospectus for purposes
of future offers and sales of Securities hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_025"></A>Documents
Filed as Part&nbsp;of the Registration Statement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents have been or will be filed
with the SEC as part of the registration statement of which this Prospectus forms a part: (i)&nbsp;the documents set out under the heading
 &ldquo;Documents Incorporated by Reference&rdquo;; (ii)&nbsp;the consents of the Company&rsquo;s auditor and technical report authors;
(iii)&nbsp;the powers of attorney from the directors and certain officers of the Company; and (iv)&nbsp;the form of indenture for Debt
Securities. A copy of the form of debt or warrant indenture, subscription receipt agreement or statement of eligibility of trustee on
Form&nbsp;T-1, as applicable, will be filed by post-effective amendment or by incorporation by reference to documents filed or furnished
with the SEC under the U.S.&nbsp;Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_026"></A>Additional
Information</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has filed with the SEC a registration
statement on Form&nbsp;F-10 relating to the Securities. This Prospectus, which constitutes a part of the registration statement, does
not contain all of the information contained in the registration statement, certain items of which are contained in the exhibits to the
registration statement as permitted by the rules&nbsp;and regulations of the SEC. See &ldquo;Documents Filed as Part&nbsp;of the Registration
Statement&rdquo;. Statements included or incorporated by reference in this Prospectus about the contents of any contract, agreement or
other documents referred to are not necessarily complete, and in each instance you should refer to the exhibits for a more complete description
of the matter involved. Each such statement is qualified in its entirety by such reference. Each time the Company sells Securities under
the registration statement, the Company will provide a Prospectus Supplement that will contain specific information about the terms of
that offering. The Prospectus Supplement may also add to, update or change information contained in this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to the information requirements
of the U.S.&nbsp;Exchange Act and applicable Canadian securities legislation and, in accordance therewith, files and furnishes annual
and quarterly financial information and material change reports, business acquisition reports and other material with the securities commission
or similar regulatory authority in each of the provinces of Canada and with the SEC. Under MJDS adopted by the United States and Canada,
documents and other information that the Company files with the SEC may be prepared in accordance with the disclosure requirements of
Canada, which are different from those of the United States. As a foreign private issuer within the meaning of rules&nbsp;made under the
U.S.&nbsp;Exchange Act, the Company is exempt from the rules&nbsp;under the U.S.&nbsp;Exchange Act prescribing the furnishing and content
of proxy statements, and the Company&rsquo;s officers, directors and principal shareholders are exempt from the reporting and shortswing
profit recovery provisions contained in Section&nbsp;16 of the U.S.&nbsp;Exchange Act. In addition, the Company is not required to publish
financial statements as promptly as United States companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s reports and other information
filed or furnished with or to the SEC are available from the SEC&rsquo;s Electronic Document Gathering and Retrieval System, or EDGAR,
at www.sec.gov, as well as from commercial document retrieval services. The Company&rsquo;s Canadian filings are available on the System
for Electronic Document Analysis and Retrieval, or SEDAR, at www.sedar.com. Unless specifically incorporated by reference herein, documents
filed or furnished by the Company on SEDAR or EDGAR are neither incorporated in nor a part of this Prospectus.</P>

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

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

<!-- Field: Page; Sequence: 28; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_027"></A><B>Enforceability
of Civil Liabilities AGAINST NON-u.s. PERSONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a corporation existing under the
Business Corporations Act (British Columbia). Most of the Company&rsquo;s directors and officers, and some or all of the experts named
in this Prospectus, are residents of Canada or otherwise reside outside the United States, and all or a substantial portion of their assets,
and substantially all of the Company&rsquo;s assets, are located outside the United States. The Company has appointed an agent for service
of process in the United States, but it may be difficult for holders of Common Shares who reside in the United States to effect service
within the United States upon those directors, officers and experts who are not residents of the United States. It may also be difficult
for holders of Common Shares who reside in the United States to realize in the United States upon judgments of courts of the United States
predicated upon the Company&rsquo;s civil liability and the civil liability of the Company&rsquo;s directors and officers and experts
under the United States federal securities laws. A final and conclusive <I>in personam </I>judgment of a United States court predicated
solely upon civil liability under United States federal securities laws may be enforceable in British Columbia; however, a British Columbia
court will enforce any such judgment only if several conditions are met. Those conditions include, among other things: (a)&nbsp;the British
Columbia court has territorial competence and does not decline to exercise that territorial competence or, if it lacks territorial competence,
exercises its discretion to hear the action; (b)&nbsp;the United States court in which the judgment was obtained had jurisdiction as recognized
by the British Columbia court, (c)&nbsp;the judgment is not void or voidable under the laws of the United States court and was not obtained
by fraud or in a manner contrary to the rules&nbsp;of natural justice; (d)&nbsp;if obtained by default, there is no manifest error on
the face of the judgment; (e)&nbsp;the enforcement of the judgment is not contrary to public policy and does not constitute, directly
or indirectly, the enforcement of laws characterized by a British Columbia court as being a revenue, expropriatory, penal or similar law;
and (f)&nbsp;the action to enforce the judgment is commenced and maintained in accordance with the procedural requirements of, and within
the applicable limitation periods under, British Columbia law. Furthermore, the British Columbia court may stay or decline to hear the
action to enforce a judgment of a United States court pending an appeal or if there is any subsisting judgment in any jurisdiction relating
to the same cause of action. The enforceability of a judgment of a foreign court is subject to, among other things, applicable bankruptcy,
insolvency, moratorium, arrangement, winding-up and other similar laws generally affecting the enforcement of rights of creditors and
the general principles of equity. However, there is substantial doubt whether an action could be brought in Canada in the first instance
on the basis of liability predicated solely upon United States federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company filed with the SEC, concurrently with
its registration statement on Form&nbsp;F-10 of which this Prospectus is a part, an appointment of agent for service of process on Form&nbsp;F-X.
Under the Form&nbsp;F-X, the Company appointed CT Corporation System as its agent for service of process in the United States in connection
with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving the
Company in a United States court arising out of or related to or concerning the offering of the Securities under this Prospectus.</P>

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

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

<!-- Field: Page; Sequence: 29; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED TO BE DELIVERED TO
OFFEREES OR PURCHASERS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;160 of the <I>Business Corporations
Act</I> (British Columbia) (the &quot;BCBCA&quot;) authorizes a company to indemnify past and present directors and officers of the company
and past and present directors and officers of a corporation of which the company is or was a shareholder, against liabilities incurred
in connection with the provision of their services as such if the director or officer acted honestly and in good faith with a view to
the best interests of the company and, in the case of a criminal or administrative proceeding, if he or she had reasonable grounds for
believing that his or her conduct was lawful. Section&nbsp;165 of the BCBCA provides that a company may purchase and maintain liability
insurance for the benefit of such directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Endeavour Silver Corp.&rsquo;s (for purposes
of this discussion, the &ldquo;Company&rdquo;) articles and subject to the provisions of the BCBCA, the Company shall indemnify a director,
former director or alternate director of the Company and his or her heirs and legal personal representatives against all judgments, penalties
or fines awarded or imposed in, or an amount paid in settlement of, a legal proceeding or investigative action, whether current, threatened,
pending or completed, in which such director, former director or alternate director of the Company, or any of his or her heirs and legal
personal representatives, by reason of having been a director or alternate director of the Company, is or may be joined as a party, or
is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Company&rsquo;s articles and subject
to any restrictions in the BCBCA, the Company may indemnify any other person, including the officers, former officers and alternate officers
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A policy of directors' and officers' liability
insurance is maintained by the Company which insures directors and officers against losses incurred as a result of claims against the
directors and officers of the Company in the indemnity provisions under the Articles and the BCBCA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the United States Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) may be permitted to directors, officers
or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of the U.S.
Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

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

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

<!-- Field: Page; Sequence: 30; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: center"><B>Exhibit</B></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>Number</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323008096/exhibit99-1.htm" STYLE="-sec-extract: exhibit"><B>4.1*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323008096/exhibit99-1.htm" STYLE="-sec-extract: exhibit">Annual Information Form&nbsp;of the Registrant for the year ended December&nbsp;31, 2022, dated as
    of March&nbsp;29, 2023 (incorporated by reference to exhibit 99.1 to the Registrant&rsquo;s annual report on Form&nbsp;40-F, filed
    with the Commission on March&nbsp;30, 2023)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1277866/000106299323008096/exhibit99-2.htm" STYLE="-sec-extract: exhibit"><B>4.2*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1277866/000106299323008096/exhibit99-2.htm" STYLE="-sec-extract: exhibit">Audited annual consolidated financial statements of the Registrant as at and for the years ended
    December&nbsp;31, 2022 and 2021 and the notes thereto together with report of the Independent Registered Public Accounting Firm thereon
    and the report of the Independent Registered Public Accounting Firm regarding its attestation on internal control over financial
    reporting (incorporated by reference to exhibits 99.2 to the Registrant&rsquo;s annual report on Form&nbsp;40-F, filed with the Commission
    on March&nbsp;30, 2023)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323008096/exhibit99-3.htm" STYLE="-sec-extract: exhibit"><B>4.3*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323008096/exhibit99-3.htm" STYLE="-sec-extract: exhibit">Management&rsquo;s discussion and analysis of financial condition and results of operations of the
    Registrant for the year ended December&nbsp;31, 2022 (incorporated by reference to exhibit 99.3 to the Registrant&rsquo;s annual
    report on Form&nbsp;40-F, filed with the Commission on March&nbsp;30, 2023)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323009059/exhibit99-3.htm" STYLE="-sec-extract: exhibit"><B>4.4*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323009059/exhibit99-3.htm" STYLE="-sec-extract: exhibit">Information circular dated April&nbsp;4, 2023 with respect to the Registrant&rsquo;s annual general
    meeting of shareholders held on May&nbsp;23, 2023 (incorporated by reference to exhibit 99.3 to the Registrant&rsquo;s Current Report
    on Form&nbsp;6-K, furnished to the Commission on April&nbsp;12, 2023)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-1.htm" STYLE="-sec-extract: exhibit"><B>4.5*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-1.htm" STYLE="-sec-extract: exhibit">Condensed Consolidated Interim Financial Statements of the Registrant, for the three month periods
    ended March&nbsp;31, 2023 and 2022 (incorporated by reference to Exhibit&nbsp;99.1 of the Registrant&rsquo;s Current Report on Form&nbsp;6-K,
    furnished to the Commission on May&nbsp;10, 2023)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-2.htm" STYLE="-sec-extract: exhibit"><B>4.6*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299323010615/exhibit99-2.htm" STYLE="-sec-extract: exhibit">Management&rsquo;s Discussion and Analysis of the Registrant for the three month periods March&nbsp;31,
    2023 and 2022 (incorporated by reference to Exhibit&nbsp;99.2 of the Registrant&rsquo;s Current Report on Form&nbsp;6-K, furnished
    to the Commission on May&nbsp;10, 2023)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299325005063/exhibit99-1.htm" STYLE="-sec-extract: exhibit"><B>4.7*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299325005063/exhibit99-1.htm" STYLE="-sec-extract: exhibit">Annual Information Form&nbsp;of the Registrant for the year ended December&nbsp;31, 2024, dated as
    of March&nbsp;10, 2025 (incorporated by reference to exhibit 99.1 to the Registrant&rsquo;s annual report on Form&nbsp;40-F, filed
    with the Commission on March&nbsp;11, 2025)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1277866/000106299325005063/exhibit99-2.htm" STYLE="-sec-extract: exhibit"><B>4.8*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1277866/000106299325005063/exhibit99-2.htm" STYLE="-sec-extract: exhibit">Audited annual consolidated financial statements of the Registrant as at and for the years ended
    December&nbsp;31, 2024 and 2023 and the notes thereto together with report of the Independent Registered Public Accounting Firm thereon
    and the report of the Independent Registered Public Accounting Firm regarding its attestation on internal control over financial
    reporting (incorporated by reference to exhibits 99.2 to the Registrant&rsquo;s annual report on Form&nbsp;40-F, filed with the Commission
    on March&nbsp;11, 2025)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299325005063/exhibit99-3.htm" STYLE="-sec-extract: exhibit"><B>4.9*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299325005063/exhibit99-3.htm" STYLE="-sec-extract: exhibit">Management&rsquo;s discussion and analysis of financial condition and results of operations of the
    Registrant for the year ended December&nbsp;31, 2024 (incorporated by reference to exhibit 99.3 to the Registrant&rsquo;s annual
    report on Form&nbsp;40-F, filed with the Commission on March&nbsp;11, 2025)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299324008471/exhibit99-3.htm" STYLE="-sec-extract: exhibit"><B>4.10*</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1277866/000106299324008471/exhibit99-3.htm" STYLE="-sec-extract: exhibit">Information circular dated April&nbsp;4, 2024 with respect to the Registrant&rsquo;s annual general
    meeting of shareholders held on May&nbsp;28, 2024 (incorporated by reference to exhibit 99.3 to the Registrant&rsquo;s Current Report
    on Form&nbsp;6-K, furnished to the Commission on April&nbsp;17, 2024)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-1.htm"><B>5.1**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-1.htm">Consent of KPMG, LLP Independent Registered Public Accounting Firm</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-2.htm" STYLE="-sec-extract: exhibit"><B>5.2**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-2.htm" STYLE="-sec-extract: exhibit">Consent of Wood Canada Limited, co-author of the technical report entitled NI 43-101 Technical Report
    on the Feasibility Study of the Terronera Project Jalisco State, Mexico - Amended, dated May&nbsp;15, 2023</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-3.htm" STYLE="-sec-extract: exhibit"><B>5.3**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-3.htm" STYLE="-sec-extract: exhibit">Consent of WSP USA Inc., co-author of the technical report entitled NI 43-101 Technical Report on
    the Feasibility Study of the Terronera Project Jalisco State, Mexico - Amended, dated May&nbsp;15, 2023</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-4.htm" STYLE="-sec-extract: exhibit"><B>5.4**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-4.htm" STYLE="-sec-extract: exhibit">Consent of Paul Ivancie, P.G., co-author of the technical report entitled NI 43-101 Technical Report
    on the Feasibility Study of the Terronera Project Jalisco State, Mexico - Amended, dated May&nbsp;15, 2023.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-5.htm" STYLE="-sec-extract: exhibit"><B>5.5**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-5.htm" STYLE="-sec-extract: exhibit">Consent of Kirk Hanson, P.E., co-author of the technical report entitled NI 43-101 Technical Report
    on the Feasibility Study of the Terronera Project Jalisco State, Mexico - Amended, dated May&nbsp;15, 2023</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-6.htm" STYLE="-sec-extract: exhibit"><B>5.6**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-6.htm" STYLE="-sec-extract: exhibit">Consents of Dale Mah, P. Geo. of Endeavour Silver Corp., co-author of the technical reports entitled
    NI 43-101 Technical Report on the Feasibility Study of the Terronera Project Jalisco State, Mexico - Amended, dated May&nbsp;15,
    2023; NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bola&ntilde;itos Project, Guanajuato State,
    Mexico, dated December&nbsp;14, 2022; and NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanacev&iacute;
    Project, Durango State, Mexico, dated December&nbsp;14, 2022.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify"><A HREF="tm259701d1_ex5-7.htm" STYLE="-sec-extract: exhibit"><B>5.7**</B></A></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify"><A HREF="tm259701d1_ex5-7.htm" STYLE="-sec-extract: exhibit">Consents of Donald Gray, SME-RM of Endeavour Silver Corp., co-author of the technical reports entitled NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bola&ntilde;itos Project, Guanajuato State, Mexico, dated December&nbsp;14, 2022; and NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanacev&iacute; Project, Durango State, Mexico, dated December&nbsp;14, 2022. </A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-8.htm" STYLE="-sec-extract: exhibit"><B>5.8**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-8.htm" STYLE="-sec-extract: exhibit">Consents of Richard A. Schwering, P.G., SME-RM., of Hard Rock Consulting, LLC, co-author of the technical reports entitled NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bola&ntilde;itos Project, Guanajuato State, Mexico, dated December&nbsp;14, 2022; and NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanacev&iacute; Project, Durango State, Mexico, dated December&nbsp;14, 2022.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-9.htm" STYLE="-sec-extract: exhibit"><B>5.9**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex5-9.htm" STYLE="-sec-extract: exhibit">Consent of Allan Armitage, Ph. D., P. Geo., of SGS Geological Services, author of the amended technical report entitled Mineral Resource Estimate for the Pitarrilla Ag-Pb-Zn Project, Durango State, Mexico, dated March&nbsp;15, 2023.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="#sig_001"><B>6.1**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#sig_001">Powers of Attorney (included on the signature pages&nbsp;of this Registration Statement)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex7-1.htm"><B>7.1**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex7-1.htm">Form&nbsp;of Indenture</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex107.htm" STYLE="-sec-extract: exhibit"><B>107**</B></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm259701d1_ex107.htm" STYLE="-sec-extract: exhibit">Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* - Previously filed or furnished
to the Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">** - Filed herewith</P>

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

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

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.&#8239;&#8239;&#8239;&#8239;Undertaking</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant undertakes to make available, in
person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested
to do so by the Commission staff, information relating to the securities registered pursuant to this Form&nbsp;F-10 or to transactions
in said securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 2.&#8239;&#8239;&#8239;&#8239;Consent
to Service of Process</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(a)</TD>
    <TD STYLE="text-align: justify">Concurrently with the filing of this Registration Statement on Form&nbsp;F-10, the Registrant is filing with the Commission a written irrevocable consent and power of attorney on Form&nbsp;F-X.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">(b)</TD>
    <TD STYLE="text-align: justify">Any change to the name or address of the agent for service of the Registrant will be communicated promptly to the Commission by amendment to Form&nbsp;F-X referencing the file number of this Registration Statement.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 33; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sig_001"></A>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;F-10
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Vancouver, Province of British Columbia, Canada, on April 1, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>ENDEAVOUR SILVER CORP.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By: </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ Daniel Dickson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Daniel Dickson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Executive Officer</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each person whose signature appears below constitutes
and appoints Daniel Dickson and Elizabeth Senez, and each of them, either of whom may act without the joinder of the other, as his true
and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities, to sign any or all amendments (including post-effective amendments) to this Registration Statement and registration
statements filed pursuant to Rule&nbsp;429 under the Securities Act, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting
alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting
alone, or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed by or on behalf of the following persons in the capacities indicated on April 1,
2025:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><B><U>Signature</U></B></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><B><U>Title</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ Daniel Dickson</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Chief Executive Officer, Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Daniel Dickson</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Elizabeth Senez</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Elizabeth Senez</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>(Principal Financial and Accounting Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Ricardo M. Campoy</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Ricardo M. Campoy</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ Margaret M. Beck</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Margaret M. Beck</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Rex. J. McLennan</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Rex J. McLennan</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Kenneth Pickering</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Kenneth Pickering</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Mario D. Szotlender</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Mario D. Szotlender</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Amy Jacobsen</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Amy Jacobsen</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Angela Johnson</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Angela Johnson</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of Section&nbsp;6(a)&nbsp;of
the Securities Act of 1933, the Authorized Representative has signed this Registration Statement, solely in his capacity as the duly authorized
representative of Endeavour Silver Corp. in the United States, in the State of New York, on April 1, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1pt solid; text-align: justify">/s/ Ricardo Campoy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Ricardo Campoy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 35; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm259701d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0">&nbsp;<B>Exhibit 5.1</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consent of Independent Registered Public Accounting Firm&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Endeavour Silver Corp. (the &ldquo;Entity&quot;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our report dated March 10, 2025 on the consolidated
financial statements of Endeavour Silver Corp. (the &ldquo;Entity&rdquo;) which comprise the consolidated statements of financial position
as of December 31, 2024 and December 31, 2023, the related consolidated statements of comprehensive earnings (loss), changes in shareholders&rsquo;
equity and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively the &ldquo;consolidated
financial statements&rdquo;), and our report dated March 10, 2025 on the effectiveness of the Entity&rsquo;s internal control over financial
reporting as of December 31, 2024, which are incorporated by reference in this Registration Statement on Form F-10 dated April 1, 2025
of the Entity.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 1, 2025</P>

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

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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1.5in 0pt 0; text-align: left">&nbsp;</P>

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

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

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

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>tm259701d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.2</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 1, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States Securities and Exchange Commission</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Re:&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Registration Statement on Form F-10 (the &quot;<B>Registration Statement</B>&quot;) of Endeavour Silver Corp. (the &quot;<B>Company</B>&quot;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wood Canada Limited hereby consents to the use
of and reference to their name in the Registration Statement and in the documents incorporated therein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wood Canada Limited hereby consents to the use
of information derived from sections 1.1, 1.2, 1.7 - 1.13, 1.17.1, 1.17.2, 1.19 - 1.21, 2, 3, 11, 12.1, 12.1.1, 12.2, 13 -15, 16.1, 16.5
- 16.9, 16.9.1, 16.9.2, 17, 21.1, 21.2.1 - 21.2.4, 21.2.6, 21.2.7, 21.2.10 - 21.2.12, 21.3, 21.4.1, 21.4.2, 21.4.3, 21.4.4, 25.3 - 25.7,
25.11, 25.13 - 25.14, 26.1 - 26.5, and 27 of their report:&nbsp; &quot;NI 43-101 Technical Report on the Feasibility Study of the Terronera
Project Jalisco State, Mexico - Amended&quot; dated May 15, 2023, with an effective date of September 9, 2021 (the &quot;Technical Report&quot;),
including extracts from or summaries of the Technical Report, in the Registration Statement and the documents incorporated therein by
reference filed with the United States Securities and Exchange Commission pursuant to the United States Securities Act of 1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of Wood Canada Limited,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>/s/ signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 1; Options: NewSection Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>tm259701d1_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CORPORATE CONSENT OF WSP USA INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WSP USA Inc. (&quot;WSP&quot;) states that WSP
USA Environment and Infrastructure Inc. (merged into WSP effective December 31, 2024) is responsible for preparing or supervising the
preparation of part(s) of the Technical Report titled &quot;NI 43 101 Technical Report on the Feasibility Study of the Terronera Project,
Jalisco State, Mexico - Amended&quot; with an effective date of September 9, 2021 and dated May 15, 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&nbsp;The document the Technical Report supports
is the Annual Information Form of Endeavour Silver Corp. (the &quot;Company&quot;) for the year ended December 31, 2024<B>&nbsp;</B>(the
 &quot;AIF&quot;) and the Company's registration statement on Form F-10 (the &ldquo;Registration Statement&rdquo;, together with the AIF,
the &ldquo;Documents&rdquo;) which incorporates by reference the AIF;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&nbsp;WSP consents, as a company whose principal
business is providing engineering or geoscientific services, and whose business gives authority to a statement made by the company, to
the use of WSP's name in the Documents in connection with any references, quotation from or summary in the Documents of the parts of the
Technical Report for which WSP is responsible, and to the incorporation by reference of the Technical Report into the Documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&nbsp;WSP hereby confirms that it has read the
Documents, and WSP has no reason to believe that there are any misrepresentations in the information contained in the Documents that are
derived from the sections of the Technical Report for which WSP is responsible or that are within WSP's knowledge as a result of the services
performed by WSP in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated this 1st day of April, 2025</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title:&nbsp;Sr. Vice President, District Business
Line Leader</P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>5
<FILENAME>tm259701d1_ex5-4.htm
<DESCRIPTION>EXHIBIT 5.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.4</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WSP USA Environment &amp; Infrastructure Inc.<BR>
2000 S Colorado Blvd, Suite 2-100, Denver, CO, USA</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Paul G. Ivancie state that I am responsible
for preparing or supervising the preparation of part(s) of the technical report titled &quot;NI 43 101 Technical Report on the Feasibility
Study of the Terronera Project, Jalisco State, Mexico - Amended&quot; with an effective date of September 9, 2021 and dated May 15, 2023,
as signed, and certified by me (the &quot;Technical Report&quot;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;The document the Technical Report supports
is the Annual Information Form of Endeavour Silver Corp. (the &quot;Company&quot;) for the year ended December 31, 2024<B>&nbsp;</B>(the
 &quot;AIF&quot;) and the Company's registration statement on Form F-10 (the &ldquo;Registration Statement&rdquo;, together with the AIF,
the &ldquo;Documents&rdquo;) which incorporates by reference the AIF;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;I consent to being named in the Documents
as a qualified person, as defined by National Instrument 43-101 -&nbsp;<I>Standards of Disclosure for Mineral&nbsp;</I>Projects, to the
use of any references, quotation from or summarization in the Documents of the parts of the Technical Report for which I am responsible,
and to the incorporation by reference of the Technical Report into the Documents; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;I confirm that I have read the Documents,
and have no reason to believe that there are any misrepresentations in the information contained in the Documents that are derived from
those sections of the Technical Report that I am responsible for preparing or that are within my knowledge as a result of services performed
by me in connection with the Technical Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;Dated at Denver, Colorado this 1st day of April, 2025.</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>6
<FILENAME>tm259701d1_ex5-5.htm
<DESCRIPTION>EXHIBIT 5.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.5</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Endeavour Silver Corp. (the &quot;Company&quot;)</B><BR>
<B>Form F-10</B><BR>
<B>Consent of Expert</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This consent is provided in connection with the
Company's registration statement on Form F-10 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed by the Company with the United
States Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) pursuant to the United States Securities Act of 1933. The Registration
Statement incorporates by reference, among other things, the Company's Annual Information Form for the year ended December 31, 2024 (the
 &quot;<B>AIF</B>&quot;), and the Company's Management Discussion and Analysis for the year ended December 31, 2024 (the &quot;<B>MD&amp;A</B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to the use of my name and the
quotation, summary or incorporation by reference to the AIF and MD&amp;A in the Annual Report and the Registration Statement of the portions
prepared by me of the following technical reports:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&quot;<I>NI 43-101 Technical Report on the Feasibility Study of the Terronera Project Jalisco State, Mexico
- Amended</I>&quot; dated May 15, 2023, with an effective date of September 9, 2021</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated the 1st day of April, 2025</P>

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

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

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

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.6
<SEQUENCE>7
<FILENAME>tm259701d1_ex5-6.htm
<DESCRIPTION>EXHIBIT 5.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.6</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Endeavour Silver Corp. (the &quot;Company&quot;)</B><BR>
<B>Form F-10</B><BR>
<B>Consent of Expert</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This consent is provided in connection with the
Company's registration statement on Form F-10 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed by the Company with the United
States Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) pursuant to the United States Securities Act of 1933. The Registration
Statement incorporates by reference, among other things, the Company's Annual Information Form for the year ended December 31, 2024 (the
 &quot;<B>AIF</B>&quot;), and the Company's Management Discussion and Analysis for the year ended December 31, 2024 (the &quot;<B>MD&amp;A</B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to the use of my name and the
quotation, summary or incorporation by reference to the AIF and MD&amp;A in the Annual Report and the Registration Statement of the portions
prepared by me of the following technical reports:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD>&quot;<I>NI
43-101 Technical Report on the Feasibility Study of the Terronera Project Jalisco State, Mexico - Amended</I>&quot; dated May 15, 2023,
with an effective date of September 9, 2021</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top"><TD></TD><TD>&#8226;</TD><TD>&quot;<I>NI
43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanacev&iacute; Project, Durango State, Mexico</I>&quot;
dated December 14, 2022, with an effective date of November 5, 2022</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top"><TD></TD><TD>&#8226;</TD><TD>&quot;<I>NI
43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bola&ntilde;itos Project, Guanajuato State, Mexico</I>&quot;
dated December 14, 2022, with an effective date of November 9, 2022</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated the 1st day of April, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>/s/ Dale Mah&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I><BR>
Dale Mah, P. Geo</P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.7
<SEQUENCE>8
<FILENAME>tm259701d1_ex5-7.htm
<DESCRIPTION>EXHIBIT 5.7
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.7</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Endeavour Silver Corp. (the &quot;Company&quot;)</B><BR>
<B>Form F-10</B><BR>
<B>Consent of Expert</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This consent is provided in connection with the
Company's registration statement on Form F-10 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed by the Company with the United
States Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) pursuant to the United States Securities Act of 1933. The Registration
Statement incorporates by reference, among other things, the Company's Annual Information Form for the year ended December 31, 2024 (the
 &quot;<B>AIF</B>&quot;), and the Company's Management Discussion and Analysis for the year ended December 31, 2024 (the &quot;<B>MD&amp;A</B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to the use of my name and the
quotation, summary or incorporation by reference to the AIF and MD&amp;A in the Annual Report and the Registration Statement of the portions
prepared by me of the following technical reports:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD>&quot;<I>NI
43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanacev&iacute; Project, Durango State, Mexico</I>&quot;
dated December 14, 2022, with an effective date of November 5, 2022</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top"><TD></TD><TD>&#8226;</TD><TD>&quot;<I>NI
43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bola&ntilde;itos Project, Guanajuato State, Mexico</I>&quot;
dated December 14, 2022, with an effective date of November 9, 2022</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated the 1st day of April, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>/s/ Donald Gray&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I><BR>
Donald Gray, SME-RM</P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.8
<SEQUENCE>9
<FILENAME>tm259701d1_ex5-8.htm
<DESCRIPTION>EXHIBIT 5.8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.8</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Endeavour Silver Corp. (the &quot;Company&quot;)</B><BR>
<B>Form F-10</B><BR>
<B>Consent of Expert</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This consent is provided in connection with the
Company's registration statement on Form F-10 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed by the Company with the United
States Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) pursuant to the United States Securities Act of 1933. The Registration
Statement incorporates by reference, among other things, the Company's Annual Information Form for the year ended December 31, 2024 (the
 &quot;<B>AIF</B>&quot;), and the Company's Management Discussion and Analysis for the year ended December 31, 2024 (the &quot;<B>MD&amp;A</B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to the use of my name and the
quotation, summary or incorporation by reference to the AIF and MD&amp;A in the Annual Report and the Registration Statement of the portions
prepared by me of the following technical reports:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD>&quot;<I>NI
43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanacev&iacute; Project, Durango State, Mexico</I>&quot;
dated December 14, 2022, with an effective date of November 5, 2022</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD>&quot;<I>NI
43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bola&ntilde;itos Project, Guanajuato State, Mexico</I>&quot;
dated December 14, 2022, with an effective date of November 9, 2022</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I also consent to the use of my name and the technical
information contained in the Updated Company Mineral Reserve and Resources Estimates on the Guanacevi Mine and the Bola&ntilde;itos Mine
as of December 31, 2024 as presented in the AIF and incorporated by reference into the Annual Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated the 1st day of April, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>/s/ Richard Schwering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I><BR>
Richard Schwering, P.G., SME-RM</P>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.9
<SEQUENCE>10
<FILENAME>tm259701d1_ex5-9.htm
<DESCRIPTION>EXHIBIT 5.9
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.9</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>To:</B></TD><TD STYLE="text-align: justify"><B>United States Securities and Exchange Commission</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Endeavour Silver Corp. (the &quot;Company&quot;)</B><BR>
<B>Form F-10</B><BR>
<B>Consent of Expert</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This consent is provided in connection with the
Company's registration statement on Form F-10 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed by the Company with the United
States Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) pursuant to the United States Securities Act of 1933. The Registration
Statement incorporates by reference, among other things, the Company's Annual Information Form for the year ended December 31, 2024 (the
 &quot;<B>AIF</B>&quot;), and the Company's Management Discussion and Analysis for the year ended December 31, 2024 (the &quot;<B>MD&amp;A</B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to the use of my name and the
quotation, summary or incorporation by reference to the AIF and MD&amp;A in the Annual Report and the Registration Statement of the portions
prepared by me of the following technical reports:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD>&quot;<I>Mineral
Resource Estimate for the Pitarrilla Ag-Pb-Zn Project, Durango State, Mexico</I>&quot;, dated March 15, 2023, with an effective date
of October 6, 2022</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated the 1st day of April, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U></U></I>Allan
Armitage, Ph. D., P. Geo</P>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-7.1
<SEQUENCE>11
<FILENAME>tm259701d1_ex7-1.htm
<DESCRIPTION>EXHIBIT 7.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-indent: 0.25in; margin: 0"></P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 7.1</B></P>

<P STYLE="margin: 0"></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ENDEAVOUR
SILVER CORP.</B></FONT><B><BR>
as Issuer</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR>
</B></FONT><B>as U.S. Trustee</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR>
</B></FONT><B>as Canadian Trustee</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;One
    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 15%; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.01</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;of Construction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance Certificates and Opinions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Documents Delivered to Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices, Etc. to Trustees and Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice to Holders; Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Headings and Table of Contents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability Clause</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Holidays</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agent for Service; Submission to Jurisdiction; Waiver
    of Immunities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion of Judgment Currency</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency Equivalent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict with Trust Indenture Legislation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporators, Shareholders, Officers and Directors
    of the Company Exempt from Individual Liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.20</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force Majeure</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Two
    SECURITIES FORMS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms Generally</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Issuable in Global Form</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Three
    THE SECURITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution, Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration, Registration of Transfer and Exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Principal, Premium and Interest; Interest
    Rights Preserved; Optional Interest Reset</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Extension of Stated Maturity</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons Deemed Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation of Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">35</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.12</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency and Manner of Payments
    in Respect of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment and Resignation of Successor Exchange Rate
    Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Four
    SATISFACTION AND DISCHARGE</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction and Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Trust Money</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">40</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Five
    REMEDIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">40</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">41</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection of Debt and Suits for Enforcement by Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustees May&nbsp;File Proofs of Claim</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustees May&nbsp;Enforce Claims Without Possession
    of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Money Collected</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">44</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Suits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">44</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional Right of Holders to Receive Principal,
    Premium and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration of Rights and Remedies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights and Remedies Cumulative</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay or Omission Not Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control by Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Stay or Extension Laws</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking for Costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Six
    THE TRUSTEES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Duties and Responsibilities of Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Rights of Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustees Not Responsible for Recitals or Issuance of
    Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;Hold Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Reimbursement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Trustees Required; Eligibility</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance of Appointment by Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Conversion, Consolidation or Succession to
    Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Authenticating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">56</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Rights of Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">57</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Seven
    HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company to Furnish Trustees Names and Addresses of
    Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation of List of Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure of Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">58</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.04</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Eight
    CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company May&nbsp;Consolidate,&nbsp;etc., only on Certain
    Terms</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Person Substituted</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">60</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Nine
    SUPPLEMENTAL INDENTURES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures Without Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures with Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">62</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conformity with Trust Indenture Legislation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference in Securities to Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Ten
    COVENANTS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Principal, Premium and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Office or Agency</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money for Securities Payments to Be Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">66</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement as to Compliance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Taxes and Other Claims</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Existence</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Certain Covenants</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Eleven
    REDEMPTION OF SECURITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election to Redeem; Notice to Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection by Trustees of Securities to Be Redeemed</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit of Redemption Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">69</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Payable on Redemption Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">70</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Redeemed in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">70</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Twelve
    SINKING FUNDS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction of Sinking Fund Payments with Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of Securities for Sinking Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Thirteen
    REPAYMENT AT OPTION OF HOLDERS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;13.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">72</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;13.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">72</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;13.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Option</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">73</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;13.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When Securities Presented for Repayment Become Due
    and Payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">73</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;13.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Repaid in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">74</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;Fourteen
    DEFEASANCE AND COVENANT DEFEASANCE</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;14.01</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&rsquo;s Option to Effect
    Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">74</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;14.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defeasance and Discharge</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">74</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;14.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">75</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;14.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">75</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;14.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposited Money and Government Obligations to Be Held
    in Trust; Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">77</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;14.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">78</FONT></TD></TR>
</TABLE>

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


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

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TIA <BR>
    <U>Section</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Indenture <BR>
    <U>Section</U></TD></TR>
  <TR>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">310</TD>
    <TD STYLE="vertical-align: top; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 56%; padding-right: 5.4pt; padding-left: 84.55pt">6.08(1)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">6.09</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">Not Applicable</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">311</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">6.05</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">6.05</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">Not Applicable</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">312</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.05</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.03</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.03</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">313</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.04</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.04</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.04</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(d)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.05</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">314</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">7.05</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">10.04</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">Not Applicable</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">1.01</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">1.01</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(d)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">Not Applicable</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(e)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">1.01</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(f)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">Not Applicable</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">315</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">6.02</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">6.01</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">6.02</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(d)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">6.02</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(e)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">5.15</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">316</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)(last sentence)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">1.02 (&ldquo;Outstanding&rdquo;)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)(1)(A)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">5.12</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)(1)(B)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">5.02, 5.13</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">Not Applicable</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">5.08</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(c)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">1.04(e)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">317</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">5.03</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">5.04</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">10.03</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">318</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 84.55pt">1.16</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note: This Cross-Reference Table shall not, for
any purpose, be deemed to be part of this Indenture.</P>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">INDENTURE, dated as of ____________________, among
ENDEAVOUR SILVER CORP., a corporation duly existing under the laws of British Columbia, Canada (herein called the &ldquo;<B>Company</B>&rdquo;),
having its principal office at 1130-609 Granville Street, Vancouver, British Columbia, Canada V7Y 1G5, and ______________________, a
______________________, organized under the laws of ______________________, as U.S. trustee (herein called the &ldquo;<B>U.S. Trustee</B>&rdquo;),
and ______________________, a ______________________, organized under the laws of ______________________, as Canadian trustee (the &ldquo;<B>Canadian
Trustee</B>&rdquo; and, together with the U.S. Trustee, the &ldquo;<B>Trustees</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes, bonds or other evidences of indebtedness
(herein called the &ldquo;<B>Securities</B>&rdquo;), which may be convertible into or exchangeable for any securities of any Person (including
the Company), to be issued in one or more series as in this Indenture provided.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;One</B></FONT><B><BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Definitions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Act</B>,&rdquo; when used with respect
to any Holder, has the meaning specified in Section&nbsp;1.04.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&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; when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have meanings correlative to the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Authenticating Agent</B>&rdquo; means
any Person authorized by the applicable Trustee pursuant to Section&nbsp;6.12 to act on behalf of such Trustee to authenticate Securities.</P>

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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Base Currency</B>&rdquo; has the meaning
specified in Section&nbsp;1.14.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Board of Directors</B>&rdquo; means
the board of directors of the Company or any duly authorized committee thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Board Resolution</B>&rdquo; means a
copy of a resolution certified by the Corporate Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Business Day</B>,&rdquo; when used with
respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise
specified with respect to any Securities pursuant to Section&nbsp;3.01, any day other than Saturday, Sunday or any other day on which
commercial banking institutions in that Place of Payment or other location are permitted or required by any applicable law, regulation
or executive order to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>calculation period</B>&rdquo; has the
meaning specified in Section&nbsp;3.11.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Canadian Trustee</B>&rdquo; means the
Person named as the &ldquo;Canadian Trustee&rdquo; in the first paragraph of this Indenture until a successor Canadian Trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Canadian Trustee&rdquo; shall mean or
include each Person who is then a Canadian Trustee hereunder; <I>provided, however</I>, that if at any time there is more than one such
Person, &ldquo;Canadian Trustee&rdquo; as used with respect to the Securities of any series shall mean only the Canadian Trustee with
respect to Securities of that series.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Request</B>&rdquo; or &ldquo;<B>Company
Order</B>&rdquo; means a written request or order signed in the name of the Company by an Officer and delivered to the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Component Currency</B>&rdquo; has the
meaning specified in Section&nbsp;3.12(h).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Conversion Date</B>&rdquo; has the meaning
specified in Section&nbsp;3.12(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Conversion Event</B>&rdquo; means the
cessation of use of (i)&nbsp;a Foreign Currency (other than the Euro or other Currency unit) both by the government of the country which
issued such Currency and by a central bank or other public institution of or within the international banking community for the settlement
of transactions, (ii)&nbsp;the Euro or (iii)&nbsp;any currency unit (or composite currency) other than the Euro for the purposes for
which it was established.</P>

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

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

<!-- Field: Page; Sequence: 8; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Corporate Trust Office</B>&rdquo; means
the principal corporate trust office of the U.S. Trustee or the Canadian Trustee, as applicable, at which at any particular time its
corporate trust business may be administered, such an office on the date of execution of this Indenture of the U.S. Trustee is located
at _________________________, Attention: _______________________, and of the Canadian Trustee is located at ______________________, Attention:
____________________________, except that with respect to presentation of Securities for payment or for registration of transfer or exchange,
such term shall mean the office or agency of the U.S. Trustee or the Canadian Trustee, as applicable, designated in writing to the Company
at which, at any particular time, its corporate agency business shall be conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>covenant defeasance</B>&rdquo; has the
meaning specified in Section&nbsp;14.03.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Currency</B>&rdquo; means any currency
or currencies, composite currency or currency unit or currency units, including, without limitation, the Euro, issued by the government
of one or more countries or by any recognized confederation or association of such governments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Default</B>&rdquo; means any event which
is, or after notice or passage of time or both would be, an Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Defaulted Interest</B>&rdquo; has the
meaning specified in Section&nbsp;3.07.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>defeasance</B>&rdquo; has the meaning
specified in Section&nbsp;14.02.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Depositary</B>&rdquo; means, with respect
to the Securities of any series issuable or issued in global form, the Person designated as Depositary
by the Company pursuant to Section&nbsp;3.05 until a successor Depositary shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter &ldquo;Depositary&rdquo; shall mean or include each Person who is then a Depositary hereunder, and,
if at any time there is more than one such Person, &ldquo;Depositary&rdquo; as used with respect to the Securities of any such series
shall mean the Depositary with respect to the Securities of that series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Dollar</B>&rdquo; or &ldquo;<B>$</B>&rdquo;
means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender
for the payment of public and private debts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Dollar Equivalent of the Currency Unit</B>&rdquo;
has the meaning specified in Section&nbsp;3.12(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Dollar Equivalent of the Foreign Currency</B>&rdquo;
has the meaning specified in Section&nbsp;3.12(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Election Date</B>&rdquo; has the meaning
specified in Section&nbsp;3.12(h).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Euro</B>&rdquo; means the single currency
of the participating member states from time to time of the European Union described in legislation of the European Counsel for the operation
of a single unified European currency (whether known as the Euro or otherwise).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Event of Default</B>&rdquo; has the
meaning specified in Section&nbsp;5.01.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Exchange Date</B>&rdquo; has the meaning
specified in Section&nbsp;3.04.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Exchange Rate Agent</B>&rdquo; means,
with respect to Securities of or within any series, unless otherwise specified with respect to any Securities pursuant to Section&nbsp;3.01,
a New York clearing house bank, designated pursuant to Section&nbsp;3.01 or Section&nbsp;3.13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Exchange Rate Officer&rsquo;s Certificate</B>&rdquo;
means a tested telex or a certificate setting forth (i)&nbsp;the applicable Market Exchange Rate and (ii)&nbsp;the Dollar or Foreign
Currency amounts of principal, premium (if any) and interest (if any) (on an aggregate basis and on the basis of a Security having the
lowest denomination principal amount determined in accordance with Section&nbsp;3.02 in the relevant Currency), payable with respect
to a Security of any series on the basis of such Market Exchange Rate, sent (in the case of a telex) or signed (in the case of a certificate)
by the Chief Executive Officer, President or Chief Financial Officer of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Extension Notice</B>&rdquo; has the
meaning specified in Section&nbsp;3.08.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Extension Period</B>&rdquo; has the
meaning specified in Section&nbsp;3.08.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Final Maturity</B>&rdquo; has the meaning
specified in Section&nbsp;3.08.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>First Currency</B>&rdquo; has the meaning
specified in Section&nbsp;1.15.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Foreign Currency</B>&rdquo; means any
Currency other than Currency of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>GAAP</B>&rdquo; means generally accepted
accounting principles in Canada in effect from time to time, unless the Person&rsquo;s most recent audited or quarterly financial statements
are not prepared in accordance with generally accepted accounting principles in Canada, in which case &ldquo;GAAP&rdquo; shall mean generally
accepted accounting principles in the United States in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Government Obligations</B>&rdquo; means,
unless otherwise specified with respect to any series of Securities pursuant to Section&nbsp;3.01, securities which are (i)&nbsp;direct
obligations of the government which issued the Currency in which the Securities of a particular series are payable or (ii)&nbsp;obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the government which issued the Currency in which
the Securities of such series are payable, the payment of which is unconditionally guaranteed by such government, which, in either case,
are full faith and credit obligations of such government payable in such Currency and are not callable or redeemable at the option of
the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such
Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for
the account of the holder of a depository receipt; <I>provided</I> that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect
of the Government Obligation or the specific payment of interest or principal of the Government Obligation evidenced by such depository
receipt.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Indenture</B>&rdquo; means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated
by Section&nbsp;3.01; <I>provided, however,</I> that, if at any time more than one Person is acting as Trustee under this instrument,
 &ldquo;Indenture&rdquo; shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include the terms of the particular series of Securities for which such Person
is Trustee established as contemplated by Section&nbsp;3.01, exclusive, however, of any provisions or terms which relate solely to other
series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of
any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become
such Trustee but to which such Person, as such Trustee, was not a party.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Indexed Security</B>&rdquo; means a
Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal
face amount thereof at original issuance.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Judgment Currency</B>&rdquo; has the
meaning specified in Section&nbsp;1.14.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Lien</B>&rdquo; means any mortgage,
pledge, hypothecation, charge, assignment, deposit arrangement, encumbrance, security interest, lien (statutory or other), or preference,
priority or other security or similar agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation,
any agreement to give or grant a Lien or any lease, conditional sale or other title retention agreement having substantially the same
economic effect as any of the foregoing).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>mandatory sinking fund payment</B>&rdquo;
has the meaning specified in Section&nbsp;12.01.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Market Exchange Rate</B>&rdquo; means,
unless otherwise specified with respect to any Securities pursuant to Section&nbsp;3.01, (i)&nbsp;for any conversion involving a Currency
unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant Currency unit and Dollars
or such Foreign Currency calculated by the method specified pursuant to Section&nbsp;3.01 for the Securities of the relevant series,
(ii)&nbsp;for any conversion of Dollars into any Foreign Currency, the noon (New York City time) buying rate for such Foreign Currency
for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii)&nbsp;for
any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market
at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be
purchased with the Foreign Currency from which conversion is being made from major banks located in New York City, Vancouver,
London or any other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent.
Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;3.01, in the event of the unavailability of any of
the exchange rates provided for in the foregoing clauses&nbsp;(i), (ii)&nbsp;and (iii), the Exchange Rate Agent shall use, in its sole
discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available
date, or quotations from one or more major banks in New York City, Vancouver, London or another principal market for the Currency
in question, or such other quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate
Agent, if there is more than one market for dealing in any Currency by reason of foreign exchange regulations or otherwise, the market
to be used in respect of such Currency shall be that upon which a non-resident issuer of securities designated in such Currency would
purchase such Currency in order to make payments in respect of such securities.</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Notice of Default</B>&rdquo;
has the meaning specified in Section&nbsp;6.01.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Officer</B>&rdquo; means the Chair of
the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Operating Officer, any Executive
Vice President, any Vice President, the Treasurer or the Corporate 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Officer&rsquo;s Certificate</B>&rdquo;
means a certificate, which shall comply with this Indenture, signed by an Officer and delivered to the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Opinion of Counsel</B>&rdquo; means
a written opinion of counsel, who may be counsel for the Company, including an employee of the Company, who shall be acceptable to the
Trustees, which opinion may contain customary exceptions and qualifications as to the matters set forth therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Optional Reset Date</B>&rdquo; has the
meaning specified in Section&nbsp;3.07.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>optional sinking fund payment</B>&rdquo;
has the meaning specified in Section&nbsp;12.01.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Original Issue Discount Security</B>&rdquo;
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to Section&nbsp;5.02.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Original Stated Maturity</B>&rdquo;
has the meaning specified in Section&nbsp;3.08.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD>Securities theretofore cancelled
                                            by either Trustee or delivered to either Trustee for cancellation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD>Securities, or portions thereof,
                                            for whose payment or redemption or repayment at the option of the Holder, money in the necessary
                                            amount has been theretofore deposited with either Trustee or any Paying Agent (other than
                                            the Company) in trust or set aside and segregated in trust by the Company (if the Company
                                            shall act as its own Paying Agent) for the Holders of such Securities; <I>provided</I> that, if such Securities are to be redeemed, notice of such redemption
                                            has been duly given pursuant to this Indenture or provision therefor satisfactory to the
                                            Trustees has been made;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD>Securities, except to the extent
                                            provided in Section&nbsp;14.02 and Section&nbsp;14.03, with respect to which the Company
                                            has effected defeasance and/or covenant defeasance as provided in Article&nbsp;Fourteen;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD>Securities which have been paid
                                            pursuant to Section&nbsp;3.06 or in exchange for or in lieu of which other Securities have
                                            been authenticated and delivered pursuant to this Indenture, other than any such Securities
                                            in respect of which there shall have been presented to the Trustees proof satisfactory to
                                            them that such Securities are held by a bona fide purchaser in whose hands such Securities
                                            are valid obligations of the Company;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>provided, however</I>, that in determining whether the Holders
of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, and for the purpose of making the calculations required
by TIA Section&nbsp;313, (i)&nbsp;the principal amount of an Original Issue Discount Security that may be counted in making such determination
or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would
be (or shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the
maturity thereof pursuant to Section&nbsp;5.02, (ii)&nbsp;the principal amount of any Security denominated in a Foreign Currency that
may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the
Dollar equivalent, determined as of the date such Security is originally issued by the Company as set forth in an Exchange Rate Officer&rsquo;s
Certificate delivered to the Trustees, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent
as of such date of original issuance of the amount determined as provided in clause&nbsp;(i)&nbsp;above) of such Security, (iii)&nbsp;the
principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding
for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided
with respect to such Security pursuant to Section&nbsp;3.01, and (iv)&nbsp;Securities owned by the Company or any other obligor upon
the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustees shall be protected in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which the Trustees know to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustees the pledgee&rsquo;s right so to act with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or such other obligor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Paying Agent</B>&rdquo; means any Person
(including the Company acting as Paying Agent) authorized by the Company to pay the principal of, premium (if any) or interest (if any)
on any Securities on behalf of the Company. Such Person must be capable of making payment in the Currency of the issued Security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Place of Payment</B>&rdquo; means, when
used with respect to the Securities of or within any series, each place where the principal of, premium (if any) and interest (if any)
on such Securities are payable as specified as contemplated by Sections&nbsp;3.01 and 10.02.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Predecessor Security</B>&rdquo; of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and delivered under Section&nbsp;3.06 in exchange for or in lieu
of a mutilated, destroyed, lost or stolen Security shall
be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Privacy Laws</B>&rdquo; has the meaning
specified in Section&nbsp;6.14.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>rate(s)&nbsp;of exchange</B>&rdquo;
has the meaning specified in Section&nbsp;1.14.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Redemption Price</B>,&rdquo; when used
with respect to any Security to be redeemed, in whole or in part, means the price at which it is to be redeemed pursuant to this Indenture,
plus accrued and unpaid interest thereon to the Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Regular Record Date</B>&rdquo; for the
interest payable on any Interest Payment Date on the Securities of or within any series means the date specified for that
purpose as contemplated by Section&nbsp;3.01.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Repayment Date</B>&rdquo; means, when
used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reset Notice</B>&rdquo; has the meaning
specified in Section&nbsp;3.07.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Responsible Officer</B>,&rdquo; when
used with respect to a Trustee, means any vice president, secretary, any assistant secretary, treasurer, any assistant treasurer, any
senior trust officer, any trust officer, the controller within the corporate trust administration division of a Trustee or any other
officer of a Trustee customarily performing functions similar to those performed by any of the above-designated officers, and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Securities</B>&rdquo; has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture;
<I>provided, however,</I> that if at any time there is more than one Person acting as Trustee under this Indenture, &ldquo;Securities&rdquo;
with respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture
and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any
series as to which such Person is not Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Security Register</B>&rdquo; and &ldquo;<B>Security
Registrar</B>&rdquo; have the respective meanings specified in Section&nbsp;3.05.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Special Record Date</B>&rdquo; for the
payment of any Defaulted Interest on the Securities of or within any series means a date fixed by the Trustees pursuant to
Section&nbsp;3.07.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Specified Amount</B>&rdquo; has the
meaning specified in Section&nbsp;3.12(h).</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Stated Maturity</B>,&rdquo; when used
with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal
or interest is due and payable, as such date may be extended pursuant to the provisions of Section&nbsp;3.08 (if applicable).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Subsequent Interest Period</B>&rdquo;
has the meaning specified in Section&nbsp;3.07.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Trust Indenture Act</B>&rdquo; or &ldquo;<B>TIA</B>&rdquo;
means the United States Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture was executed, except
as provided in Section&nbsp;9.05.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Trust Indenture
Legislation</B>&rdquo; means, at any time, the provisions of (i)&nbsp;any applicable statute of Canada or any province or territory
thereof and the regulations thereunder as amended or re-enacted from time to time, but only to the extent applicable, or
(iii)&nbsp;the Trust Indenture Act and regulations thereunder, but only to the extent applicable, in each case relating to trust
indentures and to the rights, duties and obligations of trustees under trust indentures and of corporations issuing debt obligations
under trust indentures, to the extent that such provisions are at such time in force and applicable to this Indenture or the Company
or the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Trustee</B>&rdquo; or &ldquo;<B>Trustees</B>&rdquo;
means the U.S. Trustee and the Canadian Trustee. If a Canadian Trustee is not appointed under this Indenture, or resigns or is removed
and, pursuant to Section&nbsp;6.09, the Company is not required to appoint a successor Trustee to the Canadian Trustee, &ldquo;Trustee,&rdquo;
 &ldquo;Trustees&rdquo; and any reference to &ldquo;either Trustee,&rdquo; &ldquo;both of the Trustees&rdquo; or such similar references
shall mean the Person named as the U.S. Trustee or any successor thereto appointed pursuant to the applicable provisions of this Indenture.
Except to the extent otherwise indicated, &ldquo;Trustees&rdquo; shall refer to the Canadian Trustee (if appointed and still serving)
and the U.S. Trustee, both jointly and individually.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>U.S. Federal Bankruptcy Code</B>&rdquo;
means the Bankruptcy Act of Title&nbsp;11 of the United States Code, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>U.S. Trustee</B>&rdquo; means the Person
named as the &ldquo;U.S. Trustee&rdquo; in the first paragraph of this Indenture until a successor U.S. Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;U.S. Trustee&rdquo; shall mean or include each Person
who is then a U.S. Trustee hereunder; <I>provided, however,</I> that if at any time there is more than one such Person, &ldquo;U.S. Trustee&rdquo;
as used with respect to the Securities of any series shall mean only the U.S. Trustee with respect to Securities of that series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>United States</B>&rdquo; means, unless
otherwise specified with respect to any Securities pursuant to Section&nbsp;3.01, the United States of America (including the states
and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>United States person</B>&rdquo; means,
unless otherwise specified with respect to any Securities pursuant to Section&nbsp;3.01, an individual who is a citizen or resident of
the United States, a corporation, partnership (including any entity treated as a corporation or as a partnership for United States federal
income tax purposes) or other entity created or organized in or under the laws of the United States, any state thereof or the District
of Columbia, an estate the income of which is subject to United States federal income taxation regardless of its source, or a trust if
(A)&nbsp;it is subject to the primary supervision of a court within the United States and one or more United States persons have the
authority to control all substantial decisions of the trust or (B)&nbsp;it has a valid election in effect under applicable United States
Treasury Regulations to be treated as a United States person.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Valuation Date</B>&rdquo; has the meaning
specified in Section&nbsp;3.12(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Writing</B>&rdquo; has the meaning specified
in Section&nbsp;6.13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Yield to Maturity</B>&rdquo; means the
yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest
on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Rules&nbsp;of
Construction</B>.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the terms defined in this Indenture have the meanings assigned to
                                            them herein and include the plural as well as the singular;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>all terms used herein which are defined in the Trust Indenture Act,
                                            either directly or by reference therein, have the meanings assigned to them therein, and
                                            the terms &ldquo;cash transaction&rdquo; and &ldquo;self-liquidating paper,&rdquo; as used
                                            in TIA Section&nbsp;319, shall have the meanings assigned to them in the rules&nbsp;of the
                                            Commission adopted under the Trust Indenture Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo;
                                            and other words of similar import refer to this Indenture as a whole and not to any particular
                                            Article, Section&nbsp;or other subdivision;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>&ldquo;or&rdquo; is not exclusive;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>words implying any gender shall apply to all genders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>the words Subsection, Section&nbsp;and Article&nbsp;refer to the Subsections,
                                            Sections and Articles, respectively, of this Indenture unless otherwise noted; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>&ldquo;include,&rdquo; &ldquo;includes&rdquo; or &ldquo;including&rdquo;
                                            means include, includes or including, in each case, without limitation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.03&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Compliance
Certificates and Opinions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon any application or request by the Company
to the Trustees to take any action under any provision of this Indenture, the Company shall furnish to the Trustees an Officer&rsquo;s
Certificate stating that all conditions precedent, if any, provided for in this Indenture (including any covenant compliance with which
constitutes a condition precedent) relating to the proposed action have been complied with and an Opinion of Counsel stating that in
the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application
or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every certificate or opinion with respect to compliance
with a covenant or condition provided for in this Indenture (other than pursuant to Section&nbsp;10.04) shall include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>a statement that each individual signing such certificate or opinion
                                            has read such covenant or condition and the definitions herein relating thereto;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>a statement that, in the opinion of each such individual, he has made
                                            such examination or investigation as is necessary to enable him to express an informed opinion
                                            as to whether or not such covenant or condition has been complied with; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>a statement as to whether, in the opinion of each such individual,
                                            such covenant or condition has been complied with.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.04&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Form&nbsp;of
Documents Delivered to Trustees</B>.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate or opinion of an officer of the
Company or counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of, or representations by,
an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as the case may be, knows, or in the
exercise of reasonable care should know, that the certificate or opinion or representations with respect to the accounting matters upon
which such certificate or opinion may be based are erroneous. Any certificate or opinion of any independent firm of public accountants
filed with the Trustees shall contain a statement that such firm is independent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.05&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Acts
of Holders</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing.
Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or
both are delivered to the Trustees and, where it is hereby expressly required, to the Company. Such instrument or instruments and
any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
 &ldquo;<B>Act</B>&rdquo; of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution
of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustees and the Company, if made in the manner provided in this
Section&nbsp;1.05. The Trustees may make reasonable rules for action by or at a meeting of Holders.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity
other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date
of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other
manner which the Trustees deem sufficient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 5pt">&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
ownership of the Securities, including the principal amount and serial numbers, and the
date of holding the same, shall be proved by the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Company shall solicit from the Holders of Securities any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination
of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall
have no obligation to do so. Notwithstanding Trust Indenture Legislation, including TIA Section&nbsp;316(c), such record date shall be
the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30&nbsp;days prior
to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If
such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders
for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented
to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities
shall be computed as of such record date; <I>provided</I> that no such authorization, agreement or consent by the Holders on such record
date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months
after the record date.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.06&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notices,
Etc. to Trustees and Company</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other documents provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the U.S. Trustee, by the Canadian Trustee, any Holder or by the Company
                                            shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
                                            to or with the U.S. Trustee at its Corporate Trust Office, Attention: ________________, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Canadian Trustee, by the U.S. Trustee, any Holder or by the Company
                                            shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
                                            to or with the Canadian Trustee at its Corporate Trust Office, Attention: ________________,
                                            or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the Company by either Trustee or any Holder shall be sufficient for
                                            every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed,
                                            first-class postage prepaid, or sent by overnight courier, to the Company at 1130-609 Granville
                                            Street, Vancouver, British Columbia, Canada V7Y 1G5, Attention: Corporate Secretary or such
                                            other address and/or officer as the Company may designate on written notice to the Trustees.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.07&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notice
to Holders; Waiver</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case, by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause, it shall be impractical to mail notice of any event to Holders of Securities when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Trustees shall be deemed to be sufficient giving of such notice for every purpose hereunder.</P>

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

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

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Trustees, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.08&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Effect
of Headings and Table of Contents</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.09&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Successors
and Assigns</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.10&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Severability
Clause</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.11&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Benefits
of Indenture</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto, any Authenticating Agent, any Paying Agent,
any Securities Registrar and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable
right, remedy or claim under this Indenture. Subject to Section&nbsp;1.16, at all times in relation to this Indenture and any action
to be taken hereunder, the Company and the Trustees each shall observe and comply with Trust Indenture Legislation and the Company, the
Trustees and each Holder of a Security shall be entitled to the benefits of Trust Indenture Legislation.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.12&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Governing
Law</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York, but without giving effect to applicable principles
of conflicts of law to the extent that the application of the law of another jurisdiction would be required thereby. Notwithstanding the preceding sentence,
the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder shall
be construed in accordance with the laws of the Province of [Ontario] and the federal laws of Canada applicable thereto. This Indenture is subject to the provisions of Trust Indenture Legislation that are required to be part of this Indenture and shall, to
the extent applicable, be governed by such provisions. Each Trustee and the Company agrees to comply with all provisions of Trust Indenture
Legislation applicable to or binding upon it in connection with this Indenture and any action to be taken hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.13&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Legal
Holidays</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In any case where any Interest Payment Date, Redemption
Date, sinking fund payment date or Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of Payment or
other location contemplated hereunder, then (notwithstanding any other provision of this Indenture or of any Security other
than a provision in the Securities of any series which specifically states that such provision shall apply in lieu of this Section&nbsp;1.13),
payment of principal, premium (if any) or interest (if any), need not be made at such Place of Payment or other location contemplated
hereunder on such date, but may be made on the next succeeding Business Day at such Place of Payment or other location contemplated hereunder
with the same force and effect as if made on the Interest Payment Date or Redemption Date or sinking fund payment date, or at the Stated
Maturity or Maturity; <I>provided</I> that no interest shall accrue for the period from and after such Interest Payment Date, Redemption
Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.14&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Agent
for Service; Submission to Jurisdiction; Waiver of Immunities</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By the execution and delivery of this Indenture,
the Company (i)&nbsp;acknowledges that it has irrevocably designated and appointed _____________________ as its authorized agent upon
which process may be served in any suit, action or proceeding arising out of or relating to the Securities or this Indenture that may
be instituted in any United States federal or New York state court located in The Borough of Manhattan, The City of New York, or brought
by the Trustees (whether in their individual capacity or in their capacity as Trustees hereunder), (ii)&nbsp;irrevocably submits to the
non-exclusive jurisdiction of any such court in any such suit or proceeding, and (iii)&nbsp;agrees that service of process upon _____________________
and written notice of said service to the Company (mailed or delivered to the Company at 1130-609 Granville Street, Vancouver, British
Columbia, Canada V7Y 1G5, Attention: Corporate Secretary or such other address and/or officer as the Company may designate on written
notice to the Trustees), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.
The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments,
as may be necessary to continue such designation and appointment of _____________________ in full force and effect so long as this Indenture
shall be in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that the Company has or hereafter
may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior
to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Company hereby irrevocably
waives such immunity in respect of its obligations under this Indenture and the Securities, to the extent permitted by law.</P>

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

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

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally waives,
to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any such action, suit
or proceeding in any such court or any appellate court with respect thereto. The Company irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of any such action, suit or proceeding in any such court.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.15&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Conversion
of Judgment Currency</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company covenants and agrees that the following provisions shall apply to conversion of Currency in the case of the Securities and this
Indenture, to the fullest extent permitted by applicable law:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
for the purposes of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes necessary to convert into
a Currency (the &ldquo;<B>Judgment Currency</B>&rdquo;) an amount due or contingently due in any other Currency under the Securities
of any series and this Indenture (the &ldquo;<B>Base Currency</B>&rdquo;), then the conversion shall be made at the rate of exchange
prevailing on the Business Day before the day on which the final judgment is given or the order of enforcement is made, as the case may
be (unless a court shall otherwise determine).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment referred to in (i)&nbsp;above
is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date of receipt
of the amount due, the Company shall pay such additional (or, as the case may be, such lesser) amount, if any, as may be necessary so
that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing on the date of receipt will produce the
amount in the Base Currency originally due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event of the winding-up of the Company at any time while any amount or damages owing under the Securities and this Indenture, or
any judgment or order rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders and the
Trustees harmless against any deficiency arising or resulting from any variation in rates of exchange between (1)&nbsp;the date as of
which the equivalent of the amount in the Base Currency due or contingently due under the Securities and this Indenture (other than under
this Subsection&nbsp;(b)) is calculated for the purposes of such winding-up and (2)&nbsp;the final date for the filing of proofs of claim
in such winding-up. For the purpose of this Subsection&nbsp;(b)&nbsp;the final date for the filing of proofs of claim in the winding-up
of the Company shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as
being the latest practicable date as at which liabilities of the Company may be ascertained for such winding-up prior to payment by the
liquidator or otherwise in respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
obligations contained in Subsections&nbsp;(a)(ii)&nbsp;and (b)&nbsp;of this Section&nbsp;1.15 shall constitute separate and independent
obligations of the Company from its other obligations under the Securities and this Indenture, shall give rise to separate and independent
causes of action against the Company, shall apply irrespective of any waiver or extension granted by any Holder or the Trustees from
time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in
the winding up of the Company for a liquidated sum in respect of amounts due hereunder (other than under Subsection&nbsp;(b)&nbsp;above)
or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or
the Trustees, as the case may be, and no proof or evidence of any actual loss shall be required by the Company or its liquidator. In
the case of Subsection&nbsp;(b)&nbsp;above, the amount of such deficiency shall not be deemed to be increased or reduced by any variation
in rates of exchange occurring between the said final date and the date of any liquidating distribution.</P>

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

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;<B>rate(s)&nbsp;of exchange</B>&rdquo;
shall mean the rate of exchange quoted by a Canadian chartered bank as may be designated in writing by the Company to the Trustees from
time to time, at its central foreign exchange desk in its main office in Vancouver at 12:00 noon (Vancouver time) on the
relevant date for purchases of the Base Currency with the Judgment Currency and includes any premiums and costs of exchange payable.
The Trustees shall have no duty or liability with respect to monitoring or enforcing this Section&nbsp;1.15.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.16&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Currency
Equivalent</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided in this Indenture,
for purposes of the construction of the terms of this Indenture or of the Securities, in the event that any amount is stated herein in
the Currency of one nation (the &ldquo;<B>First Currency</B>&rdquo;), as of any date such amount shall also be deemed to represent the
amount in the Currency of any other relevant nation which is required to purchase such amount in the First Currency at the Bank of Canada
noon rate as reported by Telerate on screen&nbsp;3194 (or such other means of reporting the Bank of Canada noon rate as may be agreed
upon by each of the parties to this Indenture) on the date of determination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.17&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Conflict
with Trust Indenture Legislation</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with any mandatory requirement of Trust Indenture Legislation, such mandatory requirement shall
control. If and to the extent that any provision hereof modifies or excludes any provision of Trust Indenture Legislation that may be
so modified or excluded, the latter provision shall be deemed to apply hereof as so modified or to be excluded, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.18&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Incorporators,
Shareholders, Officers and Directors of the Company Exempt from Individual Liability</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No recourse under or upon any obligation, covenant
or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such, or against any past, present or future shareholder, officer or director, as such, of the Company or of any
successor, either directly or through the Company or any successor, under any rule&nbsp;of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.19&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Waiver
of Jury Trial</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the Company and the Trustees 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 Securities or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.20&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Counterparts</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Indenture may be executed in any number of
counterparts (either by facsimile or by original manual signature), each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same Indenture.</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1.21&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Force
Majeure</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except for the payment obligations of the Company
contained herein, neither the Company nor the Trustees shall be liable to each other, or held in breach of this Indenture, if prevented,
hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts
of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical,
electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period
of time equivalent to the time lost because of any delay that is excusable under this Section&nbsp;1.21.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Two</B></FONT><B><BR>
SECURITIES FORMS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;2.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Forms
Generally</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities of each series shall be in substantially the forms as shall be established
by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules&nbsp;of any securities
exchange or as may, consistently herewith, be determined by the Officer executing such Securities, as evidenced by the execution
of such Securities by such Officer. If the forms of Securities of any series are established by action taken pursuant
to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Corporate Secretary or an Assistant Secretary
of the Company and delivered to the Trustees at or prior to the delivery of the Company Order contemplated by Section&nbsp;3.03 for the
authentication and delivery of such Securities. Any portion of the text of any Security may be set forth on the reverse thereof,
with an appropriate reference thereto on the face of the Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Either Trustee&rsquo;s certificate of authentication
shall be in substantially the form set forth in this Article&nbsp;Two.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;2.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Form&nbsp;of
Trustee&rsquo;s Certificate of Authentication</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section&nbsp;6.12, either Trustee&rsquo;s
certificate of authentication shall be in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Certificate of Authentication may be executed
by either Trustee)</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">Dated:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
  <TD STYLE="width: 80%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">_______________________, as U.S. Trustee, certifies
that this is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</P>

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

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

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">as U.S. Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Authorized Officer</FONT></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">Dated:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
  <TD STYLE="width: 80%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">____________________, as Canadian Trustee, certifies
that this is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2">as Canadian Trustee</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Authorized Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;2.03&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Securities
Issuable in Global Form</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Securities of or within a series are issuable
in global form, as specified and contemplated by Section&nbsp;3.01, then any such Security shall represent such of the Outstanding Securities
of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities of
such series from time to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby
may from time to time be increased or decreased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount,
or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustees in such manner
and upon instructions given by the Holder or its nominee as shall be specified therein or in the Company Order to be delivered to the
Trustees pursuant to Section&nbsp;3.03 or 3.04. Subject to the provisions of Sections 3.03 and 3.04 (if applicable), the Trustees shall
deliver and redeliver any Security in global form in the manner and upon instructions given by the Holder or its nominee as shall be
specified therein or in the applicable Company Order. If a Company Order pursuant to Section&nbsp;3.03 or Section&nbsp;3.04 has been,
or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security
in global form shall be in writing but need not comply with Section&nbsp;1.03 and need not be accompanied by an Opinion of Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the provisions of Section&nbsp;3.07,
unless otherwise specified as contemplated by Section&nbsp;3.01, payment of principal of, premium (if any) and interest (if any) on any
Security in permanent global form shall be made to the Holder or its nominee specified therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding Section&nbsp;3.09 and except as
provided in the preceding paragraph, the Company, the Trustees and any agent of the Company and the Trustees shall treat as the Holder
of such principal amount of Outstanding Securities represented by a permanent global Security, the Holder of such permanent global Security.</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Three</B></FONT><BR>
<B>THE SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Issuable
in Series</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities may be issued in one or more series
and may be denominated and payable in Dollars or any Foreign Currency. There shall be established in one or more Board Resolutions or
pursuant to authority granted by one or more Board Resolutions and set forth in, or determined in the manner provided in, an Officer&rsquo;s
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, any or
all of the following, as applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the title of the Securities of the series (which shall distinguish
                                            the Securities of such series from the Securities of all other series);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the aggregate principal amount of the Securities of the series and
                                            any limit upon the aggregate principal amount of the Securities of the series that may be
                                            authenticated and delivered under this Indenture (except for Securities authenticated and
                                            delivered upon registration of transfer (including any restriction or condition on the transferability
                                            of the Securities of such series) of, or in exchange for, or in lieu of, other Securities
                                            of the series pursuant to Section&nbsp;3.04, 3.05, 3.06, 9.06, 11.07 or 13.05) and, in the
                                            event that no limit upon the aggregate principal amount of the Securities of that series
                                            is specified, the Company shall have the right, subject to any terms, conditions or other
                                            provisions specified pursuant to this Section&nbsp;3.01 with respect to the Securities of
                                            such series, to re-open such series for the issuance of additional Securities of such series
                                            from time to time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the extent and manner, if any, to which payment on or in respect of
                                            the Securities of the series will be senior or will be subordinated to the prior payment
                                            of other liabilities and obligations of the Company, and whether the payment of principal,
                                            premium (if any) and interest (if any) will be guaranteed by any other Person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>the percentage or percentages of principal amount at which the Securities
                                            of the series will be issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>the date or dates, or the method by which such date or dates will
                                            be determined or extended, on which the Securities of the series may be issued and the date
                                            or dates, or the method by which such date or dates will be determined or extended, on which
                                            the principal of and premium (if any) on the Securities of the series is payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>the rate or rates at which the Securities of the series shall bear
                                            interest, whether fixed or variable (if any), or the method by which such rate or rates shall
                                            be determined, whether such interest shall be payable in cash or additional Securities of
                                            the same series or shall accrue and increase the aggregate principal amount outstanding  of
                                            such series, the date or dates from which such interest shall accrue, or the method by which
                                            such date or dates shall be determined, the Interest Payment Dates on which such interest
                                            shall be payable and the Regular Record Date, if any, for the interest payable on any Security on any Interest Payment Date, or the method by which such date or dates shall be
                                            determined, and the basis upon which interest shall be calculated if other than on the basis
                                            of a 360-day year of twelve 30-day months;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>the place or places, if any, other than or in addition to the Borough
                                            of Manhattan, The City of New York, where the principal of, premium (if any) and interest
                                            (if any) on Securities of the series shall be payable, where any Securities of
                                            the series may be surrendered for registration of transfer, where Securities of the series
                                            may be surrendered for exchange, where Securities of the series that are convertible or exchangeable
                                            may be surrendered for conversion or exchange, as applicable and, if different than the location
                                            specified in Section&nbsp;1.06, the place or places where notices or demands to or upon the
                                            Company in respect of the Securities of the series and this Indenture may be served;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>the period or periods within which, the date or dates on which, the
                                            price or prices at which, the Currency in which, and other terms and conditions upon which
                                            Securities of the series may be redeemed, in whole or in part, at the option of the Company,
                                            if the Company is to have that option;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>the obligation, if any, of the Company to redeem, repay or purchase
                                            Securities of the series pursuant to any sinking fund, amortization or analogous provisions
                                            or at the option of a Holder thereof, and the period or periods within which, the price or
                                            prices at which, the Currency in which, and other terms and conditions upon which Securities
                                            of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such
                                            obligation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>if other than denominations of $1,000 and any integral multiple thereof,
                                            the denomination or denominations in which any Securities of the series shall be issuable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(11)</TD><TD>the identity of each Security Registrar and/or Paying Agent;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(12)</TD><TD>if other than the principal amount thereof, the portion of the principal
                                            amount of Securities of the series that shall be payable upon declaration of acceleration
                                            of the Maturity thereof pursuant to Section&nbsp;5.02 or the method by which such portion
                                            shall be determined;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(13)</TD><TD>if other than Dollars, the Foreign Currency in which payment of the
                                            principal of, premium (if any) or interest (if any) on the Securities of the series shall
                                            be payable or in which the Securities of the series shall be denominated and the particular
                                            provisions applicable thereto in accordance with, in addition to or in lieu of any of the
                                            provisions of Section&nbsp;3.12;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(14)</TD><TD>whether the amount of payments of principal of, premium (if any)
                                            or interest (if any) on the Securities of the series may be determined with reference to
                                            an index, formula or other method (which index, formula or method may be based, without limitation,
                                            on one or more Currencies, commodities, equity indices or other indices), and the manner
                                            in which such amounts shall be determined;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(15)</TD><TD>whether the principal of, premium (if any) or interest (if any) on
                                            the Securities of the series are to be payable, at the election of the Company or a Holder
                                            thereof, in a Currency other than that in which such Securities are denominated or stated
                                            to be payable, the period or periods within which (including the Election Date), and the
                                            terms and conditions upon which, such election may be made, and the time and manner of determining
                                            the exchange rate between the Currency in which such Securities are denominated or stated
                                            to be payable and the Currency in which such Securities are to be so payable, in each case
                                            in accordance with, in addition to or in lieu of any of the provisions of Section&nbsp;3.12;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(16)</TD><TD>the designation of the initial Exchange Rate Agent, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(17)</TD><TD>the applicability, if any, of Sections&nbsp;14.02 and/or 14.03 to
                                            the Securities of the series and any provisions in modification of, in addition to or in
                                            lieu of any of the provisions of Article&nbsp;Fourteen that shall be applicable to the Securities
                                            of the series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(18)</TD><TD>provisions, if any, granting special rights to the Holders of Securities
                                            of the series upon the occurrence of such events as may be specified;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(19)</TD><TD>any deletions from, modifications of or additions to the Events of
                                            Default or covenants (including any deletions from, modifications of or additions to Section&nbsp;10.09)
                                            of the Company with respect to Securities of the series, whether or not such Events of Default
                                            or covenants are consistent with the Events of Default or covenants set forth herein;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(20)</TD><TD>any restrictions applicable
                                            to the offer, sale or delivery of Securities of the series, whether any Securities of the
                                            series are to be issuable initially in temporary global form and whether any Securities of
                                            the series are to be issuable in permanent global form and, if so,
                                            whether beneficial owners of interests in any such permanent global Security may exchange
                                            such interests for Securities of such series and of like tenor of any authorized form and
                                            denomination and the circumstances under which any such exchanges may occur, if other than
                                            in the manner provided in Section&nbsp;3.05, and the circumstances under which and the place or places where any such
                                            exchanges may be made and, if Securities of the series are to be issuable in global form,
                                            the designation of any Depositary therefor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(21)</TD><TD>the date as of which any
                                            temporary global Security of the series shall be dated if other than the date of original
                                            issuance of the first Security of the series to be issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(22)</TD><TD>the Person to whom any interest on any Security of the
                                            series shall be payable, if other than the Person in whose name that Security (or one or
                                            more Predecessor Securities) is registered at the close of business on the Regular Record
                                            Date for such interest, and the extent to which, or
                                            the manner in which, any interest payable on a temporary global Security on an Interest Payment
                                            Date will be paid if other than in the manner provided in Section&nbsp;3.04;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(23)</TD><TD>if Securities of the series are to be issuable in definitive form
                                            (whether upon original issue or upon exchange of a temporary Security of such series) only
                                            upon receipt of certain certificates or other documents or satisfaction of other conditions,
                                            the form and/or terms of such certificates, documents or conditions;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(24)</TD><TD>if the Securities of the series are to be issued upon the exercise
                                            of warrants or subscription receipts, the time, manner and place for such Securities to be
                                            authenticated and delivered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(25)</TD><TD>if the Securities of the series are to be convertible into or exchangeable
                                            for any securities or property of any Person (including the Company), the terms and conditions
                                            upon which such Securities will be so convertible or exchangeable, and any additions or changes
                                            to permit or facilitate such conversion or exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(26)</TD><TD>provisions as to modification, amendment or variation of any rights
                                            or terms attaching to the Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(27)</TD><TD>whether the Securities will be secured or unsecured and the nature
                                            and priority of any security; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(28)</TD><TD>any other terms, conditions, rights and preferences (or limitations
                                            on such rights and preferences) relating to the series (which terms shall not be inconsistent
                                            with the requirements of Trust Indenture Legislation or the provisions of this Indenture).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Securities of any one series shall be substantially identical except as
to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section&nbsp;3.03) and set
forth in such Officer&rsquo;s Certificate or in any such indenture supplemental hereto. Not all Securities of any one series need be
issued at the same time, and, unless otherwise provided, a series may be reopened for issuances of additional Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the terms of the series are established
by action taken pursuant to one or more Board Resolutions, such Board Resolutions shall be delivered to the Trustees at or prior to the
delivery of the Officer&rsquo;s Certificate setting forth the terms of the series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Denominations</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities of each series shall be
issuable in such denominations as shall be specified as contemplated by Section&nbsp;3.01. With respect to Securities of any series
denominated in Dollars, in the absence of any such provisions, the Securities of such series, other than Securities issued in global
form (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.03&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Execution,
Authentication, Delivery and Dating</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities shall be executed on behalf of the Company by an Officer. The signature of an Officer on the Securities may be the manual
or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices
at the date of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series, executed by the Company to the applicable Trustee for
authentication, together with a Company Order for the authentication and delivery of such Securities, and the applicable Trustee in accordance
with such Company Order shall authenticate and deliver such Securities. If not all the Securities of any series are to be issued at one
time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth
procedures acceptable to the Trustees for the issuance of such Securities and determining terms of particular Securities of such series
such as interest rate, Stated Maturity, date of issuance and date from which interest shall accrue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In authenticating such Securities, and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustees shall be entitled to receive, and (subject
to Trust Indenture Legislation, including TIA Sections 315(a)&nbsp;through 315(d)) shall be fully protected in relying upon, an Opinion
of Counsel stating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
the form or forms of such Securities have been established in conformity with the provisions of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
the terms of such Securities have been established in conformity with the provisions of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
such Securities, when completed by appropriate insertions and executed and delivered
by the Company to the applicable Trustee for authentication in accordance with this Indenture, authenticated and delivered by the applicable
Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute the legal, valid and binding obligations of the Company, enforceable in accordance with their terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
execution and delivery by the Company of such Securities and any supplemental indenture will not contravene the articles
of incorporation or continuance, or such other constating documents then in effect, if any, or the by-laws of the Company, or violate
applicable laws; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
the Company has the corporate power to issue such Securities, and has duly taken all necessary corporate action with
respect to such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the provisions of
Section&nbsp;3.01 and of the preceding two paragraphs, if not all the Securities of any series are to be issued at one time, it
shall not be necessary to deliver the Officer&rsquo;s Certificate otherwise required pursuant to Section&nbsp;3.01 or the Company
Order and Opinion of Counsel otherwise required pursuant to the preceding two paragraphs prior to or at the time of issuance of each
Security, if such documents are delivered prior to or at the time of issuance of the first Security of such series and with respect
to all Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustees shall not be required to authenticate
and deliver any such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustees&rsquo; own rights,
duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Security shall be dated the date
of its authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Security shall entitle a Holder to
any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein duly executed by the applicable Trustee by manual signature of an authorized officer thereof,
and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have
been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the
Trustees for cancellation as provided in Section&nbsp;3.10 together with a written statement (which need not comply with Section&nbsp;1.03
and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all
purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never entitle
a Holder to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.04&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Temporary
Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the applicable Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued, in registered form, and with such appropriate insertions, omissions, substitutions and other variations as the Officer executing
such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities may be in global
form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except in the case of temporary Securities in
global form (which shall be exchanged in accordance with the provisions of the following paragraphs), if temporary Securities of any
series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such
series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company
shall execute and the applicable Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities
of the same series of authorized denominations and of like tenor and evidencing the same indebtedness. Until so exchanged the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such
series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If temporary Securities of
any series are issued in global form, any such temporary global Security shall, unless otherwise provided therein, be delivered to the
office of the Depositary for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts
as they may direct).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without unnecessary delay, but in any event not
later than the date specified in, or determined pursuant to the terms of, any such temporary global Security (the &ldquo;<B>Exchange
Date</B>&rdquo;), the Company shall deliver to the Trustees definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary global Security and of like tenor and evidencing the same indebtedness, executed by the Company. On or after
the Exchange Date, such temporary global Security shall be surrendered by the Depositary to the Trustees, as the Company&rsquo;s agent
for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities without charge and the applicable
Trustee shall authenticate and deliver, in exchange for each portion of such temporary global Security, an equal aggregate principal
amount of definitive Securities of the same series of authorized denominations and of like tenor and evidencing the same indebtedness
as the portion of such temporary global Security to be exchanged. The definitive Securities to be delivered in exchange for any such
temporary global Security shall be in registered form or permanent global registered form, or any combination thereof, as specified as
contemplated by Section&nbsp;3.01, and, if any combination thereof is so specified, as requested by the beneficial owner thereof; <I>provided,
however</I>, that, unless otherwise specified in such temporary global Security, upon such presentation by the Depositary, such temporary
global Security is accompanied by a certificate dated the Exchange Date or a subsequent date and signed by the Depositary as to the portion
of such temporary global Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent
date, each in the form set forth in Exhibit&nbsp;A-2 to this Indenture (or in such other form as may be established pursuant to Section&nbsp;3.01).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in such temporary global
Security, the interest of a beneficial owner of Securities of a series in a temporary global Security shall be exchanged for definitive
Securities of the same series and of like tenor and evidencing the same indebtedness following the Exchange Date when the account holder
instructs the Depositary to request such exchange on his behalf and delivers to the Depositary a certificate in the form set forth in
Exhibit&nbsp;A-1 to this Indenture (or in such other form as may be established pursuant to Section&nbsp;3.01), dated no earlier than
15&nbsp;days prior to the Exchange Date, copies of which certificate shall be available from the offices of the Depositary, the Trustees,
any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary global Security, except that
a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and the like in the event that such
Person does not take delivery of such definitive Securities in person at the offices of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until exchanged in full as hereinabove provided,
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities
of the same series and of like tenor and evidencing the same indebtedness authenticated and delivered hereunder, except that, unless
otherwise specified as contemplated by Section&nbsp;3.01, interest payable on a temporary global Security on an Interest Payment Date
for Securities of such series occurring prior to the applicable Exchange Date shall be payable to the Depositary on such Interest Payment
Date upon delivery by the Depositary to the Trustees of a certificate or certificates in the form set forth in Exhibit&nbsp;A-2 to this
Indenture (or in such other form as may be established pursuant to Section&nbsp;3.01), for credit without further interest thereon on
or after such Interest Payment Date to the respective accounts of the Persons who are the beneficial owners of such temporary global
Security on such Interest Payment Date and who have each delivered to the Depositary a certificate dated no earlier than 15&nbsp;days
prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth in Exhibit&nbsp;A-1 to this Indenture
(or in such other form as may be established pursuant to Section&nbsp;3.01). Notwithstanding anything to the contrary herein contained,
the certifications made pursuant to this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this
Section&nbsp;3.04 and of the third paragraph of Section&nbsp;3.03 and the interests of the Persons who are the beneficial owners of the
temporary global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series
and of like tenor and evidencing the same indebtedness on the Exchange Date or the date of certification if such date occurs after the
Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no payments of
principal of, premium (if any) or interest (if any) owing with respect to a beneficial interest in a temporary global Security will be
made unless and until such interest in such temporary global Security shall have been exchanged for an interest in a definitive Security.
Any interest so received by the Depositary and not paid as herein provided shall be returned to the Trustees immediately prior to the
expiration of two years after such Interest Payment Date in order to be repaid to the Company in accordance with Section&nbsp;10.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.05&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Registration,
Registration of Transfer and Exchange</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">So long as required by Trust Indenture
Legislation, the Company shall cause to be kept at the Corporate Trust Offices of the applicable Trustee a register for each series
of Securities (the registers maintained in the Corporate Trust Offices of the Trustees and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to as the &ldquo;<B>Security Register</B>&rdquo;) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Holders of Securities and of transfers of Securities. The Security Register shall be in written form or any other form
capable of being converted into written form within a reasonable time. At all reasonable times, the Security Register shall be open
to inspection by the Trustees. The Trustees are hereby initially appointed as security registrar (the &ldquo;Security
Registrar&rdquo;) for the purpose of registering Securities and transfers of Securities as herein provided.
The Company shall have the right to remove and replace from time to time the Security Registrar for any series of Securities;
provided, however, that, no such removal or replacement shall be effective until a successor Security Registrar with respect to such
series of Securities shall have been appointed by the Company and shall have accepted such appointment by the Company. In
the event that the Trustees shall not be or shall cease to be the Securities Registrar with respect to a series of Securities, they
shall have the right to examine the Security Register for such series at all reasonable times. There shall be only one Securities
Register for such series of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon surrender for registration of transfer of
any Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute, and the
applicable Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Securities of
the same series, of any authorized denominations and of a like aggregate principal amount and tenor and evidencing the same indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Canadian Securities,
the Security must be duly endorsed for transfer or in a duly endorsed transferable form as applicable and must comply with the current
industry practice in accordance with the Securities Transfer Association of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denomination and of a like aggregate
principal amount and tenor and evidencing the same indebtedness, upon surrender of the  Securities to be exchanged at such
office or agency. Whenever any  Securities are so surrendered for exchange, the Company shall execute, and the applicable Trustee
shall authenticate and deliver, the  Securities which the Holder making the exchange is entitled to receive. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the applicable Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section&nbsp;3.01, any permanent global Security shall be exchangeable only as provided in this Section.
If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest for Securities of such series
and of like tenor and principal amount of another authorized form and denomination, as contemplated by Section&nbsp;3.01 and provided
that any applicable notice provided in the permanent global Security shall have been given to the Company, the Trustees and the Depositary,
then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company
shall deliver to the applicable Trustee definitive Securities in aggregate principal amount equal to the principal amount of such beneficial
owner&rsquo;s interest in such permanent global Security, executed by the Company. On or after the earliest date on which such interests
may be so exchanged, such permanent global Security shall be surrendered by the Depositary or such other depositary as shall be specified
in the Company Order with respect thereto to the applicable Trustee, as the Company&rsquo;s agent for such purpose, to be exchanged in
whole or from time to time in part, for definitive Securities without charge, and the applicable Trustee shall authenticate and deliver,
in exchange for each portion of such permanent global Security, an equal aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged. If a Security is issued in exchange for any portion of a permanent global
Security after the close of business at the office or agency where such exchange occurs on (i)&nbsp;any Regular Record Date and before
the opening of business at such office or agency on the relevant Interest Payment Date, or (ii)&nbsp;any Special Record Date and before
the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in
respect of such Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may
be, only to the Person to whom interest in respect of such portion of such permanent global Security is payable in accordance with the
provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Transfers of global Securities shall be limited
to transfers in whole, but not in part, to the Depositary, its successors or their respective nominees. If at any time the Depositary
for Securities of a series notifies the Company that it is unwilling, unable or no longer qualifies to continue as Depositary for Securities
of such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, the Company shall appoint a successor Depositary for the Securities of such series. If
a successor to the Depositary for Securities of such series is not appointed by the Company within 90&nbsp;days after the Company receives
such notice or becomes aware of such condition, as the case may be, the Company&rsquo;s election pursuant to Section&nbsp;3.01 shall
no longer be effective with respect to the Securities for such series and the Company will execute, and the applicable Trustee, upon
receipt of a Company Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive form, in authorized denominations, and in an aggregate principal amount equal to
the principal amount of the global Security or Securities representing such series and evidencing the same indebtedness in exchange for
such global Security or Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may at any time and in its sole discretion
determine that the Securities of any series issued in the form of one or more global Securities shall no longer be represented by such
global Security or Securities. In such event the Company will execute, and the applicable Trustee, upon receipt of a Company Order for
the authentication and delivery of definitive Securities of such series, will authenticate and deliver Securities of such series in definitive form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the global Security
or Securities representing such series and evidencing the same indebtedness in exchange for such global Security or Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the exchange of a global Security for Securities
in definitive form, such global Security shall be cancelled by the applicable Trustee. Securities issued in exchange for a
global Security pursuant to this Section&nbsp;3.05 shall be registered in such names and in such authorized denominations as the Depositary
for such global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the applicable
Trustee in writing. The applicable Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Securities issued upon any registration of
transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar or applicable securities
transfer industry practices) be duly endorsed, or be accompanied by a written instrument of transfer, in form satisfactory to the Company
and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any registration of transfer or exchange of Securities
may be subject to service charges by the Securities Registrar and the Company may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section&nbsp;3.04, 9.06, 11.07 or 13.05 not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall not be required (i)&nbsp;to
issue, register the transfer of or exchange Securities of any series in definitive form during a period beginning at the opening of business
15&nbsp;days before the day of the selection for redemption of Securities of that series under Section&nbsp;11.03 or 12.03 and ending
at the close of business on the day of the mailing of the relevant notice of redemption or (ii)&nbsp;to register the transfer of or exchange
any Security in definitive form so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part, or (iii)&nbsp;to issue, register the transfer of or exchange any Security in definitive form which has been surrendered for
repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.06&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Mutilated,
Destroyed, Lost and Stolen Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any mutilated Security is surrendered to
the applicable Trustee, the Company shall execute and the applicable Trustee shall authenticate and deliver in exchange therefor a
new Security of the same series and of like tenor and principal amount and evidencing the same indebtedness and bearing a number not
contemporaneously outstanding, or, in case any such mutilated Security has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, pay such Security. If there shall be delivered to the Company and to the Trustees (i)&nbsp;evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii)&nbsp;such security (or surety in the case
of the Canadian Trustee) or indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustees that such Security has been acquired by a bona fide
purchaser , the Company shall execute and upon Company Order the applicable Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal
amount and evidencing the same indebtedness and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security appertaining to such mutilated, destroyed, lost or stolen Security, pay such Security.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the issuance of any new Security under this
Section&nbsp;3.06, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustees) connected therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every new Security of any series issued pursuant to this Section&nbsp;3.06 in lieu of any mutilated, destroyed, lost or stolen Security, shall constitute an original additional contractual obligation of
the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and the Holders of such Security shall be entitled to all the benefits of
this Indenture equally and proportionately with the Holders of any and all other Securities of that series duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section&nbsp;3.06 as amended
or supplemented pursuant to this Indenture with respect to a particular series of Securities or generally are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.07&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Payment
of Principal, Premium and Interest; Interest Rights Preserved; Optional Interest Reset</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
otherwise provided as contemplated by Section&nbsp;3.01 with respect to any series of Securities, interest (if any) on any Security
which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid by the Paying Agent to the
Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section&nbsp;10.02; <I>provided,
however</I>, that each installment of interest (if any) on any Security may at the Company&rsquo;s option be paid by
(i)&nbsp;mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to
Section&nbsp;3.09, to the address of such Person as it appears on the Security Register, (ii)&nbsp;wire transfer to an account
located in the United States maintained by the Person entitled to such payment as specified in the Security Register, or (iii) as otherwise specified pursuant to Section 3.01 for the Securities of such series. Unless
otherwise provided as contemplated by Section&nbsp;3.01 with respect to any series of Securities, principal and premium (if any)
paid in relation to any Security shall be paid to the Holder of such Security only upon presentation and surrender of such Security
at the office or agency of the Company maintained for such purpose pursuant to Section&nbsp;10.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided as contemplated by Section&nbsp;3.01,
every permanent global Security will provide that interest (if any) payable on any Interest Payment Date will be paid to the Depositary
with respect to that portion of such permanent global Security held for its account by the Depositary, for the purpose of permitting
the Depositary to credit the interest (if any) received by it in respect of such permanent global Security to the accounts of the beneficial
owners thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any interest on any Security of any
series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable
to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such defaulted interest and, if applicable,
interest on such defaulted interest (to the extent lawful) at the rate specified in the Securities of such series (such defaulted interest
and, if applicable, interest thereon herein collectively called &ldquo;<B>Defaulted Interest</B>&rdquo;) must be paid by the Company
as provided for in either clause (1)&nbsp;or (2), at the Company&rsquo;s election:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD>The Company may elect to make
                                            payment of any Defaulted Interest to the Persons in whose names the Securities
                                            of such series (or their respective Predecessor Securities) are registered at the close of
                                            business on a Special Record Date for the payment of such Defaulted Interest, which shall
                                            be fixed in the following manner. The Company shall notify the Trustees in writing of the
                                            amount of Defaulted Interest proposed to be paid on each Security of such series
                                            and the date of the proposed payment, and at the same time the Company shall deposit with
                                            the applicable Trustee an amount of money in the Currency in which the Securities of such
                                            series are payable (except as otherwise specified pursuant to Section&nbsp;3.01 for the Securities
                                            of such series and except, if applicable, as provided in Sections&nbsp;3.12(b), 3.12(d)&nbsp;and
                                            3.12(e)) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
                                            or shall make arrangements satisfactory to the Trustees for such deposit on or prior to the
                                            date of the proposed payment, such money when deposited to be held in trust for the benefit
                                            of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
                                            the Trustees shall fix a Special Record Date for the payment of such Defaulted Interest which
                                            shall be not more than 15&nbsp;days and not less than 10&nbsp;days prior to the date of the
                                            proposed payment and not less than 10&nbsp;days after the receipt by the Trustees of the
                                            notice of the proposed payment. The Trustees shall promptly notify the Company of such Special
                                            Record Date and, in the name and at the expense of the Company, shall cause notice of the
                                            proposed payment of such Defaulted Interest and the Special Record Date therefor to be given
                                            in the manner provided in Section&nbsp;1.07, not less than 10&nbsp;days prior to such Special
                                            Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
                                            Date therefor having been so given, such Defaulted Interest shall be paid to the Persons
                                            in whose name the Securities of such series (or their respective Predecessor Securities)
                                            are registered at the close of business on such Special Record Date and shall no longer be
                                            payable pursuant to the following clause&nbsp;(2).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD>The Company may make payment
                                            of any Defaulted Interest on the Securities of any series in any other lawful
                                            manner not inconsistent with the requirements of any securities exchange on which such Securities
                                            may be listed, and, upon such notice as may be required by such exchange, if, after notice
                                            given by the Company to the Trustees of the proposed payment pursuant to this clause, such
                                            manner of payment shall be deemed practicable by the Trustees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this Section&nbsp;307(b)&nbsp;may be made applicable to any series of Securities pursuant to Section&nbsp;3.01 (with such
modifications, additions or substitutions as may be specified pursuant to such Section&nbsp;3.01). The interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on
the date or dates specified on the face of such Security (each an &ldquo;<B>Optional Reset Date</B>&rdquo;). The Company may exercise
such option with respect to such Security by notifying the Trustees of such exercise at least 50 but not more than 60&nbsp;days prior
to an Optional Reset Date for such Security. Not later than 40&nbsp;days prior to each Optional Reset Date, the Trustees shall transmit,
in the manner provided for in Section&nbsp;1.07, to the Holder of any such Security a notice (the &ldquo;<B>Reset Notice</B>&rdquo;)
indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used to calculate such interest
rate, if applicable), and if so (i)&nbsp;such new interest rate (or such new spread or spread multiplier, if applicable) and (ii)&nbsp;the
provisions, if any, for redemption during the period from such Optional Reset Date to the next Optional Reset Date or if there is no
such next Optional Reset Date, to the Stated Maturity of such Security (each such period a &ldquo;<B>Subsequent Interest Period</B>&rdquo;),
including the date or dates on which or the period or periods during which and the price or prices at which such redemption may occur
during the Subsequent Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, not later than
20&nbsp;days prior to the Optional Reset Date, the Company may, at its option, revoke the interest rate (or the spread or spread multiplier
used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish an interest rate (or the spread or
spread multiplier, if applicable) that is higher than the interest rate (or the spread or spread multiplier, if applicable) provided
for in the Reset Notice, for the Subsequent Interest Period by causing the Trustees to transmit, in the manner provided for in Section&nbsp;1.07,
notice of such higher interest rate (or such higher spread or spread multiplier, if applicable) to the Holder of such Security. Such
notice shall be irrevocable. All Securities with respect to which the interest rate (or the spread or spread multiplier used to calculate
such interest rate, if applicable) is reset on an Optional Reset Date, and with respect to which the Holders of such Securities have
not tendered such Securities for repayment (or have validly revoked any such tender) pursuant to the next succeeding paragraph, will
bear such higher interest rate (or such higher spread or spread multiplier, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Holder of any such Security will have the
option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to the principal
amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the Holder
must follow the procedures set forth in Article&nbsp;Thirteen for repayment at the option of Holders except that the period for delivery
or notification to the Trustees shall be at least 25 but not more than 35&nbsp;days prior to such Optional Reset Date and except that,
if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written notice to the Trustees,
revoke such tender or repayment until the close of business on the tenth day before such Optional Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing provisions of this Section&nbsp;3.07
and Section&nbsp;3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.08&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Optional
Extension of Stated Maturity</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section&nbsp;3.08 may be
made applicable to any series of Securities pursuant to Section&nbsp;3.01 (with such modifications, additions or substitutions as may
be specified pursuant to such Section&nbsp;3.01). The Stated Maturity of any Security of such series may be extended at the option of
the Company for the period or periods specified on the face of such Security (each an &ldquo;<B>Extension Period</B>&rdquo;) up to but
not beyond the date (the &ldquo;<B>Final Maturity</B>&rdquo;) set forth on the face of such Security. The Company may exercise such option
with respect to any Security by notifying the Trustees of such exercise at least 50 but not more than 60&nbsp;days prior to the Stated
Maturity of such Security in effect prior to the exercise of such option (the &ldquo;<B>Original Stated Maturity</B>&rdquo;). If the
Company exercises such option, the Trustees shall transmit, in the manner provided for in Section&nbsp;1.07, to the Holder of such Security
not later than 40&nbsp;days prior to the Original Stated Maturity a notice (the &ldquo;<B>Extension Notice</B>&rdquo;) indicating (i)&nbsp;the
election of the Company to extend the Stated Maturity, (ii)&nbsp;the new Stated Maturity, (iii)&nbsp;the interest rate (if any) applicable
to the Extension Period and (iv)&nbsp;the provisions, if any, for redemption during such Extension Period. Upon the Trustees&rsquo; transmittal
of the Extension Notice, the Stated Maturity of such Security shall be extended automatically and, except as modified by the Extension
Notice and as described in the next paragraph, such Security will have the same terms as prior to the transmittal of such Extension Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, not later than
20&nbsp;days before the Original Stated Maturity of such Security, the Company may, at its option, revoke the interest rate provided
for in the Extension Notice and establish a higher interest rate for the Extension Period by causing the Trustees to transmit, in the
manner provided for in Section&nbsp;1.07, notice of such higher interest rate to the Holder of such Security. Such notice shall be irrevocable.
All Securities with respect to which the Stated Maturity is extended will bear such higher interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company extends the Maturity of any Security,
the Holder will have the option to elect repayment of such Security by the Company on the Original Stated Maturity at a price equal to
the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original Stated Maturity once the
Company has extended the Maturity thereof, the Holder must follow the procedures set forth in Article&nbsp;Thirteen for repayment at
the option of Holders, except that the period for delivery or notification to the Trustees shall be at least 25 but not more than 35&nbsp;days
prior to the Original Stated Maturity and except that, if the Holder has tendered any Security for repayment pursuant to an Extension
Notice, the Holder may by written notice to the Trustees revoke such tender for repayment until the close of business on the tenth day
before the Original Stated Maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.09&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Persons
Deemed Owners</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to due presentment of a Security for registration
of transfer, the Company, the Trustees and any agent of the Company or the Trustees may treat the Person in whose name such Security
is registered as the owner of such Security for the purpose of receiving payment of principal of, premium (if any) and (subject to Sections&nbsp;3.05
and 3.07) interest (if any) on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and none
of the Company, the Trustees or any agent of the Company or the Trustees shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary for Securities may be treated by
the Company, the Trustees, and any agent of the Company or the Trustees as the owner of such global Security for all purposes whatsoever.
None of the Company, the Trustees, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership interests of a Security in global form or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, with respect to
any global Security, nothing herein shall prevent the Company, the Trustees, or any agent of the Company or the Trustees, from giving
effect to any written certification, proxy or other authorization furnished by any Depositary, as a Holder, with respect to such global
Security or impair, as between such Depositary and owners of beneficial interests in such global Security, the operation of customary
practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.10&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Cancellation</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All Securities surrendered for
payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any current or
future sinking fund payment shall, if surrendered to any Person other than a Trustee, be delivered to either Trustee. All Securities so
delivered to either Trustee shall be promptly cancelled by such Trustee. The Company may at any time deliver to a Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may
deliver to either Trustee (or to any other Person for delivery to such Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by such Trustee. If the
Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are surrendered to either Trustee for cancellation. No Securities shall be authenticated
in lieu of or in exchange for any Securities cancelled as provided in this Section 3.10, except as expressly permitted by this Indenture.
All cancelled Securities held by either Trustee shall be disposed of by such Trustee in accordance with its customary procedures and certification
of their disposal delivered to the Company unless by Company Order the Company shall direct that cancelled Securities be returned to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.11&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Computation
of Interest</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section&nbsp;3.01 with respect to any Securities, interest (if any) on the Securities of each series shall be computed on the basis
of a 360-day year of twelve 30-day months. For the purposes of disclosure under the Interest Act (Canada), the yearly rate of interest
to which interest calculated under a Security for any period in any calendar year (the &ldquo;<B>calculation period</B>&rdquo;) is equivalent,
is the rate payable under a Security in respect of the calculation period multiplied by a fraction the numerator of which is the actual
number of days in such calendar year and the denominator of which is the actual number of days in the calculation period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.12&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Currency
and Manner of Payments in Respect of Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to Securities of any series not permitting the election provided for in paragraph&nbsp;(b) below or the Holders of which have
not made the election provided for in paragraph&nbsp;(b) below, payment of the principal of, premium (if any) and interest (if any) on
such Security of such series will be made in the Currency in which such Security is payable. The provisions of this Section 3.12 may
be modified or superseded with respect to any Securities pursuant to Section&nbsp;3.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>It may be provided pursuant to Section&nbsp;3.01 with respect to Securities of any series that Holders shall have the option, subject
to paragraphs&nbsp;(d) and (e) below, to receive payments of principal of, premium (if any) or interest (if any) on such Securities in
any of the Currencies which may be designated for such election by delivering to the Trustees a written election with signature guarantees
and in the applicable form established pursuant to Section&nbsp;3.01, not later than the close of business on the Election Date immediately
preceding the applicable payment date. If a Holder so elects to receive such payments in any such Currency, such election will remain
in effect for such Holder or any transferee of such Holder until changed by such Holder or such transferee by written notice to the Trustees
(but any such change must be made not later than the close of business on the Election Date immediately preceding the next payment date
to be effective for the payment to be made on such payment date and no such change of election may be made with respect to payments to
be made on any Security of such series with respect to which an Event of Default has occurred or with respect to which the Company has
deposited funds pursuant to Article&nbsp;Four or Fourteen or with respect to which a notice of redemption has been given by the Company
or a notice of option to elect repayment has been sent by such Holder or such transferee). Any Holder of any such Security who shall not
have delivered any such election to the Trustees not later than the close of business on the applicable Election Date will be paid the
amount due on the applicable payment date in the relevant Currency as provided in Section&nbsp;3.12(a). The Trustees shall notify the
Exchange Rate Agent as soon as practicable after the Election Date of the aggregate principal amount of Securities for which Holders have
made such written election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Unless otherwise specified pursuant to Section&nbsp;3.01, if the election referred to in paragraph&nbsp;(b) above has been provided
for pursuant to Section&nbsp;3.01, then, unless otherwise specified pursuant to Section&nbsp;3.01, not later than the fourth Business
Day after the Election Date for each payment date for Securities of any series, the Exchange Rate Agent will deliver to the Company a
written notice specifying, in the Currency in which Securities of such series are payable, the respective aggregate amounts of principal
of, premium (if any) and interest (if any) on the Securities to be paid on such payment date, specifying the amounts in such Currency
so payable in respect of the Securities as to which the Holders of Securities of such series shall have elected to be paid in another
Currency as provided in paragraph&nbsp;(b) above. If the election referred to in paragraph&nbsp;(b) above has been provided for pursuant
to Section&nbsp;3.01 and if at least one Holder has made such election, then, unless otherwise specified pursuant to Section&nbsp;3.01,
on the second Business Day preceding such payment date the Company will deliver to the Trustees for such series of Securities an Exchange
Rate Officer&rsquo;s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date. Unless otherwise
specified pursuant to Section&nbsp;3.01, the Dollar or Foreign Currency amount receivable by Holders of Securities who have elected payment
in a Currency as provided in paragraph&nbsp;(b) above shall be determined by the Company on the basis of the applicable Market Exchange
Rate in effect on the third Business Day (the &ldquo;<B>Valuation Date</B>&rdquo;) immediately preceding each payment date, and such determination
shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than pursuant
to an election provided for pursuant to paragraph&nbsp;(b)&nbsp;above, then, with respect to each date for the payment of principal of,
premium (if any) and interest (if any) on the applicable Securities denominated or payable in such Foreign Currency occurring after the
last date on which such Foreign Currency was used (the &ldquo;<B>Conversion Date</B>&rdquo;), the Dollar shall be the Currency of payment
for use on each such payment date. Unless otherwise specified pursuant to Section&nbsp;3.01, the Dollar amount to be paid by the Company
to the Trustees and by the Trustees or any Paying Agent to the Holders of such Securities with respect to such payment date shall be,
in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of a currency
unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent in the manner provided in paragraph&nbsp;(f)&nbsp;or
(g)&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Unless otherwise specified pursuant to Section&nbsp;3.01, if the Holder of a Security denominated in any Currency shall have elected
to be paid in another Currency as provided in paragraph&nbsp;(b) above, and a Conversion Event occurs with respect to such elected Currency,
such Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion
Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive
payment in Dollars as provided in paragraph&nbsp;(d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
 &ldquo;<B>Dollar Equivalent of the Foreign Currency</B>&rdquo; shall be determined by the Exchange Rate Agent and shall be obtained for
each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
 &ldquo;<B>Dollar Equivalent of the Currency Unit</B>&rdquo; shall be determined by the Exchange Rate Agent and subject to the provisions
of paragraph&nbsp;(h)&nbsp;below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency
into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this Section&nbsp;3.12 the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &ldquo;<B>Component Currency</B>&rdquo; shall
mean any Currency which, on the Conversion Date, was a component currency of the relevant currency unit, including, but not limited to,
the Euro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &ldquo;<B>Specified Amount</B>&rdquo; of a Component
Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the relevant currency
unit, including, but not limited to, the Euro, on the Conversion Date. If after the Conversion Date the official unit of any Component
Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied
in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective
Specified Amounts of such Component Currencies shall be replaced by an amount in such single Currency equal to the sum of the respective
Specified Amounts of such consolidated Component Currencies expressed in such single Currency, and such amount shall thereafter be a
Specified Amount and such single Currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency
shall be divided into two or more currencies, the Specified Amount of such Component Currency shall be replaced by amounts of such two
or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal to
the Dollar Equivalent value of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately before
such division and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If,
after the Conversion Date of the relevant currency unit, including, but not limited to, the Euro, a Conversion Event (other than any
event referred to above in this definition of &ldquo;<B>Specified Amount</B>&rdquo;) occurs with respect to any Component Currency of
such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes
of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion
Date of such Component Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<B>Election Date</B>&rdquo;
shall mean the date for any series of Securities as specified pursuant to clause&nbsp;(15) of Section&nbsp;3.01 by which the written election
referred to in paragraph&nbsp;(b) above may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All decisions and determinations of the Exchange
Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate
and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest error,
be conclusive for all purposes and irrevocably binding upon the Company, the Trustees and all Holders of such Securities denominated
or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written notice to the Company and the Trustees of any
such decision or determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company determines in good
faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written notice thereof
to the Trustees and to the Exchange Rate Agent (and the Trustees will promptly thereafter give notice in the manner provided for in Section&nbsp;1.07
to the affected Holders) specifying the Conversion Date. In the event the Company so determines that a Conversion Event has occurred
with respect to the Euro or any other currency unit in which Securities are denominated or payable, the Company will immediately give
written notice thereof to the Trustees and to the Exchange Rate Agent (and the Trustees will promptly thereafter give notice in the manner
provided for in Section&nbsp;1.07 to the affected Holders) specifying the Conversion Date and the Specified Amount of each Component
Currency on the Conversion Date. In the event the Company determines in good faith that any subsequent change in any Component Currency
as set forth in the definition of Specified Amount above has occurred, the Company will similarly give written notice to the Trustees
and the Exchange Rate Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustees shall be fully justified and protected
in relying and acting upon information received by it from the Company and the Exchange Rate Agent and shall not otherwise have any duty
or obligation to determine the accuracy or validity of such information independent of the Company or the Exchange Rate Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3.13&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Appointment
and Resignation of Successor Exchange Rate Agent</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 5pt">&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;Unless
otherwise specified pursuant to Section&nbsp;3.01, if and so long as the Securities of any series (i)&nbsp;are denominated in a Currency
other than Dollars or (ii)&nbsp;may be payable in a Currency other than Dollars, or so long as it is required under any other provision
of this Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange
Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the
manner specified pursuant to Section&nbsp;3.01 for the purpose of determining the applicable rate of exchange and, if applicable, for
the purpose of converting the issued Currency into the applicable payment Currency for the payment of principal, premium (if any) and
interest (if any) pursuant to Section&nbsp;3.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall have the right to remove and replace from time to time the Exchange Rate Agent for any series of Securities. No resignation
of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section&nbsp;3.13 shall become effective
until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to the Company
and the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agent for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being
understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such
series and that, unless otherwise specified pursuant to Section&nbsp;3.01, at any time there shall only be one Exchange Rate Agent with
respect to the Securities of any particular series that are originally issued by the Company on the same date and that are initially
denominated and/or payable in the same Currency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Four</B></FONT><BR>
<B>SATISFACTION AND DISCHARGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;4.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Satisfaction
and Discharge of Indenture</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Indenture shall upon Company
Request cease to be of further effect with respect to any series of Securities specified in such Company Request (except as to any surviving
rights of registration of transfer or exchange of Securities of such series expressly provided for herein or pursuant hereto and the rights
of Holders of such series of Securities to receive, solely from the trust fund described in subclause&nbsp;(b) of clause&nbsp;(1) of this
Section 4.01, payments in respect of the principal of, premium (if any) and interest (if any) on such Securities when such payments are
due and except as provided in the last paragraph of this Section 4.01) and the Trustees, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>either</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all Securities of such series theretofore authenticated and delivered (other than &nbsp;Securities of such series for whose payment
money has theretofore been deposited in trust with either Trustee or any Paying Agent or segregated and held in trust by the Company and
thereafter repaid to the Company, as provided in Section&nbsp;10.03) have been delivered to either Trustee for cancellation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all Securities of such series not theretofore delivered to either Trustee for cancellation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>have become due and payable, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>will become due and payable at their Stated Maturity within one year,
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>if redeemable at the option of the Company, are to be called for redemption
                                            within one year under arrangements satisfactory to the Trustees for the giving of notice
                                            of redemption by the Trustees in the name, and at the expense, of the Company,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above,
has irrevocably deposited or caused to be deposited with either Trustee as trust funds in trust for such purpose an amount in the Currency
in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to such Trustee for cancellation, for principal, premium (if any) and interest (if any) to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Company has paid or caused to be paid all other sums payable hereunder
                                            by the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the Company has delivered to the Trustees an Officer&rsquo;s Certificate
                                            and an Opinion of Counsel, each stating that all conditions precedent herein provided for
                                            relating to the satisfaction and discharge of this Indenture as to such series have been
                                            complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustees under Section&nbsp;6.07, the obligations of the Trustees
to any Authenticating Agent under Section&nbsp;6.12 and, if money shall have been deposited with the Trustees pursuant to subclause&nbsp;(b)
of clause&nbsp;(1) of this Section 4.01, the obligations of the Trustees under Section&nbsp;4.02, Section 6.07(3) and the last paragraph
of Section&nbsp;10.03 shall survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;4.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Application
of Trust Money</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to the provisions of
the last paragraph of Section&nbsp;10.03, all money deposited with the Trustees pursuant to Section&nbsp;4.01 shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustees may determine, to the Persons entitled thereto, of
the principal, premium (if any) and interest (if any) for whose payment such money has been deposited with the Trustees; but such money
need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Five</B></FONT><BR>
<B>REMEDIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Events
of Default</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Event of Default</B>,&rdquo; wherever
used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule&nbsp;or regulation of any administrative or governmental body), unless such event is specifically deleted or
modified in or pursuant to a supplemental indenture, Board Resolution or Officer&rsquo;s Certificate establishing the terms of such series
pursuant to Section&nbsp;3.01 of this Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">default in the payment of any interest due on any Security of that series, when such interest becomes due
and payable, and continuance of such default for a period of 30&nbsp;days; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>default in the payment of the principal or premium (if any) in respect
                                            of any Security of that series at its Maturity; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>default in the deposit of any sinking fund, amortization or analogous
                                            payment when due by the terms of any Security of that series and Article&nbsp;Twelve; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>default in the performance, or breach, of any covenant or agreement
                                            of the Company in this Indenture which affects or is applicable to the Securities of that
                                            series (other than a covenant or agreement, a default in whose performance or whose breach
                                            is elsewhere in this Section&nbsp;5.01 specifically dealt with), and continuance of such
                                            default or breach for a period of 60&nbsp;days after there has been given (and 120 days with
                                            respect to a default or breach under Section&nbsp;7.05), by registered or certified mail,
                                            to the Company by the Trustees or to the Company and the Trustees by the Holders of at least
                                            25% in principal amount of all Outstanding Securities of that series a written notice specifying
                                            such default or breach and requiring it to be remedied and stating that such notice is a
                                            &ldquo;Notice of Default&rdquo; hereunder; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>the entry of a decree or order by a court having jurisdiction in the
                                            premises adjudging the Company bankrupt or insolvent, or approving as properly filed a petition
                                            seeking reorganization, arrangement, adjustment or composition of or in respect of the Company
                                            under or subject to the Bankruptcy and Insolvency Act (Canada), the Companies&rsquo; Creditors
                                            Arrangement Act (Canada), the U.S. Federal Bankruptcy Code or any other federal, provincial,
                                            state or foreign bankruptcy, insolvency or analogous laws, or the issuance of a sequestration
                                            order or the (appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
                                            other similar official) of the Company or in receipt of any substantial part of the property
                                            of the Company, and any such decree, order or appointment continues unstayed and in effect
                                            for a period of 90 consecutive days; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>the institution by the Company of proceedings to be adjudicated bankrupt
                                            or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings
                                            against it, or the filing by it of a petition or answer or consent seeking reorganization
                                            or relief under or subject to the Bankruptcy and Insolvency Act (Canada), the Companies&rsquo;
                                            Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy Code or any other federal,
                                            provincial, state or foreign bankruptcy, insolvency or analogous laws or the consent by it
                                            to the filing of any such petition or to the appointment of a receiver, liquidator, assignee,
                                            trustee, sequestrator (or other similar official) of the Company or of any substantial part
                                            of its property, or the making by it of a general assignment for the benefit of creditors,
                                            or the admission by it in writing of its inability to pay its debts generally as they become
                                            due or the taking by it of corporate action in furtherance of any of the aforesaid purposes;
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>any other Event of Default provided with respect to Securities of
                                            that series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Acceleration
of Maturity; Rescission and Annulment</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default described in clause&nbsp;(1),
(2), (3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01 with respect to Securities of any series at the time Outstanding occurs and is continuing,
then in every such case, either Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that
series, may declare the principal amount (or, if the Securities of that series are Original Issue Discount Securities or Indexed Securities,
such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of that series and all
interest thereon to be due and payable immediately, by a notice in writing to the Company (and to the Trustees if given by Holders),
and upon any such declaration such principal amount (or specified portion thereof) shall become immediately due and payable. If an Event
of Default specified in clause (5)&nbsp;or (6)&nbsp;of Section&nbsp;5.01 occurs and is continuing, then the principal amount of all the
Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustees
or any Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 47; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after such a declaration of acceleration
with respect to Securities of any series (or of all series, as the case may be) has been made and before a judgment or decree for payment
of the money due has been obtained by either Trustee as hereinafter provided in this Article&nbsp;Five, the Holders of a majority in
principal amount of the Outstanding Securities of that series (or of all series, as the case may be), by written notice to the Company
and the Trustees, may rescind and annul such declaration and its consequences if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the Company has paid or deposited with either Trustee a sum sufficient
                                            to pay in the Currency in which the Securities of such series are payable (except as otherwise
                                            specified pursuant to Section&nbsp;3.01 for the Securities of such series and except, if
                                            applicable, as provided in Sections&nbsp;3.12(b), 3.12(d)&nbsp;and 3.12(e)),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all overdue interest (if any) on all Outstanding Securities of that series (or of all series, as the case
may be),</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>all unpaid principal of and premium (if any) on any Outstanding Securities
                                            of that series (or of all series, as the case may be) which has become due otherwise than
                                            by such declaration of acceleration, and interest on such unpaid principal and premium (if
                                            any) at the rate or rates prescribed therefor in such Securities,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>to the extent that payment of such interest is legally enforceable,
                                            interest on overdue interest at the rate or rates prescribed therefor in such Securities,
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>all sums paid or advanced by the Trustees hereunder and the reasonable
                                            compensation, expenses, disbursements and advances of the Trustees, their agents and counsel;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>all Events of Default with respect to Securities of that series (or
                                            of all series, as the case may be), other than the non-payment of amounts of principal of,
                                            premium (if any) or interest (if any) on Securities of that series (or of all series, as
                                            the case may be) which have become due solely by such declaration of acceleration, have been
                                            cured or waived as provided in Section&nbsp;5.13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No such rescission shall affect any subsequent
default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.03&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Collection
of Debt and Suits for Enforcement by Trustees</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants that if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">default is made in the payment of any installment of interest on any Security when such interest becomes
due and payable and such default continues for a period of 30&nbsp;days, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>default is made in the payment of the principal of or premium (if
                                            any) any Security at the Maturity thereof,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">then the Company will, upon demand of the Trustees,
pay to the applicable Trustee for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal of, premium (if any) and interest (if any) and interest on any overdue principal, overdue premium (if any) and, to the extent
lawful, overdue interest (if any), at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustees, their agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company fails to pay such amounts forthwith
upon such demand, the Trustees, in their own names as trustees of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon such Securities, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 48; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to Securities
of any series (or of all series, as the case may be) occurs and is continuing, either Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series (or of all series, as the case may be) by such appropriate
judicial proceedings as such Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.04&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Trustees
May&nbsp;File Proofs of Claim</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, each Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether either Trustee shall have made any demand on the Company for the payment of overdue principal, premium (if any) or interest)
shall be entitled and empowered, by intervention in such proceeding or otherwise,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>to file and prove a claim for the whole amount of principal and premium
                                            (if any), or such portion of the principal amount of any series of Original Issue Discount
                                            Securities or Indexed Securities as may be specified in the terms of such series, and interest
                                            (if any) owing and unpaid in respect of the Securities and to file such other papers or documents
                                            as may be necessary or advisable in order to have the claims of such Trustee (including any
                                            claim for the reasonable compensation, expenses, disbursements and advances of such Trustee,
                                            its agents and counsel) and of the Holders allowed in such judicial proceeding, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>to collect and receive any moneys or other property payable or deliverable
                                            on any such claims and to distribute the same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to such Trustee and,
in the event that such Trustee shall consent to the making of such payments directly to the Holders, to pay to such Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of each Trustee, its agents and counsel, and any other
amounts due to such Trustee under Section&nbsp;6.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing herein contained shall be deemed to authorize
the Trustees to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustees to vote in respect of the claim
of any Holder in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.05&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Trustees
May&nbsp;Enforce Claims Without Possession of Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All rights of action and claims
under this Indenture, the Securities may be prosecuted and enforced by the Trustees without the possession of any of the Securities or
the production thereof in any proceeding relating thereto, and any such proceeding instituted by either Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of such Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 49; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.06&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Application
of Money Collected</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any money collected by either
Trustee pursuant to this Article Five shall be applied in the following order, at the date or dates fixed by the Trustees and, in case
of the distribution of such money on account of principal of, premium (if any) or interest (if any) upon presentation of the Securities,
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">First: to the payment of all
amounts due the Trustees under Section&nbsp;6.07;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Second: to the payment of the
amounts then due and unpaid for principal of, premium (if any) and interest (if any), on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and
payable on such Securities for principal, premium (if any) and interest (if any), respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Third: the balance, if any, to the Person or Persons
entitled thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.07&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Limitation
on Suits</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">No Holder of any Security of
any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or the Securities,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>such Holder has previously given written notice to the Trustees of
                                            a continuing Event of Default with respect to the Securities of that series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Holders of not less than 25% in principal amount of the Outstanding
                                            Securities of that series in the case of any Event of Default described in clause&nbsp;(1),
                                            (2), (3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01, or, in the case of any Event of Default
                                            described in clause&nbsp;(5)&nbsp;or (6)&nbsp;of Section&nbsp;5.01, the Holders of not less
                                            than 25% in principal amount of all Outstanding Securities, shall have made written request
                                            to the Trustees to institute proceedings in respect of such Event of Default in their own
                                            names as Trustees hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>such Holder or Holders have offered to the Trustees reasonable indemnity
                                            against the costs, expenses and liabilities to be incurred in compliance with such request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>the Trustees for 60&nbsp;days after their receipt of such notice,
                                            request and offer of indemnity have failed to institute any such proceeding; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>no direction inconsistent with such written request has been given
                                            to the Trustees during such 60-day period by the Holders of a majority or more in principal
                                            amount of the Outstanding Securities of that series in the case of any Event of Default described
                                            in clause&nbsp;(1), (2), (3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01, or in the case of
                                            any Event of Default described in clause&nbsp;(5)&nbsp;or (6)&nbsp;of Section&nbsp;5.01,
                                            by the Holders of a majority or more in principal amount of all Outstanding Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 50; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holders of Securities of the same series, in the case of any Event of Default described in clause&nbsp;(1), (2),
(3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01, or of Holders of all Securities in the case of any Event of Default described in clause&nbsp;(5)&nbsp;or
(6)&nbsp;of Section&nbsp;5.01, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce
any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities
of the same series, in the case of any Event of Default described in clause&nbsp;(1), (2), (3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01,
or of Holders of all Securities in the case of any Event of Default described in clause&nbsp;(5)&nbsp;or (6)&nbsp;of Section&nbsp;5.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.08&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Unconditional
Right of Holders to Receive Principal, Premium and Interest</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding any other provision
in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment, as provided
herein (including, if applicable, Article&nbsp;Fourteen) and in such Security, of the principal of and premium (if any) and (subject to
Section&nbsp;3.07) interest (if any) on, such Security on the respective Stated Maturities expressed in such Security (or, in the case
of redemption, on the Redemption Date or, in the case of repayment at the option of the Holder as contemplated by Article Twelve, on the
Repayment Date) and subject to the limitations on a Holder&rsquo;s ability to institute suit contained Section&nbsp;5.07, to institute
suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.09&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Restoration
of Rights and Remedies</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If either 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 such Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Trustees and the Holders of Securities shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustees and the Holders shall continue as though no such proceeding
had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.10&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Rights
and Remedies Cumulative</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section&nbsp;3.06,
no right or remedy herein conferred upon or reserved to the Trustees or to the Holders of Securities is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.11&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Delay
or Omission Not Waiver</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">No delay or omission of the Trustees
or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article Five or by
law to the Trustees or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustees or
by the Holders, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 51; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.12&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Control
by Holders</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to the Securities of any series,
the Holders of not less than a majority in principal amount of the Outstanding Securities of such series shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustees, or exercising any trust or power conferred
on the Trustees, relating to or arising under clause&nbsp;(1), (2), (3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01, and, with respect
to all Securities, the Holders of not less than a majority in principal amount of all Outstanding Securities shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustees, or exercising any trust or power
conferred on the Trustees, not relating to or arising under clause&nbsp;(1), (2), (3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01, <I>provided
</I>that in each case</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>such direction shall not be in conflict with any rule&nbsp;of law
                                            or with this Indenture,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Trustees may take any other action deemed proper by the Trustees
                                            which is not inconsistent with such direction, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the Trustees need not take any action which might involve them in
                                            personal liability or be unjustly prejudicial to the Holders of Securities of such series
                                            not consenting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.13&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Waiver
of Past Defaults</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section&nbsp;5.02, the Holders of not
less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past Default described in clause&nbsp;(1), (2), (3), (4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01 (or, in the case
of a Default described in clause&nbsp;(5)&nbsp;or (6)&nbsp;of Section&nbsp;5.01, the Holders of not less than a majority in principal
amount of all Outstanding Securities may waive any such past Default), and its consequences, except a default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">in respect of the payment of the principal of, premium (if any) or interest (if any) on any Security, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>in respect of a covenant or provision herein which under Article&nbsp;Nine
                                            cannot be modified or amended without the consent of the Holder of each outstanding Security
                                            of such series affected.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon any such waiver, any such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.14&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Waiver
of Stay or Extension Laws</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any
such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustees, but will suffer
and permit the execution of every such power as though no such law had been enacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 52; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5.15&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Undertaking
for Costs</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against either Trustee for any action taken, suffered or omitted by it as Trustee, a court
may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such
party litigant, in the manner and to the extent provided in Trust Indenture Legislation; <I>provided, however</I>, that neither this
Section&nbsp;5.15 nor the provisions of TIA Section&nbsp;315(e)&nbsp;shall apply to any suit instituted by either Trustee or by any Holder
or group of Holders holding more than 10% in principal amount of all Outstanding Securities or by any Holder of any Security on any suit
for the enforcement of the right to receive the principal of and interest on any such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Six</B></FONT><B><BR>
THE TRUSTEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notice
of Defaults</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Each Trustee shall promptly give
the other Trustee notice of any Default or Event of Default known to it. Within a reasonable time, but no more than 30&nbsp;days after
either Trustee has knowledge of any Default hereunder with respect to the Securities of any series, one or both of the Trustees shall
transmit in the manner and to the extent provided in Trust Indenture Legislation, including TIA Section 313(c), notice to the Holders
of such Default hereunder known to either Trustee, unless such Default shall have been cured or waived (and, in the case where such Default
shall have been cured, the Trustees shall notify the Holders in writing of such cure in writing within a reasonable time, but not exceeding
30 days, after the Trustees have become aware that the Default has been cured); <I>provided, however</I>, that, except in the case of
a Default in the payment of the principal of, premium (if any) or interest (if any) on any Security of such series or in the payment of
any sinking fund installment with respect to Securities of such series, the Trustees shall be protected in withholding such notice if
and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of each Trustee
in good faith determine that the withholding of such notice is in the interest of the Holders of Securities of such series; <I>provided
further</I> that in the case of any Default of the character specified in clause (4) of Section 5.01 with respect to Securities of such
series, no such notice to Holders shall be given until at least 30&nbsp;days after the occurrence thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Certain
Duties and Responsibilities of Trustees</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 5pt">&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustees, prior to the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred, shall
undertake to perform with respect to the Securities of any series such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants shall be read into this Indenture against the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
all instances, in the exercise of the powers, rights, duties and discharge of obligations prescribed or conferred by the terms of this
Indenture, each Trustee shall act honestly and in good faith with a view to the best interests of the Holders and exercise that degree
of care, diligence and skill that a reasonably prudent trustee in respect of indentures for the purpose of issuing corporate debt obligations
would exercise in comparable circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 53; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
provision of this Indenture shall be construed to relieve each Trustee from liability for its own actions or failure to act in accordance
with Subsection&nbsp;6.02(b), except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>prior to the occurrence of an Event of Default and after the curing
                                            or waiving of all such Events of Default that may have occurred:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD>the duties and obligations of
                                            each Trustee with respect to the Securities of any series shall be determined solely by the
                                            express provisions of this Indenture, and the Trustees shall not be liable except for the
                                            performance of such duties and obligations as are specifically set forth in this Indenture,
                                            and no implied covenants or obligations shall be read into this Indenture against the Trustees;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD>in the absence of bad faith on
                                            the part of either Trustee, such Trustee may conclusively rely, as to the truth of the statements
                                            and the correctness of the opinions expressed therein, upon any certificates or opinions
                                            furnished to the Trustees and conforming to the requirements of this Indenture and Trust
                                            Indenture Legislation; but in the case of any such certificates or opinions that by any provision
                                            hereof are specifically required to be furnished to the Trustees, the Trustees shall be under
                                            a duty to examine the same to determine whether or not they conform to the requirements of
                                            this Indenture; <I>provided, however</I>, the Canadian Trustee shall not be required to determine
                                            whether the certificates or opinions presented to it conform to the Trust Indenture Act and
                                            the U.S. Trustee shall not be required to determine whether the certificates or opinions
                                            presented to it conform to Canadian Trust Indenture Legislation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the Trustees shall not be liable with respect to any action taken or
                                            omitted to be taken by them in good faith in accordance with the direction of the Holders
                                            of not less than a majority in principal amount of the Securities of any series at the time
                                            Outstanding relating to the time, method and place of conducting any proceeding for any remedy
                                            available to the Trustees, or exercising any trust or power conferred upon the Trustees under
                                            this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>none of the provisions contained in this Indenture shall require either
                                            Trustee to expend or risk their own funds or otherwise incur personal or any financial liability
                                            in the performance of any of their duties or in the exercise of any of their rights or powers;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>whether or not therein expressly so provided, except to the extent
                                            expressly provided herein to the contrary, every provision of this Indenture relating to
                                            the conduct or effecting the liability or affording protection to the Trustees shall be subject
                                            to the provisions of this Section&nbsp;6.02.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
the provisions of this Section&nbsp;6.02 or any provision in this Indenture or in the Securities, the Trustees will not be charged with
knowledge of the existence of any Event of Default or any other fact that would prohibit the making of any payment of monies to or by
the Trustees, or the taking of any other action by the Trustees, unless and until the Trustees have received written notice thereof from
the Company or any Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.03&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Certain
Rights of Trustees</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of TIA Sections&nbsp;315(a)&nbsp;through
315(d):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the Trustees may rely and shall be protected in acting or refraining
                                            from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
                                            request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
                                            or other paper or document believed by them to be genuine and to have been signed or presented
                                            by the proper party or parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 54; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>any request or direction of the Company mentioned herein shall be
                                            sufficiently evidenced by a Company Request or Company Order and any resolution of the Board
                                            of Directors may be sufficiently evidenced by a Board Resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>whenever in the administration of this Indenture the Trustees shall
                                            deem it desirable that a matter be proved or established prior to taking, suffering or omitting
                                            any action hereunder, each Trustee (unless other evidence be herein specifically prescribed)
                                            may, in the absence of bad faith on its part, rely upon an Officer&rsquo;s Certificate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>the Trustees may consult with counsel and the written advice of such
                                            counsel or any opinion of Counsel shall be full and complete authorization and protection
                                            in respect of any action taken, suffered or omitted by them hereunder in good faith and in
                                            reliance thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">the Trustees shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have
offered to the Trustees reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by them in
compliance with such request or direction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>the Trustees shall not be bound to make any investigation into the
                                            facts or matters stated in any resolution, certificate, statement, instrument, opinion, report,
                                            notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
                                            or other paper or document, but the Trustees, in their discretion, may make such further
                                            inquiry or investigation into such facts or matters as they may see fit, and, if the Trustees
                                            shall determine to make such further inquiry or investigation, they shall be entitled to
                                            examine the books, records and premises of the Company, personally or by agent or attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>in an Event of Default, the Trustees&rsquo; powers shall not be infringed
                                            upon so long as they act in accordance with Section&nbsp;6.02(b);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>the Trustees may execute any of the trusts or powers hereunder or
                                            perform any duties hereunder either directly or by or through agents or attorneys and the
                                            Trustees shall not be responsible for any misconduct or negligence on the part of any agent
                                            or attorney appointed with due care by them hereunder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>the Trustees shall not be liable for any action taken, suffered or
                                            omitted by them in good faith and believed by them to be authorized or within the discretion
                                            or rights or powers conferred upon them by this Indenture, so long as they act in accordance
                                            with this Section&nbsp;6.02(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.04&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Trustees
Not Responsible for Recitals or Issuance of Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The recitals contained herein
and in the Securities, except for a Trustee&rsquo;s certificate of authentication, shall be taken as the statements of the Company, and
neither Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustees make no representations as
to the validity or sufficiency of this Indenture or of the Securities, except that the Trustees represent that they are duly authorized
to execute and deliver this Indenture, authenticate the Securities and perform their obligations hereunder and that the statements made
by the U.S. Trustee in a Statement of Eligibility on Form&nbsp;T-1 supplied to the Company are true and accurate, subject to the qualifications
set forth therein. Neither Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof. Nothing herein contained will impose on either Trustee any obligation to see to, or to require evidence of, the
registration or filing (or renewal thereof) of this Indenture or any supplemental indenture. The Trustees shall not be bound to give notice
to any person of the execution hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 55; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.05&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>May&nbsp;Hold
Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Trustees, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Company or of the Trustees, in their individual or any other
capacity, may become the owner or pledgee of Securities and, subject to TIA Sections&nbsp;310(b) and 311, may otherwise deal with the
Company, including, without limitation, as a creditor of the Company, with the same rights they would have if they were not Trustees,
Authenticating Agent, Paying Agent, Security Registrar or such other agent. A Trustee that has resigned or is removed shall remain subject
to TIA Section&nbsp;311(a) to the extent provided therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.06&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Money
Held in Trust</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Money held by the Trustees in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustees shall be under no liability for interest on
any money received by them hereunder except as otherwise agreed with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.07&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Compensation
and Reimbursement</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to pay to the Trustees from time to time reasonable compensation for
                                            all services rendered by them hereunder (which compensation shall not be limited by any provision
                                            of law in regard to the compensation of a trustee of an express trust);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>except as otherwise expressly provided herein, to reimburse the Trustees
                                            upon their request for all reasonable expenses, disbursements and advances incurred or made
                                            by the Trustees in accordance with any provision of this Indenture (including the reasonable
                                            compensation and the expenses and disbursements of their agents and counsel), except any
                                            such expense, disbursement or advance as may be attributable to the U.S. Trustee&rsquo;s
                                            gross negligence or bad faith or the Canadian Trustee&rsquo;s gross negligence or willful
                                            misconduct, respectively; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>to indemnify the Trustees for, and to hold them and their directors,
                                            officers, agents, representatives, successors, assigns and employees harmless against, any
                                            loss, liability or expense incurred without gross negligence or bad faith on the part of
                                            the U.S. Trustee, or gross negligence or willful misconduct on the part of the Canadian Trustee,
                                            respectively, arising out of or in connection with the acceptance or administration of the
                                            trust or trusts hereunder, including reasonable attorneys&rsquo; fees and other reasonable
                                            costs and expenses of defending themselves against any claim or liability in connection with
                                            the exercise or performance of any of their powers or duties hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 56; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The obligations of the Company
under this Section 6.07 to compensate the Trustees, to pay or reimburse the Trustees for expenses, disbursements and advances and to indemnify
and hold harmless the Trustees shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of
this Indenture and the resignation or removal of the Trustee. As security for the performance of such obligations of the Company, the
Trustees shall have a claim prior to the Securities upon all property and funds held or collected by the Trustees as such, except funds
held in trust for the payment of principal of, premium (if any) or interest (if any) on particular Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When the Trustees incur expenses or render services
in connection with an Event of Default specified in clause (5)&nbsp;or (6)&nbsp;of Section&nbsp;5.01, the expenses (including reasonable
charges and expense of its counsel) of and the compensation for such services are intended to constitute expenses of administration under
any applicable United States or Canadian federal, state or provincial bankruptcy, insolvency or other similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section&nbsp;6.07 shall
survive the termination of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.08&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Corporate
Trustees Required; Eligibility</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>There shall be at all times a U.S. Trustee hereunder which shall be
                                            eligible to act as Trustee under TIA Section&nbsp;310(a)(1)&nbsp;and, together with its immediate
                                            parent, shall have a combined capital and surplus of at least $50,000,000. If the U.S. Trustee
                                            publishes reports of condition at least annually, pursuant to law or to the requirements
                                            of United States federal, state, territorial or District of Columbia supervising or examining
                                            authority, then for the purposes of this Section&nbsp;6.08, the combined capital and surplus
                                            of U.S. Trustee shall be deemed to be its combined capital and surplus as set forth in its
                                            most recent report of condition so published. If at any time the U.S. Trustee shall cease
                                            to be eligible in accordance with the provisions of this Section&nbsp;6.08, it shall resign
                                            immediately in the manner and with the effect hereinafter specified in this Article&nbsp;Six.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>For so long as required by Trust Indenture Legislation, there shall
                                            be a Canadian Trustee under this Indenture. The Canadian Trustee shall at all times be a
                                            resident or authorized to do business in the Province of [Ontario] and any other province
                                            in Canada where Holders may be resident from time to time. The Canadian Trustee represents
                                            and warrants that no material conflict of interest exists in the Canadian Trustee&rsquo;s
                                            role as a fiduciary hereunder and agrees that in the event of a material conflict of interest
                                            arising hereafter it will, within 30&nbsp;days after ascertaining that it has such material
                                            conflict of interest, either eliminate the same or resign its trust hereunder. If any such
                                            material conflict of interests exists or hereafter shall exist, the validity and enforceability
                                            of this Indenture shall not be affected in any manner whatsoever by reason thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The Trustees will not be required to give any bond or security in
                                            respect of the execution of the trusts and powers set out in this Indenture or otherwise
                                            in respect of the premises.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Neither Trustee nor any Affiliate of either Trustee shall be appointed
                                            a receiver or receiver and manager or liquidator of all or any part of the assets or undertaking
                                            of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 57; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.09&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Resignation
and Removal; Appointment of Successor</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>No resignation or removal of either Trustee and no appointment of
                                            a successor Trustee pursuant to this Article&nbsp;Six shall become effective until the acceptance
                                            of appointment by the successor Trustee in accordance with the applicable requirements of
                                            Section&nbsp;6.10.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Either Trustee may resign at any time with respect to the Securities
                                            of one or more series by giving written notice thereof to the Company. If the instrument
                                            of acceptance by a successor Trustee required by Section&nbsp;6.10 shall not have been delivered
                                            to such Trustee within 30&nbsp;days after the giving of such notice of resignation, the resigning
                                            Trustee may petition any court of competent jurisdiction for the appointment of a successor
                                            Trustee with respect to the Securities of such series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Either Trustee may be removed following 30 days&rsquo; notice at any time with respect to the Securities
of any series by Act of the Holders of not less than a majority in principal amount of the Outstanding Securities of such series, delivered
to such Trustee and to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>If at any time:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>either Trustee shall acquire any conflicting interest as defined in
                                            TIA Section&nbsp;310(b)&nbsp;and fail to comply with the provisions of TIA Section&nbsp;310(b)(i),
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>either Trustee shall fail to comply with the provisions of TIA Section&nbsp;310(b)&nbsp;after
                                            written request therefor by the Company or by any Holder who has been a bona fide Holder
                                            of a Security for at least six months, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>either Trustee shall cease to be eligible under Section&nbsp;6.08
                                            and shall fail to resign after written request therefor by the Company or by any Holder who
                                            has been a bona fide Holder of a Security for at least six months, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>either Trustee shall become incapable of acting or shall be adjudged
                                            a bankrupt or insolvent or a receiver of such Trustee or of its property shall be appointed
                                            or any public officer shall take charge or control of such Trustee or of its property or
                                            affairs for the purpose of rehabilitation, conservation or liquidation,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">then, in any such case, (i)&nbsp;the Company, by a Board Resolution,
may remove such Trustee with respect to all Securities, or (ii)&nbsp;subject to TIA Section&nbsp;315(e), any Holder who has been a bona
fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of such Trustee with respect to all Securities of such series and the appointment
of a successor Trustee or Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>If either Trustee shall resign, be removed or become incapable of
                                            acting, or if a vacancy shall occur in the office of the U.S. Trustee or the Canadian Trustee
                                            for any cause, with respect to the Securities of one or more series, the Company, by a Board
                                            Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities
                                            of that or those series (it being understood that any such successor Trustee may be appointed
                                            with respect to the Securities of one or more or all of such series) <I>provided, however</I>,
                                            that the Company shall not be required to appoint a successor Trustee to the Canadian Trustee
                                            if the Canadian Trustee resigns or is removed and a Canadian Trustee under this Indenture
                                            is no longer required under Trust Indenture Legislation. If, within one year after such resignation,
                                            removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect
                                            to the Securities of any series shall be appointed by Act of the Holders of a majority in
                                            principal amount of the Outstanding Securities of such series delivered to the Company and
                                            the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
                                            of such appointment, become the successor Trustee with respect to the Securities of such
                                            series and to that extent supersede the successor Trustee appointed by the Company. If no
                                            successor Trustee with respect to the Securities of any series shall have been so appointed
                                            by the Company or the Holders and accepted appointment in the manner hereinafter provided,
                                            any Holder who has been a bona fide Holder of a Security of such series for at least six
                                            months may, on behalf of himself and all others similarly situated, petition any court of
                                            competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
                                            of such series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 58; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The Company shall give notice of each resignation and each removal
                                            of a Trustee with respect to the Securities of any series and each appointment of a successor
                                            Trustee with respect to the Securities of any series to the Holders of Securities of such
                                            series in the manner provided for in Section&nbsp;1.07. Each notice shall include the name
                                            of the successor Trustee with respect to the Securities of such series and the address of
                                            its Corporate Trust Office.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>If a Canadian Trustee under this Indenture is no longer required by
                                            Trust Indenture Legislation, then the Company by a Board Resolution may remove the Canadian
                                            Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.10&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Acceptance
of Appointment by Successor</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>In case of the appointment hereunder of a successor Trustee with respect
                                            to all Securities, every such successor Trustee so appointed shall execute, acknowledge and
                                            deliver to the Company and to the retiring Trustee an instrument accepting such appointment,
                                            and thereupon the resignation or removal of the retiring Trustee shall become effective and
                                            such successor Trustee, without any further act, deed or conveyance, shall become vested
                                            with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request
                                            of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its
                                            charges, execute and deliver an instrument transferring to such successor Trustee all the
                                            rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver
                                            to such successor Trustee all property and money held by such retiring Trustee hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>In case of the appointment hereunder of a successor Trustee with respect
                                            to the Securities of one or more (but not all) series, the Company, the retiring Trustee
                                            and each successor Trustee with respect to the Securities of one or more series shall execute
                                            and deliver an indenture supplemental hereto wherein each successor Trustee shall accept
                                            such appointment and which (1)&nbsp;shall contain such provisions as shall be necessary or
                                            desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
                                            powers, trusts and duties of the retiring Trustee with respect to the Securities of that
                                            or those series to which the appointment of such successor Trustee relates, (2)&nbsp;if the
                                            retiring Trustee is not retiring with respect to all Securities, shall contain such provisions
                                            as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
                                            and duties of the retiring Trustee with respect to the Securities of that or those series
                                            as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
                                            Trustee, and (3)&nbsp;shall add to or change any of the provisions of this Indenture as shall
                                            be necessary to provide for or facilitate the administration of the trusts hereunder by more
                                            than one Trustee, it being understood that nothing herein or in such supplemental indenture
                                            shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall
                                            be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
                                            administered by any other such Trustee; and upon the execution and delivery of such supplemental
                                            indenture the resignation or removal of the retiring Trustee shall become effective to the
                                            extent provided therein and each such successor Trustee, without any further act, deed or
                                            conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
                                            Trustee with respect to the Securities of that or those series to which the appointment of
                                            such successor Trustee relates; but, on request of the Company or any successor Trustee,
                                            such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all
                                            property and money held by such retiring Trustee hereunder with respect to the Securities
                                            of that or those series to which the appointment of such successor Trustee relates. Whenever
                                            there is a successor Trustee with respect to one or more (but less than all) series of Securities
                                            issued pursuant to this Indenture, the terms &ldquo;Indenture&rdquo; and &ldquo;Securities&rdquo;
                                            shall have the meanings specified in the provisos to the respective definitions of those
                                            terms in Section&nbsp;1.01 which contemplate such situation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 59; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Upon reasonable request of any such successor Trustee, the Company
                                            shall execute any and all instruments for more fully and certainly vesting in and confirming
                                            to such successor Trustee all rights, powers and trusts referred to in paragraph&nbsp;(1)&nbsp;or
                                            (2)&nbsp;of this Section&nbsp;6.10, as the case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>No successor Trustee shall accept its appointment unless at the time
                                            of such acceptance such successor Trustee shall be qualified and eligible under this Article&nbsp;Six.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.11&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Merger,
Conversion, Consolidation or Succession to Business</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any corporation into which either Trustee or its
corporate trust business may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which either Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate
trust business of either Trustee, shall be the successor of such Trustee hereunder, <I>provided</I> such corporation shall be otherwise
qualified and eligible under this Article&nbsp;Six, without the execution or filing of any paper or any further act on the part of any
of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by a Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities. In case any of the Securities shall not have
been authenticated by such predecessor Trustee, any successor Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force and effect which this
Indenture provides for the certificate of authentication of such Trustee; <I>provided, however</I>, that the right to adopt the certificate
of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to
its successor or successors by merger, conversion or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.12&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Appointment
of Authenticating Agent</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time when any of the Securities remain
outstanding, the Trustees may appoint an Authenticating Agent or Agents, with respect to one or more series of Securities which shall
be authorized to act on behalf of the Trustees to authenticate Securities of such series and the Trustees shall give written notice of
such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, in the manner
provided for in Section&nbsp;1.07. Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the applicable Trustee hereunder. Any such appointment shall be evidenced by an
instrument in writing signed by a Responsible Officer of the Trustees, and a copy of such instrument shall be promptly furnished to the
Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustees or either Trustee&rsquo;s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustees by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustees by an Authenticating Agent. Each Authenticating
Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United
States of America, any state thereof or the District of Columbia or the laws of Canada or any province thereof, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or
examination by United States federal or state or Canadian federal or provincial authority. If such corporation publishes reports of condition
at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section&nbsp;6.12,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section&nbsp;6.12, it shall resign immediately in the manner and with the effect specified in this Section&nbsp;6.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 60; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business
of an Authenticating Agent, shall continue to be an Authenticating Agent, <I>provided</I> such corporation shall be otherwise eligible
under this Section&nbsp;6.12, without the execution or filing of any paper or any further act on the part of the Trustees or the Authenticating
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustees and to the Company. The Trustees may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section&nbsp;6.12, the Trustees may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall
give written notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will
serve, in the manner provided for in Section&nbsp;1.07. Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section&nbsp;6.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustees agree to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section&nbsp;6.12, and the Trustees shall be entitled to
be reimbursed for such payments, subject to the provisions of Section&nbsp;6.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an appointment with respect to one or more
series is made pursuant to this Section&nbsp;6.12, the Securities of such series may have endorsed thereon, in addition to either Trustee&rsquo;s
certificate of authentication, an alternate certificate of authentication in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Certificate of Authentication may be executed by either Trustee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">_____________________, as U.S. Trustee, certifies
that this is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 61; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">Dated:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
  <TD STYLE="width: 80%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2">as U.S. Trustee</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD></TD>
  <TD STYLE="text-align: center">As Authenticating Agent</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">Authorized Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">_____________________, as Canadian Trustee, certifies
that this is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">Dated:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
  <TD STYLE="width: 80%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2">as Canadian Trustee</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD></TD>
  <TD STYLE="text-align: center">As Authenticating Agent</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">Authorized Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.13&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Joint
Trustees</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights, powers, duties and obligations conferred
and imposed upon the Trustees are conferred and imposed upon and shall be exercised and performed by the U.S. Trustee and the Canadian
Trustee individually, except to the extent the Trustees are required under Trust Indenture Legislation to perform such acts jointly,
and neither Trustee shall be liable or responsible for the acts or omissions of the other Trustee. If the U.S. Trustee and Canadian Trustee
are unable to agree jointly to act or refrain from acting, the applicable Trustee shall make the decision in accordance with its applicable
legislation. Unless the context implies or requires otherwise, any written notice, request, direction, certificate, instruction, opinion
or other document (each such document, a &ldquo;<B>Writing</B>&rdquo;) delivered pursuant to any provision of this Indenture to any of
the U.S. Trustee or the Canadian Trustee shall be deemed for all purposes of this Indenture as delivery of such Writing to the Trustee.
Each such Trustee in receipt of such Writing shall notify such other Trustee of its receipt of such Writing within two Business Days
of such receipt <I>provided, however</I>, that any failure of such trustee in receipt of such Writing to so notify such other Trustee
shall not be deemed as a deficiency in the delivery of such Writing to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 62; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6.14&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Other
Rights of Trustees</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Trustee shall retain the right not to act
and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, either Trustee, in its
sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist
legislation, regulation or guideline. Further, should either Trustee, in its sole judgment, determine at any time that its acting under
this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation
or guideline, then it shall have the right to resign on 10&nbsp;days written notice to all parties provided (i)&nbsp;that such Trustee&rsquo;s
written notice shall describe the circumstances of such non-compliance; and (ii)&nbsp;that if such circumstances are rectified to such
Trustee&rsquo;s satisfaction within such 10&nbsp;day period, then such resignation shall not be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The parties hereto acknowledge that Canadian federal
and provincial legislation addressing the protection of individuals&rsquo; personal information (collectively, &ldquo;<B>Privacy Laws</B>&rdquo;)
applies to obligations and activities under this Indenture. Despite any other provision of this Indenture, neither party shall take or
direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Company, prior to transferring,
or causing to be transferred, personal information to the Canadian Trustee, shall obtain and retain required consents of the relevant
individuals to the collection, use and disclosure of their personal information, or shall have determined that such consents either have
been previously given and can be relied on or are not required under Privacy Laws. The Canadian Trustee shall use commercially reasonable
efforts to ensure that its services hereunder comply with Privacy Laws. Specifically, the Trustee agrees to (i)&nbsp;have designated
a chief privacy officer; (ii)&nbsp;maintain policies and procedures to protect personal information and to receive and respond to any
privacy complaint or inquiry; (iii)&nbsp;use personal information solely for the purposes of providing its services under or ancillary
to this Indenture and not to use it for any other purpose except with the consent and direction of the Company; (iv)&nbsp;not sell or
otherwise improperly disclose personal information to any third party; and (v)&nbsp;use employee administrative, physical and technological
safeguards to reasonably secure and protect personal information against loss, theft or unauthorized access, use or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is expressly acknowledged and agreed that the
Canadian Trustee may, in the course of providing services hereunder, collect or receive, use and disclose financial and other personal
information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter
hereof, and use such information for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>to provide the services required under this Indenture and other services
                                            that may be requested from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>to help the Canadian Trustee manage its servicing relationships with
                                            such individuals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>to meet the Canadian Trustee&rsquo;s legal and regulatory requirements;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>if social insurance numbers are collected by the Canadian Trustee,
                                            to perform tax reporting and to assist in verification of an individual&rsquo;s identity
                                            for security purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, each party agrees that it shall not provide
or cause to be provided to the Canadian Trustee any personal information relating to an individual who is not a party to this Indenture
unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures. Notwithstanding
anything to the contrary herein, the Company and the Trustees may, without liability, disclose information about the Holders and beneficial
owners or potential Holders or potential beneficial owners of the Securities pursuant to subpoena or other order issued by a court of
competent jurisdiction or when otherwise required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 63; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Trustee hereby accepts the trusts in this
Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights,
privileges and benefits conferred hereby and by law in trust for the various persons who shall from time to time be holders, subject
to all the terms and conditions herein set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Seven</B></FONT><B><BR>
HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;7.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Company
to Furnish Trustees Names and Addresses of Holders</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will furnish or cause to be furnished
to the Trustees (1)&nbsp;not more than 15&nbsp;days after each Regular Record Date, or such lesser time as required by the Trustees,
a list, in such form as the Trustees may reasonably require, of the names and addresses of Holders as of such Regular Record Date; <I>provided,
however</I>, that the Company shall not be obligated to furnish or cause to be furnished such list at any time that the list shall not
differ in any respect from the most recent list furnished to the Trustees by the Company or at such times as either Trustee is acting
as Security Registrar for the applicable series of Securities and (2)&nbsp;at such other times as the Trustees may request in writing
within 30&nbsp;days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than
15&nbsp;days prior to the time such list is furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;7.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Preservation
of List of Names and Addresses of Holders</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustees shall preserve, in as current a form
as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished
to them as provided in Section&nbsp;7.01 and as to the names and addresses of Holders received by either Trustee in its capacity as Security
Registrar for the applicable series of Securities (if acting in such capacity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustees may destroy any list furnished as
provided in Section&nbsp;7.01 upon receipt of a new list so furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders may communicate as provided in TIA Section&nbsp;312(b)&nbsp;with
other Holders with respect to their rights under this Indenture or under the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;7.03&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Disclosure
of Names and Addresses of Holders</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every Holder of Securities, by receiving
and holding the same, agrees with the Company and the Trustees that none of the Company or the Trustees or any agent of either of them
shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance
with TIA Section&nbsp;312, regardless of the source from which such information was derived, and that the Trustees shall not be held
accountable by reason of mailing any material pursuant to a request made under TIA Section&nbsp;312(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;7.04&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Reports
by Trustees</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Within 60&nbsp;days after May&nbsp;15 of each year commencing with
                                            the first year after the first issuance of Securities pursuant to this Indenture, the U.S.
                                            Trustee shall transmit to the Holders of Securities, in the manner and to the extent provided
                                            in TIA Section&nbsp;313(c), a brief report dated as of such reporting date, if required by
                                            TIA Section&nbsp;313(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 64; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The U.S. Trustee shall comply with TIA Sections&nbsp;313(b)&nbsp;and
                                            313(c).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>A copy of such report shall, at the time of such transmission to the
                                            Holders, be filed by the U.S. Trustee with the Company, with each securities exchange upon
                                            which any of the Securities are listed (if so listed) and also with the Commission. The Company
                                            agrees to notify the Trustees when the Securities become listed on any securities exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;7.05&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Reports
by the Company</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Company will file with the Trustees, within 20&nbsp;days after
                                            filing with or furnishing to the Commission, copies of its annual reports and of the information,
                                            documents and other reports (or copies of such portions of any of the foregoing as the Commission
                                            may by rules&nbsp;and regulations prescribe) which the Company is required to file or furnish
                                            with the Commission pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act or, if
                                            the Company is not required to file information, documents or reports pursuant to either
                                            of such sections, then to file with the Trustees and the Commission, in accordance with rules&nbsp;and
                                            regulations prescribed by the Commission, such of the supplementary and periodic information,
                                            documents and reports which may be required pursuant to Section&nbsp;13 of the Exchange Act
                                            in respect of a security listed and registered on a national securities exchange as may be
                                            prescribed in such rules&nbsp;and regulations; <I>provided </I>that any such reports, information
                                            or documents filed with the Commission pursuant to its Electronic Data Gathering, Analysis
                                            and Retrieval (EDGAR) system shall be deemed filed with the Trustees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The Company will transmit to all Holders, in the manner and to the
                                            extent provided in TIA Section&nbsp;313(c), within 30&nbsp;days after the filing thereof
                                            with the Trustees, such summaries of any information, documents and reports required to be
                                            filed by the Company pursuant to paragraph&nbsp;(1)&nbsp;of this Section&nbsp;7.05 as may
                                            be required by rules&nbsp;and regulations prescribed from time to time by the Commission.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>If at any time the Securities are guaranteed by a direct or indirect
                                            parent of the Company, and such parent has furnished the reports required by this Section&nbsp;7.05
                                            with respect to parent as required by this Section&nbsp;7.05 as if parent were the Company
                                            (including any financial information required hereby), the Company shall be deemed to be
                                            in compliance with this Section&nbsp;7.05.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Eight</B></FONT><B><BR>
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;8.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Company
May&nbsp;Consolidate,&nbsp;etc., only on Certain Terms</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall not amalgamate or consolidate
with or merge into or enter into any statutory arrangement with any other Person, or, directly or indirectly, convey, transfer or lease
all or substantially all of its properties and assets to any Person, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the Person formed by or continuing from such amalgamation or consolidation
                                            or into which the Company is merged or with which it enters into such statutory arrangement
                                            or the Person which acquires by operation of law or by conveyance or transfer, or which leases,
                                            all or substantially all of the properties and assets of the Company shall be a corporation,
                                            partnership or trust organized and validly existing under the laws of Canada or any province
                                            or territory thereof, the United States of America or any state thereof or the District of
                                            Columbia or, if such amalgamation, consolidation, merger, statutory arrangement or other
                                            transaction would not impair the rights of Holders, any other country, and, unless the Company
                                            is the continuing corporation, shall expressly assume, by an indenture supplemental hereto,
                                            executed and delivered to the Trustees, in form satisfactory to the Trustees, the Company&rsquo;s
                                            obligation for the due and punctual payment of the principal of, premium (if any) and interest
                                            (if any) on all the Securities and the performance and observance of every covenant of this
                                            Indenture on the part of the Company to be performed or observed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 65; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>immediately after giving effect to such transaction, no Default or
                                            Event of Default shall have happened and be continuing; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the Company or such Person shall have delivered to the Trustees an
                                            Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that such amalgamation,
                                            consolidation, merger, statutory arrangement or other transaction and such supplemental indenture
                                            comply with this Article&nbsp;Eight and that all conditions precedent herein provided for
                                            relating to such transaction have been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the above,
the Company may consolidate with, amalgamate with, undergo an arrangement with, merge with or into an Affiliate of the Company solely
for the purpose of reincorporating the Company in a state of the United States or the District of Columbia or in another province or
territory of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Section&nbsp;8.01 shall
only apply to a merger, consolidation or amalgamation in which the Company is not the surviving Person and to conveyances, leases and
transfers by the Company as transferor or lessor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;8.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Successor
Person Substituted</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon any amalgamation or consolidation by the
Company with or merger by the Company into any other corporation or a statutory arrangement or any conveyance, transfer or lease of all
or substantially all of the properties and assets of the Company to any Person in accordance with Section&nbsp;8.01, the successor Person
formed by such amalgamation or consolidation or into which the Company is merged or statutory arrangement, or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein, and in the event of any such conveyance
or transfer, the Company (which term shall for this purpose mean the Person named as the &ldquo;Company&rdquo; in the first paragraph
of this Indenture or any successor Person which shall theretofore become such in the manner described in Section&nbsp;8.01), except in
the case of a lease, shall be discharged of all obligations and covenants under this Indenture and the Securities and
may be dissolved and liquidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 66; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Nine</B></FONT><B><BR>
SUPPLEMENTAL INDENTURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9.01&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Supplemental
Indentures Without Consent of Holders</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding Section&nbsp;9.02, without the
consent of any Holders, the Company, when authorized by or pursuant to a Board Resolution, and the Trustees, at any time and from time
to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustees, for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to evidence the succession of another Person to the Company and the
                                            assumption by any such successor of the covenants of the Company contained herein and in
                                            the Securities; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>to add to the covenants of the Company for the benefit of the Holders
                                            of all or any series of Securities (and if such covenants are to
                                            be for the benefit of less than all series of Securities, stating that such covenants are
                                            being included solely for the benefit of such series) or to surrender any right or power
                                            herein conferred upon the Company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>to add any additional Events of Default (and if such Events of Default
                                            are to be for the benefit of less than all series of Securities, stating that such Events
                                            of Default are being included solely for the benefit of such series); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">to delete or modify any Events of Default with respect to a series of the Securities, the form and terms
of which are being established pursuant to such supplemental indenture as permitted in Section 3.01; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>to change or eliminate any of the provisions of this Indenture; <I>provided
                                            </I>that any such change or elimination shall become effective only when there is no Security
                                            Outstanding of any series created prior to the execution of such supplemental indenture which
                                            is entitled to the benefit of such provision; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>to establish the form or terms of Securities of any series as permitted
                                            by Sections&nbsp;2.01 and 3.01; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>to evidence and provide for the acceptance of appointment hereunder
                                            by a successor Trustee with respect to the Securities of one or more series and to add to
                                            or change any of the provisions of this Indenture as shall be necessary to provide for or
                                            facilitate the administration of the trusts hereunder by more than one Trustee, pursuant
                                            to the requirements of Section&nbsp;6.10; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 67; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>to close this Indenture with respect to the authentication and delivery
                                            of additional series of Securities; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>to cure any ambiguity or to correct or supplement any provision contained
                                            herein or in any indenture supplemental hereto which may be defective or inconsistent with
                                            any other provision contained herein or in any supplemental indenture or to conform the terms
                                            hereof, as amended and supplemented, that are applicable to the Securities of any series
                                            to the description of the terms of such Securities in the offering memorandum, prospectus
                                            supplement or other offering document applicable to such Securities at the time of initial
                                            sale thereof; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>to make any change in any series of Securities that does not adversely
                                            affect in any material respect the rights of the Holders of such Securities; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(11)</TD><TD>to add to or change or eliminate any provision of this Indenture
                                            as shall be necessary or desirable in accordance with any amendments to the Trust Indenture
                                            Act; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(12)</TD><TD>to supplement any of the provisions of this Indenture to such extent
                                            as shall be necessary to permit or facilitate the defeasance and discharge of any series
                                            of Securities pursuant to Sections&nbsp;4.01, 14.02 and 14.03; <I>provided</I> that any such
                                            action shall not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in any material respect; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(13)</TD><TD>to modify, eliminate or add to the provisions of this Indenture to
                                            such extent as shall be necessary to effect the qualifications of this Indenture under any
                                            applicable law of the United States and Canada or of any province or territory thereof to
                                            the extent they do not conflict with the applicable law of the United States heretofore or
                                            hereafter enacted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9.02&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Supplemental
Indentures with Consent of Holders</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as provided in Section&nbsp;9.01 and this
Section&nbsp;9.02, with the consent of the Holders of not less than a majority in principal amount of all Outstanding Securities affected
by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustees, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustees may enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which affect such series of Securities
or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; <I>provided, however</I>,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such series,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>change the Stated Maturity of the principal of, premium (if any) or
                                            any installment of interest (if any) on any Security of such series, or reduce the principal
                                            amount thereof, premium (if any) or the rate of interest (if any) thereon, or reduce the
                                            amount of the principal of an Original Issue Discount Security of such series that would
                                            be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
                                            Section&nbsp;5.02 or the amount thereof provable in bankruptcy pursuant to Section&nbsp;5.04,
                                            or adversely affect any right of repayment at the option of any Holder of any Security of
                                            such series, or change any Place of Payment where, or the Currency in which, any Security
                                            of such series or any premium or interest thereon is payable, or impair the right to institute
                                            suit for the enforcement of any such payment on or after the Stated Maturity thereof (or,
                                            in the case of redemption or repayment at the option of the Holder, on or after the Redemption
                                            Date or Repayment Date, as the case may be), or adversely affect any right to convert or
                                            exchange any Security as may be provided pursuant to Section&nbsp;3.01 herein, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 68; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>reduce the percentage in principal amount of the Outstanding Securities
                                            of such series required for any such supplemental indenture, or the consent of whose Holders
                                            is required for any waiver of compliance with certain provisions of this Indenture which
                                            affect such series or certain defaults applicable to such series hereunder and their consequences
                                            provided for in this Indenture, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>modify any of the provisions of this 9.02 Section, Section&nbsp;5.13
                                            or Section&nbsp;10.09, except to increase any such percentage or to provide that certain
                                            other provisions of this Indenture which affect such series cannot be modified or waived
                                            without the consent of the Holder of each Outstanding Security of such series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. Any such supplemental
indenture adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture, or modifying in
any manner the rights of the Holders of Securities of such series, shall not affect the rights under this Indenture of the Holders of
Securities of any other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It shall not be necessary for any Act of Holders
under this 9.02 Section&nbsp;to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such
Act shall approve the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9.03&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Execution
of Supplemental Indentures</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article&nbsp;Nine or the modifications thereby of the trusts created by this
Indenture, the Trustees shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture. Each Trustee may, but shall not be obligated
to, enter into any such supplemental indenture which affects such Trustee&rsquo;s own rights, duties or immunities under this Indenture
or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9.04&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Effect
of Supplemental Indentures</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the execution of any supplemental indenture
under this Article&nbsp;Nine, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 69; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9.05&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Conformity
with Trust Indenture Legislation</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every supplemental indenture executed pursuant
to this Article&nbsp;Nine shall conform to the requirements of Trust Indenture Legislation as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9.06&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Reference
in Securities to Supplemental Indentures</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article&nbsp;Nine may, and shall if required by the Trustees, bear
a notation in form approved by the Trustees as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustees and the Company, to any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by the Trustees in exchange for outstanding Securities of
such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9.07&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notice
of Supplemental Indentures</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Promptly after the execution by the Company and
the Trustees of any supplemental indenture pursuant to the provisions of Section&nbsp;9.02, the Company shall give notice thereof to
the Holders of each outstanding Security affected, in the manner provided for in Section&nbsp;1.07, setting forth in general terms the
substance of such supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Ten</B></FONT><B><BR>
COVENANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10.01&#8239;&#8239;</B></FONT><B>Payment
of Principal, Premium and Interest</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Company covenants and agrees
for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of, premium (if any) and
interest (if any), on the Securities of that series in accordance with the terms of the Securities and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10.02&#8239;&#8239;</B></FONT><B>Maintenance
of Office or Agency</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">The Company will maintain in each Place of Payment for any series of Securities an office or agency where
Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration
of transfer or exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange,
as applicable, and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be served.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 70; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The Company will give prompt written notice to the Trustees 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 Trustees with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Offices of the Trustees.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The Company may also from time to time designate one or more other
                                            offices or agencies where the Securities of one or more series may be presented or surrendered
                                            for any or all such purposes and may from time to time rescind any such designation; <I>provided,
                                            however</I>, that no such designation or rescission shall in any manner relieve the Company
                                            of its obligation to maintain an office or agency in accordance with the requirements set
                                            forth above for Securities of any series for such purposes. The Company will give prompt
                                            written notice to the Trustees of any such designation or rescission and of any change in
                                            the location of any such other office or agency. Unless otherwise specified with respect
                                            to any Securities as contemplated by Section&nbsp;3.01 with respect to a series of Securities,
                                            the Company hereby initially appoints the U.S. Trustee at its Corporate Trust Office as Paying
                                            Agent in such city and as its agent to receive all such presentations, surrenders, notices
                                            and demands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Unless otherwise specified with respect to any Securities pursuant
                                            to Section&nbsp;3.01, if and so long as the Securities of any series (i)&nbsp;are denominated
                                            in a Currency other than Dollars or (ii)&nbsp;may be payable in a Currency other than Dollars,
                                            or so long as it is required under any other provision of the Indenture, then the Company
                                            will maintain with respect to each such series of Securities, or as so required, at least
                                            one Exchange Rate Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 71; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10.03&#8239;&#8239;</B></FONT><B>Money
for Securities Payments to Be Held in Trust</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company shall at any time act as its own
Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of,
premium (if any) or interest (if any) on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to
Section&nbsp;3.01 for the Securities of such series and except, if applicable, as provided in Sections&nbsp;3.12(b), 3.12(d)&nbsp;and
3.12(e)) sufficient to pay the principal of, premium (if any) or interest (if any) on Securities of such series so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustees of its action
or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever the Company shall have one or more Paying
Agents for any series of Securities, it will, prior to or on each due date of the principal of, premium (if any)
or interest (if any) on any Securities of that series, deposit with a Paying Agent a sum (in the Currency described in the preceding
paragraph) sufficient to pay the principal, premium (if any) or interest (if any) so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is a Trustee) the Company will
promptly notify the Trustees of its action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will cause each Paying Agent (other
than the Trustees) for any series of Securities to execute and deliver to the Trustees an instrument in which such Paying Agent shall
agree with the Trustees, subject to the provisions of this 10.03 Section, that such Paying Agent will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>hold all sums held by it for the payment of the principal of, premium
                                            (if any) and interest (if any) on Securities of such series in trust for the benefit of the
                                            Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed
                                            of as herein provided;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>give the Trustees notice of any default by the Company (or any other
                                            obligor upon the Securities of such series) in the making of any payment of principal of,
                                            premium (if any) or interest (if any) on the Securities of such series; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>at any time during the continuance of any such default, upon the written
                                            request of the Trustees, forthwith pay to the Trustees all sums so held in trust by such
                                            Paying Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent
to pay, to the Trustees all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustees upon the same
trusts as those upon which sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustees,
such Paying Agent shall be released from all further liability with respect to such sums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Except as provided in the Securities
of any series, any money deposited with the Trustees or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of, premium (if any) or interest (if any) on any Security of any series, and remaining unclaimed for two years after such principal,
premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company
for payment thereof, and all liability of the Trustees or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 72; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10.04&#8239;&#8239;</B></FONT><B>Statement
as to Compliance</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall deliver to the Trustees, on
or before 120 days after the end of the Company&rsquo;s fiscal year, an Officer&rsquo;s Certificate stating that a review of the activities
of the Company during such fiscal year has been made under the supervision of the signing Officer with a view to determining whether
the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer,
that the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred and is continuing, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the
Company is taking or propose to take with respect thereto). The Company shall deliver to the Trustees upon demand evidence in such form
as the Trustees may require as to compliance by the Company with any condition or covenant of the Company set out herein relating to
any action required or permitted to be taken by the Company under this Indenture or as a result of any obligation imposed by this Indenture.
For purposes of this Section&nbsp;10.04, such compliance shall be determined without regard to any period of grace or requirement of
notice under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10.05&#8239;&#8239;</B></FONT><B>Payment
of Taxes and Other Claims</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will pay or discharge or cause to
be paid or discharged, before the same shall become delinquent, (1)&nbsp;all material taxes, assessments and governmental charges levied
or imposed upon the Company or upon the income, profits or property of the Company, and (2)&nbsp;all material lawful claims for labor,
materials and supplies which, if unpaid, might by law become a Lien upon any property or assets of the Company; <I>provided, however</I>,
that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim
whose amount, applicability or validity is being contested in good faith by appropriate proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10.06&#8239;&#8239;</B></FONT><B>Corporate
Existence</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Article&nbsp;Eight, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter
and statutory) and franchises of the Company; <I>provided, however</I>, that the Company shall not be required to preserve any such right
or franchise if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10.07&#8239;&#8239;</B></FONT><B>Waiver
of Certain Covenants</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may, with respect to any series of
Securities, omit in any particular instance to comply with any term, provision or condition which affects such series set forth in Sections&nbsp;10.06
and 10.07, or, as specified pursuant to Section&nbsp;3.01(19) for Securities of such series, in any covenants of the Company added to
this Article&nbsp;Ten pursuant to Section&nbsp;3.01(19) in connection with Securities of such series, if before the time for such compliance
the Holders of at least a majority in principal amount of all Outstanding Securities of any series, by Act of such Holders, waive such
compliance in such instance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision
or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustees to Holders of Securities of such series in respect of any such term, provision or condition shall remain
in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 73; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Eleven</B></FONT><B><BR>
REDEMPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11.01&#8239;&#8239;</B></FONT><B>Applicability
of Article</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with the terms of such Securities and (except as otherwise specified as
contemplated by Section&nbsp;3.01 for Securities of any series) in accordance with this Article&nbsp;Eleven.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11.02&#8239;&#8239;</B></FONT><B>Election
to Redeem; Notice to Trustees</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The election of the Company to
redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company,
the Company shall, at least 60&nbsp;days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory
to the Trustees), notify the Trustees of such Redemption Date and of the principal amount of Securities of such series to be redeemed
and, in the case of certificated Securities, shall deliver to the Trustees such documentation and records as shall enable the Trustees
to select the Securities to be redeemed pursuant to Section&nbsp;11.03. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish
to the Trustees an Officer&rsquo;s Certificate evidencing compliance with such restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11.03&#8239;&#8239;</B></FONT><B>Selection
by Trustees of Securities to Be Redeemed</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If less than all the Securities
of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60&nbsp;days prior to the Redemption
Date by the Trustees, from the Outstanding Securities of such series not previously called for redemption, in the case of certificated
Securities, by such method as the Trustees shall deem fair and appropriate and which may provide for the selection for redemption of portions
of the principal of Securities of such series, or in the case of Securities in global form in accordance with the policies and procedures
of the applicable Depositary; <I>provided, however</I>, that no such partial redemption shall reduce the portion of the principal amount
of a Security not redeemed to less than the minimum authorized denomination for Securities of such series established pursuant to Section&nbsp;3.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustees shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed
or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11.04&#8239;&#8239;</B></FONT><B>Notice
of Redemption</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section&nbsp;3.01, notice of redemption shall be given in the manner provided for in Section&nbsp;1.07 not less than 30 nor more than
60&nbsp;days prior to the Redemption Date, to each Holder of Securities to be redeemed. Failure to give notice in the manner provided
in Section&nbsp;1.07 to the Holder of any Securities designated for redemption as a whole or in part, or any defect in the notice to
any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 74; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All notices of redemption shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the Redemption Date,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Redemption Price and the amount of accrued interest to the Redemption
                                            Date payable as provided in Section&nbsp;11.06, if any,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>if less than all the Outstanding Securities of any series are to be
                                            redeemed, the identification (and, in the case of partial redemption, the principal amounts)
                                            of the particular Securities to be redeemed,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>in case any Security is to be redeemed in part only, the notice which
                                            relates to such Security shall state that on and after the Redemption Date, upon surrender
                                            of such Security, the Holder will receive, without charge, a new Security or Securities of
                                            authorized denominations for the principal amount thereof remaining unredeemed,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>that on the Redemption Date, the Redemption Price and accrued interest
                                            (if any) to the Redemption Date payable as provided in Section&nbsp;11.06 will become due
                                            and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable,
                                            that interest thereon will cease to accrue on and after said date,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">the Place or Places of Payment where such Securities are to be surrendered for payment of the Redemption
Price and accrued interest (if any),</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>that the redemption is for a sinking fund, if such is the case, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(8)</TD><TD STYLE="text-align: justify">if applicable, any condition to such redemption.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company&rsquo;s request, by the Trustees in the name and at the
expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11.05&#8239;&#8239;</B></FONT><B>Deposit
of Redemption Price</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to any Redemption Date, the Company shall
deposit with a Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided
in Section&nbsp;10.03) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section&nbsp;3.01 for the Securities of such series and except, if applicable, as provided in Sections&nbsp;3.12(b), 3.12(d)&nbsp;and
3.12(e)) sufficient to pay the Redemption Price of, and accrued interest (if any) on, all the Securities which are to be redeemed on
that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 75; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11.06&#8239;&#8239;</B></FONT><B>Securities
Payable on Redemption Date</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notice of redemption having been
given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;3.01
for the Securities of such series and except, if applicable, as provided in Sections&nbsp;3.12(b), 3.12(d) and 3.12(e)) (together with
accrued interest (if any) to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest (if any)) such Securities shall, if the same were interest-bearing, cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest (if any), to the Redemption Date; <I>provided, however</I>, that installments of interest on Securities
whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant record dates according to their terms and the provisions of Section&nbsp;3.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal and premium (if any) shall, until paid, bear interest from the Redemption
Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11.07&#8239;&#8239;</B></FONT><B>Securities
Redeemed in Part</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any Security which is to be redeemed only in part
(pursuant to the provisions of this Article&nbsp;Eleven or of Article&nbsp;Twelve) shall be surrendered at a Place of Payment therefor
(with, if the Company or the Trustees so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustees duly executed by, the Holder thereof or such Holder&rsquo;s attorney duly authorized in writing), and the Company
shall execute, and the applicable Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series, of any authorized denomination as requested by such Holder, in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 76; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Twelve</B></FONT><BR>
<B>SINKING FUNDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;12.01&#8239;&#8239;</B></FONT><B>Applicability
of Article</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Retirements of Securities of any series pursuant
to any sinking fund shall be made in accordance with the terms of such Securities and (except as otherwise specified as contemplated
by Section&nbsp;3.01 for Securities of any series) in accordance with this Article&nbsp;Twelve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a &ldquo;<B>mandatory sinking fund payment</B>,&rdquo;
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an &ldquo;<B>optional
sinking fund payment</B>&rdquo;. If provided for by the terms of Securities of any series, the cash amount of any mandatory sinking fund
payment may be subject to reduction as provided in Section&nbsp;12.02. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;12.02&#8239;&#8239;</B></FONT><B>Satisfaction
of Sinking Fund Payments with Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to Section&nbsp;12.03,
in lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the Company
may at its option (1)&nbsp;deliver to the Trustees Outstanding Securities of a such series (other than any previously called for redemption)
theretofore purchased or otherwise acquired by the Company, and/or (2)&nbsp;receive credit for the principal amount of Securities of such
series which have been previously delivered to the Trustees by the Company or redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of the same series
required to be made pursuant to the terms of such Securities as provided for by the terms of such series; <I>provided, however</I>, that
such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustees
at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory
sinking fund payment shall be reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;12.03&#8239;&#8239;</B></FONT><B>Redemption
of Securities for Sinking Fund</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not less than 60&nbsp;days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustees an Officer&rsquo;s Certificate specifying the
amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which
is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section&nbsp;3.01 for the Securities of such series and except, if applicable, as provided in Sections&nbsp;3.12(b), 3.12(d)&nbsp;and
3.12(e)) and the portion thereof, if any, which is to be satisfied by delivering or crediting Securities of that series pursuant to Section&nbsp;12.02
(which Securities will, if not previously delivered, accompany such certificate) and whether the Company intends to exercise its right
to make a permitted optional sinking fund payment with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such certificate shall be irrevocable and upon
its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, on or before the next succeeding
sinking fund payment date. In the case of the failure of the Company to deliver such certificate, the sinking fund payment due on the
next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal
amount of such Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities as provided
in Section&nbsp;12.02 and without the right to make any optional sinking fund payment, if any, with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 77; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not more than 60&nbsp;days before each such sinking
fund payment date the Trustees shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section&nbsp;11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the
manner provided in Section&nbsp;11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections&nbsp;11.06 and 11.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to any sinking fund payment date, the Company
shall pay to the Trustees or a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided
in Section&nbsp;10.03) in cash a sum equal to any interest that will accrue to the date fixed for redemption of Securities or portions
thereof to be redeemed on such sinking fund payment date pursuant to this 12.03 Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, with respect to
a sinking fund for any series of Securities, if at any time the amount of cash to be paid into such sinking fund on the next succeeding
sinking fund payment date, together with any unused balance of any preceding sinking fund payment or payments for such series, does not
exceed in the aggregate $100,000, the Trustees, unless requested by the Company, shall not give the next succeeding notice of the redemption
of Securities of such series through the operation of the sinking fund. Any such unused balance of moneys deposited in such sinking fund
shall be added to the sinking fund payment for such series to be made in cash on the next succeeding sinking fund payment date or, at
the request of the Company, shall be applied at any time or from time to time to the purchase of Securities of such series, by public
or private purchase, in the open market or otherwise, at a purchase price for such Securities (excluding accrued interest and brokerage
commissions, for which the Trustees or any Paying Agent will be reimbursed by the Company) not in excess of the principal amount thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Thirteen</B></FONT><BR>
<B>REPAYMENT AT OPTION OF HOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;13.01&#8239;&#8239;</B></FONT><B>Applicability
of Article</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Repayment of Securities of any series before their
Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section&nbsp;3.01 for Securities of any series) in accordance with this Article&nbsp;Thirteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;13.02&#8239;&#8239;</B></FONT><B>Repayment
of Securities</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at
a price equal to the principal amount thereof, together with interest (if any) thereon accrued to the Repayment Date specified in or
pursuant to the terms of such Securities. The Company covenants that, with respect to such Securities, on or before the Repayment Date
it will deposit with a Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust
as provided in Section&nbsp;10.03) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section&nbsp;3.01 for the Securities of such series and except, if applicable, as provided in Sections&nbsp;3.12(b),
3.12(d)&nbsp;and 3.12(e)) sufficient to pay the principal (or, if so provided by the terms of the Securities of any series, a percentage
of the principal) of and (except if the Repayment Date shall be an Interest Payment Date) accrued interest (if any) on, all the Securities
or portions thereof, as the case may be, to be repaid on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 78; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;13.03&#8239;&#8239;</B></FONT><B>Exercise
of Option</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities of any series subject to repayment
at the option of the Holders thereof will contain an &ldquo;Option to Elect Repayment&rdquo; form on the reverse of such Securities.
To be repaid at the option of the Holder, any Security so providing for such repayment, with the &ldquo;Option to Elect Repayment&rdquo;
form on the reverse of such Security duly completed by the Holder (or by the Holder&rsquo;s attorney duly authorized in writing), must
be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place or places
which the Company shall from time to time notify the Holders of such Securities) not earlier than 45&nbsp;days nor later than 30&nbsp;days
prior to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of
such Security, the principal amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series,
and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount
of such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment
at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security
would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except
as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the
repayment option by the Holder shall be irrevocable unless waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;13.04&#8239;&#8239;</B></FONT><B>When
Securities Presented for Repayment Become Due and Payable</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If Securities of any series providing
for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article Thirteen and as provided by
or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due
and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the
Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest- bearing,
cease to bear interest. Upon surrender of any such Security for repayment in accordance with such provisions, the principal amount of
such Security so to be repaid shall be paid by the Company, together with accrued interest (if any) to the Repayment Date; <I>provided,
however</I>, that, in the case of Securities, installments of interest (if any) whose Stated Maturity is on or prior to the Repayment
Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business
on the relevant Record Dates according to their terms and the provisions of Section&nbsp;3.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 79; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Security surrendered for repayment shall
not be so repaid upon surrender thereof for repayment, the principal amount and premium (if any) shall, until paid, bear interest from
the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth in such
Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;13.05&#8239;&#8239;</B></FONT><B>Securities
Repaid in Part</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Upon surrender of any Security
which is to be repaid in part only, the Company shall execute and the applicable Trustee shall authenticate and deliver to the Holder
of such Security, without service charge and at the expense of the Company, a new Security or Securities of the same series, of any authorized
denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such
Security so surrendered which is not to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTICLE&nbsp;Fourteen</B></FONT><B><BR>
DEFEASANCE AND COVENANT DEFEASANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;14.01&#8239;&#8239;</B></FONT><B>Company&rsquo;s
Option to Effect Defeasance or Covenant Defeasance</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section&nbsp;3.01 for Securities of any series, the provisions of this Article&nbsp;Fourteen shall apply to each series of Securities,
and the Company may, at its option, effect defeasance of the Securities of or within a series under Section&nbsp;14.02, or covenant defeasance
of or within a series under Section&nbsp;14.03 in accordance with the terms of such Securities and in accordance with this Article&nbsp;Fourteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;14.02&#8239;&#8239;</B></FONT><B>Defeasance
and Discharge</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Upon the Company&rsquo;s exercise
of the above option applicable to this Section 14.02 with respect to any Securities of or within a series, the Company shall be deemed
to have been discharged from its obligations with respect to such Securities on the date the conditions set forth in Section&nbsp;14.04
are satisfied (hereinafter, &ldquo;<B>defeasance</B>&rdquo;). For this purpose, such defeasance means that the Company shall be deemed
to have paid and discharged the entire indebtedness represented by such Securities, which shall thereafter be deemed to be &ldquo;Outstanding&rdquo;
only for the purposes of Section&nbsp;14.05 and the other Sections of this Indenture referred to in (A) and (B) below, and to have satisfied
all of its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustees, at the
expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise
terminated or discharged hereunder: (A)&nbsp;the rights of Holders of such Securities to receive, solely from the trust fund described
in Section&nbsp;14.04 and as more fully set forth in such Section, payments in respect of the principal of, premium (if any) and interest
(if any) on such Securities when such payments are due, (B)&nbsp;the Company&rsquo;s obligations with respect to such Securities under
Sections&nbsp;3.05, 3.06, 10.02 and 10.03, (C)&nbsp;the rights, powers, trusts, duties and immunities of the Trustees hereunder and (D)&nbsp;this
Article Fourteen. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section 14.02 notwithstanding
the prior exercise of its option under Section&nbsp;14.03 with respect to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 80; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;14.03&#8239;&#8239;</B></FONT><B>Covenant
Defeasance</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the Company&rsquo;s exercise of the above
option applicable to this Section&nbsp;14.03 with respect to any Securities of or within a series, the Company shall be released from
its obligations under Sections&nbsp;10.05 and 10.06, and, if specified pursuant to Section&nbsp;3.01, its obligations under any other
covenant, with respect to such Securities  on and after the date the conditions set forth in Section&nbsp;14.04
are satisfied (hereinafter, &ldquo;<B>covenant defeasance</B>&rdquo;), and such Securities  shall thereafter be
deemed not to be &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. For this purpose, such covenant defeasance means that, with respect to such Securities, the
Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of 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 clauses&nbsp;(4)&nbsp;or (7)&nbsp;of Section&nbsp;5.01 or otherwise but, except as specified above, the remainder of
this Indenture and such Securities  shall be unaffected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;14.04&#8239;&#8239;</B></FONT><B>Conditions
to Defeasance or Covenant Defeasance</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following shall be the conditions to application
of either Section&nbsp;14.02 or Section&nbsp;14.03 to any Securities of or within a series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Company shall irrevocably have deposited or caused to be deposited
                                            with either Trustee (or another trustee satisfying the requirements of Section&nbsp;6.08
                                            who shall agree to comply with the provisions of this Article&nbsp;Fourteen applicable to
                                            it) as trust funds in trust for the purpose of making the following payments, specifically
                                            pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (A)&nbsp;an amount (in such Currency in which such Securities  are then specified as payable at Stated Maturity), or (B)&nbsp;Government
                                            Obligations applicable to such Securities (determined on the basis of the Currency in which
                                            such Securities are then specified as payable at Stated Maturity) which through the scheduled
                                            payment of principal and interest in respect thereof in accordance with their terms will
                                            provide, not later than one day before the due date of any payment of principal of and premium
                                            (if any) and interest (if any) under such Securities, money in an
                                            amount, or (C)&nbsp;a combination thereof, sufficient, in the opinion of a nationally recognized
                                            firm of independent public accountants expressed in a written certification thereof delivered
                                            to the Trustees, to pay and discharge, and which shall be applied by the Trustees (or another
                                            trustee satisfying the requirements of Section&nbsp;6.08 who shall agree to comply with the
                                            provisions of this Article&nbsp;Fourteen) to pay and discharge, (i)&nbsp;the principal of,
                                            premium (if any) and interest (if any) on such Securities  on the
                                            Stated Maturity (or Redemption Date, if applicable) of such principal of, premium (if any)
                                            or installment of interest (if any), (ii)&nbsp;any mandatory sinking fund payments or analogous
                                            payments applicable to such Securities  on the day on which such payments
                                            are due and payable in accordance with the terms of this Indenture and of such Securities, and (iii)&nbsp;all amounts due the Trustees under Section&nbsp;6.07;
                                            <I>provided</I> that the Trustees shall have been irrevocably instructed to apply such money
                                            or the proceeds of such Government Obligations to said payments with respect to such Securities. Before such a deposit, the Company may give to the Trustees, in
                                            accordance with Section&nbsp;11.02, a notice of its election to redeem all or any portion
                                            of such Securities at a future date in accordance with the terms of such Securities and Article&nbsp;Eleven
                                            hereof, which notice shall be irrevocable. Such irrevocable redemption notice, if given,
                                            shall be given effect in applying the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 81; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>No Default or Event of Default with respect to such Securities  shall have occurred and be continuing on the date of such deposit or,
                                            insofar as clauses&nbsp;(5)&nbsp;and (6)&nbsp;of Section&nbsp;5.01 are concerned, at any
                                            time during the period ending on the 91st day after the date of such deposit (it being understood
                                            that this condition shall not be deemed satisfied until the expiration of such period).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Such defeasance or covenant defeasance shall not result in a breach
                                            or violation of, or constitute a Default or an Event of Default under, this Indenture or
                                            any default under any material agreement or instrument to which the Company is a party or
                                            by which it is bound.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>In the case of an election under Section&nbsp;14.02, the Company shall
                                            have delivered to the Trustees an Opinion of Counsel in the United States stating that (x)&nbsp;the
                                            Company has received from, or there has been published by, the Internal Revenue Service a
                                            ruling, or (y)&nbsp;since the date of execution of this Indenture, there has been a change
                                            in the applicable United States federal income tax law, in either case to the effect that,
                                            and based thereon such opinion shall confirm that, the Holders of such Securities  will not recognize income, gain or loss for United States federal income
                                            tax purposes as a result of such defeasance and will be subject to United States federal
                                            income tax on the same amounts, in the same manner and at the same times as would have been
                                            the case if such defeasance had not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>In the case of an election under Section&nbsp;14.03, the Company shall
                                            have delivered to the Trustees an Opinion of Counsel in the United States to the effect that
                                            the Holders of such Securities will not recognize income, gain or loss for United States
                                            federal income tax purposes as a result of such covenant defeasance and will be subject to
                                            United States federal income tax on the same amounts, in the same manner and at the same
                                            times as would have been the case if such covenant defeasance had not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The Company shall have delivered to the Trustees an Opinion of Counsel
                                            in Canada or a ruling from the Canada Revenue Agency to the effect that the Holders of such
                                            Securities will not recognize income, gain or loss for Canadian federal, provincial or territorial
                                            income tax or other tax purposes as a result of such defeasance or covenant defeasance, as
                                            applicable, and will be subject to Canadian federal, provincial or territorial income tax
                                            and other tax on the same amounts, in the same manner and at the same times as would have
                                            been the case had such defeasance or covenant defeasance, as applicable, not occurred (and
                                            for the purposes of such opinion, such Canadian counsel shall assume that Holders of such
                                            Securities include Holders who are not resident in Canada).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>The Company is not an &ldquo;insolvent person&rdquo; within the meaning
                                            of the Bankruptcy and Insolvency Act (Canada) on the date of such deposit or at any time
                                            during the period ending on the 91st day after the date of such deposit (it being understood
                                            that this condition shall not be deemed satisfied until the expiration of such period).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>Notwithstanding any other provisions of this Section&nbsp;14.04, such
                                            defeasance or covenant defeasance shall be effected in compliance with any additional or
                                            substitute terms, conditions or limitations in connection therewith pursuant to Section&nbsp;3.01.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 82; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>The Company shall have delivered to the Trustees an Officer&rsquo;s
                                            Certificate and an Opinion of Counsel, each stating that all conditions precedent provided
                                            for, relating to either the defeasance under Section&nbsp;14.02 or the covenant defeasance
                                            under Section&nbsp;14.03 (as the case may be), have been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;14.05&#8239;&#8239;</B></FONT><B>Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of the last paragraph
of Section&nbsp;10.03, all money and Government Obligations (or other property as may be provided pursuant to Section&nbsp;3.01) (including
the proceeds thereof) deposited with a Trustee (or another trustee satisfying the requirements of Section&nbsp;6.08 who shall agree to
comply with the provisions of this Article&nbsp;Fourteen) pursuant to Section&nbsp;14.04 in respect of such Securities  shall be held in trust and applied by such Trustee, in accordance with the provisions of such Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent),
to the Holders of such Securities  of all sums due and to become due thereon in respect of principal, premium
(if any) and interest (if any) on such Securities but such money need not be segregated from other funds except to the extent required
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified with respect to any
Security pursuant to Section&nbsp;3.01, if, after a deposit referred to in Section&nbsp;14.04(1)&nbsp;has been made, (a)&nbsp;the Holder
of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section&nbsp;3.12(b)&nbsp;or the
terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section&nbsp;14.04(1)&nbsp;has
been made in respect of such Security, or (b)&nbsp;a Conversion Event occurs as contemplated in Section&nbsp;3.12(d)&nbsp;or 3.12(e)&nbsp;or
by the terms of any Security in respect of which the deposit pursuant to Section&nbsp;14.04(1)&nbsp;has been made, the indebtedness represented
by such Security  shall be deemed to have been, and will be, fully discharged and satisfied through the payment
of the principal of, premium (if any) and interest (if any) on such Security as they become due out of the proceeds yielded by converting
(from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security
into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable Market
Exchange Rate for such Currency in effect on the third Business Day prior to each payment date, except, with respect to a Conversion
Event, for such Currency in effect (as nearly as feasible) at the time of the Conversion Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall pay and indemnify such Trustee
against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section&nbsp;14.04
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Anything in this Article&nbsp;Fourteen to the
contrary notwithstanding, such Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in Section&nbsp;14.04 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to such Trustee, are in excess
of the amount thereof which would then be required to be deposited to effect an equivalent defeasance or covenant defeasance, as applicable,
in accordance with this Article&nbsp;Fourteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 83; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;14.06&#8239;&#8239;</B></FONT><B>Reinstatement</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a Trustee or any Paying Agent is unable to
apply any money in accordance with Section&nbsp;14.05 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 obligations under this Indenture and such Securities
 shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;14.02 or 14.03, as
the case may be, until such time as such Trustee or Paying Agent is permitted to apply all such money in accordance with Section&nbsp;14.05;
<I>provided, however</I>, that if the Company makes any payment of principal of, premium (if any) or interest (if any) on any such Security
 following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of
such Securities  to receive such payment from the money held by such Trustee or Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 84; Options: NewSection; Value: 78 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed, all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">ENDEAVOUR SILVER CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">as U.S. Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 44%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">as Canadian Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Authorized Signing Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Authorized Signing Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 85; Value: 78 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;A-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF CERTIFICATE TO BE GIVEN BY<BR>
PERSON ENTITLED<BR>
  TO OBTAIN INTEREST PAYABLE PRIOR<BR>
TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ENDEAVOUR SILVER CORP.<BR>
_____% Notes due _________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is to certify that as of the date hereof,
and except as set forth below, the above-captioned Securities held by you for our account (i)&nbsp;are owned by any person(s)&nbsp;that
is not a citizen or resident of the United States; a corporation or partnership (including any entity treated as a corporation or partnership
for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the
District of Columbia unless, in the case of a partnership, United States Treasury Regulations provide otherwise; any estate whose income
is subject to United States federal income tax regardless of its source; or a trust if (A)&nbsp;a United States court can exercise primary
supervision over the trust&rsquo;s administration and one or more United States persons are authorized to control all substantial decisions
of the trust or (B)&nbsp;it was in existence on August&nbsp;20, 1996 and has a valid election in effect under applicable United States
Treasury Regulations to be treated as a United States person (&ldquo;United States persons(s)&rdquo;), (ii)&nbsp;are owned by United
States person(s)&nbsp;that are (a)&nbsp;foreign branches of United States financial institutions (financial institutions, as defined
in United States. United States Treasury Regulation Section&nbsp;1.165-12(c)(1)(iv)&nbsp;are herein referred to as &ldquo;financial institutions&rdquo;)
purchasing for their own account or for resale, or (b)&nbsp;United States person(s)&nbsp;who acquired the Securities through foreign
branches of United States financial institutions and who hold the Securities through such United States financial institutions on the
date hereof (and in either case&nbsp;(a)&nbsp;or (b), each such United States financial institution hereby agrees, on its own behalf
or through its agent, that you may advise Endeavour Silver Corp. or its agent that such financial institution will comply with the requirements
of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the United States Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii)&nbsp;are owned by United States or foreign financial institution(s)&nbsp;for purposes of resale during the restricted
period (as defined in United States Treasury Regulation Section&nbsp;1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United
States or foreign financial institution described in clause&nbsp;(iii)&nbsp;above (whether or not also described in clause&nbsp;(i)&nbsp;or
(ii)), this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or
indirectly to a United States person or to a person within the United States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used herein, &ldquo;United States&rdquo; means
the United States of America (including the states and the District of Columbia); and its &ldquo;possessions&rdquo; include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We undertake to advise you promptly in writing
on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held by you for our
account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence
of any such notification it may be assumed that this certification applies as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This certificate excepts and does not relate to
U.S. $__________ of such interest in the above-captioned Securities in respect of which we are not able to certify and as to which we
understand an exchange for an interest in a permanent global security or an exchange for and delivery of definitive Securities (or, if
relevant, collection of any interest) cannot be made until we do so certify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 87; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We understand that this certificate may be required
in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in
connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof
to any interested party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">Dated:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt; width: 28%">&nbsp;</TD>
  <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3">[To be dated no earlier than the 15th day prior to (i)&nbsp;the Exchange Date or (ii)&nbsp;the relevant Interest Payment
  Date occurring prior to the Exchange Date, as applicable]</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">[Name of Person Making Certification]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%">&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-1-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;A-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF CERTIFICATE TO BE GIVEN BY THE DEPOSITARY<BR>
IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A<BR>
TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST<BR>
PAYABLE PRIOR TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ENDEAVOUR SILVER CORP.<BR>
_____% Notes due _________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is to certify that based solely on written
certifications that we have received in writing or by electronic transmission from each of the persons appearing in our records as persons
entitled to a portion of the principal amount set forth below (our &ldquo;Member Organizations&rdquo;) substantially in the form attached
hereto, as of the date hereof, U.S. $__________ principal amount of the above-captioned Securities (i)&nbsp;is owned by any person(s)&nbsp;that
is not a citizen or resident of the United States; a corporation or partnership (including any entity treated as a corporation or partnership
for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the
District of Columbia unless, in the case of a partnership, United States Treasury Regulations provide otherwise; any estate whose income
is subject to United States federal income tax regardless of its source; or a trust if (A)&nbsp;a United States court can exercise primary
supervision over the trust&rsquo;s administration and one or more United States persons are authorized to control all substantial decisions
of the trust or (B)&nbsp;it was in existence on August&nbsp;20, 1996 and has a valid election in effect under applicable United States
Treasury Regulations to be treated as a United States person (&ldquo;United States person(s)&rdquo;), (ii)&nbsp;is owned by United States
person(s)&nbsp;that are (a)&nbsp;foreign branches of United States financial institutions (financial institutions, as defined in United
States Treasury Regulation Section&nbsp;1.165-12(c)(1)(iv)&nbsp;are herein referred to as &ldquo;financial institutions&rdquo;) purchasing
for their own account or for resale, or (b)&nbsp;United States person(s)&nbsp;who acquired the Securities through foreign branches of
United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof
(and in either case&nbsp;(a)&nbsp;or (b), each such financial institution has agreed, on its own behalf or through its agent, that we
may advise Endeavour Silver Corp. or its agent that such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A),
(B)&nbsp;or (C)&nbsp;of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;is owned by United
States or foreign financial institution(s)&nbsp;for purposes of resale during the restricted period (as defined in United States Treasury
Regulation Section&nbsp;1.163-5(c)(2)(i)(D)(7)) and, to the further effect, that financial institutions described in clause&nbsp;(iii)&nbsp;above
(whether or not also described in clause&nbsp;(i)&nbsp;or (ii)) have certified that they have not acquired the Securities for purposes
of resale directly or indirectly to a United States person or to a person within the United States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used herein, &ldquo;United States&rdquo; means
the United States of America (including the states and the District of Columbia); and its &ldquo;possessions&rdquo; include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We further certify that (i)&nbsp;we are not making
available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary global Security representing
the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii)&nbsp;as of the date hereof
we have not received any notification from any of our Member Organizations to the effect that the statements made by such Member Organizations
with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true
and cannot be relied upon as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 89; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-2-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We understand that this certification is required
in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in
connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof
to any interested party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">Dated:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt; width: 28%">&nbsp;</TD>
  <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3">[To be dated  as of (i)&nbsp;the Exchange Date or (ii)&nbsp;the relevant Interest Payment
  Date occurring prior to the Exchange Date, as applicable]</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">[INSERT NAME OF DEPOSITARY]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%">&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 90; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-2-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>12
<FILENAME>tm259701d1_ex107.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX-FILING FEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;F-10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ENDEAVOUR SILVER CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1: Newly Registered and Carry Forward
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Type</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Class&nbsp;Title</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
Calculation<BR>
or Carry<BR>
Forward<BR>
Rule</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
Registered</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price<BR>
Per Unit</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
Aggregate<BR>
Offering<BR>
Price</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
Registration<BR>
Fee</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="27" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Newly Registered Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt">Fees to be Paid</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">Unallocated (Universal) Shelf</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">Common Shares, Warrants, Subscription Receipts, Debt Securities, Units</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-size: 10pt">Rule&nbsp;457(o)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">50,000,000</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">50,000,000</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt"><SUP>(1)(2)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">0.0001531</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">7,655</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt"><SUP>(1)(2)</SUP>&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Fees Previously Paid</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">50,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7,655</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5"><FONT STYLE="font-size: 10pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets<SUP>(3)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">804.81</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">6,850.19</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 2: Fee Offset Claims and Sources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>In US Dollars</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Registrant<BR>
or Filer<BR>
Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Forms<BR>
or<BR>
Filing<BR>
Type</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>File<BR>
Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Initial<BR>
Filing<BR>
Date</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Filing<BR>
Date</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Type<BR>
Associated<BR>
with Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Title<BR>
Associated<BR>
with Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unsold<BR>
Securities<BR>
Associated<BR>
with Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unsold<BR>
Offering<BR>
Amount<BR>
Associated<BR>
with Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Paid<BR>
with Fee<BR>
Offset<BR>
Source</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Fees Offset Claims</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt">Endeavour Silver Corp.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-size: 10pt">F-10</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">333-272755</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: center"><FONT STYLE="font-size: 10pt">June 20, 2023</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 10pt">804.81</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">Unallocated (Universal Shelf)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">7,303,160</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Fees Offset Sources</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Endeavour SIlver Corp.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">333-272755</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">June 20, 2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">$22,040</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 5%; text-indent: 0">(1)</TD>
    <TD STYLE="padding: 0; width: 95%; text-indent: 0">There are being registered under this Registration Statement such indeterminate number of common shares, warrants, subscription receipts, debt securities and units of the Registrant, and a combination of such securities, separately or as units, as may be sold by the registrant from time to time, which collectively shall have an aggregate initial offering price not to exceed U.S.$50,000,000. The securities registered hereunder also include such indeterminate number of each class of identified securities as may be issued upon conversion, exercise or exchange of any other securities that provide for such conversion into, exercise for or exchange into such securities. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities. In addition, pursuant to Rule&nbsp;416 under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;), as amended, the common shares being registered hereunder include such indeterminate number of common shares as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends, or similar transactions. The proposed maximum initial offering price per security will be determined, from time to time, by the registrant in connection with the sale of the securities under this Registration Statement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(2)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule&nbsp;457(o)&nbsp;of the Securities Act.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;(3)</TD>
    <TD STYLE="padding: 0; text-indent: 0">The Registrant previously paid a registration fee of $22,040 in connection with its Registration Statement on Form F-10 (File No. 333-272755) (the &quot;2023 Registration Statement&quot;), filed on June 20, 2023, which registered an aggregate principal amount of $200,000,000 of common shares, warrants, subscription receipts, debt securities and units to be offered by the Registrant from time to time (together, the &quot;Original Offerings&quot;). The gross proceeds from Original Offerings was $192,696,840. Pursuant to Rule 457(p) under the Securities Act, the Registrant is offsetting the remaining $804.81 of the previous registration fee paid under the 2023 Registration Statement against the total registration fee of $7,655.00 due herewith. As a result, a $6,850.19 registration fee is payable in connection with this Registration Statement. In accordance with the Securities Act, the offering of the unsold securities under the 2023 Registration Statement will be deemed terminated as of the effectiveness of this Registration Statement.</TD></TR>
  </TABLE>
<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>tm259701d1_f10img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm259701d1_f10img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  T *T# 2(  A$! Q$!_\0
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M,.2<9^@H#DE>UCKJ#TK T+Q"NNSRFWLKE+15S'=2+M27_=K5O+I+2W,C#)R
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LHH **** "BBB@ HHHH **** "BBB@ HHHH *2BB@8WI3QTHHH$%%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>tm259701d1_f10img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm259701d1_f10img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  V + # 2(  A$! Q$!_\0
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M.E<I_P *N\)CII[_ /@1)_C3"#233,3QAI.EZ1X3@T/2H-D>IWL4(97+;6W
MY.<^E;GC"XCT/X?7J11*$6W$ 1!M"AL)GCIUJ_:^"-!LXK:.&T8);3">)3*Q
M"N._)K2U31K'6;=(+Z-I(4</L#D!B.F0#R/8T!S)6L>?>%[%+/QU%9SR>8+#
M2D\AFXP3@$CZ@FK7BB\MM0\;Z+8H4F^R+)=R*,':R*2O/U%=/JG@S0M9N4N;
MRRW3HNU9$D9&Q]5(J6Q\)Z)IMY%=6EBD4T2%%92>A]?4^YI6*<TW<XGP1I]Y
M-HDM]!K[6[3SNT@$<;\@]RP)J/\ M*VTNPN;FTF_M.;5[]+,S7<06+?R"<
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MU(;3S@4N+?.8F0]6"] 0,]*Z/P[I2:3I$,"#[J #Z#I^&23^-;&P@'!Q0J$
M=./:@CG;5A]%%%,D**** "BBB@ HHHH **** "BBB@ HHHH **** "@T44 -
,- [444 .HHHH __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
