<SEC-DOCUMENT>0001171843-21-004598.txt : 20210629
<SEC-HEADER>0001171843-21-004598.hdr.sgml : 20210629
<ACCEPTANCE-DATETIME>20210629160923
ACCESSION NUMBER:		0001171843-21-004598
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210629
FILED AS OF DATE:		20210629
DATE AS OF CHANGE:		20210629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		211058210

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_062921.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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">UNITED STATES</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">FORM
6-K</FONT></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>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13a-16 or 15d-16
of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</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>For the month of June 2021</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">Commission File Number: 001-14534</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; text-align: center"><FONT STYLE="font-size: 14pt"><B>Precision
Drilling Corporation</B></FONT></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; text-align: justify">&nbsp;</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: center"><B>800, 525 - 8 Avenue S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 1G1</B></P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Form 20-F ____&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form
40-F <U>&#160;&#160; X&#160;&#160;&#160; </U></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). ____</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 36pt; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>


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<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>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SIGNATURE</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 36pt; margin-top: 0pt; margin-bottom: 0pt">Pursuant to the requirements
of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dated: <B>June 29, 2021</B></FONT></TD>
    <TD COLSPAN="2"><B>PRECISION DRILLING CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: <FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">/s/Carey T Ford&#160;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>Name: Carey T Ford</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Senior Vice President
and Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&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 0pt 3.5in; text-indent: -3.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -3.5in">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="text-decoration: underline; width: 6%"><U>Exhibit </U></TD>
    <TD STYLE="text-decoration: underline; width: 94%"><U>DESCRIPTION</U></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="exh_991.htm">99.1</A></TD>
    <TD><A HREF="exh_991.htm">6.875% SENIOR NOTES DUE 2029 INDENTURE BETWEEN PRECISION DRILLING CORPORATION, THE BANK OF NEW
YORK MELLON, AS U.S. TRUSTEE, AND COMPUTERSHARE TRUST COMPANY OF CANADA, AS CANADIAN TRUSTEE, DATED AS OF JUNE 15, 2021</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -3.5in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>EXHIBIT 99.1</B></P>

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

<P STYLE="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; text-align: center">PRECISION DRILLING CORPORATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">6.875% SENIOR NOTES DUE 2029</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">DATED AS OF JUNE 15,
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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">THE BANK OF NEW YORK MELLON</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">U.S. 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; text-align: center">COMPUTERSHARE TRUST COMPANY
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; text-align: center">Canadian 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">&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"></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CROSS-REFERENCE TABLE*</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>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 0pt"><B>Trust Indenture <BR>
    Act Section</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Section <BR>
    Indenture</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 3%; padding-left: 0pt">310</TD>
    <TD STYLE="text-align: left; width: 90%; padding-left: 0pt"> (a)(1)</TD>
    <TD STYLE="width: 7%; text-align: left">7.10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(2)</TD>
    <TD STYLE="text-align: left">7.10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(3)</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(4)</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(5)</TD>
    <TD STYLE="text-align: left">7.10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">311</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)</TD>
    <TD STYLE="text-align: left">7.11</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.11</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">312</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)</TD>
    <TD STYLE="text-align: left">2.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">11.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">11.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">313</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)</TD>
    <TD STYLE="text-align: left">7.6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)(2)</TD>
    <TD STYLE="text-align: left">7.7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.6; 11.2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">314</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(4)</TD>
    <TD STYLE="text-align: left">4.4, 11.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">11.4, 11.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)(1)</TD>
    <TD STYLE="text-align: left">11.4, 11.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)(2)</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)(3)</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">11.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">315</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)</TD>
    <TD STYLE="text-align: left">7.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">7.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">6.11</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">316</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a) (last sentence)</TD>
    <TD STYLE="text-align: left">2.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(1)(A)</TD>
    <TD STYLE="text-align: left">6.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(1)(B)</TD>
    <TD STYLE="text-align: left">6.4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(2)</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">6.7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">9.4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">317</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(1)</TD>
    <TD STYLE="text-align: left">6.8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)(2)</TD>
    <TD STYLE="text-align: left">6.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)</TD>
    <TD STYLE="text-align: left">2.4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">318</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(a)</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(b)</TD>
    <TD STYLE="text-align: left">N.A.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">(c)</TD>
    <TD STYLE="text-align: left">11.1</TD></TR>
</TABLE>


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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: 0pt; margin-top: 3pt; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">N.A. means not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Cross-Reference
Table is not part of this Indenture.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><U>TABLE OF CONTENTS</U></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 16.85pt 0pt 0; text-align: right"><B><U></U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><B><U>Page</U></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt; width: 15%">SECTION 1.1.</TD>
    <TD STYLE="width: 80%">Definitions</TD>
    <TD STYLE="text-align: right; width: 5%">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 1.2.</TD>
    <TD STYLE="text-align: left">Other Definitions</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 1.3.</TD>
    <TD STYLE="text-align: left">Incorporation by Reference of Trust Indenture Act</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 1.4.</TD>
    <TD>Rules of Construction</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE II THE NOTES</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.1.</TD>
    <TD STYLE="text-align: left">Form and Dating</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.2.</TD>
    <TD STYLE="text-align: left">Execution and Authentication</TD>
    <TD STYLE="text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.3.</TD>
    <TD STYLE="text-align: left">Registrar; Paying Agent</TD>
    <TD STYLE="text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.4.</TD>
    <TD STYLE="text-align: left">Paying Agent to Hold Money in Trust</TD>
    <TD STYLE="text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.5.</TD>
    <TD STYLE="text-align: left">Holder Lists</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.6.</TD>
    <TD STYLE="text-align: left">Book-Entry Provisions for Global Notes</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.7.</TD>
    <TD STYLE="text-align: left">Replacement Notes</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.8.</TD>
    <TD STYLE="text-align: left">Outstanding Notes</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.9.</TD>
    <TD STYLE="text-align: left">Treasury Notes</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.10.</TD>
    <TD STYLE="text-align: left">Temporary Notes</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.11.</TD>
    <TD>Cancellation</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.12.</TD>
    <TD STYLE="text-align: left">Defaulted Interest</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.13.</TD>
    <TD>Computation of Interest</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.14.</TD>
    <TD STYLE="text-align: left">CUSIP Number</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.15.</TD>
    <TD STYLE="text-align: left">Special Transfer Provisions</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.16.</TD>
    <TD STYLE="text-align: left">Issuance of Additional Notes</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 2.17.</TD>
    <TD STYLE="text-align: left">Payment of Additional Amounts</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE III REDEMPTION AND PREPAYMENT</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 3.1.</TD>
    <TD STYLE="text-align: left">Notices to U.S. Trustee</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 3.2.</TD>
    <TD STYLE="text-align: left">Selection of Notes to Be Redeemed</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 3.3.</TD>
    <TD>Notice of Redemption</TD>
    <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 3.4.</TD>
    <TD>Effect of Notice of Redemption</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 3.5.</TD>
    <TD>Deposit of Redemption Price</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 3.6.</TD>
    <TD STYLE="text-align: left">Notes Redeemed in Part</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 3.7.</TD>
    <TD STYLE="text-align: left">Optional Redemption</TD>
    <TD STYLE="text-align: right">48</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE IV COVENANTS</TD>
    <TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.1.</TD>
    <TD>Payment of Notes</TD>
    <TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.2.</TD>
    <TD STYLE="text-align: left">Maintenance of Office or Agency</TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.3.</TD>
    <TD STYLE="text-align: left">Provision of Financial Information</TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.4.</TD>
    <TD STYLE="text-align: left">Compliance Certificate</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.5.</TD>
    <TD>Taxes</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.6.</TD>
    <TD STYLE="text-align: left">Stay, Extension and Usury Laws</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.7.</TD>
    <TD STYLE="text-align: left">Limitation on Restricted Payments</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.8.</TD>
    <TD STYLE="text-align: left">Limitations on Dividend and Other Restrictions Affecting</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><U>TABLE OF CONTENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><B>(Continued)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 45pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><B><U>Page</U></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 45pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 15%; padding-left: 45pt">&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: left">Restricted Subsidiaries</TD>
    <TD STYLE="width: 5%; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.9.</TD>
    <TD STYLE="text-align: left">Limitations on Additional Indebtedness</TD>
    <TD STYLE="text-align: right">58</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.10.</TD>
    <TD STYLE="text-align: left">Limitation on Asset Sales</TD>
    <TD STYLE="text-align: right">62</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.11.</TD>
    <TD STYLE="text-align: left">Limitation on Transactions with Affiliates</TD>
    <TD STYLE="text-align: right">66</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.12.</TD>
    <TD STYLE="text-align: left">Limitations on Liens</TD>
    <TD STYLE="text-align: right">67</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.13.</TD>
    <TD STYLE="text-align: left">Payments for Consent</TD>
    <TD STYLE="text-align: right">68</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.14.</TD>
    <TD STYLE="text-align: left">Offer to Purchase upon Change of Control</TD>
    <TD STYLE="text-align: right">68</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.15.</TD>
    <TD STYLE="text-align: left">Corporate Existence</TD>
    <TD STYLE="text-align: right">70</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.16.</TD>
    <TD STYLE="text-align: left">Business Activities</TD>
    <TD STYLE="text-align: right">70</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.17.</TD>
    <TD STYLE="text-align: left">Additional Guarantees</TD>
    <TD STYLE="text-align: right">70</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.18.</TD>
    <TD STYLE="text-align: left">Limitations on Designation of Unrestricted Subsidiaries</TD>
    <TD STYLE="text-align: right">70</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.19.</TD>
    <TD STYLE="text-align: left">Further Instruments and Acts</TD>
    <TD STYLE="text-align: right">72</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.20.</TD>
    <TD STYLE="text-align: left">Covenant Termination</TD>
    <TD STYLE="text-align: right">72</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 4.21.</TD>
    <TD STYLE="text-align: left">OFAC Certification and Covenants</TD>
    <TD STYLE="text-align: right">73</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE V SUCCESSORS</TD>
    <TD STYLE="text-align: right">73</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 5.1.</TD>
    <TD STYLE="text-align: left">Consolidation, Merger, Conveyance, Transfer or Lease</TD>
    <TD STYLE="text-align: right">73</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE VI DEFAULTS AND REMEDIES</TD>
    <TD STYLE="text-align: right">75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.1.</TD>
    <TD>Events of Default</TD>
    <TD STYLE="text-align: right">75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.2.</TD>
    <TD>Acceleration</TD>
    <TD STYLE="text-align: right">77</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.3.</TD>
    <TD STYLE="text-align: left">Other Remedies</TD>
    <TD STYLE="text-align: right">78</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.4.</TD>
    <TD STYLE="text-align: left">Waiver of Past Defaults</TD>
    <TD STYLE="text-align: right">78</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.5.</TD>
    <TD STYLE="text-align: left">Control by Majority</TD>
    <TD STYLE="text-align: right">78</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.6.</TD>
    <TD STYLE="text-align: left">Limitation on Suits</TD>
    <TD STYLE="text-align: right">79</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.7.</TD>
    <TD STYLE="text-align: left">Rights of Holders of Notes to Receive Payment</TD>
    <TD STYLE="text-align: right">79</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.8.</TD>
    <TD STYLE="text-align: left">Collection Suit by U.S. Trustee</TD>
    <TD STYLE="text-align: right">79</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.9.</TD>
    <TD STYLE="text-align: left">U.S. Trustee May File Proofs of Claim</TD>
    <TD STYLE="text-align: right">79</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.10. </TD>
    <TD STYLE="text-align: left">Priorities</TD>
    <TD STYLE="text-align: right">80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 6.11. </TD>
    <TD STYLE="text-align: left">Undertaking for Costs</TD>
    <TD STYLE="text-align: right">80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE VII TRUSTEE</TD>
    <TD STYLE="text-align: right">81</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.1.</TD>
    <TD STYLE="text-align: left">Duties of U.S. Trustee</TD>
    <TD STYLE="text-align: right">81</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.2.</TD>
    <TD>Rights of Trustees</TD>
    <TD STYLE="text-align: right">82</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.3.</TD>
    <TD STYLE="text-align: left">Individual Rights of the U.S. Trustee</TD>
    <TD STYLE="text-align: right">83</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.4.</TD>
    <TD STYLE="text-align: left">U.S. Trustee&rsquo;s Disclaimer</TD>
    <TD STYLE="text-align: right">83</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.5.</TD>
    <TD>Notice of Defaults</TD>
    <TD STYLE="text-align: right">83</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.6.</TD>
    <TD STYLE="text-align: left">Reports by U.S Trustee to Holders of the Notes</TD>
    <TD STYLE="text-align: right">84</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.7.</TD>
    <TD STYLE="text-align: left">Compensation and Indemnity</TD>
    <TD STYLE="text-align: right">84</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.8.</TD>
    <TD>Replacement of Trustees</TD>
    <TD STYLE="text-align: right">85</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.9.</TD>
    <TD STYLE="text-align: left">Successor Trustees by Merger, Etc.</TD>
    <TD STYLE="text-align: right">86</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.10.</TD>
    <TD STYLE="text-align: left">Eligibility; Disqualification</TD>
    <TD STYLE="text-align: right">86</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.11.</TD>
    <TD STYLE="text-align: left">Preferential Collection of Claims Against the Issuer</TD>
    <TD STYLE="text-align: right">86</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><B>(Continued)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><B><U>Page</U></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 15%; text-align: left; padding-left: 45pt">SECTION 7.12.</TD>
    <TD STYLE="width: 80%; text-align: left">No Liability for Co-Trustee</TD>
    <TD STYLE="width: 5%; text-align: right">86</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.13.</TD>
    <TD STYLE="text-align: left">Canadian Trustee</TD>
    <TD STYLE="text-align: right">86</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.14.</TD>
    <TD STYLE="text-align: left">Tax Withholding</TD>
    <TD STYLE="text-align: right">86</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 7.15.</TD>
    <TD STYLE="text-align: left">Electronic Means</TD>
    <TD STYLE="text-align: right">87</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE</TD>
    <TD STYLE="text-align: right">87</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.1.</TD>
    <TD STYLE="text-align: left">Option to Effect Legal Defeasance or Covenant Defeasance</TD>
    <TD STYLE="text-align: right">88</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.2.</TD>
    <TD STYLE="text-align: left">Legal Defeasance</TD>
    <TD STYLE="text-align: right">88</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.3.</TD>
    <TD STYLE="text-align: left">Covenant Defeasance</TD>
    <TD STYLE="text-align: right">88</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.4.</TD>
    <TD STYLE="text-align: left">Conditions to Legal or Covenant Defeasance</TD>
    <TD STYLE="text-align: right">89</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.5.</TD>
    <TD STYLE="text-align: left">Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</TD>
    <TD STYLE="text-align: right">90</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.6.</TD>
    <TD STYLE="text-align: left">Repayment to Issuer</TD>
    <TD STYLE="text-align: right">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.7.</TD>
    <TD>Reinstatement</TD>
    <TD STYLE="text-align: right">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 8.8.</TD>
    <TD>Discharge</TD>
    <TD STYLE="text-align: right">92</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER</TD>
    <TD STYLE="text-align: right">93</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 9.1.</TD>
    <TD STYLE="text-align: left">Without Consent of Holders of the Notes</TD>
    <TD STYLE="text-align: right">93</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 9.2.</TD>
    <TD STYLE="text-align: left">With Consent of Holders of Notes</TD>
    <TD STYLE="text-align: right">94</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 9.3.</TD>
    <TD STYLE="text-align: left">Compliance with Trust Indenture Act</TD>
    <TD STYLE="text-align: right">95</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 9.4.</TD>
    <TD STYLE="text-align: left">Revocation and Effect of Consents</TD>
    <TD STYLE="text-align: right">95</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 9.5.</TD>
    <TD STYLE="text-align: left">Notation on or Exchange of Notes</TD>
    <TD STYLE="text-align: right">95</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 9.6.</TD>
    <TD STYLE="text-align: left">Trustees to Sign Amendments, Etc</TD>
    <TD STYLE="text-align: right">95</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="1" STYLE="text-align: left; padding-left: 0pt">ARTICLE X GUARANTEES</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">96</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 10.1.</TD>
    <TD>Guarantees</TD>
    <TD STYLE="text-align: right">96</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 10.2.</TD>
    <TD STYLE="text-align: left">Execution and Delivery of Guarantee</TD>
    <TD STYLE="text-align: right">97</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 10.3.</TD>
    <TD>Severability</TD>
    <TD STYLE="text-align: right">98</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 10.4.</TD>
    <TD STYLE="text-align: left">Limitation of Guarantors&rsquo; Liability</TD>
    <TD STYLE="text-align: right">98</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 10.5.</TD>
    <TD>Releases</TD>
    <TD STYLE="text-align: right">98</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 10.6.</TD>
    <TD STYLE="text-align: left">Benefits Acknowledged</TD>
    <TD STYLE="text-align: right">99</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 0pt">ARTICLE XI MISCELLANEOUS</TD>
    <TD STYLE="text-align: right">99</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.1.</TD>
    <TD STYLE="text-align: left">Trust Indenture Act Controls</TD>
    <TD STYLE="text-align: right">99</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.2.</TD>
    <TD>Notices</TD>
    <TD STYLE="text-align: right">99</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -85.7pt; padding-left: 130.65pt">SECTION 11.3.</TD>
    <TD STYLE="text-align: left">Communication by Holders of Notes with Other Holders of Notes</TD>
    <TD STYLE="text-align: right">101</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.4.</TD>
    <TD STYLE="text-align: left">Certificate and Opinion as to Conditions Precedent</TD>
    <TD STYLE="text-align: right">101</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.5.</TD>
    <TD STYLE="text-align: left">Statements Required in Certificate or Opinion</TD>
    <TD STYLE="text-align: right">101</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.6.</TD>
    <TD STYLE="text-align: left">Rules by U.S. Trustee and Agents</TD>
    <TD STYLE="text-align: right">102</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -85.7pt; padding-left: 130.65pt">SECTION 11.7.</TD>
    <TD STYLE="text-align: left">No Personal Liability of Directors, Officers, Employees and Stockholders</TD>
    <TD STYLE="text-align: right">102</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.8.</TD>
    <TD STYLE="text-align: left">Governing Law; Consent to Jurisdiction</TD>
    <TD STYLE="text-align: right">102</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><B>(Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 451.35pt; text-align: center"><B><U></U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><B><U>Page</U></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 15%; text-align: left; padding-left: 45pt">SECTION 11.9.</TD>
    <TD STYLE="width: 80%; text-align: left">No Adverse Interpretation of Other Agreements</TD>
    <TD STYLE="width: 5%; text-align: right">102</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.10.</TD>
    <TD>Successors</TD>
    <TD STYLE="text-align: right">102</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.11.</TD>
    <TD>Severability</TD>
    <TD STYLE="text-align: right">102</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.12.</TD>
    <TD STYLE="text-align: left">Counterpart Originals</TD>
    <TD STYLE="text-align: right">103</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.13.</TD>
    <TD STYLE="text-align: left">Table of Contents, Headings, Etc</TD>
    <TD STYLE="text-align: right">103</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.14.</TD>
    <TD>Acts of Holders</TD>
    <TD STYLE="text-align: right">103</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.15.</TD>
    <TD STYLE="text-align: left">Waiver of Jury Trial</TD>
    <TD STYLE="text-align: right">104</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.16.</TD>
    <TD STYLE="text-align: left">Force Majeure</TD>
    <TD STYLE="text-align: right">104</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.17.</TD>
    <TD STYLE="text-align: left">Documents in English</TD>
    <TD STYLE="text-align: right">104</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.18.</TD>
    <TD>Conversion of Currency</TD>
    <TD STYLE="text-align: right">104</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.19.</TD>
    <TD>Service of Process</TD>
    <TD STYLE="text-align: right">105</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.20.</TD>
    <TD STYLE="text-align: left">Legal Holidays</TD>
    <TD STYLE="text-align: right">105</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.21.</TD>
    <TD>Immunity</TD>
    <TD STYLE="text-align: right">105</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">SECTION 11.22.</TD>
    <TD STYLE="text-align: left">Anti-Money Laundering</TD>
    <TD STYLE="text-align: right">105</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 9pt"><B><U>EXHIBITS</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 2%; text-align: left; padding-left: 9pt">Exhibit A</TD>
    <TD STYLE="width: 98%">FORM OF NOTE</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 81pt">Exhibit B</TD>
    <TD STYLE="text-align: left">FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 81pt">Exhibit C</TD>
    <TD STYLE="text-align: left">FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 81pt">Exhibit D</TD>
    <TD STYLE="text-align: left">FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">This
Indenture, dated as of June 15, 2021, is by and among Precision Drilling Corporation, a corporation amalgamated under the laws
of the Province of Alberta, the guarantors listed on the signature pages hereto, The Bank of New York Mellon as U.S. trustee (the
&ldquo;<I>U.S. Trustee</I>&rdquo;), paying agent and registrar, and Computershare Trust Company of Canada as Canadian trustee (the
&ldquo;<I>Canadian Trustee</I>&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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer,
the Guarantors, the U.S. Trustee and the Canadian Trustee agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders (as defined herein) of (i) the Issuer&rsquo;s 6.875% Senior Notes due 2029 issued on the date hereof
(the &ldquo;<I>Initial Notes</I>&rdquo;) and (ii) Additional Notes (as defined herein):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.8pt 0pt 136.95pt; text-align: center">ARTICLE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 7.85pt; text-align: center">DEFINITIONS AND INCORPORATION
BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 291.7pt 0pt 45pt; text-align: justify">SECTION 1.1. <U>Definitions</U>.
&ldquo;<I>Acquired Indebtedness</I>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 291.7pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with respect to any Person that becomes a Restricted Subsidiary after the Issue Date, Indebtedness of such Person and its
Subsidiaries (including, for the avoidance of doubt, Indebtedness incurred in the ordinary course of such Person&rsquo;s business
to acquire assets used or useful in its business) existing at the time such Person becomes a Restricted Subsidiary; 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with respect to the Issuer or any Restricted Subsidiary, any Indebtedness of a Person (including, for the avoidance of doubt,
Indebtedness incurred in the ordinary course of such Person&rsquo;s business to acquire assets used or useful in its business),
other than the Issuer or a Restricted Subsidiary, existing at the time such Person is merged with or into the Issuer or a Restricted
Subsidiary, or Indebtedness expressly assumed by the Issuer or any Restricted Subsidiary in connection with the acquisition of
an asset or assets from another 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 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Additional
Notes</I>&rdquo; means Notes (other than the Initial Notes) issued pursuant to ARTICLE II and otherwise
in compliance with the provisions of this Indenture, whether or not they bear the same CUSIP number as the Initial Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Affiliate</I>&rdquo;
of any Person means any other Person which directly or indirectly controls or is controlled by, or is under direct or indirect
common control with, the referent Person. For purposes of this definition, &ldquo;control&rdquo; of a Person shall mean 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Agent</I>&rdquo;
means any Registrar, Paying Agent, co-registrar or other agent appointed 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 39pt">&ldquo;<I>amend</I>&rdquo;
means to amend, supplement, restate, amend and restate or otherwise modify, including successively, and &ldquo;<I>amendment</I>&rdquo;
shall have a correlative meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 39pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 39pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-indent: 0.5in">&ldquo;<I>Applicable Premium</I>&rdquo;
means, with respect to any Note on any applicable redemption date, the greater of:</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: 81pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: left">1.0% of the principal amount of such Note; 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: 81pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: left">the excess, if any, of:</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 16.7pt 0pt 85.55pt; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the present value at such redemption date of (i) the redemption price of such Note at January 15, 2025 (such redemption
price being set forth in the table appearing in SECTION 3.7(b)) plus (ii) all required interest payments
(excluding accrued and unpaid interest to such redemption date) due on such Note through January 15, 2025, computed using a discount
rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 85.55pt; text-align: justify; text-indent: 0.5in"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 the principal amount of such Note.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19.8pt 0pt 9pt">Calculation of the Applicable Premium will be made
by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; <I>provided </I>that such calculation or
the correctness thereof shall not be a duty or obligation of 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 49.05pt 0pt 45pt; text-align: justify">&ldquo;<I>asset</I>&rdquo;
means any asset or property, including, without limitation, Equity Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 49.05pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 49.05pt 0pt 45pt; text-align: justify">&ldquo;<I>Asset Acquisition</I>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 36pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Investment by the Issuer or any Restricted Subsidiary of the Issuer in any other Person if, as a result of such Investment, such
Person shall become a Restricted Subsidiary of the Issuer, or shall be merged with or into the Issuer or any Restricted Subsidiary
of the Issuer; or</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 16.9pt 0pt 45pt; text-align: justify; text-indent: 36pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the acquisition by the Issuer or any Restricted Subsidiary of the Issuer of all or substantially all of the assets of any
other Person (other than a Restricted Subsidiary of the Issuer) or any division or line of business of any such other Person (other
than 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 0pt 44.95pt; text-align: justify">&ldquo;<I>Asset Sale</I>&rdquo;
means:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any sale, conveyance, transfer, lease, assignment or other disposition by the Issuer or any Restricted Subsidiary to any
Person other than the Issuer or any Restricted Subsidiary (including by means of a sale and leaseback transaction or a merger or
consolidation), in one transaction or a series of related transactions, of any assets of the Issuer or any of its Restricted Subsidiaries
other than in the ordinary course of business; 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 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
issuance of Equity Interests of a Restricted Subsidiary (other than Preferred Stock of Restricted Subsidiaries issued in compliance
with SECTION 4.9) to any Person other than the Issuer or any Restricted Subsidiary in one transaction
or a series of related transactions (the actions described in these clauses (1) and (2),
collectively, for purposes of this definition, a &ldquo;<I>transfer</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">For purposes of this definition, the term &ldquo;Asset
Sale&rdquo; shall not include:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transfers of cash or Cash Equivalents;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; 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;&nbsp;&nbsp;</FONT>transfers of assets (including Equity Interests) that are governed by, and made in accordance with, SECTION
4.14 or SECTION 5.1;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; 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;&nbsp;&nbsp;</FONT>Permitted
Investments and Restricted Payments permitted under SECTION 4.7;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
creation of or realization on any Permitted Lien and any disposition of assets resulting from the enforcement or foreclosure of
any such Permitted Lien, including, without limitation, foreclosures, condemnation, expropriation, forced dispositions, eminent
domain or any similar action with respect to assets or the granting of Liens not prohibited by this Indenture, and transfers of
any property that have been subject to a casualty to the respective insurer of such property as part of an insurance settlement
or upon receipt of the net proceeds of such casualty 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 16.95pt 0pt 45pt; text-align: justify; 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;&nbsp;&nbsp;</FONT>transfers
of damaged, worn-out or obsolete equipment or assets that, in the Issuer&rsquo;s reasonable judgment, are no longer used or useful
in the business of the Issuer or its Restricted Subsidiaries;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>sales
or grants of licenses or sublicenses to use the patents, trade secrets, know-how and other Intellectual Property, and licenses,
leases or subleases of other assets, of the Issuer or any Restricted Subsidiary to the extent not materially interfering with
the business of the Issuer and the Restricted Subsidiaries;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any sale, lease, conveyance or other disposition of any assets or any sale or issuance of Equity Interests in each case,
made pursuant to a joint venture 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a disposition of inventory 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a disposition of receivables in connection with the compromise, settlement or collection thereof in the ordinary course
of business or in bankruptcy or similar proceedings and exclusive of factoring and similar arrangements;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
trade or exchange by the Issuer or any Restricted Subsidiary of any asset for any other asset or assets that are used in a Permitted
Business; <I>provided</I>, <I>that </I>the Fair Market Value of the asset or assets received by the Issuer or any Restricted Subsidiary
in such trade or exchange (including any cash or Cash Equivalents) is at least equal to the Fair Market Value (as determined in
good faith by the Board of Directors or an executive officer of the Issuer or of such Restricted Subsidiary with responsibility
for such transaction, which determination shall be conclusive evidence of compliance with this provision) of the asset or assets
disposed of by the Issuer or any Restricted Subsidiary pursuant to such trade or exchange; and, <I>provided</I>, <I>further</I>,
that if any cash or Cash Equivalents are used in such trade or exchange to achieve an exchange of equivalent value, that the amount
of such cash and/or Cash Equivalents received shall be deemed proceeds of an &ldquo;Asset Sale,&rdquo; subject to the following
clause</FONT> <FONT STYLE="font-size: 10pt">(l)</FONT><FONT STYLE="font-size: 10pt">;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the abandonment of intellectual property rights in the ordinary course of business, which in the reasonable good faith determination
of the Issuer are not material to the conduct of the business of the Issuer and its Restricted Subsidiaries taken as a whole; 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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any transfer or series of related transfers that, but for this clause, would be Asset Sales, if after giving effect to such
transfers, the aggregate Fair Market Value of the assets transferred in such transaction or any such series of related transactions
does not exceed U.S.$25.0 million per occurrence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Bankruptcy
Law</I>&rdquo; means Title 11, U.S. Code or any similar federal, state or foreign law for the relief of debtors, including the
Bankruptcy and Insolvency Act (Canada), the Companies&rsquo; Creditors Arrangement Act (Canada) and the Winding Up and Restructuring
Act (Canada), and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, winding-up, restructuring, examinership or similar debtor relief laws of the United States
or Canada or other insolvency law in the applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Board
of Directors</I>&rdquo; means, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person
and (ii) in any other case, the functional equivalent of the foregoing or, in each case, other than for purposes of the definition
of &ldquo;Change of Control,&rdquo; any duly authorized committee of such body.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Business
Day</I>&rdquo; means a day other than a Saturday, Sunday or other day on which banking institutions in the State of New York or
Calgary, Canada are authorized or required by law 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 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Canadian
Securities Laws</I>&rdquo; means the securities acts or similar statutes of each of the provinces of Canada and all regulations,
rules, policy statements, instruments, notices and blanket orders or rulings thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 44.95pt; text-align: justify">&ldquo;<I>Canadian Trustee</I>&rdquo;
has the meaning set forth in the preamble of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 44.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capitalized
Lease</I>&rdquo; means a lease (whether entered into before or after November 17, 2010) required to be accounted for as a
financing or capital lease for financial reporting purposes in accordance with IFRS. Notwithstanding the foregoing, any lease
that would have been classified as an operating lease by the Issuer pursuant to Canadian generally accepted accounting
principles as in effect on November 17, 2010 shall be deemed not to be a Capitalized Lease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capitalized
Lease Obligations</I>&rdquo; of any Person means the obligations of such Person to pay rent or other amounts under a Capitalized
Lease, and the amount of such obligation shall be the capitalized amount thereof determined in accordance with IFRS.</P>

<P STYLE="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 44.95pt; text-align: justify">&ldquo;<I>Cash Equivalents</I>&rdquo;
means:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>marketable
obligations issued or directly and fully guaranteed or insured by the United States, the Canadian government or any agency or
instrumentality thereof (<I>provided </I>that the full faith and credit of such government is pledged in support thereof),
maturing within one year of the date of acquisition thereof;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>demand
and time deposits and certificates of deposit of any lender under any Credit Facility or any Eligible Bank organized under the
laws of the United States, any state thereof or the District of Columbia or under the laws of Canada or any province or territory
thereof or a U.S. or Canadian branch of any other Eligible Bank maturing within one year of the date of acquisition 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>commercial
paper issued by any Person incorporated in the United States or Canada rated at least A1 or the equivalent thereof by S&amp;P
or at least P-1 or the equivalent thereof by Moody&rsquo;s or an equivalent rating by a nationally recognized rating agency if
both S&amp;P and Moody&rsquo;s cease publishing ratings of commercial paper issuers generally, and in each case maturing not more
than one year after the date of acquisition 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>repurchase
obligations with a term of not more than one year for underlying securities of the types described in clause
(1) above entered into with any Eligible Bank and maturing not more than one year after 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>securities
issued and fully guaranteed by any state, commonwealth or territory of the United States, any province or territory of Canada
or by any political subdivision or taxing authority thereof, rated at least &ldquo;A&rdquo; by Moody&rsquo;s or S&amp;P and having
maturities of not more than one year from the date of acquisition;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>investments
in money market or other mutual funds substantially all of whose assets comprise securities of the types described in clauses</FONT>
<FONT STYLE="font-size: 10pt">(1) </FONT><FONT STYLE="font-size: 10pt">through </FONT><FONT STYLE="font-size: 10pt">(5)
</FONT><FONT STYLE="font-size: 10pt">above;</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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;demand
deposit accounts maintained in the ordinary course of business; 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of any Subsidiary of the Issuer organized or having its principal place of business outside the United States or
Canada, investments denominated in the currency of the jurisdiction in which such Subsidiary is organized or has its
principal place of business which are similar to the items specified in clauses (1) through (7) above.</P>

<P STYLE="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 44.95pt; text-align: justify">&ldquo;<I>Change of Control</I>&rdquo;
means the occurrence of any of the following events:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries,
taken as a whole, to any &ldquo;person&rdquo; (as that term is used in Section 13(d)(3) of the 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 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
&ldquo;person&rdquo; or &ldquo;group&rdquo; (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or
becomes the beneficial owner of (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this
clause that person or group shall be deemed to have &ldquo;beneficial ownership&rdquo; of all securities that any such person
or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), or
controls, directly or indirectly, Voting Stock representing 50.0% or more of the voting power of the total outstanding Voting
Stock of the Issuer on a fully diluted basis; or</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the adoption by the stockholders of the Issuer of a Plan of Liquidation;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.1pt 0pt 9pt"><I>provided </I>that none of the events listed
in clauses (1) through (3) above shall constitute a &ldquo;Change of Control&rdquo; unless a Rating Decline also occurs in connection
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 16.75pt 0pt 9pt; text-align: justify; text-indent: 45pt">For purposes
of this definition, a Person shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement,
merger or amalgamation agreement or similar agreement until the consummation of the transactions contemplated by such 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 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Common
Stock</I>&rdquo; means with respect to any Person, any and all shares, interest or other participations in, and other equivalents
(however designated and whether voting or nonvoting) of such Person&rsquo;s common stock whether or not outstanding on the Issue
Date, and includes, without limitation, all series and classes of such common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Amortization Expense</I>&rdquo; for any period means the amortization expense of the Issuer and the Restricted Subsidiaries for
such period, determined on a consolidated basis in accordance with IFRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Cash Flow</I>&rdquo; for any period means, with respect to any specified Person, without duplication, the sum of the amounts for
such period of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><I>(1)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
Net Income, <I>plus</I></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
each case only to the extent (and in the same proportion) deducted in determining Consolidated Net Income and with respect to
the portion of Consolidated Net Income attributable to any Restricted Subsidiary only if a corresponding amount would be permitted
at the date of determination to be distributed to such specified Person by such Restricted Subsidiary without prior approval (that
has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes,
rules and governmental regulations applicable to such Restricted Subsidiary or its stockholders,</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: 117pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: left">Consolidated Income Tax Expense,</TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(b)</TD><TD STYLE="text-align: left">
Consolidated Amortization Expense (but only to the extent not included in Consolidated Interest Expense),</TD></TR>
</TABLE>

<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>

<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: 116.95pt"></TD><TD STYLE="width: 36.05pt">(c)</TD><TD STYLE="text-align: left">Consolidated Depreciation Expense,</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: 117pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: left">Consolidated Interest Expense,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 81pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 81pt; text-align: justify; 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>all
non-cash items reducing the Consolidated Net Income (excluding any non-cash charge that results in an accrual of a reserve for
cash charges in any future period) for such 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 16.95pt 0pt 81pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the amount of any documented extraordinary, non-recurring or unusual charges, 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 16.75pt 0pt 81pt; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
expenses or charges (other than depreciation or amortization expense) related to any Qualified Equity Offering, Permitted Investment,
acquisition, disposition, recapitalization, or the incurrence of Indebtedness permitted to be incurred by this Indenture (including
a refinancing thereof) (whether or not successful), including: (i) such fees, expenses or charges related to the offering of the
Notes, the Existing Notes and the Credit Facilities and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 81pt; text-align: justify">(ii) any amendment or other
modification of the Notes or the Existing Notes, and, in each case, deducted in computing Consolidated Net Income,</P>

<P STYLE="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 45pt">in each case determined on a consolidated basis in
accordance with IFRS, minus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
aggregate amount of all non-cash items, determined on a consolidated basis, to the extent such items increased Consolidated Net
Income for such period (excluding any non-cash items to the extent they represent the reversal of an accrual of a reserve for
a potential cash item that reduced Consolidated Cash Flow in any prior 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 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any nonrecurring or unusual gain or income (or nonrecurring or unusual loss or expense), together with any related provision
for taxes on any such nonrecurring or unusual gain or income (or the tax effect of any such nonrecurring or unusual loss or expense),
realized by the Issuer or any Restricted Subsidiary during such period; 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>increased or decreased by (without duplication) any unrealized gain or loss resulting in such period from Hedging Obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Depreciation Expense</I>&rdquo; for any period means the depreciation and depletion expense of the Issuer and its Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with IFRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Income Tax Expense</I>&rdquo; for any period means the provision for taxes of the Issuer and its Restricted Subsidiaries, determined
on a consolidated basis in accordance with IFRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Interest Coverage Ratio</I>&rdquo; means, on any date of determination, with respect to any Person, the ratio of (x) Consolidated
Cash Flow during the most recent four consecutive full fiscal quarters for which financial statements prepared on a consolidated
basis in accordance with IFRS are available (the &ldquo;<I>Four-Quarter Period</I>&rdquo;) ending on or prior to the date of the
transaction giving rise to the need to calculate the Consolidated Interest Coverage Ratio (the &ldquo;<I>Transaction Date</I>&rdquo;)
to (y) Consolidated Interest Expense for the Four-Quarter Period. For purposes of this definition, Consolidated Cash Flow and Consolidated
Interest Expense shall be calculated after giving effect on a pro forma basis for the period of such calculation to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the incurrence of any Indebtedness or the issuance of any Disqualified Equity Interests of the Issuer or Disqualified Equity
Interests or Preferred Stock of any Restricted Subsidiary (and the application of the proceeds thereof) and any repayment, repurchase
or redemption of other Indebtedness or other Disqualified Equity Interests or Preferred Stock (and the application of the proceeds
therefrom) (other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes
pursuant to any revolving credit arrangement) occurring during the Four- Quarter Period or at any time subsequent to the last day
of the Four-Quarter Period and on or prior to the Transaction Date, as if such incurrence, repayment, repurchase, issuance or redemption,
as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four-Quarter Period; 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any Asset Sale or Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make
such calculation as a result of the Issuer or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary
as a result of such Asset Acquisition) incurring Acquired Indebtedness and also including any Consolidated Cash Flow (including
any pro forma expense and cost reductions) occurring during the Four-Quarter Period or at any time subsequent to the last day of
the Four-Quarter Period and on or prior to the Transaction Date), as if such Asset Sale or Asset Acquisition (including the incurrence
of, or assumption or liability for, any such Indebtedness or Acquired Indebtedness) occurred on the first day of the Four-Quarter
Period; <I>provided </I>that such pro forma calculations shall be determined in good faith by an Officer of the Issuer and shall
be set forth in an Officer&rsquo;s Certificate signed by such Officer which states (a) the amount of such adjustment or adjustments,
(b) that such adjustment or adjustments are based on the reasonable good faith belief of the Issuer at the time of such execution
and (c) that the steps necessary for the realization of such adjustments have been or are reasonably expected to be taken within
12 months following such transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-indent: 0.5in">In calculating Consolidated
Interest Expense, for purposes of determining the denominator (but not the numerator) of this Consolidated Interest Coverage Ratio:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue
to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such
Indebtedness in effect on the Transaction 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 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rates, then the interest rate in effect
on the Transaction Date will be deemed to have been in effect during the Four-Quarter Period; 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>notwithstanding
clause (1) or (2) above, interest on Indebtedness determined on a fluctuating
basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the
rate per annum resulting after giving effect to the operation of such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Interest Expense</I>&rdquo; for any period means the sum, without duplication, of the total interest expense of the Issuer and
the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with IFRS, including, without duplication:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;imputed interest on Capitalized Lease Obligations;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>commissions,
discounts and other fees and charges owed with respect to letters of credit securing financial obligations, bankers&rsquo; acceptance
financing and receivables financings;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the net costs associated with Hedging Obligations related to interest rates;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>amortization of debt issuance costs, debt discount or premium and other financing fees and expenses (other than the amortization
or write off of any such costs, discounts, premium, fees or expenses incurred under or in connection with Indebtedness outstanding
or available under the Credit Agreement as of the Issue 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the interest portion of any deferred payment obligations;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other non-cash interest expense;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capitalized interest;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all dividend payments on any series of Disqualified Equity Interests of the Issuer or any of its Restricted Subsidiaries
or any Preferred Stock of any Restricted Subsidiary (other than dividends on Equity Interests payable solely in Qualified Equity
Interests of the Issuer or to the Issuer or a Restricted Subsidiary of the Issuer);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all interest payable with respect to discontinued operations; 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
interest on any Indebtedness described in clause (7) or (8) of the definition of Indebtedness, 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 55.45pt 0pt 9pt; text-indent: 0.5in">excluding, without duplication,
the cumulative effect of any change in accounting principles or policies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Net Income</I>&rdquo; for any period means the net income (or loss) of such Person and its Restricted Subsidiaries, in each case
for such period determined on a consolidated basis in accordance with IFRS; <I>provided </I>that there shall be excluded from such
net income (to the extent otherwise included therein), without duplication:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the net income (or loss) of any Person (other than a Restricted Subsidiary) in which any Person other than the Issuer and
the Restricted Subsidiaries has an ownership interest, except to the extent that cash in an amount equal to any such income has
actually been received by the Issuer or any of its Restricted Subsidiaries during such period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>except
to the extent includible in the net income (or loss) of the Issuer pursuant to the foregoing clause (1), the net income (or loss)
of any Person that accrued prior to the date that (a) such Person becomes a Restricted Subsidiary or is merged into or consolidated
with the Issuer or any Restricted Subsidiary or (b) the assets of such Person are acquired by the Issuer or any Restricted Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
net income of any Restricted Subsidiary during such period to the extent that the declaration or payment of dividends or similar
distributions by such Restricted Subsidiary of that income is not permitted by operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary during such period,
unless such restriction with respect to the payment of dividends has been legally waived;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>for
the purposes of calculating the Restricted Payments Basket only, in the case of a successor to the Issuer by merger, amalgamation,
consolidation or transfer of its assets, any income (or loss) of the successor prior to such merger, amalgamation, consolidation
or transfer of assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>other
than for purposes of calculating the Restricted Payments Basket, any gain (or loss), together with any related provisions for
taxes on any such gain (or the tax effect of any such loss), realized during such period by the Issuer or any Restricted Subsidiary
upon (a) the acquisition of any securities, or the extinguishment of any Indebtedness, of the Issuer or any Restricted Subsidiary
or (b) any Asset Sale by the Issuer or any Restricted Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>gains
and losses due solely to fluctuations in currency values and the related tax effects according to IFRS;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unrealized gains and losses with respect to Hedging Obligations;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the cumulative effect of any change
in accounting principles or policies; 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;extraordinary gains and losses and the related tax 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">In addition,
any return of capital with respect to an Investment that increased the Restricted Payments Basket pursuant to SECTION
4.7(a)(3)(D) or decreased the amount of Investments outstanding pursuant to clauses (11) or (17)
of the definition of &ldquo;Permitted Investments&rdquo; shall be excluded from Consolidated Net Income for purposes of calculating
the Restricted Payments Basket.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated
Tangible Assets</I>&rdquo; means, with respect to any Person as of any date, the amount which, in accordance with IFRS, would
be set forth under the caption &ldquo;Total Assets&rdquo; (or any like caption) on a consolidated balance sheet of such
Person and its Restricted Subsidiaries, without giving effect to any write-downs or charges, up to an aggregate amount of
U.S.$300.0 million, caused by the Issuer&rsquo;s adoption of IFRS as of January 1, 2011, less, to the extent included in a
determination of &ldquo;Total Assets,&rdquo; and without duplication, all goodwill, patents, tradenames, trademarks,
copyrights, franchises, experimental expenses, organization expenses and any other amounts classified as intangible assets in
accordance with IFRS.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Corporate
Trust Office</I>&rdquo; means the offices of the respective Trustees at which at any time its corporate trust business shall be
principally administered, which office as of the date hereof is located at, in the case of the Canadian Trustee, Computershare
Trust Company of Canada, 800, 324 &ndash; 8th Avenue SW, Calgary, AB T2P 2Z2, Attention: Manager, Corporate Trust or, in the case
of the U.S. Trustee, The Bank of New York Mellon, 240 Greenwich Street, Floor 7 East, New York, New York 10286, or such other address
as the U.S. Trustee or Canadian Trustee, as applicable, may designate from time to time by notice to the Holders and the Issuer,
or the corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time
to time by notice to the Holders and the Issuer).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Credit
Agreement</I>&rdquo; means the Amended and Restated Credit Agreement entered into on April 15, 2016, as amended on January
20, 2017, November 21, 2017, November 30, 2018, June 14, 2019, November 22, 2019 and April 9, 2020, by and among the Issuer,
as borrower, a Canadian chartered bank, as administration agent, and the several lenders and other agents party thereto,
including any notes, guarantees, collateral and security documents, instruments and agreements executed in connection
therewith (including Hedging Obligations related to the Indebtedness incurred thereunder), and in each case as such agreement
or facility may be amended (including any amendment or restatement thereof), supplemented or otherwise modified from time to
time, including any agreement or indenture exchanging, extending the maturity of, refinancing, renewing, replacing,
substituting or otherwise restructuring, whether in the bank or debt capital markets (or combination thereof) (including
increasing the amount of available borrowings thereunder or adding or removing Subsidiaries as borrowers or guarantors
thereunder) all or any portion of the Indebtedness under such agreement or facility or any successor or replacement agreement
or facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Credit
Facilities</I>&rdquo; means one or more debt facilities or indentures (which may be outstanding at the same time and including,
without limitation, the Credit Agreement) providing for revolving credit loans, debt securities, term loans, receivables financing
or letters of credit and, in each case, as such agreements may be amended, refinanced, restated, refunded or otherwise restructured,
in whole or in part from time to time (including increasing the amount of available borrowings thereunder or adding Subsidiaries
of the Issuer as additional borrowers or guarantors thereunder) with respect to all or any portion of the Indebtedness under such
agreement or agreements or any successor or replacement agreement or agreements and whether by the same or any other agent, lender,
group of lenders or institutional lenders or investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Default</I>&rdquo;
means (1) any Event of Default or (2) any event, act or condition that, after notice or the 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Depositary</I>&rdquo;
means with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in SECTION
2.3 hereof as the Depositary with respect to the Global Notes, and any and all successors thereto appointed as depositary hereunder
and having become such pursuant to the applicable provision of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Designated
Non-cash Consideration</I>&rdquo; means the Fair Market Value of non-cash consideration received by the Issuer or a Restricted
Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer&rsquo;s
Certificate, setting forth the basis of such valuation, executed by the Chief Financial Officer of the Issuer, less the amount
of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Disqualified
Equity Interests</I>&rdquo; of any Person means any class of Equity Interests of such Person that, by its terms, or by the terms
of any related agreement or of any security into which it is convertible, puttable or exchangeable (in each case, at the option
of the holder thereof), is, or upon the happening of any event or the passage of time would be, required to be redeemed by such
Person, at the option of the holder thereof, or matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, in whole or in part, on or prior to the date which is 91 days after the Stated Maturity of the Notes; <I>provided, however,
</I>that any class of Equity Interests of such Person that, by its terms, authorizes such Person to satisfy in full its obligations
with respect to the payment of dividends or upon maturity, redemption (pursuant to a sinking fund or otherwise) or repurchase thereof
or otherwise by the delivery of Equity Interests that are not Disqualified Equity Interests, and that is not convertible, puttable
or exchangeable for Disqualified Equity Interests or Indebtedness, will not be deemed to be Disqualified Equity Interests so long
as such Person satisfies its obligations with respect thereto solely by the delivery of Equity Interests that are not Disqualified
Equity Interests; <I>provided</I>, <I>further</I>, however, that any Equity Interests that would not constitute Disqualified Equity
Interests but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests
are convertible, exchangeable or exercisable) the right to require the Issuer to repurchase or redeem such Equity Interests upon
the occurrence of a change in control or an Asset Sale occurring prior to the 91st day after the Stated Maturity of the Notes shall
not constitute Disqualified Equity Interests if the change of control or asset sale provisions applicable to such Equity Interests
are no more favorable to such holders than SECTION 4.14 and SECTION 4.10, respectively,
and such Equity Interests specifically provide that the Issuer will not repurchase or redeem any such Equity Interests pursuant
to such provisions prior to the Issuer&rsquo;s purchase of the Notes as required pursuant to SECTION 4.14
and SECTION 4.10, 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 0pt 45pt">&ldquo;<I>Dollars</I>&rdquo;, &ldquo;<I>U.S. dollars</I>&rdquo;
and &ldquo;<I>U.S.$</I>&rdquo; means dollars in lawful 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 0pt 45pt">&ldquo;<I>DTC</I>&rdquo; means The Depository Trust
Company and any successor.</P>

<P STYLE="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 45pt">&ldquo;<I>Eligible Bank</I>&rdquo; shall mean any commercial
bank having, or which is the principal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify">banking subsidiary of a bank
holding company having, capital and surplus aggregating in excess of U.S.$5,000.0 million (or in the equivalent thereof in a foreign
currency as of the date of determination) and a rating of &ldquo;A&rdquo; (or such other similar equivalent rating) or higher by
at least one nationally recognized statistical rating organization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Equity
Interests</I>&rdquo; of any Person means (1) any and all shares or other equity interests (including Common Stock, Preferred
Stock, limited liability company interests, trust units and partnership interests) in such Person and (2) all rights to
purchase, warrants or options (whether or not currently exercisable), participations or other equivalents of or interests in
(however designated) such shares or other interests in such Person, but excluding from all of the foregoing any debt
securities convertible into Equity Interests, regardless of whether such debt securities include any right of participation
with Equity Interests.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Exchange
Act</I>&rdquo; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Existing
Indentures</I>&rdquo; means the indenture dated as of June 3, 2014 among the Issuer, the guarantors listed on the signature pages
thereto, The Bank of New York Mellon as U.S. trustee and Computershare Trust Company of Canada, (as successor to Valiant Trust
Company) as Canadian trustee, as amended, supplemented or restated from time to time; the indenture dated as of November 4, 2016
among the Issuer, the guarantors listed on the signature pages thereto, The Bank of New York Mellon as U.S. trustee and Computershare
Trust Company of Canada as Canadian trustee, as amended, supplemented or restated from time to time; and the Indenture dated as
of November 22, 2017 among the Issuer, the guarantors listed on the signature pages thereto, The Bank of New York Mellon as U.S.
trustee and Computershare Trust Company of Canada as Canadian trustee, as amended, supplemented or restated 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Existing
Notes</I>&rdquo; means the outstanding 7.75% Senior Notes due 2023, the 5.25% Senior Notes due 2024 and the 7.125% Senior Notes
due 2026, issued by the Issuer pursuant to the applicable Existing 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 39pt">&ldquo;<I>Fair
Market Value</I>&rdquo; means, with respect to any asset, the price (after taking into account any liabilities relating to such
asset) that would be negotiated in an arm&rsquo;s-length transaction for cash between a willing seller and a willing and able buyer,
neither of which is under any compulsion to complete the transaction as such price is determined in good faith by (a) in the case
of an asset whose price would be greater than U.S.$50.0 million, the Board of Directors of the Issuer or a duly authorized committee
thereof, as evidenced by a resolution of such Board of Directors or committee and (b) in all other cases, management of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 39pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify">&ldquo;<I>Fitch</I>&rdquo;
means Fitch Ratings, Inc. or any successor to the rating agency business thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 39pt">&ldquo;<I>Foreign
Restricted Subsidiary</I>&rdquo; means any Restricted Subsidiary not organized or existing under the laws of the United
States, any state thereof, the District of Columbia or Canada or any province or territory 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 45pt; text-align: justify">&ldquo;<I>Global Note Legend</I>&rdquo;
means the legend identified as such in <U>Exhibit A</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Global
Notes</I>&rdquo; means the Notes that are in the form of <U>Exhibit A</U> issued in global form and registered in the name of the
Depositary or its nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>guarantee</I>&rdquo;
means a direct or indirect guarantee by any Person of any Indebtedness of any other Person and includes any obligation,
direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the
purchase or payment of) Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services (unless such purchase arrangements are on
arm&rsquo;s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial
statement conditions or otherwise); or (2) entered into for purposes of assuring in any other manner the obligee of such
Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part);
&ldquo;guarantee,&rdquo; when used as a verb, and &ldquo;guaranteed&rdquo; have correlative meanings.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Guarantee</I>&rdquo;
means, individually, any guarantee of payment of the Notes and the Issuer&rsquo;s obligations under this Indenture by a Guarantor
pursuant to the terms of this Indenture and any supplemental indenture hereto, and, collectively, all such guarantees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Guarantors</I>&rdquo;
means each Restricted Subsidiary of the Issuer on the Issue Date that is a guarantor of the Issuer&rsquo;s obligations under the
Credit Agreement or the Existing Indentures, and each other Person that is required to, or at the election of the Issuer, does
become a Guarantor by the terms of this Indenture after the Issue Date, in each case, until such Person is released from its Guarantee
in accordance with the terms 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 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Hedging
Obligations</I>&rdquo; of any Person means the obligations of such Person under swap, cap, collar, forward purchase or similar
agreements or arrangements dealing with interest rates or currency exchange rates or commodity prices (including, without limitation,
for purposes of this definition, rates for electrical power used in the ordinary course of business), either generally or under
specific contingencies.</P>

<P STYLE="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 45pt">&ldquo;<I>Holder</I>&rdquo; means any registered holder,
from time to time, of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>IFRS</I>&rdquo;
means international financial reporting standards issued by the International Accounting Standards Board to the extent adopted
in Canada and which were in effect on June 14, 2011; <I>provided </I>that all ratios, computations and other determinations in
this Indenture that require the application of IFRS for periods that include fiscal quarters ended prior to January 1, 2011 shall
remain as previously calculated or determined in accordance with generally accepted accounting principles in Canada set forth in
the opinions and pronouncements of the Accounting Principles Board of the Canadian Institute of Chartered Accountants which were
in effect on November 17, 2010.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>incur</I>&rdquo;
means, with respect to any Indebtedness or Obligation, incur, create, issue, assume, guarantee or otherwise become directly or
indirectly liable, contingently or otherwise, with respect to such Indebtedness or Obligation; <I>provided </I>that (1) the Indebtedness
of a Person existing at the time such Person became a Restricted Subsidiary of the Issuer shall be deemed to have been incurred
by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Issuer and (2) neither the accrual of interest
nor the accretion of original issue discount or the accretion or accumulation of dividends on any Equity Interests shall be deemed
to be an incurrence of 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 0pt 44.95pt">&ldquo;<I>Indebtedness</I>&rdquo; of any Person
at any date means, without duplication:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
liabilities, contingent or otherwise, of such Person for borrowed money (whether or not the recourse of the lender is to the whole
of the assets of such Person or only to a portion thereof);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all obligations of such Person evidenced by bonds, debentures, banker&rsquo;s acceptances, notes or other similar instruments;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all reimbursement obligations of such Person in respect of letters of credit, letters of guaranty and similar credit transactions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
obligations of such Person to pay the deferred and unpaid purchase price of property or services, except deferred compensation,
trade payables and accrued expenses incurred by such Person in the ordinary course of business in connection with obtaining goods,
materials or services and not overdue by more than 180 days unless subject to a bona fide dispute;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
maximum fixed redemption or repurchase price of all Disqualified Equity Interests of such Person or, with respect to any Subsidiary
that is not a Guarantor, any Preferred Stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Capitalized Lease Obligations of such 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all Indebtedness of others guaranteed by such Person to the extent of such guarantee; provided that Indebtedness of the
Issuer or its Subsidiaries that is guaranteed by the Issuer or the Issuer&rsquo;s Subsidiaries shall only be counted once in the
calculation of the amount of Indebtedness of the Issuer and its Subsidiaries on a consolidated basis;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to the extent not otherwise included in this definition, Hedging Obligations of such Person; 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all obligations of such Person under conditional sale or other title retention agreements relating to assets purchased by
such 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 16.75pt 0pt 9pt; text-align: justify">The amount of any Indebtedness
which is incurred at a discount to the principal amount at maturity thereof as of any date shall be deemed to have been incurred
at the accreted value thereof as of such date. The amount of Indebtedness of any Person at any date shall be the outstanding balance
at such date of all unconditional obligations as described above, the maximum liability of such Person for any such contingent
obligations at such date and, in the case of clause (7), the lesser of (a) the Fair Market Value of
any asset subject to a Lien securing the Indebtedness of others on the date that the Lien attaches and (b) the amount of the Indebtedness
secured. For purposes of clause (5), the &ldquo;maximum fixed redemption or repurchase price&rdquo;
of any Disqualified Equity Interests that do not have a fixed redemption or repurchase price shall be calculated in accordance
with the terms of such Disqualified Equity Interests as if such Disqualified Equity Interests were redeemed or repurchased on any
date on which an amount of Indebtedness outstanding shall be required to be determined 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 0pt 45pt">&ldquo;<I>Indenture</I>&rdquo; means this Indenture,
as amended or supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&ldquo;<I>Independent Director</I>&rdquo; means a director
of the Issuer who:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is independent with respect to the transaction at issue;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>does
not have any material financial interest in the Issuer or any of its Affiliates (other than as a result of holding securities
of the Issuer); 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 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>has not, and whose Affiliates or affiliated firm have not, at any time during the twelve months prior to the taking of any
action hereunder, directly or indirectly, received, or entered into any understanding or agreement to receive, any compensation,
payment or other benefit, of any type or form, from the Issuer or any of their respective Affiliates, other than customary directors&rsquo;
fees for serving on the Board of Directors of the Issuer or any Affiliate and reimbursement of out-of-pocket expenses for attendance
at the Issuer&rsquo;s or any of their respective Affiliates&rsquo; board and board committee meetings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Independent
Financial Advisor</I>&rdquo; means an accounting, appraisal, investment banking firm or consultant of nationally or internationally
recognized standing that is, in the good faith judgment of the Issuer, qualified to perform the task for which it has been engaged.</P>

<P STYLE="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 45pt">&ldquo;<I>Initial Notes</I>&rdquo; has the meaning
set forth in the preamble hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Intellectual
Property</I>&rdquo; means all patents, patent applications, trademarks, trade names, service marks, copyrights, technology, trade
secrets, proprietary information, domain names, know-how and processes necessary for the conduct of the Issuer&rsquo;s or any Restricted
Subsidiary&rsquo;s 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 0pt 45pt">&ldquo;<I>Investments</I>&rdquo; of any Person means:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>all
direct or indirect investments by such Person in any other Person (including Affiliates) in the form of loans, advances or capital
contributions or other credit extensions constituting Indebtedness of such other Person, and any guarantee of Indebtedness of
any other 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>all
purchases (or other acquisitions for consideration) by such Person of Indebtedness, Equity Interests or other securities of any
other Person (other than any such purchase that constitutes a Restricted Payment of the type described in clause (2) of the definition
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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>all
other items that would be classified as investments on a balance sheet of such Person prepared in accordance with IFRS (including,
if required by IFRS, purchases of assets outside the ordinary course of business); 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (4)&nbsp;&nbsp;&nbsp;the Designation of any Subsidiary as an Unrestricted Subsidiary.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Except
as otherwise expressly specified in this definition, the amount of any Investment (other than an Investment made in cash)
shall be the Fair Market Value thereof on the date such Investment is made. The amount of an Investment pursuant to clause
(4) shall be the Designation Amount determined in accordance with SECTION 4.18. If the Issuer or any Restricted Subsidiary
sells or otherwise disposes of any Equity Interests of any Restricted Subsidiary, or any Restricted Subsidiary issues any
Equity Interests, in either case, such that, after giving effect to any such sale or disposition, such Person is no longer a
Subsidiary, the Issuer shall be deemed to have made an Investment on the date of any such sale or other disposition equal to
the Fair Market Value of the Equity Interests of and all other Investments in such Restricted Subsidiary retained.
Notwithstanding the foregoing, purchases or redemptions of Equity Interests of the Issuer shall be deemed not to be
Investments.</P>

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

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<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 0pt 45pt; text-align: justify">&ldquo;<I>Issue Date</I>&rdquo;
means the date on which the Initial Notes are originally issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Issuer</I>&rdquo;
means Precision Drilling Corporation, a corporation amalgamated under the laws of the Province of Alberta, and any successor Person
resulting from any transaction permitted by SECTION 5.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Lien</I>&rdquo;
means, with respect to any asset, any mortgage, deed of trust, lien (statutory or other), pledge, lease, easement, restriction,
covenant, charge, security interest or other encumbrance of any kind or nature in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, but excluding,
for certainty, deemed security interests arising under Section 1(1)(tt)(ii) of the Personal Property Security Act (Alberta) or
similar legislation with respect to transfers of accounts, consignments of goods and leases with a term of more than one year that
are not capital leases and do not secure performance of a payment or other obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">&ldquo;<I>Moody&rsquo;s</I>&rdquo;
means Moody&rsquo;s Investors Service, Inc. and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Multijurisdictional
Disclosure System</I>&rdquo; means the Canada-U.S. Multijurisdictional Disclosure System adopted by the SEC and the Canadian
Securities Administrators, as in effect from time to time, and any successor statutes, rules or regulations 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Net
Available Proceeds</I>&rdquo; means, with respect to any Asset Sale, the proceeds thereof in the form of cash or Cash Equivalents
received by the Issuer or any of its Restricted Subsidiaries from such Asset Sale, net of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>brokerage
commissions and other fees and expenses (including fees, discounts and expenses of legal counsel, accountants and investment banks,
consultants and placement agents) of such Asset Sale;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>provisions
for taxes payable (including any withholding or other taxes paid or reasonably estimated to be payable in connection with the
transfer to the Issuer of such proceeds from any Restricted Subsidiary that received such proceeds) as a result of such Asset
Sale (after taking into account any available tax credits or deductions and any tax sharing arrangements);</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>amounts
required to be paid to any Person (other than the Issuer or any Restricted Subsidiary and other than under a Credit Facility)
owning a beneficial interest in the assets subject to the Asset Sale or having a Lien thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>payments of unassumed liabilities (not constituting Indebtedness) relating to the assets sold at the time of, or within
30 days after the date of, such Asset Sale; 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 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>appropriate
amounts to be provided by the Issuer or any Restricted Subsidiary, as the case may be, as a reserve required in accordance with
IFRS against any adjustment in the sale price of such asset or assets or liabilities associated with such Asset Sale and retained
by the Issuer or any Restricted Subsidiary, as the case may be, after such Asset Sale, including pensions and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated
with such Asset Sale, all as reflected in an Officer&rsquo;s Certificate delivered to the Trustees; provided, however, that any
amounts remaining after adjustments, revaluations or liquidations of such reserves shall constitute Net Available Proceeds.</P>

<P STYLE="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 45pt">&ldquo;<I>Non-Recourse Debt</I>&rdquo; means Indebtedness
of an Unrestricted Subsidiary:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>as
to which neither the Issuer nor any Restricted Subsidiary (a) provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise,
or (c) constitutes the lender; 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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>no
default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted
Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Issuer or any Restricted
Subsidiary to declare a default on the other Indebtedness or cause the payment thereof to be accelerated or payable prior to its
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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Note
Custodian</I>&rdquo; means the Person appointed as custodian for the Depositary with respect to the Global Notes, or any successor
entity 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 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Notes</I>&rdquo;
means the Initial Notes and any Additional Notes. The Initial Notes and the Additional Notes, if any, shall be treated as a single
class for all purposes 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Obligation</I>&rdquo;
means any principal, interest, penalties, fees, indemnification, reimbursements, costs, expenses, damages and other liabilities
payable under the documentation governing any 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Offering
Circular</I>&rdquo; means the Issuer&rsquo;s offering circular, dated June 2, 2021, relating to the offer and sale of the Initial
Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Officer</I>&rdquo;
means any of the following of the Issuer or any Guarantor: the Chairman of the Board of Directors, the Chief Executive Officer,
the Chief Financial Officer, the President, any Senior Vice President, any Vice President, any trustee, the Treasurer or the Secretary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Officer&rsquo;s
Certificate</I>&rdquo; means a certificate signed by an Officer that meets the requirements of SECTION
11.5 of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Opinion
of Counsel</I>&rdquo; means a written opinion from legal counsel acceptable to the U.S. Trustee. The counsel may be an employee
of or counsel to the Issuer or any 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Pari
Passu Indebtedness</I>&rdquo; means any Indebtedness of the Issuer or any Guarantor that ranks <I>pari passu </I>in right of payment
with the Notes or the Guarantees, as 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Participant</I>&rdquo;
means, with respect to the Depositary, a Person who has an account with 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Paying
Agent</I>&rdquo; means any Person authorized by the Issuer to pay the principal of, premium, if any, or interest on any Notes on
behalf of the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted
Business</I>&rdquo; means the businesses engaged in by the Issuer and its Subsidiaries on the Issue Date as described in the Offering
Circular and businesses that are reasonably related, incidental or ancillary thereto or reasonable extensions thereof (other than,
in each case, material exploration or production businesses).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted
Business Investments</I>&rdquo; means Investments by the Issuer or any of its Restricted Subsidiaries in any Unrestricted Subsidiary
or in any joint venture entity; <I>provided </I>that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>the
Issuer would, at the time of such Investment and after giving pro forma effect thereto as if such Investment had been made at
the beginning of the applicable Four-Quarter Period, have been permitted to incur at least U.S.$1.00 of additional
Indebtedness pursuant to the Coverage Ratio Exception;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(2)
if such Unrestricted Subsidiary or joint venture entity has outstanding Indebtedness at the time of such Investment, either (a)
all such Indebtedness is Non-Recourse Debt or (b) any such Indebtedness that is recourse to the Issuer or any of its Restricted
Subsidiaries (which shall include, without limitation, all Indebtedness for which the Issuer or any of its Restricted Subsidiaries
may be directly or indirectly, contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness,
by law or pursuant to any guarantee, including, without limitation, any &ldquo;claw back,&rdquo; &ldquo;make-well&rdquo; or &ldquo;keep-well&rdquo;
arrangement) would, at the time of such Investment and after giving pro forma effect thereto as if such Investment had been made
at the beginning of the applicable Four-Quarter Period, have been permitted to be incurred by the Issuer and its Restricted Subsidiaries
pursuant to the Coverage Ratio Exception; 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 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>such
Unrestricted Subsidiary&rsquo;s or joint venture entity&rsquo;s activities are not outside the scope of the Permitted
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 0pt 44.95pt">&ldquo;<I>Permitted Investment</I>&rdquo; means:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>Investments by the Issuer or any Restricted Subsidiary in (a) any Restricted Subsidiary or (b) any Person that will become
immediately after such Investment a Restricted Subsidiary or that will merge or consolidate into the Issuer or any Restricted Subsidiary;
provided the surviving or continuing Person of such merger or consolidation is either the Issuer or a Restricted Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (2)&nbsp;&nbsp;Investments in the Issuer by any Restricted Subsidiary;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>loans
and advances to directors, employees and officers of the Issuer and its Restricted Subsidiaries (i) in the ordinary course of
business (including payroll, travel and entertainment related advances) (other than any loans or advances to any director or executive
officer (or equivalent thereof) that would be in violation of Section 402 of the Sarbanes Oxley Act) and (ii) to purchase Equity
Interests of the Issuer not in excess of U.S.$2.5 million individually and U.S.$5.0 million in the aggregate outstanding at any
one 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>Hedging
Obligations entered into for bona fide hedging purposes of the Issuer or any Restricted Subsidiary not for the purpose of speculation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (5)&nbsp;&nbsp;Investments in cash and Cash Equivalents;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>receivables
owing to the Issuer or any Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms; <I>provided</I>, <I>however</I>, that such trade terms may include such concessionary
trade terms as the Issuer or any such Restricted Subsidiary deems reasonable under the 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 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>Investments
in securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of such trade creditors or customers or received in compromise or resolution of litigation, arbitration
or other disputes with such parties;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>Investments
made by the Issuer or any Restricted Subsidiary as a result of consideration received in connection with an Asset Sale made in
compliance with SECTION 4.10;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (9)&nbsp;&nbsp;lease, utility and other similar deposits 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>stock,
obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Issuer or
any Restricted Subsidiary or in satisfaction of judgments;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>Permitted
Business Investments that do not exceed 12.5% of the Issuer&rsquo;s Consolidated Tangible Assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>guarantees of Indebtedness of the Issuer or any of its Restricted Subsidiaries permitted in accordance with
SECTION 4.9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (13)&nbsp;repurchases of, or other Investments in, the Notes;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>advances
or extensions of credit in the nature of accounts receivable arising from the sale or lease of goods or services, the leasing
of equipment or the licensing of property in the ordinary course of business and payable or dischargeable in accordance with
customary trade terms; provided that such trade terms may include such concessionary trade terms as the Issuer or the
applicable Restricted Subsidiary deems reasonable under the circumstances;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>Investments existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or Investments
consisting of an extension, modification or renewal of Investments or binding commitments existing on the Issue Date in an amount
not exceeding the amount of such Investment or commitment existing on the Issue 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>Investments
the payment for which consists of Qualified Equity Interests of the Issuer; <I>provided, however, </I>that such Qualified Equity
Interests will not increase the amount available for Restricted Payments under the Restricted Payments Basket;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>other
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and
without giving effect to subsequent changes in value) that, when taken together with all other Investments made pursuant to
this clause (17) since the Issue Date, do not exceed the greater of (a) U.S.$250.0 million and (b) 6.0% of the Issuer&rsquo;s
Consolidated Tangible Assets; 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>performance
guarantees of any trade or non-financial operating contract (other than such contract that itself constitutes Indebtedness) 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">In determining
whether any Investment is a Permitted Investment, the Issuer may allocate or reallocate all or any portion of an Investment among
the clauses of this definition and any of the provisions of SECTION 4.7.</P>

<P STYLE="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 48pt; text-align: justify">&ldquo;<I>Permitted Liens</I>&rdquo;
means the following types of Liens:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
for taxes, assessments or governmental charges or levies not yet due and payable or delinquent or that are being contested in
good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the
Issuer or its Restricted Subsidiaries, as the case may be, in conformity with IFRS;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
in respect of property of the Issuer or any Restricted Subsidiary imposed by law or contract, which were not incurred or created
to secure Indebtedness for borrowed money, such as carriers&rsquo;, warehousemen&rsquo;s, materialmen&rsquo;s, landlords&rsquo;,
workmen&rsquo;s, suppliers&rsquo;, repairmen&rsquo;s and mechanics&rsquo; Liens and other similar Liens arising in the ordinary
course of business, and which do not in the aggregate materially detract from the value of the property of the Issuer or its Restricted
Subsidiaries, taken as a whole, and do not materially impair the use thereof in the operation of the business of the Issuer and
its Restricted Subsidiaries, taken as a whole;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>pledges or deposits made in connection therewith in the ordinary course of business in connection with workers&rsquo; compensation,
unemployment insurance, road transportation and other types of social security, regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens (i) incurred in the ordinary course of business to secure the performance of tenders, bids, trade contracts, stay
and customs bonds, leases, statutory obligations, surety and appeal bonds, statutory bonds, government contracts, performance and
return money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) or (ii) incurred
in the ordinary course of business to secure liability for premiums to insurance carriers;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
upon specific items of inventory or other goods and proceeds of any Person securing such Person&rsquo;s obligations in respect
of bankers&rsquo; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage
of such inventory or other goods;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens arising out of judgments or awards not resulting in a Default or an Event of Default so long as such Lien is adequately
bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally
terminated or the period within which such proceedings may be initiated has not expired;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>easements,
rights of way, restrictions (including zoning restrictions), covenants, encroachments, protrusions and other similar charges or
encumbrances, and minor title deficiencies on or with respect to any Real Property, in each case whether now or hereafter in existence,
not (i) securing Indebtedness and (ii) in the aggregate materially interfering with the conduct of the business of the Issuer
and its Restricted Subsidiaries and not materially impairing the use of such Real Property in such 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other assets relating
to such letters of credit and products and proceeds 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements
of the Issuer or any Restricted Subsidiary, including rights of offset and setoff;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>bankers&rsquo;
Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or
more accounts maintained by the Issuer or any Restricted Subsidiary, in each case granted in the ordinary course of business in
favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management
and operating account arrangements, including those involving pooled accounts and netting arrangements;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any interest or title of a lessor under any lease entered into by the Issuer or any Restricted Subsidiary, in the ordinary
course so long as such leases do not, individually or in the aggregate, (i) interfere in any material respect with the ordinary
conduct of the business of the Issuer or any Restricted Subsidiary or (ii) materially impair the use (for its intended purposes)
or the value of the property subject 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
filing of UCC financing statements solely as a precautionary measure in connection with operating leases, consignments of
goods or transfers of accounts or the filing of <I>Personal Property Security Act </I>financing statements in connection with
operating leases, consignments of goods or transfers of accounts, in each case to the extent not securing performance of a
payment or other obligation;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (13)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens securing all of the Notes and Liens securing any Guarantee;</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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
securing Hedging Obligations entered into for bona fide hedging purposes of the Issuer or any Restricted Subsidiary not for the
purpose of speculation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
existing on the Issue Date securing Indebtedness outstanding on the Issue Date; <I>provided </I>that (i) the aggregate principal
amount of the Indebtedness, if any, secured by such Liens does not increase; and (ii) such Liens do not encumber any property
other than the property subject thereto on the Issue Date (plus improvements, accessions, proceeds or dividends or distributions
in respect 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (16)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens in favor of the Issuer or a Guarantor;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
securing Indebtedness under the Credit Facilities incurred and then outstanding pursuant to SECTION 4.9(b)(1) and related Hedging
Obligations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
arising pursuant to Purchase Money Indebtedness incurred pursuant to SECTION 4.9(b)(8); provided that (i) the Indebtedness secured
by any such Lien (including refinancings thereof) does not exceed 100.0% of the cost of the property being acquired or leased
at the time of the incurrence of such Indebtedness and (ii) any such Liens attach only to the property being financed pursuant
to such Purchase Money Indebtedness (plus improvements, accessions, proceeds or dividends or distributions in respect thereof)
and do not encumber any other property of the Issuer or any Restricted Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
securing Acquired Indebtedness permitted to be incurred under this Indenture, including Indebtedness incurred in connection with,
or in contemplation of, such Person becoming a Restricted Subsidiary or being acquired or merged into the Issuer or a Restricted
Subsidiary of the Issuer; provided, however, that the Liens do not extend to assets not subject to such Lien at the time of acquisition
(plus improvements, accessions, proceeds or dividends or distributions in respect thereof) and are no more favorable in any material
respect to the lienholders than those securing such Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness
by the Issuer or a Restricted Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
on property of a Person existing at the time such Person is acquired or amalgamated or merged with or into or consolidated with
the Issuer or any Restricted Subsidiary (and not created in anticipation or contemplation thereof); provided that such Liens do
not extend to property not subject to such Liens at the time of acquisition (plus improvements, accessions, proceeds or dividends
or distributions in respect thereof) and are no more favorable in any material respect to the lienholders than the existing Lien;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
to secure Refinancing Indebtedness of Indebtedness secured by Liens referred to in the foregoing clauses (15), (18), (19),
(20) and this clause (21); <I>provided </I>that such Liens do not extend to any additional assets (other than improvements
thereon and replacements thereof);</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(22)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>licenses
of Intellectual Property granted by the Issuer or any Restricted Subsidiary in the ordinary course of business and not interfering
in any material respect with the ordinary conduct of the business of the Issuer or such Restricted Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(23)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by Issuer
or any Restricted Subsidiary 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(24)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
in favor of either of the Trustees as provided for in this Indenture on money or property held or collected by either Trustee
in its capacity as 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(25)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
securing Specified Cash Management Agreements entered into 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(26)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
on assets of any Foreign Restricted Subsidiary to secure Indebtedness of such Foreign Restricted Subsidiary which Indebtedness
is permitted by 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (27)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens securing Indebtedness incurred under SECTION 4.9(b)(16);</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(28)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens on Equity Interests of an
Unrestricted Subsidiary that secure Non-Recourse Debt or other obligations of such Unrestricted Subsidiary; 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(29)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>other
Liens with respect to obligations which do not in the aggregate exceed the greater of (a) U.S.$200.0 million and (b) 5.0% of the
Issuer&rsquo;s Consolidated Tangible Assets at any time 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Person</I>&rdquo;
means any individual, corporation, partnership, limited liability company, joint venture entity, association, joint-stock company,
trust, mutual fund trust, unincorporated organization or government or other agency or political subdivision thereof or other legal
entity of any kind.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Plan
of Liquidation</I>&rdquo; with respect to any Person, means a plan that provides for, contemplates or the effectuation of which
is preceded or accompanied by (whether or not substantially contemporaneously, in phases or otherwise): (1) the sale, lease, conveyance
or other disposition of all or substantially all of the assets of such Person otherwise than as an entirety or substantially as
an entirety; and (2) the distribution of all or substantially all of the proceeds of such sale, lease, conveyance or other disposition
of all or substantially all of the remaining assets of such Person to holders of Equity Interests of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Preferred
Stock</I>&rdquo; means, with respect to any Person, any and all preferred or preference stock or other Equity Interests (however
designated) of such Person whether now outstanding or issued after the Issue Date that is preferred as to the payment of dividends
upon liquidation, dissolution or winding up.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="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 8.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>principal</I>&rdquo; means, with respect to
the Notes, the principal of, and premium, if any, on the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Purchase
Money Indebtedness</I>&rdquo; means Indebtedness, including Capitalized Lease Obligations, of the Issuer or any Restricted
Subsidiary incurred for the purpose of financing all or any part of the purchase price of property, plant or equipment used
in the business of the Issuer or any Restricted Subsidiary or the cost of installation, construction or improvement thereof; <I>provided,
however, </I>that (except in the case of Capitalized Lease Obligations) the amount of such Indebtedness shall not exceed such
purchase price or cost.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Qualified
Equity Interests</I>&rdquo; of any Person means Equity Interests of such Person other than Disqualified Equity Interests; <I>provided
</I>that such Equity Interests shall not be deemed Qualified Equity Interests to the extent sold or owed to a Subsidiary of such
Person or financed, directly or indirectly, using funds (1) borrowed from such Person or any Subsidiary of such Person until and
to the extent such borrowing is repaid or (2) contributed, extended, guaranteed or advanced by such Person or any Subsidiary of
such Person (including, without limitation, in respect of any employee stock ownership or benefit plan). Unless otherwise specified,
Qualified Equity Interests refer to Qualified Equity Interests of the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Qualified
Equity Offering</I>&rdquo; means the issuance and sale of Qualified Equity Interests of the Issuer (or any direct or indirect parent
of the Issuer to the extent the net proceeds therefrom are contributed to the common equity capital of the Issuer or used to purchase
Qualified Equity Interests of the Issuer), other than (a) any issuance pursuant to employee benefit plans or otherwise in compensation
to officers, directors, trustees or employees, (b) public offerings with respect to the Issuer&rsquo;s Qualified Equity Interests,
or options, warrants or rights, registered on Form S-4 or S-8, or (c) any offering of Qualified Equity Interests issued in connection
with a transaction that constitutes a Change of Control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Rating
Agencies</I>&rdquo; means Moody&rsquo;s, S&amp;P and Fitch (or, if any such entity ceases to rate the Notes for reasons outside
of the control of the Issuer, any other &ldquo;nationally recognized statistical rating organization&rdquo; within the meaning
of Section 3(a)(62) under the Exchange Act, selected by the Issuer as a replacement agency (a &ldquo;<I>Replacement Agency</I>&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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Rating
Categories</I>&rdquo; means: (1) with respect to S&amp;P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and
D (or equivalent successor categories); (2) with respect to Moody&rsquo;s, any of the following categories: Aaa, Aa, A, Baa, Ba,
B, Caa, Ca, C and D (or equivalent successor categories); (3) with respect to Fitch, any of the following categories: AAA, AA,
A, BBB, BB, B, CCC, CC, C, RD and D; and (4) with respect to any Replacement Agency, equivalent categories.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Rating
Decline</I>&rdquo; means a decrease in the rating of the Notes by any two of the Rating Agencies by one or more gradations
(including gradations within Rating Categories as well as between Rating Categories) on any date from the date of the public
notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of
the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for downgrade by any of the Rating Agencies), provided that a Rating Decline will not be deemed to
have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Decline for purposes of the
definition of Change of Control) if the Rating Agency making the reduction in rating does not publicly announce or confirm or
inform the Trustees that the reduction was the result in whole or in part of any event or circumstance comprised of or
arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred
at the time of the Rating Decline). In determining whether a Change of Control has occurred for purposes of this definition,
the proviso at the end of the first paragraph of the definition of Change of Control shall be disregarded. In determining
whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories, namely + or
&ndash; for S&amp;P and Fitch, and 1, 2 and 3 for Moody&rsquo;s, will be taken into account. For example, in the case of
S&amp;P or Fitch, a rating decline either from BB+ to BB or BB- to B+ will constitute a decrease of one gradation.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Real
Property</I>&rdquo; means, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels
of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with,
in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment,
all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation 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 44.95pt">&ldquo;<I>refinance</I>&rdquo; means to refinance,
repay, prepay, replace, renew or refund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Refinancing
Indebtedness</I>&rdquo; means Indebtedness or Disqualified Equity Interests of the Issuer or a Restricted Subsidiary incurred in
exchange for, or the proceeds of which are used to redeem, refinance, replace, defease, discharge, refund or otherwise retire for
value, in whole or in part, any Indebtedness of the Issuer or any Restricted Subsidiary (the &ldquo;<I>Refinanced Indebtedness</I>&rdquo;);
<I>provided </I>that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the principal amount (and accreted value, in the case of Indebtedness issued at a discount) of the Refinancing Indebtedness
does not exceed the principal amount (and accreted value, as the case may be) of the Refinanced Indebtedness plus the amount of
accrued and unpaid interest on the Refinanced Indebtedness, any reasonable premium paid to the holders of the Refinanced Indebtedness
and reasonable expenses incurred in connection with the incurrence of the Refinancing 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 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the obligor of the Refinancing Indebtedness does not include any Person (other than the Issuer or any Guarantor) that is
not an obligor of the Refinanced 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 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if the Refinanced Indebtedness was subordinated in right of payment to the Notes or the Guarantees, as the case may be,
then such Refinancing Indebtedness, by its terms, is subordinate in right of payment to the Notes or the Guarantees, as the case
may be, at least to the same extent as the Refinanced 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Refinancing Indebtedness has a Stated Maturity either (a) no earlier than the Refinanced Indebtedness being repaid or amended
or (b) no earlier than 91 days after the maturity date of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the Notes has
a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is equal to or greater than the
Weighted Average Life to Maturity of the portion of the Refinanced Indebtedness being repaid that is scheduled to mature on or
prior to the maturity date of the Notes; 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the proceeds of the Refinancing Indebtedness shall be used substantially concurrently with the incurrence thereof to redeem,
refinance, replace, defease, discharge, refund or otherwise retire for value the Refinanced Indebtedness, unless the Refinanced
Indebtedness is not then due and is not redeemable or prepayable at the option of the obligor thereof or is redeemable or prepayable
only with notice, in which case such proceeds shall be held in a segregated account of the obligor of the Refinanced Indebtedness
until the Refinanced Indebtedness becomes due or redeemable or prepayable or such notice period lapses and then shall be used to
refinance the Refinanced Indebtedness; <I>provided </I>that in any event the Refinanced Indebtedness shall be redeemed, refinanced,
replaced, defeased, discharged, refunded or otherwise retired for value within one year of the incurrence of the Refinancing 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 0pt 45pt; text-align: justify">&ldquo;<I>Regulation S Legend</I>&rdquo;
means the legend identified as such in <U>Exhibit A</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Responsible
Officer</I>&rdquo; means, when used with respect to either Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer
of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such person&rsquo;s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the administration of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 82.4pt 0pt 45pt; text-align: justify">&ldquo;<I>Restricted Notes
Legend</I>&rdquo; means the legend identified as such in <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 82.4pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 82.4pt 0pt 45pt; text-align: justify">&ldquo;<I>Restricted Payment</I>&rdquo; means any of
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 82.4pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>the
declaration or payment of any dividend or any other distribution (whether made in cash, securities or other property) on or in
respect of Equity Interests of the Issuer or any Restricted Subsidiary or any payment made to the direct or indirect holders (in
their capacities as such) of Equity Interests of the Issuer or any Restricted Subsidiary, including, without limitation, any payment
in connection with any merger or consolidation involving the Issuer or any of its Restricted Subsidiaries but excluding (a) dividends
or distributions payable solely in Qualified Equity Interests or through accretion or accumulation of such dividends on such Equity
Interests and (b) in the case of Restricted Subsidiaries, dividends or distributions payable to the Issuer or to a Restricted
Subsidiary (and if such Restricted Subsidiary is not a Wholly-Owned Subsidiary, to its other holders of its Common Stock on a
pro rata basis);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>the
purchase, redemption, defeasance or other acquisition or retirement for value of any Equity Interests of the Issuer or any direct
or indirect parent of the Issuer held by Persons other than the Issuer or a Restricted Subsidiary (including, without limitation,
any payment in connection with any merger or consolidation involving the Issuer);</P>

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

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    <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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (3)&nbsp;&nbsp;&nbsp;any Investment other than a Permitted Investment; 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>any
principal payment on, purchase, redemption, defeasance, prepayment, decrease or other acquisition or retirement for value prior
to any scheduled maturity or prior to any scheduled repayment of principal or sinking fund payment, as the case may be, in respect
of Subordinated Indebtedness (other than any Subordinated Indebtedness owed to and held by the Issuer or any Restricted Subsidiary
permitted under clause (6) of the definition of &ldquo;Permitted Indebtedness&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 41.6pt 0pt 45pt; text-align: justify">&ldquo;<I>Restricted Payments
Basket</I>&rdquo; has the meaning set forth in SECTION 4.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 41.6pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 41.6pt 0pt 45pt; text-align: justify">&ldquo;<I>Restricted Subsidiary</I>&rdquo;
means any Subsidiary other than an Unrestricted Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 41.6pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Sale
and Repurchase Agreement</I>&rdquo; means the Sale and Repurchase Agreement, dated as of December 23, 2008, by and between the
Issuer and Precision Drilling (US) Corporation, as in effect on the Issue Date, and any other sale and repurchase agreements or
similar agreements among the Issuer or any of the Guarantors entered into after the Issue Date; provided that any restrictions
on dividends or distributions, loans or advances or transfers of property contained in such other agreements are no more restrictive
to the Issuer or any Guarantor in all material respects as the analogous restrictions in the Sale and Repurchase Agreement, dated
as of December 23, 2008, and the applicable covenants therein are qualified so as to permit exceptions thereto (i) for the purpose
of permitting payment of principal, interest and any other obligations under the Notes and this Indenture to the same extent in
all material respects as the qualifications contained in the Sale and Repurchase Agreement, dated as of December 23, 2008, (ii)
to permit the granting of Liens under the Notes and this Indenture and (iii) to subordinate any Liens (including backup Liens)
thereunder to any Liens under the Notes and 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 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>S&amp;P</I>&rdquo;
means S&amp;P Global Ratings, a business unit of Standard &amp; Poor&rsquo;s Financial Services LLC, and any successor to its rating
agency 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 0pt 45pt">&ldquo;<I>SEC</I>&rdquo; means the U.S. Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt">&ldquo;<I>Secretary&rsquo;s Certificate</I>&rdquo;
means a certificate signed by the Secretary of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt">&ldquo;<I>Securities Act</I>&rdquo; means the U.S. Securities Act of
1933, as amended, and the rules and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">regulations of the SEC promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Significant
Subsidiary</I>&rdquo; means (1) any Restricted Subsidiary that would be a &ldquo;significant subsidiary&rdquo; as defined in Rule
1-02 of Regulation S-X promulgated pursuant to the Securities Act as such Regulation was in effect on June 14, 2011 and (2) any
Restricted Subsidiary that, when aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries
and as to which any event described in Section 6.1(7) has occurred and is continuing, would constitute a Significant Subsidiary
under clause (1) of this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Specified
Cash Management Agreements</I>&rdquo; means any agreement providing for treasury, depositary, purchasing card or cash management
services, including in connection with any automated clearing house transfers of funds or any similar transactions between the
Issuer or any Guarantor and any lender, including, without limitation, the centralized banking agreement among the Issuer, Precision
Limited Partnership, Precision Drilling Canada Limited Partnership and a Canadian chartered bank providing for the administration
of and netting of balances between Canadian bank accounts maintained by the Issuer and certain Subsidiaries with a Canadian chartered
bank, as amended, restated or otherwise modified from time to time including, but not limited to, through the addition of new Subsidiaries
as parties thereto and withdrawals of Subsidiaries therefrom from time to time, and including any replacement thereof entered into
by the Issuer and any Subsidiaries with a Canadian chartered bank or any other lender 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 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Stated
Maturity</I>&rdquo; means, with respect to any Indebtedness, the date specified in the agreement governing or certificate relating
to such Indebtedness as the fixed date on which the final payment of principal of such Indebtedness is due and payable, including
pursuant to any mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase
any such principal prior to the date originally scheduled for the payment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Subordinated
Indebtedness</I>&rdquo; means Indebtedness of the Issuer or any Guarantor that is expressly subordinated in right of payment to
the Notes or the Guarantees, as 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 0pt 44.95pt">&ldquo;<I>Subsidiary</I>&rdquo; means, with respect
to any 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 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>any
corporation, limited liability company, association, trust or other business entity of which more than 50.0% of the total voting
power of the Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board
of Directors thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of such Person (or a combination thereof); 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination 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 44.95pt">Unless otherwise specified, &ldquo;Subsidiary&rdquo;
refers to a Subsidiary of the Issuer.</P>

<P STYLE="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 44.95pt">&ldquo;<I>TIA</I>&rdquo; or &ldquo;<I>Trust Indenture
Act</I>&rdquo; means the Trust Indenture Act of 1939 (15 U.S. Code &sect;&sect; 77aaa-77bbbb), 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Transfer
Restricted Notes</I>&rdquo; means Notes that bear or are required to bear the Restricted Notes Legend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Treasury
Rate</I>&rdquo; means, as of any redemption date, the yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15
(519) which has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical
Release is no longer published, any publicly available source or similar market data)) most nearly equal to the period from
the redemption date to January 15, 2025; <I>provided</I>, <I>however</I>, that if the period from the redemption date to
January 15, 2025 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield
is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from
the weekly average yields of United States Treasury securities for which such yields are given, except that if the period
from the redemption date to January 15, 2025 is less than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year shall be used.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Trustees</I>&rdquo;
means the U.S. Trustee and the Canadian Trustee and each of their successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Unrestricted
Subsidiary</I>&rdquo; means (a) any Subsidiary that at the time of determination shall be designated an Unrestricted Subsidiary
by the Board of Directors of the Issuer in accordance with SECTION 4.18 and (b) any Subsidiary of an
Unrestricted Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>U.S.
Government Obligations</I>&rdquo; means direct non-callable obligations of, or guaranteed by, the United States of America for
the payment of which guarantee or obligations the full faith and credit of the United States is pledged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>U.S.
Trustee</I>&rdquo; has the meaning set forth in the preamble of this Indenture and any successor 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Voting
Stock</I>&rdquo; with respect to any Person, means securities of any class of Equity Interests of such Person entitling the holders
thereof (whether at all times or only so long as no senior class of stock or other relevant equity interest has voting power by
reason of any contingency) to vote in the election of members of the Board of Directors of such 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Weighted
Average Life to Maturity</I>&rdquo; when applied to any Indebtedness at any date, means the number of years obtained by
dividing (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payment of principal, including payment at Stated Maturity, in respect thereof by (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>the
number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by
(2) the then outstanding principal amount of such 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Wholly-Owned
Subsidiary</I>&rdquo; means a Restricted Subsidiary, all of the Equity Interests of which (other than directors&rsquo; qualifying
shares) are owned by the Issuer or another Wholly- Owned Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&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; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 45pt; width: 14%">SECTION 1.2.</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 86%">Other Definitions.</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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 80pt">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-left: 0pt"><B>Term</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Defined in</B></P>
                                  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Section</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt; width: 87%">&ldquo;acceleration declaration&rdquo;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">6.2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Act&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11.14</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81.35pt"></P>

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    <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 0pt 81.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 80pt">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-left: 0pt"><B>Term</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><B>Defined in<BR>
 Section</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt; width: 87%">&ldquo;Additional Amounts&rdquo;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">2.17</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Affiliate Transaction&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.11(a)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Change of Control Offer&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.14</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Change of Control Payment Date&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.14</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Change of Control Purchase Price&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.14</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Covenant Defeasance&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Coverage Ratio Exception&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.9(a)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Deposit Trustee&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Designation&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.18</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Designation Amount&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.18</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Event of Default&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Excess Proceeds&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.10(b)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Excluded Holder&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.17</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Judgment Currency&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11.18</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Legal Defeasance&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8.2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Net Proceeds Offer&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.10(c)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Net Proceeds Offer Amount&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.10(d)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Net Proceeds Offer Period&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.10(d)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Net Proceeds Purchase Date&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.10(d)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Permitted Indebtedness&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.9(b)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;QIBs&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.1(b)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Redesignation&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.18</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Registrar&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Regulation S&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.1(b)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Regulation S Global Note&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.1(b)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Restricted Payments Basket&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.7(a)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Restricted Period&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.15(a)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Rule 144A&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.1(b)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Rule 144A Global Note&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.1(b)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&ldquo;Successor&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5.1(a)(1)(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 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
1.3. <U>Incorporation by Reference of Trust Indenture Act</U>. Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in, and made a 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 163.75pt 0pt 45pt">The following TIA terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 163.75pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 163.75pt 0pt 45pt">&ldquo;<I>indenture securities</I>&rdquo; means the Notes and any Guarantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 163.75pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 163.75pt 0pt 45pt">&ldquo;<I>indenture security holder</I>&rdquo; means
a Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 163.75pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&ldquo;<I>indenture to be qualified</I>&rdquo; means
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 45pt">&ldquo;<I>indenture trustee</I>&rdquo; or
&ldquo;<I>institutional trustee</I>&rdquo; means the U.S. Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

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    <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 0pt 45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&ldquo;<I>obligor</I>&rdquo; on the Notes means the
Issuer and any successor obligor upon the Notes or any Guarantor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">All other
terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by the SEC rule
under the TIA have the meanings so assigned to them 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 0pt 45pt">SECTION 1.4. <U>Rules of Construction</U>. Unless
the context otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a term has the meaning assigned to it herein;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif"></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an accounting term not otherwise defined herein has the meaning assigned to it in accordance with IFRS;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;or&rdquo; is not exclusive;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif"></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;words
in the singular include the plural, and in the plural include the singular;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif"></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless
otherwise specified, any reference to Section, Article or Exhibit refers to such Section, Article or Exhibit, as the case may
be, 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions apply to successive events and transactions; 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;references
to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 218.55pt 0pt 210.45pt; text-align: center; text-indent: 0.05pt">ARTICLE
II THE NOTES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.1. <U>Form and Dating</U>. The Notes and the U.S. Trustee&rsquo;s certificate of authentication shall be substantially in the
form of <U>Exhibit A</U> attached hereto. The Notes may have notations, legends or endorsements required by law, stock exchange
rule or usage. Each Note shall be dated the date of its authentication. The Notes will be issued in registered form, without coupons,
and in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. The registered Holder will be treated
as the owner of such Note for all purposes (except as required by applicable tax 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The terms
and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer
and the Trustees, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions
of this Indenture shall govern and be controlling.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp; The
Notes shall be issued initially in the form of one or more Global Notes, which shall be deposited on behalf of the purchasers
of the Notes represented thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the
Depositary, duly executed by the Issuer and authenticated by the U.S. Trustee as hereinafter provided.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">Each
Global Note shall represent such of the outstanding Notes as shall be specified therein, and each shall provide that it shall represent
the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and transfers
of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the U.S. Trustee or the Note Custodian, at the direction of the U.S. Trustee, in accordance
with instructions given by the Holder thereof as required by SECTION 2.6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Initial Notes are being issued by the Issuer only (i) to &ldquo;qualified institutional buyers&rdquo; (as defined in
Rule 144A under the Securities Act (&ldquo;<I>Rule 144A</I>&rdquo;)) (&ldquo;<I>QIBs</I>&rdquo;) and (ii) in reliance on Regulation
S under the Securities Act (&ldquo;<I>Regulation S</I>&rdquo;). Initial Notes are being issued by the Issuer to buyers in Canada
in accordance with Canadian Securities Laws. After such initial issuance, Initial Notes that are Transfer Restricted Notes may
be transferred to QIBs in reliance on Rule 144A or outside the United States pursuant to Regulation S or to the Issuer, in accordance
with certain transfer restrictions. Initial Notes that are offered in reliance on Rule 144A shall be issued in the form of one
or more permanent Global Notes substantially in the form set forth in <U>Exhibit A</U> and bear the Restricted Notes Legend (collectively,
the &ldquo;<I>Rule 144A Global Note</I>&rdquo;), deposited with the Note Custodian, duly executed by the Issuer and authenticated
by the U.S. Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation
S shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in <U>Exhibit A</U> and
bear the Regulation S Legend (collectively, the &ldquo;<I>Regulation S Global Note</I>&rdquo;) deposited with the Note Custodian.
The Rule 144A Global Note and the Regulation S Global Note shall each be issued with separate CUSIP numbers. The aggregate principal
amount of each Global Note may from time to time be increased or decreased by adjustments made on the Notes and on the records
of the Note Custodian. Transfers of Notes among QIBs and to or by purchasers pursuant to Regulation S shall be represented by appropriate
increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided
in SECTION 2.15.</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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>SECTION 2.1(b) shall apply only to Global Notes deposited with or on behalf 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">The
Issuer shall execute and the U.S. Trustee shall, in accordance with SECTION 2.1(a) and SECTION 2.1(b)
and this SECTION 2.1(c) and SECTION 2.2,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">authenticate and deliver
the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be
delivered by the U.S. Trustee to the Depositary or pursuant to the Depositary&rsquo;s instructions or held by the Note Custodian
for the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.2. <U>Execution and Authentication</U>. An Officer shall sign the Notes for the Issuer by manual, electronic or facsimile signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If an
Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless
be valid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">A Note
shall not be valid until authenticated by the manual or electronic signature of a Responsible Officer of the U.S. Trustee. The
signature of a Responsible Officer of the U.S. Trustee shall be conclusive evidence that the Note has been authenticated 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 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
U.S. Trustee shall, upon receipt of a written order of the Issuer signed by one Officer directing the U.S. Trustee to authenticate
the Notes and certifying that all conditions precedent to the issuance of the Notes contained herein have been complied with and
receipt of an Opinion of Counsel, authenticate Notes for original issue in the aggregate principal amount stated in such written
order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
U.S. Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate Notes. Unless limited by the
terms of such appointment, an authenticating agent may authenticate Notes whenever the U.S. Trustee may do so. Each reference in
this Indenture to authentication by the U.S. Trustee includes authentication by such agent or agents. An authenticating agent has
the same rights as an Agent to deal with Holders or the Issuer or an Affiliate of the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.3. <U>Registrar; Paying Agent</U>. The Issuer shall maintain (i) an office or agency where Notes may be presented for registration
of transfer or for exchange (&ldquo;<I>Registrar</I>&rdquo;) and (ii) an office or agency where Notes may be presented for payment
to a Paying Agent. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuer may appoint
one or more co-registrars and one or more additional Paying Agents. The term &ldquo;Registrar&rdquo; includes any co-registrar,
and the term &ldquo;Paying Agent&rdquo; includes any additional Paying Agent. The Issuer may change any Paying Agent or Registrar
without notice to any Holder. The Issuer and/or any Restricted Subsidiary may act as Paying Agent or Registrar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
shall notify the Trustees in writing, and the U.S. Trustee shall notify the Holders, of the name and address of any Agent not a
party to this Indenture. The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Indenture,
which shall incorporate the relevant provisions of the TIA that relate to such Agent. If the Issuer fails to appoint or maintain
a Registrar or Paying Agent, or fails to give the foregoing notice, and either such failure is actually known to a Responsible
Officer, the U.S. Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with
SECTION 7.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">The Issuer initially appoints
the U.S. Trustee to act as the Registrar and Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">The Issuer initially appoints DTC to act as the Depositary with respect
to the Global Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION 2.4. <U>Paying Agent to Hold Money in
Trust</U>. The Issuer shall require each Paying Agent other than the U.S. Trustee to agree in writing that the Paying Agent
shall hold in trust for the benefit of the Holders or the U.S. Trustee all money held by the Paying Agent for the payment of
principal, premium or interest on the Notes, and shall notify the U.S. Trustee of any Default by the Issuer in making any
such payment. While any such Default continues, the U.S. Trustee may require a Paying Agent to pay to the U.S. Trustee all
money held by it in trust for the benefit of the Holders or the U.S. Trustee. The Issuer at any time may require a Paying
Agent to pay all money held by it in trust for the benefit of the Holders or the U.S. Trustee to the U.S. Trustee. Upon
payment over to the U.S. Trustee, the Paying Agent (if other than the Issuer, a Guarantor or a Subsidiary) shall have no
further liability for such money. If the Issuer or any of its Restricted Subsidiaries acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of the Holders and the U.S. Trustee all money held by it as
Paying Agent. Upon the occurrence of any of the events specified in SECTION 6.1, the U.S. Trustee shall serve as Paying Agent
for the Notes.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.5. <U>Holder Lists</U>. The U.S. Trustee, as Registrar, shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA &sect; 312(a). If
the U.S. Trustee is not the Registrar, the Issuer shall furnish to the U.S. Trustee at least seven (7) Business Days before each
interest payment date and at such other times as the U.S. Trustee may request in writing, a list in such form and as of such date
as the U.S. Trustee may reasonably require of the names and addresses of the Holders, including the aggregate principal amount
of the Notes held by each Holder thereof, and the Issuer shall otherwise comply with TIA &sect; 312(a).</P>

<P STYLE="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 45pt">SECTION 2.6. <U>Book-Entry Provisions for Global
Notes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Global Note shall (i) be registered in the name of the Depositary for such Global Note or the nominee of such Depositary,
(ii) be delivered to the Note Custodian for such Depositary and (iii) bear the Global Note legends as required by SECTION
2.6(e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Members
of, or Participants in, the Depositary shall have no rights under this Indenture with respect to any Global Note held on their
behalf by the Depositary, or the Note Custodian, or under such Global Note, and the Depositary may be treated by the Issuer, and
any Trustee or Agent and any of their respective agents, as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Issuer, any Trustee or any Agent or their respective agents from
giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and its Participants, the operation of customary practices governing the exercise of the rights of an owner of a beneficial
interest in any Global Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">None
of the Trustees or any Agent shall have any responsibility or obligation to any Holder that is a member of (or a Participant in)
the Depositary or any other Person with respect to the accuracy of the records of the Depositary (or its nominee) or of any member
or Participant thereof, with respect to any ownership interest in the Notes or with respect to the delivery of any notice (including
any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect
to the Notes. Each of the Trustees and the Agents may rely (and shall be fully protected in relying) upon information furnished
by the Depositary with respect to its members, Participants and any beneficial owners in the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary,
its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in accordance with
SECTION 2.15 and the rules and procedures of the Depositary. In addition, certificated Notes shall
be transferred to beneficial owners in exchange for their beneficial interests only if (i) the Depositary notifies the Issuer that
it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a &ldquo;clearing agency&rdquo;
registered under the Exchange Act and, in each case, a successor depositary is not appointed by the Issuer within 90 days of such
notice, (ii) an Event of Default of which a Responsible Officer of the U.S. Trustee has actual notice has occurred and is continuing
and the Registrar has received a request from any Holder of Global Note to issue such certificated Notes or (iii) the Issuer, in
its sole discretion, notifies the Trustees that it elects to cause the issuance of certificated Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>In
connection with the transfer of the entire Global Note to beneficial owners pursuant to clause (b) of this Section, such
Global Note shall be deemed to be surrendered to the U.S. Trustee for cancellation, and the Issuer shall execute, and the
U.S. Trustee shall authenticate and deliver to each beneficial owner identified by the Depositary in exchange for its
beneficial interest in such Global Note an equal aggregate principal amount of certificated Notes of authorized
denominations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants and
Persons that may hold interest through Participants, to take any action which a Holder is entitled to take under this Indenture
or the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (e)&nbsp;&nbsp;&nbsp;
Each Global Note shall bear the Global Note Legend on the face 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 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>At such time as all beneficial interests in Global Notes have been exchanged for certificated Notes, redeemed, repurchased
or cancelled, all Global Notes shall be returned to or retained and cancelled by the U.S. Trustee in accordance with SECTION
2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes,
redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly
and an endorsement shall be made on such Global Note, by the U.S. Trustee or the Note Custodian, at the direction of the U.S. Trustee,
to reflect such reduction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (g)&nbsp;&nbsp;&nbsp;
<U>General Provisions Relating to Transfers and Exchanges</U>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
permit registrations of transfers and exchanges, the Issuer shall execute and the U.S. Trustee shall authenticate Global Notes
and certificated Notes at the Registrar&rsquo;s request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer may require payment of a
sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than any
such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to SECTION 2.10, SECTION
2.15, SECTION 3.6, SECTION 4.10, SECTION 4.14 and SECTION 9.5).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All Global Notes and certificated Notes issued upon any registration of transfer or exchange of Global Notes or certificated
Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes (or interests therein) or certificated Notes 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 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening
of business 10 days before the day of any selection of Notes for redemption and ending at the close of business on the day of
such selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a
record date and the next succeeding interest payment 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prior
to due presentment for the registration of a transfer of any Note, the Trustees, any Agent and the Issuer may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustees, any Agent, or the Issuer 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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
U.S. Trustee shall authenticate Global Notes and certificated Notes in accordance with the provisions of SECTION 2.2. Except as
provided in SECTION 2.6(b), certificated Notes shall not be delivered in exchange for a Global Note or beneficial interest 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Holder agrees to provide reasonable indemnity to the Issuer, each Trustee and each Agent against any liability that may result
from the transfer, exchange or assignment of such Holder&rsquo;s Note in violation of any provision of this Indenture and/or applicable
United States federal or state securities 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the Trustees or any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Participants or beneficial owners of interests in any Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.7. <U>Replacement Notes</U>. If any mutilated Note is surrendered to the U.S. Trustee, or the Issuer and the U.S. Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer shall issue and the U.S.
Trustee, upon the written order of the Issuer signed by an Officer of the Issuer, shall authenticate a replacement Note if
the U.S. Trustee&rsquo;s requirements are met. If required by the U.S. Trustee or the Issuer, an indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the U.S. Trustee and the Issuer to protect the Issuer, the U.S.
Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer,
the U.S. Trustee and the Agents may charge for their expenses in replacing a Note.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Every
replacement Note is an additional obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.8. <U>Outstanding Notes</U>. The Notes outstanding at any time are all the Notes authenticated by the U.S. Trustee except
for those cancelled by it, those delivered to it for cancellation, those redeemed, those reductions in the interest in a
Global Note effected by the U.S. Trustee in accordance with the provisions hereof, and those described in this SECTION 2.8 as
not outstanding. Except as set forth in SECTION 2.9, a Note does not cease to be outstanding because the Issuer or an
Affiliate of the Issuer holds the Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If a Note is replaced pursuant to SECTION 2.7, it
ceases to be outstanding unless the U.S. Trustee receives proof satisfactory to it that the replaced Note is held by a
protected purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof) holds, on any payment date, money sufficient
to pay the amounts under the Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.9. <U>Treasury Notes</U>. In determining whether the Holders of the required aggregate principal amount of Notes have concurred
in any direction, waiver or consent, Notes owned by the Issuer or by any Affiliate of the Issuer shall be considered as though
not outstanding, except that for the purposes of determining whether the U.S. Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes of which a Responsible Officer of the U.S. Trustee has written notice as being so owned
shall be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer
pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title
to such Notes passes to such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.10. <U>Temporary Notes</U>. Until certificated Notes are ready for delivery, the Issuer may prepare and the U.S. Trustee shall
authenticate temporary Notes upon a written order of the Issuer signed by one Officer of the Issuer. Temporary Notes shall be substantially
in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable
delay, the Issuer shall prepare and the U.S. Trustee shall upon receipt of a written order of the Issuer signed by one Officer,
authenticate certificated Notes in certificate form in exchange for temporary Notes.</P>

<P STYLE="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 45pt">Holders of temporary Notes shall be entitled to all
of 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.11. <U>Cancellation</U>. The Issuer at any time may deliver to the U.S. Trustee for cancellation any Notes previously
authenticated and delivered hereunder or which the Issuer may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly cancelled by the U.S. Trustee. All Notes surrendered for registration of transfer, exchange or
payment, if surrendered to any Person other than the U.S. Trustee, shall be delivered to the U.S. Trustee. The U.S. Trustee
and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation. Subject to SECTION 2.7, the Issuer may not issue new Notes to replace Notes that it has redeemed or paid or
that have been delivered to the U.S. Trustee for cancellation. All cancelled Notes held by the U.S. Trustee shall be disposed
of in accordance with its customary practice, and certification of their disposal delivered to the Issuer upon its written
request therefor.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.12. <U>Defaulted Interest</U>. If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest
in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on
a subsequent special record date, which date shall be at the earliest practicable date but in all events at least five Business
Days prior to the payment date, in each case at the rate provided in the Notes and in SECTION 4.1.
The Issuer shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the
Trustees of any such date. At least 15 days before the special record date, the Issuer (or the U.S. Trustee, in the name and at
the expense of the Issuer) shall give or cause to be given to Holders a notice that states the special record date, the related
payment date and the amount of such interest to be paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
2.13. <U>Computation of Interest</U>. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve
30-day months. For disclosure purposes under the <I>Interest Act </I>(Canada), whenever in this Indenture or any Notes issued hereunder
interest at a specified rate is to be calculated on the basis of a period less than a calendar year, the yearly rate of interest
to which such rate is equivalent is such rate multiplied by the actual number of days in the relevant calendar year and divided
by the number of days in such 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.14. <U>CUSIP Number</U>. The Issuer in issuing the Notes may use a &ldquo;CUSIP&rdquo; number, and if it does so, the U.S. Trustee
shall use the CUSIP number in notices of redemption or exchange as a convenience to Holders; <I>provided </I>that any such notice
may state that no representation is made as to the correctness or accuracy of the CUSIP number printed in the notice or on the
Notes and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer shall promptly
notify the Trustees in writing of any change in any CUSIP number.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.15. <U>Special Transfer Provisions</U>. Each Note issued pursuant to an exemption from registration under the Securities Act
(other than in reliance on Regulation S) or transferred pursuant to an exemption from the prospectus and registration requirements
of applicable Canadian Securities Laws will constitute a Transfer Restricted Note and be required to bear the Restricted Notes
Legend until the date that is one year after the later of the date of original issue and the last date on which the Issuer or any
affiliate (within the meaning of Rule 405 under the Securities Act) of the Issuer was the owner of such Notes (or any predecessor
thereto), unless and until such Transfer Restricted Note is transferred or exchanged pursuant to an effective registration statement
under the Securities Act. Notwithstanding the foregoing, Notes issued pursuant to such transfer or exchange may, at the written
direction of the Issuer, bear a legend required under applicable Canadian Securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Transfers to QIBs</U>. The following provisions shall apply with respect to the registration of any proposed transfer
of a Note issued in reliance on Regulation S to a QIB:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 117pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Registrar shall register the transfer of a Note issued in reliance on Regulation S by a Holder to a QIB if such transfer
is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer
in the form attached to the Note and (b) a letter substantially in the form set forth in <U>Exhibit C</U> from the proposed transferor;
provided that the letter required by paragraph 2.15(a)(i)(b) shall only be required on or prior to the 40th day after the later
of the commencement of the offering of such Note and the issue date of such Note (such period through and including such 40th day,
the &ldquo;<I>Restricted Period</I>&rdquo;). The Issuer shall provide written notice to the U.S. Trustee of the date that constitutes
the final day of the Restricted Period in respect of any Notes issued in reliance on Regulation S; <I>provided, however, </I>that
no such notice shall be required with respect to any Initial Notes issued in reliance on Regulation S and July 25, 2021 shall constitute
the final day of the Restricted Period for such Initial Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 117pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>If the proposed transferee is a Participant and the Note to be transferred consists of an interest in the Regulation S Global
Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions given in accordance with
the Depositary&rsquo;s and the Registrar&rsquo;s procedures therefor, the Registrar shall reflect on its books and records the
date and an increase in the principal amount of the Rule 144A Global Note in an amount equal to the principal amount of the beneficial
interest in the Regulation S Global Note to be so transferred, and the Registrar shall reflect on its books and records the date
and a corresponding decrease in the principal amount of such Regulation S Global Note in an amount equal to the principal amount
of the beneficial interest in such Regulation S Global Note to be so transferred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Transfers Pursuant to Regulation S</U>. The following provisions shall apply with respect to registration of any proposed
transfer of a Transfer Restricted Note pursuant to Regulation 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 16.85pt 0pt 117pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Registrar shall register any proposed transfer of a Transfer Restricted Note by a Holder pursuant to Regulation S upon
receipt of (a) an appropriately completed certificate of transfer in the form attached to the Note and (b) a letter substantially
in the form set forth in <U>Exhibit D</U> hereto from the proposed transferor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 117pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>If
the proposed transferee is a Participant and the Transfer Restricted Note to be transferred consists of an interest in the
Rule 144A Global Note upon receipt by the Registrar of (x) the letter, if any, required by paragraph (i) above and (y)
instructions in accordance with the Depositary&rsquo;s and the Registrar&rsquo;s procedures therefor, the Registrar shall
reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note in an
amount equal to the principal amount of the beneficial interest in the Rule 144A Global Note to be transferred, and the
Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Rule
144A Global Note in an amount equal to the principal amount of the beneficial interest in such Rule 144A Global Note to be
transferred.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>In
the event that a Global Note is exchanged for Notes in certificated, registered form pursuant to SECTION 2.6, such Notes may
be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses (a) and
(b) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or
Regulation S, as the case may be) and such other procedures as may from time to time be adopted by the Issuer and notified to
the U.S. Trustee 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 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Notes Legend</U>. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend
(other than the text of such legend which may be required under applicable Canadian Securities Laws and is specified in the written
direction of the Issuer), the Registrar shall deliver Notes that do not bear the Restricted Notes Legend (other than the text of
such legend which may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer).
Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the Registrar shall deliver only Notes
that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory
to the Issuer to the effect that neither such legend (other than the text of such legend which may be required under applicable
Canadian Securities Laws and is specified in the written direction of the Issuer) nor the related restrictions on transfer are
required in order to maintain compliance with the provisions of the Securities 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Regulation S Legend</U>. Upon the transfer, exchange or replacement of Notes not bearing the Regulation S Legend (other
than the text of such legend which may be required under applicable Canadian Securities Laws and is specified in the written direction
of the Issuer), the Registrar shall deliver Notes that do not bear the Regulation S Legend (other than the text of such legend
which may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer). Upon
the transfer, exchange or replacement of Notes bearing the Regulation S Legend, the Registrar shall deliver only Notes that bear
the Regulation S Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer
to the effect that neither such legend (other than the text of such legend which may be required under applicable Canadian Securities
Laws and is specified in the written direction of the Issuer) nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><U>General</U>.
By its acceptance of any Note bearing the Restricted Notes Legend or the Regulation S Legend, as applicable, each Holder of
such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes
Legend or the Regulation S Legend, as applicable, and agrees that it shall transfer such Note only as provided in this
Indenture. A transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a
certificated Note or a beneficial interest in another Global Note shall be subject to compliance with applicable law and the
applicable procedures of the Depositary but is not subject to any procedure required by this Indenture.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">In connection
with any proposed transfer pursuant to Regulation S or pursuant to any other available exemption from the registration requirements
of the Securities Act (other than pursuant to Rule 144A), the Issuer may require the delivery of an Opinion of Counsel, other certifications
or other information satisfactory to the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Registrar
shall retain copies of all letters, notices and other written communications received pursuant to this SECTION
2.15 in accordance with its standard document retention policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
2.16. <U>Issuance of Additional Notes</U>. The Issuer shall be entitled to issue Additional Notes in an unlimited aggregate principal
amount under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance,
issue price, the first interest payment date, transfer restrictions, any registration rights agreement and additional interest
with respect thereto; <I>provided </I>that such Additional Notes are fungible with the Notes for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify">U.S. federal income tax purposes
and such issuance is not prohibited by the terms of this Indenture, including SECTION 4.9 and SECTION
4.12. The Initial Notes and any Additional Notes shall be treated as a single class for all purposes 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">With
respect to any Additional Notes, the Issuer shall set forth in a resolution of its Board of Directors and in an Officer&rsquo;s
Certificate, a copy of each of which shall be delivered to the U.S. Trustee, the following information:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: left; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
aggregate principal amount of such Additional Notes to be authenticated and delivered 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 16.8pt 0pt 45pt; text-align: left; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
issue price, the issue date, the CUSIP number of such Additional Notes, the first interest payment date and the 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 16.8pt 0pt 45pt; text-align: left; text-indent: 0.5in"> (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether such Additional Notes shall be Transfer Restricted Notes; 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 16.8pt 0pt 45pt; text-align: left; text-indent: 0.5in"> (4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that such issuance is not prohibited by 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
U.S. Trustee shall, upon receipt of the resolution of the Issuer&rsquo;s Board of Directors and Officer&rsquo;s Certificate, authenticate
the Additional Notes in accordance with the provisions of Section 2.2 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 45pt">SECTION 2.17. <U>Payment of Additional
Amounts</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
payments made by or on behalf of the Issuer under or with respect to the Notes or by or on behalf of any Guarantor pursuant
to its Guarantee, will be made without withholding or deduction for or on account of any taxes imposed or levied by or on
behalf of any Canadian taxing authority, unless required by law or the interpretation or administration thereof. If the
Issuer or a Guarantor is obligated to withhold or deduct any amount on account of taxes imposed by any Canadian taxing
authority from any payment made with respect to the Notes, the Issuer or such Guarantor will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make such withholding or deduction;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>remit
the full amount deducted or withheld to the relevant government authority in accordance with the 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>subject to the limitations below, pay to each Holder, as additional interest, such additional amounts (&ldquo;<I>Additional
Amounts</I>&rdquo;) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such
withholding or deduction will not be less than the amount such Holder would have received if such taxes had not been withheld or
deducted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>make
commercially reasonable efforts to obtain and furnish to the U.S. Trustee for the benefit of the Holders, within 60 days after
the date payment of any taxes is due pursuant to applicable law, certified copies of an official receipt of the relevant government
authorities for all amounts deducted or withheld pursuant to applicable law, or if such receipts are not obtainable, other evidence
of payment by the Issuer or such Guarantor of those taxes; 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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>at
least 15 days prior to each date on which any Additional Amounts are payable, deliver to the U.S. Trustee an Officer&rsquo;s Certificate
setting forth the calculation of the Additional Amounts to be paid and such other information as the U.S. Trustee may request
to enable the U.S. Trustee to pay such Additional Amounts to Holders on the payment date. Such Officer&rsquo;s Certificate shall
also specify the amount required to be deducted or withheld from the payment to the relevant recipient, and shall certify that
the Issuer or such Guarantor, as the case may be, shall remit such deduction or withholding amount to the relevant governmental
authority, and shall pay or cause to be paid to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify">U.S. Trustee or Paying Agent
the Additional Amounts that are required to be paid to Holders. The Issuer agrees to indemnify the U.S. Trustee and each Paying
Agent for, and to hold each harmless against, any loss, liability or expense reasonably incurred without bad faith on its part
arising out of or in connection with actions taken or omitted by it in reliance on any such Officer&rsquo;s Certificate or any
failure to furnish such a certificate. The obligations of the Issuer hereunder shall survive the payment of the Notes, the resignation
or removal of the U.S. Trustee or any Paying Agent and/or 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 16.9pt 0pt 9pt; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, none of the Issuer or a Guarantor will pay Additional Amounts with respect to a payment made to any Holder or beneficial
owner of a Note (an &ldquo;<I>Excluded Holder</I>&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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>with which the Issuer or such Guarantor does not deal at arm&rsquo;s length (within the meaning of the Income Tax Act (Canada))
at the time of making such payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;which
is subject to such taxes by reason of the Holder or the beneficial owner (or a fiduciary, settlor, beneficiary, partner of, member
or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner, if the relevant Holder or beneficial
owner is an estate, trust, nominee, partnership, limited liability company or corporation) being a resident, domiciliary or national
of, or engaged in business or maintaining a permanent establishment or other presence in or otherwise having some present or former
connection with, Canada or any province or territory thereof otherwise than by the mere acquisition, holding, enforcement or disposition
of the Notes or the receipt of payments thereunder;</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 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
or on account of any taxes imposed or deducted or withheld by reason of the failure of the Holder or beneficial owner of the Notes
to complete, execute and deliver to the Issuer or a Guarantor, as the case may be, any form or document, to the extent applicable
to such Holder or beneficial owner, that may be required by law (including any applicable tax treaty) or by reason of administration
of such law and which is reasonably requested in writing to be delivered to the Issuer or such Guarantor in order to enable the
Issuer or such Guarantor to make payments on the Notes or pursuant to any Guarantee, as the case may be, without deduction or
withholding for taxes, or with deduction or withholding of a lesser amount, which form or document shall be delivered within 60
days of a written request therefor by the Issuer or such Guarantor;</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 17.05pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>for or on account of any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property or similar
tax, assessment or other governmental charge;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
or on account of any tax, duty, assessment or other governmental charge that is payable otherwise than by deduction or withholding
from payments under or with respect to the Notes (other than taxes payable pursuant to Regulation 803 of the Income Tax Act (Canada),
or any similar successor provision);</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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
the payment could have been made without deduction or withholding if the beneficiary of the payment had presented the Note for
payment within 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof
is duly provided for, whichever is later;</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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment, to the extent
that such payment would be required to be included in income under the laws of the relevant taxing jurisdiction for tax purposes,
of a beneficiary or settler with respect to the fiduciary, a member of that partnership or a beneficial owner who would not have
been entitled to such Additional Amounts had that beneficiary, settler, partner or beneficial owner been the Holder 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that is a &ldquo;specified non-resident shareholder&rdquo; of the Issuer or such Guarantor or a non-resident person who
does not deal at arm&rsquo;s length with a specified shareholder of the Issuer or such Guarantor, both for the purposes of subsection
18(5) of the <I>Income Tax Act</I> (Canada);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in respect of amounts imposed as a result of the failure of the Holder or beneficial owner to properly comply with their
obligations imposed under the <I>Income Tax Act </I>(Canada) as a result of the <I>Canada-United States Enhanced Tax Information
Exchange Agreement Implementation Act </I>(Canada); 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any combination of items (1) through (9) above.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Issuer and each Guarantor, jointly and severally, will indemnify and hold harmless each Holder (other than an Excluded Holder)
and upon written request reimburse each such Holder for the amount of (x) any Canadian taxes so levied or imposed and paid by
such Holder as a result of payments made under or with respect to the Notes, and (y) any Canadian taxes levied or imposed and
paid by such Holder with respect to any reimbursement under (x) above, but in each case excluding any such taxes with respect
to which such Holder is an Excluded Holder.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
3.1. <U>Notices to U.S. Trustee</U>. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of SECTION
3.7, it shall furnish to the U.S. Trustee, at least 30 days (or such shorter period as is acceptable to the U.S. Trustee) before
a redemption date, an Officer&rsquo;s Certificate setting forth the (i) section of this Indenture pursuant to which the redemption
shall occur, (ii) redemption date, (iii) principal amount of Notes to be redeemed and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt; text-align: justify">(iv) redemption price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
the Issuer is required to make an offer to purchase Notes pursuant to SECTION 4.10 or SECTION 4.14, it shall furnish to the
U.S. Trustee, at least 30 days (or such shorter period as is acceptable to the U.S. Trustee) before the scheduled purchase
date, an Officer&rsquo;s Certificate setting forth the (i) section of this Indenture pursuant to which the offer to purchase
shall occur, (ii) terms of the offer, (iii) principal amount of Notes to be purchased, (iv) purchase price and (v) purchase
date and further setting forth a statement to the effect that (a) the Issuer or one of its Subsidiaries has effected an Asset
Sale and there are Excess Proceeds aggregating an amount equal to more than U.S.$50.0 million or (b) a Change of Control has
occurred, as 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 0pt 44.95pt">The Issuer will also provide the U.S. Trustee with
any additional information that the U.S. Trustee reasonably requests in connection with any redemption or offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
3.2. <U>Selection of Notes to Be Redeemed</U>. If less than all of the Notes are to be redeemed at any time, the U.S. Trustee
shall select the Notes to be redeemed among the Holders in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a <I>pro rata </I>basis, by
lot or by such method as the U.S. Trustee, in its sole discretion, may deem fair and appropriate (which, in the case of
Global Notes, shall be subject to the procedures of the Depositary) (and in a manner that complies with applicable legal
requirements); <I>provided</I>, <I>however </I>that no Notes of U.S.$2,000 in original principal amount or less shall be
redeemed in part and after any redemption, a Holder may only hold an authorized principal amount of Notes. In addition, if a
partial redemption is made pursuant to SECTION 3.7(c), selection of the Notes or portions thereof for redemption shall be
made by the U.S. Trustee only on a <I>pro rata </I>basis or on as nearly a <I>pro rata </I>basis as is practicable (subject
to the procedures of the Depositary), unless that method is otherwise prohibited.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">On and
after the redemption date, interest will cease to accrue on Notes or portions of them called for redemption unless the Issuer defaults
in the payment of the redemption price. The U.S. Trustee shall make the selection from the Notes outstanding and not previously
called for redemption as long as the Issuer has deposited with the Paying Agent funds in satisfaction of the applicable redemption
price pursuant to this Indenture and shall promptly notify the Issuer in writing of the Notes selected for redemption. The U.S.
Trustee may select for redemption portions (equal to U.S.$1,000 or any integral multiples of U.S.$1,000 thereof) of the principal
of the Notes that have denominations larger than U.S.$2,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
3.3. <U>Notice of Redemption</U>. Subject to the provisions of SECTION 4.10 and SECTION
4.14, the Issuer shall deliver or cause to be delivered in accordance with this Indenture, a notice of redemption to each Holder
whose Notes are to be redeemed (with a copy to the U.S. Trustee), at least 10 days but not more than 60 days before a redemption
date (except that notices may be delivered more than 60 days before a redemption date if the notice is issued in accordance with
SECTION 8.8). Any redemption or notice pursuant to this Indenture may, at the Issuer&rsquo;s discretion,
be subject to the satisfaction of one or more conditions precedent, including, without limitation, the occurrence of a Change of
Control or the completion of a Qualified Equity 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 0pt 45pt">The notice shall identify the Notes to be redeemed
and shall state:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the redemption price;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
any Note is being redeemed in part, the portion of the principal amount of such Notes to be redeemed and that, after the redemption
date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon
cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be
made, as appropriate);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the name and address of the U.S. 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 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that Notes called for redemption must be surrendered to the U.S. Trustee to collect the redemption price;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t</FONT>hat,
unless the Issuer defaults in making such redemption payment, interest, if any, on Notes called for redemption ceases to accrue
on and after 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: left; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed
on the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">At the
Issuer&rsquo;s written request, the U.S. Trustee shall give the notice of redemption in the Issuer&rsquo;s name and at the Issuer&rsquo;s
expense; <I>provided</I>, <I>however</I>, that the Issuer shall have delivered to the U.S. Trustee, at least 45 days prior to the
redemption date (or such shorter period as is acceptable to the U.S. Trustee), an Officer&rsquo;s Certificate requesting that the
U.S. Trustee give such notice and setting forth the information to be stated in the notice as provided in the preceding paragraph.
The notice given in the manner herein provided shall be deemed to have been duly given whether or not the Holder receives such
notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note shall not affect the validity
of the proceeding for the redemption of any other Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
3.4. <U>Effect of Notice of Redemption</U>. Except with respect to notices of redemption given in accordance with SECTION
3.7(d), once notice of redemption is delivered in accordance with SECTION 3.3, Notes called for
redemption become irrevocably due and payable on the redemption date at the redemption price plus accrued and unpaid interest,
if any, to 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 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
3.5. <U>Deposit of Redemption Price</U>. On or before 10:00 a.m. (New York City time) on each redemption date or the date on which
Notes must be accepted for purchase pursuant to SECTION 4.10 or SECTION 4.14,
the Issuer shall deposit with the U.S. Trustee or with the Paying Agent (other than the Issuer or an Affiliate of the Issuer)
money sufficient to pay the redemption price of and accrued and unpaid interest, if any, on all Notes to be redeemed or purchased
on that date. The U.S. Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the U.S. Trustee
or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of (including any applicable premium),
and accrued interest, if any, on, all Notes to be redeemed or purchased.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
Notes called for redemption or tendered in a Net Proceeds Offer or Change of Control Offer are paid or if the Issuer has deposited
with the U.S. Trustee or Paying Agent money sufficient to pay the redemption or purchase price of, and unpaid and accrued interest,
if any, on, all Notes to be redeemed or purchased, on and after the redemption or purchase date, interest, if any, shall cease
to accrue on the Notes or the portions of Notes called for redemption or tendered and not withdrawn in a Net Proceeds Offer or
Change of Control Offer (regardless of whether certificates for such securities are actually surrendered). If a Note is redeemed
or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such record date.
If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuer to comply
with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption or purchase date until such principal
is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided in the
Notes and in SECTION 4.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
3.6. <U>Notes Redeemed in Part</U>. Upon surrender and cancellation of a Note that is redeemed in part, the Issuer shall
issue and, upon the written request of an Officer of the Issuer, the U.S. Trustee shall authenticate for the Holder at the
expense of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered and canceled; <I>provided </I>that
each such new Note will be in a principal amount of U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof.</P>

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

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<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 0pt 45pt">SECTION 3.7. <U>Optional Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Notes may be redeemed, in whole or in part, at any time prior to January 15, 2025 at the option of the Issuer at a redemption
price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium (calculated by the Issuer) as of,
and accrued and unpaid interest, if any, to, the applicable redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Notes are subject to redemption, at the option of the Issuer, in whole or in part, at any time or from time to time
on or after January 15, 2025, at the following redemption prices (expressed as percentages of the principal amount to be redeemed)
set forth below, plus accrued and unpaid interest, if any, on the Notes to be redeemed to the applicable redemption date (subject
to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date), if redeemed
during the 12-month period beginning January 15 of the years indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 8.95pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 85%"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 13%"><FONT STYLE="font-size: 10pt"><B>&nbsp;Redemption Price </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">103.438%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.719%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2027 and thereafter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">100.000%</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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>At any time or from time to time prior to June 15, 2024, the Issuer, at its option, may on any one or more occasions redeem
up to 35.0% of the principal amount of the outstanding Notes issued under this Indenture (calculated after giving effect to any
issuance of Additional Notes) with the net cash proceeds of one or more Qualified Equity Offerings at a redemption price equal
to 106.875% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to the date
of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date); provided that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>at least 50.0% of the aggregate principal amount of Notes issued under this Indenture (calculated after giving effect to
any issuance of Additional Notes) remains outstanding (unless all of such Notes are redeemed or repurchased pursuant to another
provision of this Indenture) immediately after giving effect to any such redemption; 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the redemption occurs not more than 180 days after the date of the closing of any such Qualified Equity 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>If
the Issuer or a Guarantor becomes obligated to pay any Additional Amounts as a result of a change in the laws, rules or
regulations of Canada or any Canadian taxing authority, or a change in any official position regarding the application or
interpretation thereof (including a holding by a court of competent jurisdiction), which is publicly announced or becomes
effective on or after the date of this Indenture and such Additional Amounts cannot (as certified in an Officer&rsquo;s
Certificate to the U.S. Trustee) be avoided by the use of reasonable measures available to the Issuer or any Guarantor
(which, for the avoidance of doubt, shall not include any change in the jurisdiction of organization or location of principal
office), then the Issuer may, at its option, redeem the Notes, in whole but not in part, upon not less than 10 days nor more
than 60 days notice (such notice to be provided not more than 90 days before the next date on which it or the Guarantor would
be obligated to pay Additional Amounts), at a redemption price equal to 100% of the principal amount thereof, plus accrued
and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to
receive interest due on an interest payment date that is on or prior to the redemption date). Notice of the Issuer&rsquo;s
intent to redeem the Notes shall not be effective until such time as it delivers to the U.S. Trustee an Opinion of Counsel
stating that the Issuer or a Guarantor is obligated to pay Additional Amounts because of an amendment to or change in law or
regulation or position as described in this paragraph.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-indent: 0.5in">Notwithstanding the foregoing,
in connection with any tender offer, Change of Control Offer or Net Proceeds Offer for the Notes, in the event that Holders of
not less than 90% of the aggregate principal amount of the outstanding Notes accept such offer and the Issuer or any third party
making such offer in lieu of the Issuer purchases all of the Notes held by such Holders such that less than 10% of the aggregate
principal amount of Notes outstanding on the Issue Date remain outstanding, the Issuer or such third party will have the right,
upon not less than 10 days nor more than 60 days prior notice, which notice shall be delivered not more than 30 days following
the purchase pursuant to such offer, to redeem all of the Notes that remain outstanding following such purchase at a redemption
price equal to the price offered to each other Holder in such offer plus, to the extent not included in the purchase price, accrued
and unpaid interest on the Notes to the date of redemption (subject to the right of Holders of record on the relevant record date
to receive interest due on an interest payment date that is on or prior to the redemption date).</P>

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

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

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

<P STYLE="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 45pt">SECTION 4.1. <U>Payment of Notes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>The
Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on
the date the U.S. Trustee or the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds, as of 10:00 a.m. (New
York City time) on the Business Day prior to the relevant payment date, U.S. dollars deposited by the Issuer in immediately
available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace
period), at the same rate to the extent lawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
4.2. <U>Maintenance of Office or Agency</U>. The Issuer shall maintain an office or agency where Notes may be surrendered for registration
of transfer or for exchange and where notices and demands to or upon the Issuer and Guarantors in respect of the Notes and this
Indenture (other than the type contemplated by SECTION 11.19) may be served. The Issuer shall give
prompt written notice to each of the Trustees of the location, and any change in the location, of such office or agency. If at
any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the each of the Trustees
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the U.S. 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to
each of the Trustees of any such designation or rescission and of any change in the location of any such other office or agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
Issuer hereby designates the Corporate Trust Office of the U.S. Trustee as one such office or agency of the Issuer in accordance
with SECTION 2.3.</P>

<P STYLE="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 45pt">SECTION 4.3. <U>Provision of Financial
Information</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Whether or not required by the SEC, so long as any Notes are outstanding, the Issuer will furnish to each of the Trustees
and the Holders of Notes, or, to the extent permitted by the SEC, file electronically with the SEC through the SEC&rsquo;s Electronic
Data Gathering, Analysis and Retrieval System (or any successor system) within the time periods specified in the SEC&rsquo;s rules
and regulations applicable to a foreign private issuer subject to the Multijurisdictional Disclosure System:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
all annual financial information that would be required to be contained in a filing with the SEC on Forms 40-F or 20-F (or any
successor form), as applicable, containing the information required therein (or required in such successor form) including a report
on the annual financial statements by the Issuer&rsquo;s certified independent accountants as if the Issuer was required to file
such forms and was a reporting issuer under the securities laws of the Province of Alberta or Ontario;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 80.95pt; text-align: justify; text-indent: 0.5in">&nbsp;(ii)
for the first three quarters of each year, all quarterly financial information that the Issuer would be required to file with or
furnish to the SEC on Form 6-K (or any successor form), if the Issuer were required to file or furnish, as applicable, such forms
and as if the Issuer was a reporting issuer under the securities laws of the Province of Alberta or Ontario,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.5pt 0pt 45pt; text-indent: 4.55pt">in each case including a
&ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;; 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all current reports that would otherwise be required to be filed or furnished by the Issuer with the SEC on Form 6-K if
the Issuer were required to file or furnish, as applicable, such form as if the Issuer was a reporting issuer under the securities
laws of the Province of Alberta or Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">If the
Issuer has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information
required by this SECTION 4.3(a) will include a reasonably detailed presentation, either on the face
of the financial statements or in the footnotes thereto, and in Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations, of the financial condition and results of operations of the Issuer and its Restricted Subsidiaries excluding
the Unrestricted Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>In addition, whether or not required by the SEC, the Issuer shall file a copy of all of the information and reports referred
to in clauses (1) and (2) of Section 4.3(a) above with the SEC for public availability within the time
periods specified in the SEC&rsquo;s rules and regulations applicable to such reports applicable to a foreign private issuer subject
to the Multijurisdictional Disclosure System (unless the SEC will not accept the filing) and make the information available to
securities analysts and prospective investors upon request. If, notwithstanding the foregoing, the SEC will not accept the Issuer&rsquo;s
filings for any reason, the Issuer will post the reports referred to in clauses (1) and (2) of Section
4.3(a) above on its website within the time periods that would apply if the Issuer were required to file those reports with the
SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision herein, if the Issuer ceases to be a foreign private issuer, then all references to SEC forms and
corresponding references to the time periods specified in the SEC&rsquo;s rules and regulations applicable to a foreign
private issuer subject to the Multijurisdictional Disclosure System shall be deemed to refer to Forms 10-K, 10-Q and 8-K, as
applicable, and the time periods specified in the SEC&rsquo;s rules and regulations applicable to a U.S. domestic issuer. If
at any time the Issuer ceases to be required to file reports with the SEC under the Exchange Act, the Issuer may at such time
(and only such time) elect to satisfy its obligation to report under this Indenture by filing or posting in the manner
contemplated in clauses (1) and (2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>of Section
4.3(a) above or by filing or posting as contemplated in the immediately preceding sentence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">For so
long as any Notes remain outstanding and are &ldquo;restricted securities&rdquo; within the meaning of Rule 144(a)(3) under the
Securities Act and not eligible to be resold pursuant to Rule 144(b)(1) of the Securities Act, the Issuer shall furnish to the
Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act (for so long as such information is required in order to permit resales of the Notes
pursuant to Rule 144A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
shall notify the U.S. Trustee in writing if the Issuer is not permitted by the SEC to file, or has not filed, electronically with
the SEC through the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval System (or any successor system) the information
and reports referred to in clauses (1) and (2) of Section 4.3(a) above. The U.S. Trustee shall have no obligation to determine
if and when the Issuer&rsquo;s information is available on the SEC&rsquo;s website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Delivery
of the above reports to the Trustees is for informational purposes only and the Trustees&rsquo; receipt of such reports shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Issuer&rsquo;s compliance with any of its covenants in this Indenture (as to which the Trustees are entitled to rely exclusively
on Officer&rsquo;s Certificates) or any other agreement or document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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    <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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.4. <U>Compliance Certificate</U>. The Issuer shall deliver to a Responsible Officer of each of the Trustees, within 90 days after
the end of each fiscal year beginning with the fiscal year ending December 31, 2021, an Officer&rsquo;s Certificate stating that
a review of the activities of the Issuer and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officer with a view to determining whether each has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, each entity
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 of this Indenture (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuer is
taking or proposes to take with respect thereto) and that, to his or her knowledge, no event has occurred and remains in existence
by reason of which payments on account of the principal of, premium, if any, or interest on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Issuer is taking or proposes to take with 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 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
shall, so long as any of the Notes are outstanding, deliver to a Responsible Officer of each of the Trustees, forthwith upon any
Officer becoming aware of any Default or Event of Default, an Officer&rsquo;s Certificate specifying such Default or Event of Default
and what action the Issuer is taking or proposes to take with 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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.5. <U>Taxes</U>. The Issuer shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency all material taxes,
assessments and governmental levies, except such as are contested in good faith and by appropriate proceedings and with respect
to which appropriate reserves have been taken in accordance with IFRS or where the failure to effect such payment is not adverse
in any material respect to the Holders of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.6. <U>Stay, Extension and Usury Laws</U>. The Issuer and each of the Guarantors covenants (to the extent that it may lawfully
do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture, and the Issuer and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede
the execution of any power herein granted to the Trustees, but shall suffer and permit the execution of every such power as though
no such law has 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 0pt 45pt">SECTION 4.7. <U>Limitation on Restricted
Payments</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; 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>The
Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, make any Restricted Payment if at
the time of such Restricted 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 16.95pt 0pt 45pt; text-align: left; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
Default shall have occurred and be continuing or shall occur as a consequence 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 17pt 0pt 45pt; text-align: left; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer is not able to incur at least U.S.$1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: left; text-indent: 0.5in"></P>

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    <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 17pt 0pt 45pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
amount of such Restricted Payment, when added to the aggregate amount of all other Restricted Payments made after the Issue Date
(other than Restricted Payments made pursuant to clauses (2), (3), (4), (5), (6) or (10) of SECTION 4.7(b), exceeds the sum (the
&ldquo;<I>Restricted Payments Basket</I>&rdquo;) of (without duplication):</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 16.75pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>50.0%
of Consolidated Net Income of the Issuer and the Restricted Subsidiaries for the period (taken as one accounting period) commencing
on July 1, 2021 to and including the last day of the fiscal quarter ended immediately prior to the date of such calculation for
which consolidated financial statements are available (or, if such Consolidated Net Income shall be a deficit, minus 100.0% of
such deficit),</P>

<P STYLE="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 81pt">plus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>100.0%
of (A) (i) the aggregate net cash proceeds and (ii) the Fair Market Value of (x) marketable securities (other than marketable
securities of the Issuer), (y) Equity Interests of a Person (other than the Issuer or an Affiliate of the Issuer) engaged in a
Permitted Business and (z) other assets used in any Permitted Business, received by the Issuer or its Restricted Subsidiaries
after the Issue Date, in each case as a contribution to its common equity capital or from the issue or sale of Qualified Equity
Interests or from the issue or sale of convertible or exchangeable Disqualified Equity Interests or convertible or exchangeable
debt securities of the Issuer that have been converted into or exchanged for such Qualified Equity Interests (other than Equity
Interests or debt securities sold to a Subsidiary of the Issuer or net cash proceeds received by the Issuer from Qualified Equity
Offerings to the extent applied to redeem the Notes in accordance with the provisions set forth under SECTION 3.7(c)), and (B)
the aggregate net cash proceeds, if any, received by the Issuer or any of its Restricted Subsidiaries upon any conversion or exchange
described in clause (A) above, plus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;(C)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>100.0% of the aggregate amount by which Indebtedness (other than any Subordinated Indebtedness or Indebtedness held by a
Subsidiary of the Issuer) of the Issuer or any Restricted Subsidiary is reduced on the Issuer&rsquo;s consolidated balance sheet
upon the conversion or exchange after the Issue Date of any such Indebtedness into or for Qualified Equity Interests, plus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;(D)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of the disposition or repayment of or return on any Investment that was treated as a Restricted Payment made
by the Issuer or any Restricted Subsidiary after the Issue Date (other than the release of any guarantee), an amount (to the extent
not included in the computation of Consolidated Net Income) equal to the lesser of (i) 100.0% of the aggregate amount received
by the Issuer or any Restricted Subsidiary in cash or other property (valued at the Fair Market Value thereof) as the return of
capital with respect to such Investment and (ii) the amount of such Investment that was treated as a Restricted Payment, in either
case, less the cost of the disposition of such Investment and net of taxes, plus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 81pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 59; Value: 3 -->
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    <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 16.75pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;(E)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of the release of any guarantee that was treated as a Restricted Payment made by the Issuer or any Restricted
Subsidiary after the Issue Date, an amount equal to the amount of such guarantee that was treated as a Restricted Payment less
any amount paid under such guarantee; plus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;(F)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon a Redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, an amount (to the extent not included in
the computation of Consolidated Net Income) equal to the lesser of (i) the Fair Market Value of the Issuer&rsquo;s proportionate
interest in such Subsidiary immediately following such Redesignation, and (ii) the aggregate amount of the Issuer&rsquo;s Investments
in such Subsidiary to the extent such Investments reduced the Restricted Payments Basket and were not previously repaid or otherwise
reduced.</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: 45pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: left">Notwithstanding the foregoing, SECTION 4.7(a) will not prohibit:</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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
payment of any dividend or redemption payment or the making of any distribution within 60 days after the date of declaration thereof
if, on the date of declaration, the dividend, redemption or distribution payment, as the case may be, would have complied 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any Restricted Payment made in exchange for, or out of the proceeds of, the substantially concurrent issuance and sale of
Qualified Equity 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness
of the Issuer or any Guarantor in exchange for, or out of the proceeds of, the substantially concurrent incurrence of, Refinancing
Indebtedness permitted to be incurred under SECTION 4.9 and the other terms 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 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness
of the Issuer or any Restricted Subsidiary (a) at a purchase price not greater than 101% of the principal amount of such Subordinated
Indebtedness in the event of a Change of Control in accordance with provisions similar to SECTION 4.14
or (b) at a purchase price not greater than 100% of the principal amount thereof in accordance with provisions similar to SECTION
4.10; provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition
or retirement, the Issuer has made the Change of Control Offer or Net Proceeds Offer, as applicable, as provided in such covenant
with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment in connection
with such Change of Control Offer or Net Proceeds Offer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
redemption, repurchase or other acquisition or retirement for value of Equity Interests of the Issuer held by officers,
directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their
estates), either (x) upon any such individual&rsquo;s death, disability, retirement, severance or termination of employment
or service or (y) pursuant to any equity subscription agreement, stock option agreement, stockholders&rsquo; agreement or
similar agreement; provided, in any case, that the aggregate cash consideration paid for all such redemptions, repurchases or
other acquisitions or retirements shall not exceed (A) U.S.$5.0 million during any calendar year (with unused amounts in any
calendar year being carried forward to succeeding calendar years) plus (B) the amount of any net cash proceeds received by or
contributed to the Issuer from the issuance and sale after the Issue Date of Qualified Equity Interests to its officers,
directors or employees that have not been applied to the payment of Restricted Payments pursuant to this clause (5), plus (C)
the net cash proceeds of any &ldquo;key-man&rdquo; life insurance policies that have not been applied to the payment of
Restricted Payments pursuant to this clause (5); and <I>provided further </I>that cancellation of Indebtedness owing to the
Issuer from members of management of the Issuer or any Restricted Subsidiary in connection with a repurchase of Equity
Interests of the Issuer will not be deemed to constitute a Restricted Payment for purposes of this SECTION 4.7 or any other
provision of this Indenture;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
repurchases, redemptions or other acquisitions or retirements for value of Equity Interests of the Issuer deemed to occur upon
the exercise of stock options, warrants, rights to acquire Equity Interests of the Issuer or other convertible securities to the
extent such Equity Interests of the Issuer represent a portion of the exercise or exchange price thereof and (b) any repurchases,
redemptions or other acquisitions or retirements for value of Equity Interests of the Issuer made in lieu of withholding taxes
in connection with any exercise or exchange of stock options, warrants or other similar rights;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>dividends
on Disqualified Equity Interests of the Issuer issued in compliance with SECTION 4.9 to the extent such dividends are included
in the definition of Consolidated Interest Expense;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the payment of cash in lieu of fractional Equity Interests of the Issuer;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>payments
or distributions to dissenting stockholders pursuant to applicable law in connection with a merger, amalgamation, consolidation
or transfer of assets that complies with SECTION 5.1;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>cash
distributions by the Issuer to the holders of Equity Interests of the Issuer in accordance with a distribution reinvestment plan
or dividend reinvestment plan to the extent such payments are applied to the purchase of Equity Interests directly from the Issuer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
payment of cash dividends on the Issuer&rsquo;s outstanding common shares; <I>provided </I>that the amount of such dividends in
any fiscal quarter of the Issuer shall not exceed U.S.$0.06 per share, assuming a number of common shares outstanding equal to
the number of common shares outstanding upon issuance of the Issuer&rsquo;s 7.125% Senior Notes due 2026 on November 22, 2017
(such share amount and per share amount subject to pro rata adjustments for any share splits, share dividends, share combinations,
reverse share splits or similar events occurring since such date, and as may occur following the Issue Date); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>payment
of other Restricted Payments from time to time in an aggregate amount not to exceed the greater of (a) U.S.$250.0 million and
(b) 6.0% of the Issuer&rsquo;s Consolidated Tangible Assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify"><I>provided that </I>(a)
in the case of any Restricted Payment pursuant to clauses (4), (5), (11)
or (12) above, no Default shall have occurred and be continuing or occur as a consequence thereof (it being understood that the
making of a Restricted Payment in reliance on clause (4), (5), (11) or
(12) above shall not be deemed to be a Default under this SECTION 4.7), and (b) no issuance and sale
of Qualified Equity Interests used to make a payment pursuant to clauses (2) or (5)(B) above shall
increase the Restricted Payments Basket to the extent of such 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">For the
purposes of determining compliance with any U.S. Dollar denominated restriction on Restricted Payments denominated in a foreign
currency, the U.S. Dollar equivalent amount of such Restricted Payment shall be calculated based on the relevant currency exchange
rate in effect on the date that such Restricted Payment was made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to SECTION
4.18. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the
Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted
Payments in an amount determined as set forth in the definition of &ldquo;Investment.&rdquo; Such designation will be permitted
only if a Restricted Payment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">For purposes
of determining compliance with this covenant, in the event that a proposed Restricted Payment (or a portion thereof) meets the
criteria of clauses (1) through (12) above or is entitled to be made pursuant to the Restricted Payments Basket or as a Permitted
Investment, the Issuer will be entitled to divide, classify or later reclassify (based on circumstances existing on the date of
such reclassification) such Restricted Payment (or portion thereof) among such clauses (1) through (12), the Restricted Payments
Basket and any such Permitted Investments in a manner that otherwise complies with this covenant, and following such reclassification
such Restricted Payment or Permitted Investment shall be treated as having been made pursuant to only the clause or clauses of
this covenant to which such Restricted Payment or Permitted Investment has been reclassified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.8. <U>Limitations on Dividend and Other Restrictions Affecting Restricted Subsidiaries</U>. The Issuer shall not, and shall not
permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; 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;&nbsp;</FONT>pay dividends or make any other distributions on or in respect of its Equity Interests to the Issuer or any of its Restricted
Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits (it being understood that
the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions
being paid on Common Stock shall not be deemed a restriction on the ability to make distributions on Equity Interests);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; 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;&nbsp;</FONT>make loans or advances, or pay any Indebtedness or other obligation owed, to the Issuer or any other Restricted Subsidiary
(it being understood that the subordination of loans or advances made to the Issuer or any Restricted Subsidiary to other Indebtedness
or obligations incurred by the Issuer or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans
or advances); 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 16.95pt 0pt 45pt; text-align: justify; 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;&nbsp;</FONT>transfer any of its property or assets to the Issuer or any other Restricted Subsidiary (it being understood that such transfers
shall not include any type of transfer described in clause (a) or (b) above);</P>

<P STYLE="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 44.95pt">except for, in each case:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encumbrances
or restrictions existing under agreements existing on the Issue Date (including, without limitation, the Credit Agreement, the
Existing Indentures and the Sale and Repurchase Agreement) as in effect on that date;</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 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encumbrances
or restrictions existing under this Indenture, the Notes and the Guarantees;</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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any instrument governing Acquired Indebtedness or Equity Interests of a Person acquired by the Issuer or any of its Restricted
Subsidiaries, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other
than the Person or the properties or assets of the Person so acquired;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
agreement or other instrument of a Person acquired by the Issuer or any of its Restricted Subsidiaries in existence at the time
of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person
and its Subsidiaries, so acquired (including after acquired property);</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 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
amendment, restatement, modification, renewal, supplement, refunding, replacement or refinancing of an agreement referred to in
clauses (1), (2), (3), (4), (5) or (10); <I>provided</I>, <I>however</I>, that such amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, no more restrictive than
the encumbrances and restrictions contained in the agreements referred to in clauses (1), (2), (3) or (4) of this SECTION 4.8(c)
on the Issue Date or the date such Restricted Subsidiary became a Restricted Subsidiary or was merged into a Restricted Subsidiary,
whichever is applicable;</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 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encumbrances
or restrictions existing under or by reason of applicable law, regulation or order;</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 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-assignment
provisions of any contract or any lease entered into in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of clause (c) above, Liens permitted to be incurred under the provisions of SECTION 4.12 that limit the right of the
debtor to dispose of the assets securing such Indebtedness;</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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>restrictions imposed under any agreement to sell Equity Interests or assets, as permitted under this Indenture, to any Person
pending the closing of such sale;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any other agreement governing Indebtedness or other obligations entered into after the Issue Date that either (A) contains
encumbrances and restrictions that are not materially more restrictive with respect to any Restricted Subsidiary than those in
effect on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in effect on the Issue Date or (B) contains
any such encumbrance or restriction that is customary and does not prohibit (except upon a default or an event of default thereunder)
the payment of dividends in an amount sufficient, as determined by the board of directors of the Issuer in good faith, to make
scheduled payments of cash interest and principal on the Notes when 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;customary
provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements,
shareholder agreements and other similar agreements entered into in the ordinary course of business that restrict the disposition
or distribution of ownership interests in or assets of such partnership, limited liability company, joint venture, corporation
or similar Person;</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 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
Money Indebtedness and any Refinancing Indebtedness in respect thereof incurred in compliance with SECTION 4.9 that imposes restrictions
of the nature described in SECTION 4.8(c) on the assets acquired; and</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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords under contracts entered
into in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">SECTION 4.9. <U>Limitations on Additional
Indebtedness</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness
(including Acquired Indebtedness); <I>provided </I>that the Issuer or any Restricted Subsidiary may incur additional Indebtedness
(including Acquired Indebtedness), in each case, if, after giving effect thereto on a pro forma basis, the Consolidated Interest
Coverage Ratio would be at least 2.00 to 1.00 (the &ldquo;<I>Coverage Ratio Exception</I>&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 17pt 0pt 9pt; text-align: justify; 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>Notwithstanding
the above, each of the following incurrences of Indebtedness shall be permitted (the &ldquo;<I>Permitted Indebtedness</I>&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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
of the Issuer and any Restricted Subsidiary under the Credit Facilities in an aggregate principal amount at any time outstanding,
including the issuance and creation of letters of credit and bankers&rsquo; acceptances thereunder (with letters of credit and
bankers&rsquo; acceptances being deemed to have a principal amount equal to the face amount thereof) not to exceed the greater
of (a) U.S.$1,000.0 million and (b) 25.0% of the Issuer&rsquo;s Consolidated Tangible Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
under the Initial Notes and the Guarantees issued on the Issue 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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
of the Issuer and its Restricted Subsidiaries to the extent outstanding on the Issue Date, including without limitation, the Existing
Notes and the guarantees thereof (other than Indebtedness referred to in clauses (1), (2), (4), (6), (7), (8), (9), (10), (12)
and (16));</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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
guarantees by the Issuer or Guarantors of Indebtedness permitted to be incurred in accordance with the provisions of this Indenture;
<I>provided </I>that in the event such Indebtedness that is being guaranteed is Subordinated Indebtedness, then the related guarantee
shall be subordinated in right of payment to the Notes or the Guarantees, as the case may be, and (b) guarantees of Indebtedness
incurred by Restricted Subsidiaries that are not Guarantors 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
under Hedging Obligations entered into for bona fide hedging purposes of the Issuer or any Restricted Subsidiary and not for the
purpose of speculation; provided that in the case of Hedging Obligations relating to interest rates, (a) such Hedging Obligations
relate to payment obligations on Indebtedness otherwise permitted to be incurred by this SECTION 4.9, and (b) the notional principal
amount of such Hedging Obligations at the time incurred does not exceed the principal amount of the Indebtedness to which such
Hedging Obligations relate;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness of the Issuer owed to and held by a Restricted Subsidiary and Indebtedness of any Restricted Subsidiary owed
to and held by the Issuer or any other Restricted Subsidiary; <I>provided</I>, <I>however</I>, that</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&nbsp;(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if the Issuer is the obligor on Indebtedness and a Restricted Subsidiary that is not a Guarantor is the obligee, such Indebtedness
is expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 81pt; text-align: justify; text-indent: 0.5in">&#8239;(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if a Guarantor is the obligor on such Indebtedness and a Restricted Subsidiary that is not a Guarantor is the obligee, such
Indebtedness is subordinated in right of payment to the Guarantee of such Guarantor; 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 16.75pt 0pt 80.95pt; text-align: justify; text-indent: 0.5in">&#8239;(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>(i) any subsequent issuance or transfer of Equity Interests or any other event which results in any such Indebtedness being
held by a Person other than the Issuer or any other Restricted Subsidiary; 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 16.95pt 0pt 100.95pt; text-indent: 0.5in">&nbsp;(ii) any sale or other
transfer of any such Indebtedness to a Person other than the Issuer or any other Restricted Subsidiary;</P>

<P STYLE="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 80.95pt">shall be deemed, in each case of this clause (c),
to constitute an incurrence of such Indebtedness not permitted by this clause (6);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
in respect of workers&rsquo; compensation claims, bank guarantees, warehouse receipt or similar facilities, property, casualty
or liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations or completion, performance,
bid performance, appeal or surety bonds in the ordinary course of business, including guarantees or obligations with respect to
letters of credit supporting such workers&rsquo; compensation claims, bank guarantees, warehouse receipt or similar facilities,
property, casualty or liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations or completion,
performance, bid performance, appeal or surety bonds;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Purchase
Money Indebtedness incurred by the Issuer or any Restricted Subsidiary after the Issue Date, and Refinancing Indebtedness thereof,
in an aggregate principal amount not to exceed at any time outstanding the greater of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44.95pt; text-align: justify">(a) U.S.$100.0 million and
(b) 2.5% of the Issuer&rsquo;s Consolidated Tangible Assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except
in the case of daylight overdrafts) drawn against insufficient funds 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
arising in connection with endorsement of instruments for deposit 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Refinancing
Indebtedness of the Issuer or any Restricted Subsidiary with respect to Indebtedness incurred pursuant to the Coverage Ratio Exception,
clause (2), (3) or (8) above, this clause (11), or clause (17) 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 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>indemnification,
adjustment of purchase price, earn-out or similar obligations, in each case, incurred or assumed in connection with the acquisition
or disposition of any business or assets of the Issuer or any Restricted Subsidiary or Equity Interests of a Restricted Subsidiary,
other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Equity Interests
for the purpose of financing or in contemplation of any such acquisition; provided that (a) any amount of such obligations included
on the face of the balance sheet of the Issuer or any Restricted Subsidiary shall not be permitted under this clause (12) (contingent
obligations referred to on the face of a balance sheet or in a footnote thereto and not otherwise quantified and reflected on
the balance sheet will not be deemed &ldquo;included on the face of the balance sheet&rdquo; for purposes of the foregoing) and
(b) in the case of a disposition, the maximum aggregate liability in respect of all such obligations outstanding under this clause
(12) shall at no time exceed the gross proceeds actually received by the Issuer and the Restricted Subsidiaries in connection
with such disposition;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
of Foreign Restricted Subsidiaries in an aggregate amount outstanding at any one time not to exceed the greater of (a) U.S.$100.0
million and (b) 15.0% of such Foreign Restricted Subsidiaries&rsquo; Consolidated Tangible Assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>additional
Indebtedness of the Issuer or any Restricted Subsidiary in an aggregate principal amount which, when taken together with the
principal amount of all other Indebtedness incurred pursuant to this clause (14) and then outstanding, will not exceed the
greater of (a) U.S.$200.0 million and (b) 5.0% of the Issuer&rsquo;s Consolidated Tangible Assets;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
in respect of Specified Cash Management Agreements entered into 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 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness
incurred under one or more short-term operating facilities provided by a Canadian chartered bank and/or other lenders or the respective
affiliates thereof to the Issuer and/or any Restricted Subsidiary providing for borrowings to be made and/or letters of credit
to be issued pursuant thereto in an aggregate principal amount, together with any Refinancing Indebtedness thereof, not to exceed
U.S.$100.0 million, at any one time 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 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness of Persons incurred and outstanding on the date on which such Person was acquired by the Issuer or any Restricted
Subsidiary, or merged or consolidated with or into the Issuer or any Restricted Subsidiary (including Indebtedness incurred in
connection with, or in contemplation of, such acquisition, merger or consolidation); <I>provided, however, </I>that at the time
such Person or assets is/are acquired by the Issuer or a Restricted Subsidiary, or merged or consolidated with the Issuer or any
Restricted Subsidiary and after giving pro forma effect to the incurrence of such Indebtedness pursuant to this clause (17) and
any other related Indebtedness, either (i) the Issuer would have been able to incur U.S.$1.00 of additional Indebtedness pursuant
to the first paragraph of this covenant; or (ii) the Consolidated Interest Coverage Ratio of the Issuer and its Restricted Subsidiaries
would be greater than or equal to such Consolidated Interest Coverage Ratio immediately prior to such acquisition, merger or consolidation;
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 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Indebtedness representing deferred compensation to directors, officers, members of management or employees (in their capacities
as such) of the Issuer or any Restricted Subsidiary and incurred 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">For
purposes of determining compliance with this SECTION 4.9, in the event that an item of Indebtedness
meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through (18) above or
is entitled to be incurred pursuant to the Coverage Ratio Exception, the Issuer shall, in its sole discretion, divide or classify
such item of Indebtedness and may divide and classify such Indebtedness in more than one of the types of Indebtedness described,
except that Indebtedness incurred under the Credit Agreement on or prior to the Issue Date shall be deemed to have been incurred
under clause (1) above, and may later reclassify any item of Indebtedness described in clauses (1) through (18) above (provided
that at the time of reclassification it meets the criteria in such category or categories). In addition, for purposes of determining
any particular amount of Indebtedness under this SECTION 4.9, (i) guarantees, Liens or letter of credit
obligations supporting Indebtedness otherwise included in the determination of such particular amount shall not be included so
long as incurred by a Person that could have incurred such Indebtedness; and (ii) the amount of Indebtedness issued at a price
that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance
with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">For
the purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness denominated
in a foreign currency, the U.S. Dollar equivalent principal amount of such Indebtedness incurred pursuant thereto shall be calculated
based on the relevant currency exchange rate in effect on the earlier of the date that such Indebtedness was incurred, in the case
of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; <I>provided </I>that if such Indebtedness
is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar- denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date
of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal
amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. The principal
amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing
Indebtedness is denominated that is in effect on the date of such refinancing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">In
addition, the Issuer shall not permit any of its Unrestricted Subsidiaries to incur any Indebtedness other than Non-Recourse Debt.
If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed
to be incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be incurred as of such
date under this SECTION 4.9, the Issuer shall be in Default of this SECTION
4.9).</P>

<P STYLE="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 45pt">SECTION 4.10. <U>Limitation on Asset
Sales</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; 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>The
Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the Fair Market Value
(such Fair Market Value to be determined on the date of contractually agreeing to such Asset Sale) of the shares and assets subject
to such Asset Sale; 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>at least 75.0% of the total consideration from such Asset Sale and all other Asset Sales since the Issue Date, on a cumulative
basis, received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 9pt; text-align: justify; text-indent: 0.5in">For purposes
of clause (2) above and for no other purpose, the following shall be deemed to be cash:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the amount (without duplication) of any Indebtedness (other than Subordinated Indebtedness or intercompany Indebtedness)
of the Issuer or such Restricted Subsidiary that is expressly assumed by the transferee of any such assets pursuant to a written
novation agreement that releases the Issuer or such Restricted Subsidiary from further liability therefor,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the amount of any securities, notes or other obligations received from such transferee that are within 180 days after such
Asset Sale converted by the Issuer or such Restricted Subsidiary into cash (to the extent of the cash actually so received),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 44.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>any
Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset Sale having an
aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this
SECTION 4.10(a)(2)(c) that is at that time outstanding, not to exceed the greater of (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>U.S.$100.0
million and (ii) 2.5% of the Issuer&rsquo;s Consolidated Tangible Assets at the time of receipt of such Designated Non-cash
Consideration, with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time
received and without giving effect to subsequent changes in value, and</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 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the Fair Market Value of (i) any assets (other than securities) received by the Issuer or any Restricted Subsidiary to be
used by it in a Permitted Business, (ii) Equity Interests in a Person that is a Restricted Subsidiary or in a Person engaged in
a Permitted Business that shall become a Restricted Subsidiary immediately upon the acquisition of such Person by the Issuer or
(iii) a combination of (i) and (ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
at any time any non-cash consideration received by the Issuer or any Restricted Subsidiary, as the case may be, in connection with
any Asset Sale is repaid or converted into or sold or otherwise disposed of for cash (other than interest received with respect
to any such non- cash consideration), then the date of such repayment, conversion or disposition shall be deemed to constitute
the date of an Asset Sale hereunder and the Net Available Proceeds thereof shall be applied in accordance with
this SECTION 4.10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">Any
Asset Sale pursuant to a condemnation, expropriation, appropriation or other similar taking, including by deed in lieu of condemnation,
or pursuant to the foreclosure or other enforcement of a Permitted Lien or exercise by the related lienholder of rights with respect
thereto, including by deed or assignment in lieu of foreclosure shall not be required to satisfy the conditions set forth in clauses
(1) and (2) of this SECTION 4.10(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, the 75.0% limitation referred to above shall be deemed satisfied with respect to any Asset Sale in which the cash
or Cash Equivalents portion of the consideration received therefrom, determined in accordance with the foregoing provision on an
after-tax basis, is equal to or greater than what the after-tax proceeds would have been had such Asset Sale complied with the
aforementioned 75.0% limitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; 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;&nbsp;</FONT>If the Issuer or any Restricted Subsidiary engages in an Asset Sale, the Issuer or such Restricted Subsidiary shall, no
later than 365 days following the consummation thereof, (or, with respect to clause (3) below, within 365 days after the receipt
of any Net Available Proceeds from any Asset Sale the Issuer or any Restricted Subsidiary entered into a contractual commitment,
pursuant to a binding agreement, to apply any such Net Available Proceeds, then, within 545 days following the consummation thereof),
apply all or any of the Net Available Proceeds therefrom to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>permanently reduce (and permanently reduce commitments with respect thereto): (x) obligations under the Credit Agreement
and/or (y) Indebtedness of the Issuer or a Restricted Subsidiary that is secured by a Lien (in each case other than any Disqualified
Equity Interests or Subordinated Indebtedness, and other than Indebtedness owed to the Issuer or an Affiliate of the Issuer);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>permanently reduce obligations under other Indebtedness of the Issuer or a Restricted Subsidiary (in each case other than
any Disqualified Equity Interests or Subordinated Indebtedness, and other than Indebtedness owed to the Issuer or an Affiliate
of the Issuer); provided that the Issuer shall equally and ratably reduce obligations under the Notes as provided under SECTION
3.7, through open market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or by
making an offer (in accordance with the procedures set forth below for a Net Proceeds Offer) to all Holders to purchase their Notes
at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the amount of Notes that would
otherwise be prepaid; 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 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>(A) make any capital expenditure or otherwise invest all or any part of the Net Available Proceeds thereof in the purchase
of assets (other than securities and excluding working capital or current assets for the avoidance of doubt) to be used by the
Issuer or any Restricted Subsidiary in a Permitted Business, (B) acquire Qualified Equity Interests held by a Person other than
the Issuer or any of its Restricted Subsidiaries in a Person that is a Restricted Subsidiary or in a Person engaged in a Permitted
Business that shall become a Restricted Subsidiary immediately upon the consummation of such acquisition or (C) a combination of
(A) and (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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
amount of Net Available Proceeds not applied or invested as provided in clauses (1) through (3) of this
SECTION 4.10(b) shall constitute &ldquo;<I>Excess Proceeds</I>.&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 16.75pt 0pt 8.95pt; text-align: justify; 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;&nbsp;</FONT>When
the aggregate amount of Excess Proceeds equals or exceeds U.S.$50.0 million, the Issuer shall be required to make an offer to
purchase or redeem (a &ldquo;<I>Net Proceeds Offer</I>&rdquo;) from all Holders (unless the Issuer has previously or concurrently
exercised its right to redeem all of the Notes as described under Section 3.7) and, to the extent required by the terms of other
Pari Passu Indebtedness of the Issuer, to all holders of other Pari Passu Indebtedness outstanding with similar provisions requiring
the Issuer to make an offer to purchase or redeem such Pari Passu Indebtedness with the proceeds from any Asset Sale, to purchase
or redeem the maximum principal amount of Notes and any such Pari Passu Indebtedness to which the Net Proceeds Offer applies that
may be purchased or redeemed out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal
amount of Notes and Pari Passu Indebtedness plus accrued and unpaid interest thereon, if any, to the date of purchase, in accordance
with the procedures set forth in this Indenture or the agreements governing the Pari Passu Indebtedness, as applicable, in each
case in denominations of U.S.$2,000 or integral multiples of U.S.$1,000 in excess 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">To
the extent that the sum of the aggregate principal amount of Notes and Pari Passu Indebtedness so validly tendered pursuant
to a Net Proceeds Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds, or a portion
thereof, for any purposes not otherwise prohibited by the provisions of this Indenture. If the aggregate principal amount of
Notes and Pari Passu Indebtedness so validly tendered pursuant to a Net Proceeds Offer exceeds the amount of Excess Proceeds,
the Issuer shall select the Notes and Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the
aggregate outstanding principal amount of Notes and Pari Passu Indebtedness. Upon completion of such Net Proceeds Offer in
accordance with the foregoing provisions, the amount of Excess Proceeds with respect to which such Net Proceeds Offer was
made shall be deemed to be zero.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Net Proceeds Offer will remain open for a period of 20 Business Days following its commencement, except to the extent that a longer
period is required by applicable law (the &ldquo;<I>Net Proceeds Offer Period</I>&rdquo;)<I>. </I>No later than five Business
Days after the termination of the Net Proceeds Offer Period (the &ldquo;<I>Net Proceeds Purchase Date</I>&rdquo;), the Issuer
will purchase the principal amount of Notes and Pari Passu Indebtedness required to be purchased pursuant to this SECTION 4.10
(the &ldquo;<I>Net Proceeds Offer Amount</I>&rdquo;) or, if less than the Net Proceeds Offer Amount has been so validly tendered,
all Notes and Pari Passu Indebtedness validly tendered in response to the Net Proceeds Offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If the
Net Proceeds Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued
and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such record date,
and no additional interest will be payable to Holders who tender Notes pursuant to the Net Proceeds Offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Pending
the final application of any Net Available Proceeds pursuant to this SECTION 4.10, the holder of such
Net Available Proceeds may apply such Net Available Proceeds temporarily to reduce Indebtedness outstanding under a revolving Credit
Facility or otherwise invest such Net Available Proceeds in any manner not prohibited by 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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">On
or before the Net Proceeds Purchase Date, the Issuer will, to the extent lawful, accept for payment, on a pro rata basis to
the extent necessary, the Net Proceeds Offer Amount of Notes and Pari Passu Indebtedness or portions of Notes and Pari Passu
Indebtedness so validly tendered and not properly withdrawn pursuant to the Net Proceeds Offer, or if less than the Net
Proceeds Offer Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness so validly
tendered and not properly withdrawn, in each case in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in
excess thereof. The Issuer will deliver to the U.S. Trustee an Officer&rsquo;s Certificate stating that such Notes or
portions thereof were accepted for payment by the Issuer in accordance with the terms of this SECTION 4.10 and, in addition,
the Issuer will obtain all certificates and notes required, if any, by the agreements governing the Pari Passu Indebtedness.
The Issuer or the Paying Agent, as the case may be, will promptly (but in any case not later than five Business Days after
termination of the Net Proceeds Offer Period) mail or deliver to each tendering Holder and the Issuer will mail or deliver to
each tendering holder or lender of Pari Passu Indebtedness, as the case may be, an amount equal to the purchase price of the
Notes or Pari Passu Indebtedness so validly tendered and not properly withdrawn by such holder or lender, as the case may be,
and accepted by the Issuer for purchase, and the Issuer will promptly issue a new Note, and the U.S. Trustee, upon delivery
of an Officer&rsquo;s Certificate from the Issuer, will authenticate and mail or deliver such new Note to such Holder, in a
principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note will be in a
principal amount of U.S.$2,000 or an integral multiple of U.S.$1,000 in excess thereof. In addition, the Issuer will take any
and all other actions required by the agreements governing the Pari Passu Indebtedness. Any Note not so accepted will be
promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer will publicly announce the results of the Net
Proceeds Offer on the Net Proceeds Purchase Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, the sale, conveyance or other disposition of all or substantially all of the assets of the Issuer and its Restricted
Subsidiaries, taken as a whole, will be governed by SECTION 4.14 and/or SECTION
5.1 and not by this SECTION 4.10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
shall comply with all applicable securities laws and regulations in Canada and the United States, including, without limitation,
the requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase
of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any applicable securities laws or regulations conflict
with this SECTION 4.10, the Issuer shall comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under this SECTION 4.10 by virtue of such compliance.</P>

<P STYLE="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 45pt">SECTION 4.11. <U>Limitation on Transactions with
Affiliates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; 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;&nbsp;</FONT>The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, in one transaction or a
series of related transactions, sell, lease, transfer or otherwise dispose of any of its assets to, or purchase any assets from,
or enter into any contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (an
&ldquo;<I>Affiliate Transaction</I>&rdquo;), involving aggregate payments or consideration in excess of U.S.$5.0 million, unless:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the terms of such Affiliate Transaction are no less favorable in all material respects to the Issuer or such Restricted
Subsidiary, as the case may be, than those that would have been obtained in a comparable transaction at the time of such transaction
in arm&rsquo;s length dealings with a Person who is not such an Affiliate; 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer delivers to the U.S. Trustee, with respect to any Affiliate Transaction involving aggregate value in excess of U.S.$25.0
million, an Officer&rsquo;s Certificate certifying that such Affiliate Transaction complies with clause (1) above and a Secretary&rsquo;s
Certificate which sets forth and authenticates a resolution that has been adopted by the Independent Directors approving such
Affiliate Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing restrictions shall not apply to:</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>transactions
exclusively between or among (a) the Issuer and one or more Restricted Subsidiaries or (b) Restricted Subsidiaries;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reasonable
director, trustee, officer and employee compensation (including bonuses) and other benefits (including pursuant to any employment
agreement or any retirement, health, stock option or other benefit plan), payments or loans (or cancellation of loans) to employees
of the Issuer and indemnification arrangements, in each case, as determined in good faith by the Issuer&rsquo;s Board of Directors
or senior 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
entering into of a tax sharing agreement, or payments pursuant thereto, between the Issuer and/or one or more Subsidiaries, on
the one hand, and any other Person with which the Issuer or such Subsidiaries are required or permitted to file a consolidated
tax return or with which the Issuer or such Subsidiaries are part of a consolidated group for tax purposes to be used by such
Person to pay taxes, and which</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt">payments by the Issuer and the Restricted Subsidiaries
are not in excess of the tax liabilities that would have been payable by them on a stand-alone basis;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Permitted Investments (other than pursuant to clause (1) of the definition 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Restricted Payments which are made in accordance with SECTION 4.7;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
agreement in effect on the Issue Date or as thereafter amended or replaced in any manner that, taken as a whole, is not more disadvantageous
to the Holders or the Issuer in any material respect than such agreement as it was in effect on the Issue 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
transaction with a Person (other than an Unrestricted Subsidiary of the Issuer) which would constitute an Affiliate of the Issuer
solely because the Issuer or a Restricted Subsidiary owns an equity interest in or otherwise controls such 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a) any transaction with an Affiliate where the only consideration paid by the Issuer or any Restricted Subsidiary is Qualified
Equity Interests or (b) the issuance or sale of any Qualified Equity Interests and the granting of registration and other customary
rights in connection 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>transactions
in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the U.S. Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of
view or stating that the terms are not materially less favorable, when taken as a whole, to the Issuer or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with
an unrelated Person on an arm&rsquo;s-length basis; 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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>transactions
with customers, clients, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services or providers
of employees or other labor that are Affiliates, in each case in the ordinary course of business, consistent with past practice
or consistent with industry practice and otherwise in compliance with the terms of this Indenture which are fair to the Issuer
and its Restricted Subsidiaries, in the reasonable determination of the Issuer, or are on terms at least as favorable as might
reasonably have been obtained at such time from an unaffiliated 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.12. <U>Limitations on Liens</U>. The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly,
create, incur, assume or permit or suffer to exist any Lien (other than Permitted Liens) upon any of their property or assets (including
Equity Interests of any Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired, which Lien secures Indebtedness
or trade payables, unless contemporaneously with the incurrence of such Lien:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the case of any Lien securing an obligation that ranks <I>pari passu </I>with the Notes or a Guarantee, effective provision
is made to secure the Notes or such Guarantee, as the case may be, at least equally and ratably with or prior to such
obligation with a Lien on the same collateral; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the case of any Lien securing an obligation that is subordinated in right of payment to the Notes or a Guarantee, effective provision
is made to secure the Notes or such Guarantee, as the case may be, with a Lien on the same collateral that is senior to the Lien
securing such subordinated obligation,</P>

<P STYLE="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 8.95pt">in each case, for so long as such obligation is secured
by such Lien.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.13. <U>Payments for Consent</U>. The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any
consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or amendment; <I>provided </I>that if such consents, waivers or amendments are sought
in connection with an exchange offer where participation in such exchange offer is limited to holders who are &ldquo;qualified
institutional buyers,&rdquo; within the meaning of Rule 144A, or non-U.S. persons, within the meaning of Regulation S, then such
consideration need only be offered to all Holders of the Notes to whom the exchange offer is being made and to be paid to all such
holders that consent, waive or agree to amend in such time frame.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.14. <U>Offer to Purchase upon Change of Control</U>. Upon the occurrence of any Change of Control, unless the Issuer has previously
or concurrently exercised its right to redeem all of the Notes as described under SECTION 3.7, each
Holder will have the right to require that the Issuer purchase all or any portion (equal to U.S.$2,000 or an integral multiple
of U.S.$1,000 in excess thereof) of that Holder&rsquo;s Notes for a cash price (the &ldquo;<I>Change of Control Purchase Price</I>&rdquo;)
equal to 101.0% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest, if any, thereon to the
date of purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Within
30 days following any Change of Control, the Issuer will deliver, or caused to be delivered, to the Holders, with a copy to the
Trustees, a 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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>describing the transaction or transactions that constitute the Change of Control;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;offering
to purchase, pursuant to the procedures required by this Indenture and described in the notice (a &ldquo;<I>Change of Control
Offer</I>&rdquo;), on a date specified in the notice, which shall be a Business Day not earlier than 30 days, nor later than 60
days, from the date the notice is delivered (the &ldquo;<I>Change of Control Payment Date</I>&rdquo;), and for the Change of Control
Purchase Price, all Notes properly tendered by such Holder pursuant to such Change of Control Offer; and</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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>describing the procedures, as determined by the Issuer, consistent with this Indenture, that Holders must follow to accept
the Change of Control Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">On the
Business Day immediately preceding the Change of Control Payment Date, the Issuer will, to the extent lawful, deposit with the
Paying Agent an amount equal to the Change of Control Purchase Price in respect of the Notes or portions of Notes properly tendered.</P>

<P STYLE="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 45pt">On the Change of Control Payment Date, the Issuer will,
to the extent lawful:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>accept for payment all Notes or portions of Notes (of U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof)
properly tendered pursuant to the Change of Control Offer; 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deliver
or cause to be delivered to the U.S. Trustee the Notes so accepted together with an Officer&rsquo;s Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Issuer.</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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Paying
Agent will promptly deliver to each Holder who has so tendered Notes the Change of Control Purchase Price for such Notes, and the
U.S. Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes so tendered, if any; provided that each such new Note will be in a principal
amount of U.S.$2,000 or integral multiples of U.S.$1,000 in excess 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If the
Change of Control Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued
and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered
at the close of business on such 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 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">A Change
of Control Offer shall remain open for at least 20 Business Days or for such longer period as is required by law. The Issuer shall
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer&rsquo;s
obligation to make a Change of Control Offer shall be satisfied if a third party makes the Change of Control Offer in the manner,
at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer
made by the Issuer and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
Issuer shall comply with all applicable securities legislation in Canada and the United States, including, without limitation,
the requirements of Rule 14e-l under the Exchange Act and any other applicable laws and regulations in connection with the purchase
of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations
conflict with this SECTION 4.14, the Issuer shall comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations under this SECTION 4.14 by virtue of such
compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
provisions under this Indenture relating to the Issuer&rsquo;s obligation to make a Change of Control Offer may be waived, modified
or terminated prior to the occurrence of the triggering Change of Control with the written consent of the Holders of a majority
in principal amount of the Notes then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditional
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change
of Control Offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.15. <U>Corporate Existence</U>. Subject to SECTION 4.14 and ARTICLE V, as
the case may be, the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence and the corporate, partnership, limited liability company or other existence of each of its Subsidiaries in
accordance with the respective organizational documents (as the same may be amended from time to time) of the Issuer or any such
Subsidiary and the rights (charter and statutory), licenses and franchises of the Issuer and its Subsidiaries; <I>provided </I>that
the Issuer shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Subsidiaries, if the Board of Directors of the Issuer shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof is not
adverse in any material respect to the 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.16. <U>Business Activities</U>. The Issuer shall engage, and shall cause its Restricted Subsidiaries to engage, only in businesses
that, when considered together as a single enterprise, are primarily the Permitted 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.17. <U>Additional Guarantees</U>. If any Restricted Subsidiary of the Issuer shall guarantee any Indebtedness of the Issuer or
any Guarantor under a Credit Facility or under debt securities issued in the capital markets (including the Existing Notes) except
for any such Subsidiary if the Fair Market Value of the assets of such Subsidiary, together with the Fair Market Value of the assets
of any other Subsidiaries that guaranteed such Indebtedness of the Issuer or any Guarantor but did not guarantee the Notes, does
not exceed U.S.$25.0 million in the aggregate, then the Issuer shall cause such Restricted Subsidiary to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>execute and deliver to each of the Trustees a supplemental indenture in substantially the form attached hereto as <U>Exhibit
B</U>, pursuant to which such Restricted Subsidiary shall unconditionally guarantee, on a joint and several basis, the full and
prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior basis and all other obligations
of the Issuer under this Indenture; 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>deliver to the Trustees one or more Opinions of Counsel that such supplemental indenture (a) has been duly authorized, executed
and delivered by such Restricted Subsidiary and (b) constitutes a valid and legally binding obligation of such Restricted Subsidiary
in accordance with its 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.18. <U>Limitations on Designation of Unrestricted Subsidiaries</U>. The Board of Directors of the Issuer may designate any Subsidiary
(including any newly formed or newly acquired Subsidiary or a Person becoming a Subsidiary through merger or consolidation or Investment
therein) of the Issuer as an &ldquo;Unrestricted Subsidiary&rdquo; under this Indenture (a &ldquo;<I>Designation</I>&rdquo;) only
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>no Default shall have occurred and be continuing at the time of or after giving effect to such Designation; 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the Issuer would be permitted to make, at the time of such Designation, (a) a Permitted Investment or (b) an Investment
pursuant to SECTION 4.7(a), in either case, in an amount (the &ldquo;<I>Designation Amount</I>&rdquo;)
equal to the Fair Market Value of the Issuer&rsquo;s proportionate interest in such Subsidiary 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 0pt 45pt">No Subsidiary shall be Designated as an &ldquo;Unrestricted
Subsidiary&rdquo; unless:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
of the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of Designation, consist of Non-Recourse Debt, except
for any guarantee given solely to support the pledge by the Issuer or any Restricted Subsidiary of the Equity Interests of such
Unrestricted Subsidiary, which guarantee is not recourse to the Issuer or any Restricted Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>on
the date such Subsidiary is Designated an Unrestricted Subsidiary, such Subsidiary is not party to any agreement, contract, arrangement
or understanding with the Issuer or any Restricted Subsidiary unless the terms of the agreement, contract, arrangement or understanding
are no less favorable in any material respect to the Issuer or the Restricted Subsidiary than those that would be obtained at
the time from Persons who are not Affiliates of the Issuer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Subsidiary is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect
obligation (a) to subscribe for additional Equity Interests of such Person or (b) to maintain or preserve the Person&rsquo;s financial
condition or to cause the Person to achieve any specified levels of operating results; 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 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Subsidiary has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Issuer or
any Restricted Subsidiary, except for any guarantee given solely to support the pledge by the Issuer or any Restricted Subsidiary
of the Equity Interests of such Unrestricted Subsidiary, which guarantee is not recourse to the Issuer or any Restricted Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">Any
such Designation by the Board of Directors of the Issuer shall be evidenced to each of the Trustees by filing with each Trustee
a resolution of the Board of Directors of the Issuer giving effect to such Designation and an Officer&rsquo;s Certificate certifying
that such Designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary fails to meet the preceding
requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture
and any Indebtedness of the Subsidiary and any Liens on assets of such Subsidiary shall be deemed to be incurred by a Restricted
Subsidiary at such time and, if the Indebtedness is not permitted to be incurred under SECTION 4.9 or
the Lien is not permitted under SECTION 4.12, the Issuer shall be in default of the applicable covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Board
of Directors of the Issuer may redesignate an Unrestricted Subsidiary as a Restricted Subsidiary (a &ldquo;<I>Redesignation</I>&rdquo;)
only if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>no
Default shall have occurred and be continuing at the time of and after giving effect to such Redesignation; 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 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
Liens, Indebtedness and Investments of such Unrestricted Subsidiary outstanding immediately following such Redesignation would,
if incurred or made at such time, have been permitted to be incurred or made for all purposes 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Any such
Redesignation shall be evidenced to each of the Trustees by filing with each Trustee a resolution of the Board of Directors of
the Issuer giving effect to such designation and an Officer&rsquo;s Certificate certifying that such Redesignation complies with
the foregoing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
4.19. <U>Further Instruments and Acts</U>. Upon request by either of the Trustees, the Issuer shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes 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 45pt">SECTION 4.20. <U>Covenant Termination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Following the first date that the Notes have a Moody&rsquo;s rating of Baa3 or higher, an S&amp;P rating of BBB- or higher
or a Fitch rating of BBB- or higher and no Default or Event of Default has occurred and is then continuing, the Issuer and the
Restricted Subsidiaries will no longer be subject to the following covenants:</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>

<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>&nbsp;</TD><TD>(1)</TD><TD STYLE="text-align: left">SECTION 4.7 (except to the extent applicable under the definition of &ldquo;Unrestricted Subsidiary&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: left">SECTION 4.8;</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: 81pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: left">SECTION 4.9;</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: 81pt"></TD><TD STYLE="width: 36pt">(4)</TD><TD STYLE="text-align: left">SECTION 4.10;</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: 81pt"></TD><TD STYLE="width: 36pt">(5)</TD><TD STYLE="text-align: left">SECTION 4.11;</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: 81pt"></TD><TD STYLE="width: 36pt">(6)</TD><TD STYLE="text-align: left">SECTION 4.16; and</TD></TR>                                                                                                                                                                                                                                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(7)</TD><TD STYLE="text-align: left">SECTION
5.1(a)(3).</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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Issuer will notify each of the Trustees in writing in the event the Notes have either of the ratings specified in Section
4.20(a). No Trustee or Agent shall have any liability or responsibility with respect to, or obligation or duty to monitor, determine
or inquire as to (i) the Issuer or any Guarantor&rsquo;s compliance with any covenant under this Indenture (other than the covenant
to make payment on the Notes) or (ii) as to whether or not Moody&rsquo;s, S&amp;P, or Fitch has adjusted the rating of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">SECTION 4.21. <U>OFAC Certification and
Covenants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Issuer and the Guarantors each covenant and represent that neither they nor any of their affiliates, subsidiaries, directors
or officers are the target or subject of any sanctions enforced by the US Government, (including, the Office of Foreign Assets
Control of the US Department of the Treasury (&ldquo;<I>OFAC</I>&rdquo;)), the United Nations Security Council, the European Union,
HM Treasury, or other relevant sanctions authority (collectively &ldquo;<I>Sanctions</I>&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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Issuer and the Guarantors each covenant and represent that neither they nor any of their affiliates, subsidiaries, directors
or officers will use any proceeds received pursuant to the Indenture, (a) to fund or facilitate any activities of or business with
any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (b) to fund or facilitate any
activities of or business with any country or territory that is the target or subject of Sanctions, or (c) in any other manner
that will result in a violation of Sanctions by any 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-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE
V</P>

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

<P STYLE="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 45pt">SECTION 5.1. <U>Consolidation, Merger,
Conveyance, Transfer or Lease</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Issuer will not, directly or indirectly, in a single transaction or a series of related transactions, consolidate, amalgamate
or merge with or into or wind up or dissolve into another Person (whether or not the Issuer is the surviving Person), or sell,
lease, transfer, convey or otherwise dispose of or assign all or substantially all of the assets of the Issuer and its Restricted
Subsidiaries (taken as a whole) 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: 81pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: left">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 16.75pt 0pt 81pt; text-align: justify; 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;&nbsp;&nbsp;&nbsp;</FONT>the Issuer will be the surviving or continuing Person; 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 16.75pt 0pt 81pt; text-align: justify; 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;&nbsp;&nbsp;&nbsp;</FONT>the
Person (if other than the Issuer) formed by or surviving or continuing from such consolidation, merger, amalgamation, winding
up or dissolution or to which such sale, lease, transfer, conveyance or other disposition or assignment shall be made (collectively,
the &ldquo;<I>Successor</I>&rdquo;) is a corporation, limited liability company or limited partnership organized and existing
under the laws of Canada or any province thereof or the United States of America or of any State of the United States of America
or the District of Columbia, and the Successor expressly assumes, by agreements in form and substance reasonably satisfactory
to the U.S. Trustee, all of the obligations of the Issuer under the Notes and this Indenture; provided, that if the Successor
is not a corporation, a Restricted Subsidiary that is a corporation expressly assumes as co-obligor all of the obligations of
the Issuer under this Indenture and the Notes pursuant to a supplemental indenture to this Indenture executed and delivered to
each of 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 16.85pt 0pt 45pt; text-align: left; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>immediately
after giving effect to such transaction and the assumption of the obligations as set forth in clause (1)(b) above and the
incurrence of any Indebtedness to be incurred in connection therewith, and the use of any net proceeds therefrom on a pro
forma basis, no Default shall have occurred and be continuing;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>immediately
after giving pro forma effect to such transaction and the assumption of the obligations as set forth in clause (1)(b) above and
the incurrence of any Indebtedness to be incurred in connection therewith, and the use of any net proceeds therefrom on a pro
forma basis, (i) the Issuer or its Successor, as the case may be, could incur U.S.$1.00 of additional Indebtedness pursuant to
the Coverage Ratio Exception or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the Consolidated Interest Coverage Ratio for the Issuer or its Successor, as the case may be, and its Restricted Subsidiaries
would be greater than or equal to such Consolidated Interest Coverage Ratio prior to such transaction; 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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer shall have delivered to the U.S. Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that such
merger, amalgamation, consolidation or transfer and such agreement and/or supplemental indenture (if any) comply with 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 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">For purposes
of this SECTION 5.1, any Indebtedness of the Successor which was not Indebtedness of the Issuer immediately
prior to the transaction shall be deemed to have been incurred in connection with such transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Subject to SECTION 10.5, no Guarantor will, and the Issuer will not permit any Guarantor to,
directly or indirectly, in a single transaction or a series of related transactions, consolidate, amalgamate or merge with or into
or wind up or dissolve into another Person (whether or not the Guarantor is the surviving Person), or sell, lease, transfer, convey
or otherwise dispose of or assign all or substantially all of its assets to any Person unless either:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;
(a) (i) such Guarantor will be the surviving or continuing Person; or( ii) the Person (if other than such Guarantor) formed
by or surviving any such consolidation, merger, amalgamation, winding-up or dissolution is another Guarantor or assumes, by
agreements in form and substance reasonably satisfactory to the U.S. Trustee, all of the obligations of such Guarantor under
the Guarantee of such Guarantor and 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 16.85pt 0pt 81pt; text-align: justify; 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;&nbsp;&nbsp;&nbsp;
</FONT>immediately after giving effect to such transaction, no Default shall have occurred and be continuing; 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 16.8pt 0pt 81pt; text-align: justify; 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;&nbsp;&nbsp;&nbsp;
</FONT>the Issuer shall have delivered to the U.S. Trustee an Officer&rsquo;s Certificate, each stating that such merger, amalgamation,
consolidation or transfer and such agreements and/or supplemental indenture (if any) comply with this Indenture; 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (2)&nbsp;&nbsp;&nbsp; the transaction is made in compliance with SECTION 4.10.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">For
purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Issuer,
the Equity Interests of which constitute all or substantially all of the properties and assets of the Issuer, will be deemed
to be the transfer of all or substantially all of the properties and assets of the Issuer.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Upon any consolidation, amalgamation or merger of the Issuer or a Guarantor, or any transfer of all or substantially all
of the assets of the Issuer in accordance with the foregoing, in which the Issuer or such Guarantor is not the continuing obligor
under the Notes or its Guarantee, as applicable, the Successor will succeed to, and be substituted for, and may exercise every
right and power of, the Issuer or such Guarantor under this Indenture, the Notes and the Guarantees with the same effect as if
such surviving entity had been named therein as the Issuer or such Guarantor and, except in the case of a lease, the Issuer or
such Guarantor, as the case may be, will be released from the obligation to pay the principal of and interest on the Notes or in
respect of its Guarantee, as the case may be, and all of the Issuer&rsquo;s or such Guarantor&rsquo;s other obligations and covenants
under the Notes, this Indenture and its Guarantee, 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>Notwithstanding
the foregoing, (i) any Restricted Subsidiary may consolidate, merge or amalgamate with or into or convey, transfer or lease,
in one transaction or a series of transactions, all or substantially all of its assets to the Issuer or another Restricted
Subsidiary and (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp; </FONT>any Guarantor may consolidate,
merge or amalgamate with or into or convey, transfer or lease, in one transaction or a series of transactions, all or part of
its properties and assets to the Issuer or another Guarantor or merge with a Restricted Subsidiary of the Issuer solely for
the purpose of reincorporating the Guarantor in Canada or a province thereof, a State of the United States or the District of
Columbia, as long as the amount of Indebtedness of the Issuer or such Guarantor and its Restricted Subsidiaries is not
increased thereby.</P>

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

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

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

<P STYLE="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 45pt">SECTION 6.1. <U>Events of Default</U>. Each of
the following is an &ldquo;<I>Event of Default</I>&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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>failure to pay interest on any of the Notes when the same becomes due and payable and the continuance of any such failure
for 30 days;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>failure
to pay principal of or premium, if any, on any of the Notes when it becomes due and payable, whether at Stated Maturity, upon
redemption, upon purchase, upon acceleration 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>failure
by the Issuer or any of its Restricted Subsidiaries to comply with any of their respective agreements or covenants described in
SECTION 5.1, or failure by the Issuer to comply in respect of its obligations to make a Change of Control Offer pursuant to SECTION
4.14;</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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
except with respect to SECTION 4.3, failure by the Issuer or any Restricted Subsidiary to comply with any other agreement or
covenant in this Indenture and continuance of this failure for 60 days after notice of the failure has been given to the
Issuer by the U.S. Trustee or to the Issuer and the U.S. Trustee by the Holders of at least 25.0% of the aggregate principal
amount of the Notes then outstanding, or (b) failure by the Issuer for 120 days after notice of the failure has been given to
the Issuer by the U.S. Trustee or to the Issuer and the U.S. Trustee by the Holders of at least 25.0% of the aggregate
principal amount of the Notes then outstanding to comply with SECTION 4.3;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>default
by the Issuer or any Significant Subsidiary of the Issuer under any mortgage, indenture or other instrument or agreement under
which there may be issued or by which there may be secured or evidenced Indebtedness for borrowed money by the Issuer or any Restricted
Subsidiary, whether such Indebtedness now exists or is incurred after the Issue Date, which 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 16.85pt 0pt 81pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>is caused by a failure to pay at its Stated Maturity principal on such Indebtedness within the applicable express grace
period and any extensions thereof, 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 16.75pt 0pt 81pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>results in the acceleration of such Indebtedness prior to its Stated Maturity (which acceleration is not rescinded, annulled
or otherwise cured within 30 days of receipt by the Issuer or such Restricted Subsidiary of notice of any such acceleration),</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify">and, in each case, the principal
amount of such Indebtedness, together with the principal amount of any other Indebtedness with respect to which an event described
in clause (a) or (b) has occurred and is continuing, aggregates U.S.$50.0 million or more;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>one
or more final judgments (to the extent not covered by insurance) for the payment of money in an aggregate amount in excess of
U.S.$50.0 million shall be rendered against the Issuer, any of its Significant Subsidiaries or any combination thereof and the
same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)
the Issuer or any Significant Subsidiary of the Issuer or group of Restricted Subsidiaries of the Issuer that, taken together
(as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would constitute
a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy 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 16.85pt 0pt 117pt; text-align: left; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>commences
a voluntary case,</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 117pt; text-align: left; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>consents to the entry of an order for relief against it in an involuntary case,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 117pt; text-align: left; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the appointment of a custodian of it or for all or substantially all of its property,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 117pt; text-align: left; text-indent: 0.5in"> (iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>makes a general assignment for the benefit of its creditors,</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117pt">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 16.85pt 0pt 117pt; text-align: left; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>generally
is not paying its debts as they become due; or</P>

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

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<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 16.95pt 0pt 81pt; text-align: left; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 116.95pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>is
for relief against the Issuer or any Significant Subsidiary of the Issuer or group of Restricted Subsidiaries of the Issuer that,
taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would
constitute a Significant Subsidiary, in an involuntary case;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 116.95pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>appoints
a custodian of the Issuer or any Significant Subsidiary of the Issuer or group of Restricted Subsidiaries of the Issuer that,
taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would
constitute a Significant Subsidiary or for all or substantially all of the property of the Issuer or any of its Restricted Subsidiaries;
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 16.85pt 0pt 116.95pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>orders
the liquidation of the Issuer or any Significant Subsidiary of the Issuer or group of Restricted Subsidiaries of the Issuer that,
taken together (as of the latest audited consolidated financial statements for the Issuer and its Restricted Subsidiaries), would
constitute a Significant Subsidiary and the order or decree remains unstayed and in effect for 60 consecutive days; 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Guarantee and this Indenture)
or is declared null and void and unenforceable or found to be invalid or any Guarantor denies its liability under the Guarantee
of such Guarantor (other than by reason of release of such Guarantor from its Guarantee in accordance with the terms of this Indenture
and the Guarantee).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
6.2. <U>Acceleration</U>. If an Event of Default (other than an Event of Default specified in Section 6.1(7)) shall have occurred
and be continuing under this Indenture, the U.S. Trustee, by written notice to the Issuer, or the Holders of at least 25.0% in
aggregate principal amount of the Notes then outstanding by written notice to the Issuer and the U.S. Trustee, may declare (an
&ldquo;<I>acceleration declaration</I>&rdquo;) all amounts owing under the Notes to be due and payable. Upon such acceleration
declaration, the aggregate principal of and accrued and unpaid interest on the outstanding Notes shall become due and payable immediately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
an Event of Default specified in clause (7) of SECTION 6.1 occurs, then all unpaid principal of, and
premium, if any, and accrued and unpaid interest on all of the outstanding Notes shall <I>ipso facto </I>become and be immediately
due and payable without any declaration or other act on the part of the U.S. Trustee or any Holder of the Notes to the 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">After
such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal amount
of the Notes then outstanding may rescind and annul such acceleration if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in"> (1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the rescission would not conflict with any judgment or decree;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
existing Events of Default have been cured or waived other than nonpayment of accelerated principal and interest;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal,
which has become due otherwise than by such declaration of acceleration, has been paid;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer has paid each of the Trustees its reasonable compensation and reimbursed each of the Trustees for its reasonable expenses,
disbursements and advances; 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the event of the cure or waiver of an Event of Default other than as described in clauses (1), (2) or (7) of SECTION 6.1, the
U.S. Trustee shall have received an Officer&rsquo;s Certificate and an Opinion of Counsel that such Event of Default has been
cured or waived.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">No
such rescission shall affect any subsequent Default or impair any right consequent 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION 6.3. <U>Other
Remedies</U>. If an Event of Default occurs and is continuing, the U.S. Trustee may pursue any available remedy to collect
the payment of principal, premium, if any, interest, if any, on the Notes or to enforce the performance of any provision of
the Notes or 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The U.S.
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the U.S. Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall
not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to
the extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
6.4. <U>Waiver of Past Defaults</U>. Subject to SECTION 9.2, the Holders of a majority in aggregate principal amount of the
Notes then outstanding by written notice to the U.S. Trustee may, on behalf of the Holders of all of the Notes, rescind an
acceleration or waive any existing Default or Event of Default and its consequences under this Indenture except a continuing
Default or Event of Default in the payment of interest or premium on, or the principal of, the Notes, which shall require the
consent of all of the Holders of the Notes then 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
6.5. <U>Control by Majority</U>. The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct
the time, method and place of conducting any proceeding for exercising any remedy available to the U.S. Trustee or exercising any
trust power conferred on it. However, (i) the U.S. Trustee may refuse to follow any direction that conflicts with law or this Indenture,
that may involve the U.S. Trustee in personal liability, or that the U.S. Trustee determines in good faith may be unduly prejudicial
to the rights of Holders not joining in the giving of such direction and (ii) the U.S. Trustee may take any other action deemed
proper by the U.S. Trustee which is not inconsistent with any such direction received from the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
6.6. <U>Limitation on Suits</U>. A Holder may pursue a remedy with respect to this Indenture or the Notes only if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the Holder gives a Responsible Officer of the U.S. Trustee written notice of a continuing Event of Default or a Responsible
Officer of the U.S. Trustee receives such notice from the Issuer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the Holder or Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request
to a Responsible Officer of the U.S. Trustee to pursue the 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp; such Holder or Holders offer the
U.S. Trustee indemnity satisfactory to theU .S. Trustee against any costs, liability or expense;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the U.S. Trustee does not comply with the request within sixty (60) days after receipt of the request and the offer of indemnity;
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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give
a Responsible Officer of the U.S. Trustee a direction that is inconsistent with the request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">A Holder
may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another 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 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
6.7. <U>Rights of Holders of Notes to Receive Payment</U>. Notwithstanding any other provision of this Indenture, the right of
any Holder to receive payment of principal of, premium or interest on, such Note or to bring suit for the enforcement of any such
payment, on or after the due date expressed in the Notes, shall not be impaired or affected without the consent of the 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
6.8. <U>Collection Suit by U.S. Trustee</U>. If an Event of Default specified in SECTION 6.1(1) or
SECTION 6.1(2) occurs and is continuing, the U.S. Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium and interest remaining
unpaid on the Notes and interest on overdue principal and, to the extent lawful, 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
U.S. Trustee, its agents and 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 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
6.9. <U>U.S. Trustee May File Proofs of Claim</U>. The U.S. Trustee is authorized to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the U.S. Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the U.S. Trustee, its agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or
its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property
payable or deliverable upon the conversion or exchange of the Notes or on any such claims, and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the U.S. Trustee and, in the event that the
U.S. Trustee shall consent to the making of such payments directly to the Holders, to pay to the U.S. Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of the U.S. Trustee, its agents and counsel, and
any other amounts due the U.S. Trustee under SECTION 7.7. To the extent that the payment of any such compensation, expenses,
disbursements and advances to the U.S. Trustee, its agents and counsel, and any other amounts due the U.S. Trustee under
SECTION 7.7 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the
Holders may be entitled to receive in such proceeding, whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the U.S. Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder, or to authorize the U.S. Trustee 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-indent: 0.5in">SECTION 6.10. <U>Priorities</U>.
If the U.S. Trustee collects any money or property pursuant to this ARTICLE VI, it shall pay out the money and property in
the following order:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><I>First</I>:
to each of the Trustees, its agents and attorneys for amounts due under SECTION 7.7, including payment
of all reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><I>Second</I>:
to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in"><I>Third</I>:
without duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the Notes; 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 0pt 81pt"><I>Fourth</I>: to the Issuer or to such party as a
court of competent jurisdiction shall 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The U.S.
Trustee may fix a record date and payment date for any payment to Holders pursuant to this SECTION 6.10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
6.11. <U>Undertaking for Costs</U>. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against any Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any
party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys&rsquo; fees and expenses, against any party litigant in the suit, having due regard to the
merits and good faith of the claims or defenses made by the party litigant. This SECTION 6.11 does
not apply to a suit by any Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10% in principal
amount of the then outstanding Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">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 0pt 45pt">SECTION 7.1. <U>Duties of U.S. Trustee</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; 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;&nbsp;</FONT>If an Event of Default has occurred and is continuing, the U.S. Trustee shall exercise such of the rights and powers vested
in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under
the circumstances in the conduct of his or her own affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except during the continuance of 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 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the duties of the U.S. Trustee shall be determined solely by the express provisions of this Indenture and the U.S. Trustee
need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations
shall be read into this Indenture against the U.S. Trustee; 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the U.S. Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the U.S. Trustee and conforming to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein); however, the U.S. Trustee
shall examine the certificates and opinions furnished to it to determine whether or not they conform to the requirements 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 16.9pt 0pt 9pt; text-align: justify; 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;&nbsp;</FONT>The
U.S. Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>this paragraph does not limit the effect of paragraph (b) of this SECTION 7.1;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the U.S. Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the U.S. Trustee,
unless it is proved that the U.S. Trustee was negligent in ascertaining the pertinent facts;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the U.S. Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with
a direction received by it pursuant to SECTION 6.5; 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 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>no provision of this Indenture shall require the Trustees to expend or risk their own funds or incur any liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
U.S. Trustee shall not be liable for interest on or the investment of any money received by it except as the U.S. Trustee may
agree in writing with the Issuer. Money held in trust by the U.S. Trustee 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; 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;&nbsp;</FONT>Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the U.S. Trustee is subject
to this SECTION 7.1.</P>

<P STYLE="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 45pt">SECTION 7.2. <U>Rights of Trustees</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; 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;&#8239;</FONT>The
Trustees may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution, certificate,
statement, instrument, opinion, notice, report, request, direction, consent, order, bond, debenture or other document (whether
in original or facsimile form) believed by them to be genuine and to have been signed or presented by the proper Person. The Trustees
need not investigate any fact or matter 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;Before either Trustee acts or refrains from acting, it may require an Officer&rsquo;s Certificate or an Opinion of Counsel
or both. The Trustees shall not be liable for any action they take or omit to take in good faith in reliance on such Officer&rsquo;s
Certificate or Opinion of Counsel. Prior to taking, suffering or admitting any action, each Trustee may consult with counsel of
such Trustee&rsquo;s own choosing, and such Trustee shall be fully protected from liability in respect of any action taken, suffered
or omitted by it hereunder in good faith and in conclusive reliance on the advice or opinion of such 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;The Trustees may act through their attorneys and agents and shall not be responsible for the misconduct or negligence of
any attorney or agent appointed with due care.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;The Trustees shall not be liable for any action they take or omit to take in good faith that they believe to be authorized
or within the rights or powers conferred upon them by 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer or a
Guarantor shall be sufficient if signed by an Officer of the Issuer or such Guarantor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall be under no obligation to exercise any of the rights or powers vested in them by this Indenture at the
request or direction of any of the Holders unless such Holders shall have offered to the Trustees security or indemnity satisfactory
to the Trustees against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 documents, 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 during normal business hours the books, records and premises of the Issuer, personally or by agent or attorney
at the sole cost of the Issuer, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, privileges, protections, immunities and benefits given to each of the Trustees, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, such Trustee in each of its capacities hereunder, to
the other Trustee, the Agents and to each other agent, custodian and Person employed to act hereunder.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either Trustee may request that the Issuer and each of the Guarantors shall deliver to such Trustee an Officer&rsquo;s Certificate
setting forth the names of individuals and/or titles of Officers of the Issuer and each Guarantor, as applicable, authorized at
such time to take specified actions pursuant to this Indenture of the Issuer, the Notes and the Guarantees, which Officer&rsquo;s
Certificate may be signed by any Person authorized to sign an Officer&rsquo;s Certificate, including any Person specified as so
authorized in any such certificate previously delivered and not superseded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;</FONT>The
U.S. Trustee and the Canadian Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event
of Default unless a Responsible Officer of the U.S. Trustee or the Canadian Trustee, as applicable, has actual knowledge thereof
or the U.S. Trustee or the Canadian Trustee, as applicable, shall have received from the Issuer or any other obligor upon the
Notes or from any Holder written notice thereof at its address set forth in SECTION 11.2 and such notice references the Notes
and this Indenture. In the absence of such actual knowledge or such notice, the Trustees may conclusively assume that no such
Default or Event of Default exists.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;</FONT>In
no event shall the Trustees be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustees have been advised of the likelihood
of such loss or damage and regardless of the form of action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.3. <U>Individual Rights of the U.S. Trustee</U>. The U.S. Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would
have if it were not U.S. Trustee. However, in the event that the U.S. Trustee acquires any conflicting interest, it must
eliminate such conflict within 90 days, apply to the SEC for permission to continue as U.S. Trustee or resign. Any Agent may
do the same with like rights and duties. The U.S. Trustee is also subject to SECTION 7.10 and SECTION 7.11.</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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.4. <U>U.S. Trustee&rsquo;s Disclaimer</U>. The U.S. Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Notes, any offering material or any Guarantee, it shall not be accountable for the
use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer&rsquo;s direction under any provision of
this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the
U.S. Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes, any Officer&rsquo;s
Certificate delivered to the U.S. Trustee hereunder, or any other document in connection with the sale of the Notes or pursuant
to this Indenture other than the U.S. Trustee&rsquo;s certificate of authentication 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.5. <U>Notice of Defaults</U>. If a Default or Event of Default occurs and is continuing and if it is actually known to a
Responsible Officer of the U.S. Trustee, the U.S. Trustee shall deliver to Holders a notice of the Default or Event of
Default within 30 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of,
premium, if any, or interest on any Note, the U.S. Trustee may withhold the notice if and so long as a Responsible Officer of
the U.S. Trustee in good faith determines that withholding the notice is in the interests of the Holders.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.6. <U>Reports by U.S Trustee to Holders of the Notes</U>. Within 60 days after each December 15 beginning with December 15, 2021,
and for so long as Notes remain outstanding, the U.S. Trustee shall transmit to the Holders a brief report dated as of such reporting
date that complies with TIA &sect; 313(a) (but if no event described in TIA &sect; 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The U.S. Trustee also shall comply with TIA &sect; 313(b). The U.S.
Trustee shall also transmit by mail all reports as required by TIA &sect; 313(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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">A copy
of each report at the time of its mailing to the Holders shall be mailed to the Issuer and filed with the SEC and each stock exchange,
if any, on which the Issuer has informed the U.S. Trustee in writing the Notes are listed in accordance with TIA &sect; 313(d).
The Issuer shall promptly notify the U.S. Trustee in writing when the Notes are listed on any stock exchange and of any delisting
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 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.7. <U>Compensation and Indemnity</U>. The Issuer shall pay to each of the Trustees from time to time compensation for its acceptance
of this Indenture and for all services rendered by it hereunder as agreed upon in writing. The Trustees&rsquo; compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse each of the Trustees, as
applicable, promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to
the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of each
of the Trustees&rsquo; respective agents and 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Each
of the Issuer and the Guarantors, jointly and severally, shall indemnify each of the Trustees (which for purposes of this SECTION
7.7 shall include its respective officers, directors, employees and agents) against any and all claims, damages, losses, liabilities,
costs or expenses incurred by it (including, without limitation, the fees and expenses of its agents and counsel) arising out of
or in connection with the acceptance or administration of its duties under this Indenture, the performance of its obligations and/or
exercise of its rights hereunder, including the costs and expenses of enforcing this Indenture against the Issuer or any Guarantor
(including this SECTION 7.7) and defending itself against any claim (whether asserted by the Issuer
or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, claim, damage, liability or expense shall be caused by its own negligence, bad faith or willful
misconduct. Each Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by either of the
Trustees, as applicable, to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Trustees may each
have separate counsel, and the Issuer shall pay the reasonable fees and expenses of one such counsel for each of the Trustees.
The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The obligations
of the Issuer and the Guarantors under this SECTION 7.7 shall survive the satisfaction and discharge
of this Indenture, the payment of the Notes or the resignation or removal of any Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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    <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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">To secure
the Issuer&rsquo;s payment obligations in this SECTION 7.7, the Trustees shall have a Lien prior to
the Notes on all money or property held or collected by the Trustees, except that held in trust to pay principal or interest, if
any, on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture, the payment of the Notes and
the resignation or removal of any 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">When
the U.S. Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(7) occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any Bankruptcy 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The U.S.
Trustee shall comply with the provisions of TIA &sect; 313(b)(2) to the extent 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 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.8. <U>Replacement of Trustees</U>. A resignation or removal of a Trustee and appointment of a successor trustee shall become
effective only upon the successor trustee&rsquo;s acceptance of appointment as provided in this SECTION
7.8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">A Trustee
may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a
majority in principal amount of the then outstanding Notes may remove a Trustee by so notifying such Trustee and the Issuer in
writing. The Issuer may remove a Trustee if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; text-align: left; text-indent: 0.5in"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Trustee fails to comply with SECTION 7.10;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 45pt; 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;&nbsp;</FONT>such
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under any Bankruptcy
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 17pt 0pt 45pt; text-align: left; text-indent: 0.5in"> (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a custodian or public officer takes charge of such Trustee or its property;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">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 17pt 0pt 45pt; text-align: left; text-indent: 0.5in"> (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Trustee becomes incapable of acting.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If a Trustee
resigns or is removed or if a vacancy exists in the office of such Trustee for any reason, the Issuer shall promptly appoint a
successor trustee. Within one year after the successor trustee takes office, the Holders of a majority in principal amount of the
then outstanding Notes may appoint a successor trustee to replace the successor trustee appointed by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If a
successor trustee does not take office within 60 days after the retiring Trustee resigns or is removed, such retiring Trustee,
the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If a Trustee,
after written request by any Holder who has been a Holder for at least six months, fails to comply with SECTION
7.10, such Holder may petition any court of competent jurisdiction for the removal of such Trustee and the appointment of a
successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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    <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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">Except
as provided in Section 7.9 below, a successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee
and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor trustee
shall have all the rights, powers and the duties of the Trustees under this Indenture. The successor trustee shall give a notice
of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor
trustee; <I>provided </I>that all sums owing to such Trustee hereunder have been paid and subject to the Lien provided for in
SECTION 7.7. Notwithstanding replacement of a Trustee pursuant to this SECTION 7.8, the Issuer&rsquo;s
and the Guarantors&rsquo; obligations under SECTION 7.7 shall continue and survive for the benefit
of the retiring 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 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION 7.9. <U>Successor
Trustees by Merger, Etc.</U> If either the Canadian Trustee or U.S. Trustee or any Agent consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business (including this transaction) to, another
corporation, the successor corporation without any further act shall be the successor Canadian Trustee or U.S. Trustee or
such Agent, as 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.10. <U>Eligibility; Disqualification</U>. There shall at all times be at least one Trustee hereunder that is a corporation organized
and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate
trustee power and that is subject to supervision or examination by federal or state authorities. Such Trustee together with its
affiliates shall at all times have a combined capital surplus of at least U.S.$50.0 million as set forth in its most recent annual
report of condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">This
Indenture shall always have at least one Trustee who satisfies the requirements of TIA &sect;&sect; 310(a)(l), (2) and (5).
Such Trustee is subject to TIA &sect; 310(b) including the provision in &sect; 310(b)(1) and (3); <I>provided </I>that there
shall be excluded from the operation of TIA &sect; 310(b)(1) any indenture or indentures under which other securities, or
conflicts of interest or participation in other securities, of the Issuer or the Guarantors are outstanding if the
requirements for exclusion set forth in TIA &sect; 310(b)(1) are met.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.11. <U>Preferential Collection of Claims Against the Issuer</U>. The U.S. Trustee is subject to TIA &sect; 311(a), excluding
any creditor relationship listed in TIA &sect; 311(b). A U.S. Trustee who has resigned or been removed shall be subject to TIA
&sect; 311(a) to the extent indicated 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 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.12. <U>No Liability for Co-Trustee</U>. No Trustee appointed hereunder shall be personally liable or responsible by reason of
any act or omission of any other Trustee 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.13. <U>Canadian Trustee</U>. The Issuer has appointed the Canadian Trustee under this Indenture in order to comply with Canadian
Securities Laws and the Business Corporations Act (Alberta).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
7.14. <U>Tax Withholding</U>. Notwithstanding anything to the contrary contained in this Indenture, the Issuer, the Trustees
and any Paying Agent may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes
imposed from principal or interest payments hereunder. The Issuer, the Trustees and the Paying Agent shall reasonably
cooperate with each other and shall provide each other with copies of documents or information reasonably necessary for the
Issuer, the Trustees and the Paying Agent to comply with any withholding tax or tax information reporting obligations imposed
on any of them, including any obligations imposed pursuant to an agreement with a governmental authority.</P>

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

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    <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 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
7.15. <U>Electronic Means</U>. The Trustees shall have the right to accept and act upon instructions, including funds transfer
instructions (&ldquo;<I>Instructions</I>&rdquo;) given pursuant to this Indenture and any related financing documents and delivered
using Electronic Means; provided, however, that the Issuer and/or the Guarantors, as applicable, shall provide to the Trustees
an incumbency certificate listing officers with the authority to provide such Instructions (&ldquo;<I>Authorized Officers</I>&rdquo;)
and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuer and/or
the Guarantors, as applicable, whenever a person is to be added or deleted from the listing. If the Issuer and/or the Guarantors,
as applicable, elects to give a Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon
such Instructions, the Trustee&rsquo;s understanding of such Instructions shall be deemed controlling. The Issuer and the Guarantors
understand and agree that the Trustees cannot determine the identity of the actual sender of such Instructions and that the Trustees
shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
provided to the Trustees have been sent by such Authorized Officer. The Issuer and the Guarantors shall be responsible for ensuring
that only Authorized Officers transmit such Instructions to the Trustees and that the Issuer, the Guarantors and all Authorized
Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords
and/or authentication keys upon receipt by the Issuer and/or the Guarantors, as applicable. The Trustees shall not be liable for
any losses, costs or expenses arising directly or indirectly from the Trustee&rsquo;s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Issuer and the Guarantors
agree: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustees, including without
limitation the risk of the Trustees acting on unauthorized Instructions, and the risk of interception and misuse by third parties;
(ii) that they are fully informed of the protections and risks associated with the various methods of transmitting Instructions
to the Trustees and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Issuer
and/or the Guarantors, as applicable; (iii) that the security procedures (if any) to be followed in connection with its transmission
of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances;
and (iv) to notify the Trustees immediately upon learning of any compromise or unauthorized use of the security procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">For the
purposes of this section, &ldquo;<I>Electronic Means</I>&rdquo; shall mean the following communications methods: e-mail, facsimile
transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued
by the Trustees, or another method or system specified by the Trustees as available for use in connection with its services 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-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DEFEASANCE; DISCHARGE OF
THIS INDENTURE</P>

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

<!-- Field: Page; Sequence: 93; Value: 3 -->
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    <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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
8.1. <U>Option to Effect Legal Defeasance or Covenant Defeasance</U>. The Issuer may, at the option of its Board of Directors and
evidenced by a board resolution and an Officer&rsquo;s Certificate, at any time, elect to have either SECTION
8.2 or SECTION 8.3 applied to all outstanding Notes upon compliance with the conditions set forth
below in this ARTICLE VIII.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
8.2. <U>Legal Defeasance</U>. Upon the Issuer&rsquo;s exercise under SECTION 8.1 of the option applicable to this SECTION
8.2, the Issuer shall, subject to the satisfaction of the conditions set forth in SECTION 8.4, be deemed to have been
discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are
satisfied (hereinafter, &ldquo;<I>Legal Defeasance</I>&rdquo;). For this purpose, Legal Defeasance means that the Issuer and
the Guarantors shall be deemed to have paid and discharged the entire Obligations represented by the Notes and the
Guarantees, which shall thereafter be deemed to be outstanding only for the purposes of SECTION 8.5 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 Notes,
Guarantees and this Indenture (and the U.S. Trustee, on written demand of and at the expense of the Issuer, shall execute
instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or
discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, and
interest and premium, if any, on such Notes when such payments are due from the trust referred to in SECTION 8.4(1); <FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>the
Issuer&rsquo;s obligations with respect to such Notes under SECTION 2.2, SECTION 2.3, SECTION 2.4, SECTION 2.5, SECTION 2.6,
SECTION 2.7, SECTION 2.10, SECTION 2.15, SECTION 2.17, SECTION 4.1 and SECTION 4.2; (c) the rights, powers, trusts, benefits,
duties and immunities of the Trustees, including without limitation thereunder, under SECTION 7.7, SECTION 8.5 and SECTION
8.7 and the obligations of the Issuer and the Guarantors in connection therewith; and (d) the provisions of this ARTICLE
VIII. Subject to compliance with this ARTICLE VIII, the Issuer may exercise its option under this SECTION 8.2 notwithstanding
the prior exercise of its option under SECTION 8.3.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
8.3. <U>Covenant Defeasance</U>. Upon the Issuer&rsquo;s exercise under SECTION 8.1 above of the option
applicable to this SECTION 8.3, the Issuer shall, subject to the satisfaction of the conditions set
forth in SECTION 8.4 below, be released from its obligations under SECTION
4.3, SECTION 4.7, SECTION 4.8, SECTION 4.9,
SECTION 4.10,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt; text-align: justify">SECTION 4.11, SECTION
4.12, SECTION 4.14, SECTION 4.16, SECTION 4.17, SECTION 4.18 and Section 5.1(a)(3) with respect to the outstanding Notes on
and after the date the conditions set forth below are satisfied (hereinafter, &ldquo;<I>Covenant Defeasance</I>&rdquo;), and
the Notes shall thereafter be deemed not outstanding for the purposes of any direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
outstanding for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer or
any of its Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under SECTION 6.1, but, except as specified above,
the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer&rsquo;s exercise
under SECTION 8.1 of the option applicable to this SECTION 8.3, subject to the satisfaction of the conditions set forth in
SECTION 8.4, SECTION 6.1(3), SECTION 6.1(4), SECTION 6.1(5), Section 6.1(6), Section 6.1(7) and SECTION 6.1(8) shall not
constitute Events of Default. Covenant Defeasance shall not be effective until 92 days after the deposit of funds provided
for in SECTION 8.4(1) below, and then only if no bankruptcy, receivership, rehabilitation and insolvency event has occurred
and is continuing.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any discharge or release of any obligations pursuant to SECTION 8.2 or SECTION
8.3, the Issuer&rsquo;s and the Guarantors&rsquo; obligations, as applicable, in SECTION 2.5, SECTION
2.6, SECTION 2.7, SECTION 2.10, SECTION 2.15,
SECTION 2.17, SECTION 4.1,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify">SECTION
4.2, SECTION 7.7, SECTION 8.5 and SECTION
8.7 shall survive until the Notes are no longer outstanding pursuant to the last paragraph of SECTION
2.8. After the Notes are no longer outstanding, the Issuer&rsquo;s obligations in SECTION 7.7, SECTION
8.5 and SECTION 8.7 shall survive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
8.4. <U>Conditions to Legal or Covenant Defeasance</U>. The following shall be the conditions to the application of either SECTION
8.2 or SECTION 8.3 to the outstanding Notes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Issuer must irrevocably deposit with the U.S. Trustee, in trust solely for the benefit of the Holders, U.S. dollars,
U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient (without consideration of any reinvestment
of interest), to pay the principal of and interest on the outstanding Notes on the stated date for payment thereof or on the applicable
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 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the case of Legal Defeasance, the Issuer shall have delivered to the U.S. Trustee an Opinion of Counsel in the United States reasonably
acceptable to the U.S. Trustee confirming that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 81pt; text-align: left; text-indent: 0in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer has received from, or there has been published by the United States Internal Revenue Service, a ruling, 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 16.9pt 0pt 81pt; text-align: left; text-indent: 0in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;since the date of this Indenture,
there has been a change in the applicable U.S. federal income tax 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 16.85pt 0pt 81pt; text-align: justify">in either case to the effect
that, and based thereon, such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income,
gain or loss for U.S. federal income tax purposes as a result of the Legal Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not
occurred,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Covenant Defeasance, the Issuer shall have delivered to the U.S. Trustee an Opinion of Counsel in the United States
reasonably acceptable to the U.S. Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of the Covenant Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if the Covenant Defeasance had not
occurred,</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the case of Legal Defeasance or Covenant Defeasance, the Issuer shall have delivered to the U.S. Trustee an Opinion of
Counsel reasonably acceptable to the U.S. Trustee and qualified to practice in Canada or a ruling from Canada Revenue Agency
to the effect that Holders of the outstanding Notes who are not resident in Canada should not recognize income, gain or loss
for Canadian federal, provincial or territorial income tax purposes as a result of the Legal Defeasance or Covenant
Defeasance, as applicable, and should be subject to Canadian federal, provincial or territorial income tax on the same
amounts, in the same manner and at the same times as would have been the case if the Legal Defeasance or Covenant Defeasance,
as applicable, had not occurred,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>no
Default shall have occurred and be continuing, either (a) on the date of such deposit (other than a Default resulting from the
borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings) or (b) insofar as Defaults
from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any other
material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its
Subsidiaries is bound,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer has delivered to the U.S. Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit, no
trust funds will be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer shall have delivered to the U.S. Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by it with
the intent of preferring the Holders over any other of its creditors or with the intent of defeating, hindering, delaying or defrauding
any other of its creditors or others, 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Issuer shall have delivered to the U.S. Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that the
conditions precedent provided for in clauses (1) through (8) have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
8.5. <U>Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</U>. Subject to
SECTION 8.6, all U.S. dollar and U.S. Government Obligations (including the proceeds thereof) deposited with the U.S. Trustee
(or other qualifying trustee, collectively for purposes of this SECTION 8.5, the &ldquo;<I>Deposit Trustee</I>&rdquo;)
pursuant to SECTION 8.4 in respect of the outstanding Notes shall be held in trust, shall not be invested, and shall be
applied by the Deposit Trustee in accordance with the provisions of such Notes and this Indenture to the payment, either
directly or through any Paying Agent (including the Issuer or any Subsidiary acting as Paying Agent) as the Deposit Trustee
may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if
any, and interest, but such money need not be segregated from other funds except to the extent required by law.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
shall pay and indemnify the Deposit Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to SECTION 8.4 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 the outstanding
Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">Anything
in this ARTICLE VIII to the contrary notwithstanding, the Deposit Trustee shall deliver or pay to
the Issuer from time to time upon the written request of the Issuer and be relieved of all liability with respect to any U.S. dollars
or non-callable U.S. Government Obligations held by it as provided in SECTION 8.4, which are in excess
of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
the funds deposited with the Deposit Trustee to effect Covenant Defeasance or Legal Defeasance are insufficient to pay the principal
of and interest on the Notes when due, then the Issuer&rsquo;s obligations and the obligations of the Guarantors under this Indenture
will be revived and no such defeasance will be deemed to have occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
8.6. <U>Repayment to Issuer</U>. Any money deposited with the U.S. Trustee or any Paying Agent, or then held by the Issuer, in
trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after
such principal and premium or interest has become due and payable shall be paid to the Issuer on its written request or (if then
held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof; and all liability of the U.S. Trustee or such Paying Agent with respect
to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; <I>provided</I>, <I>however</I>,
that the U.S. Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer
cause to be published once, in the <I>New York Times </I>and <I>The Wall Street Journal </I>(national edition), notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification
or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
8.7. <U>Reinstatement</U>. If the U.S. Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government
Obligations in accordance with SECTION 8.2, SECTION 8.3 or SECTION 8.8, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations of the Issuer and the Guarantors under this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to SECTION 8.2, SECTION 8.3 or SECTION 8.8 until such time as the U.S. Trustee or Paying Agent
is permitted to apply all such money in accordance with SECTION 8.2, SECTION 8.3 or SECTION 8.8, as the case may be; <I>provided</I>, <I>however</I>,
that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement
of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from
the money held by the U.S. Trustee or Paying Agent.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
8.8. <U>Discharge</U>. This Indenture will be discharged and will cease to be of further effect (except as to rights of registration
of transfer or exchange of Notes which shall survive until all Notes have been canceled and the rights, protections and immunities
of the U.S. Trustee) as to all outstanding Notes when either:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 81pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all the Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced
or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from this trust), have been delivered to the U.S. Trustee for cancellation; 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 16.9pt 0pt 81pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(1)
all Notes not delivered to the U.S. Trustee for cancellation otherwise (i) have become due and payable, (ii) will become due and
payable, or may be called for redemption, within one year or (iii) have been called for redemption pursuant to SECTION 3.7 and,
in any case, the Issuer has irrevocably deposited or caused to be deposited with the U.S. Trustee in trust solely for the benefit
of the Holders, cash in U.S. dollars, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient
(without consideration of any reinvestment of interest) to pay and discharge the entire Indebtedness (including all principal
and accrued interest, if any) on the Notes not theretofore delivered to the U.S. Trustee for cancellation;</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: 152.95pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 16.9pt">the Issuer has paid or caused to be paid all other sums payable by it under
this Indenture; 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: 152.95pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 16.9pt">the Issuer has delivered irrevocable instructions to the U.S. Trustee under
this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the date of redemption, as the case
may be.</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 17pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">In addition,
the Issuer must deliver an Officer&rsquo;s Certificate and an Opinion of Counsel to each of the Trustees stating that all conditions
precedent to satisfaction and discharge have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">In
the case of clause (b) of this SECTION 8.8, and subject to the next sentence and notwithstanding the foregoing paragraph, the
Issuer&rsquo;s and the Guarantors&rsquo; obligations, as applicable, in SECTION 2.2, SECTION 2.3, SECTION 2.4, SECTION 2.5,
SECTION 2.6, SECTION 2.7, SECTION 2.10, SECTION 2.12, SECTION 2.15, SECTION 2.17, SECTION 4.1, SECTION 4.2, Section 4.15 (as
to legal existence of the Issuer only), SECTION 7.7, SECTION 8.5 and SECTION 8.7 shall survive until the Notes are no longer
outstanding pursuant to the last paragraph of SECTION 2.8. After the Notes are no longer outstanding, the Issuer&rsquo;s and
the Guarantors&rsquo; obligations in SECTION 7.7, SECTION 8.5 and SECTION 8.7 shall survive any discharge pursuant to this
SECTION 8.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">After
such delivery or irrevocable deposit and receipt of the Officer&rsquo;s Certificate and Opinion of Counsel, each of the Trustees,
upon written request, shall acknowledge in writing the discharge of the Issuer&rsquo;s obligations under the Notes and this Indenture
except for those surviving obligations specified above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.95pt 0pt 1.9in; text-align: center">ARTICLE IX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 7.8pt; text-align: center">AMENDMENT, SUPPLEMENT AND
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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
9.1. <U>Without Consent of Holders of the Notes</U>. Notwithstanding SECTION 9.2, without the consent
of any Holders, the Issuer, the Guarantors and the Trustees, at any time and from time to time, may amend or supplement this Indenture,
the Guarantees or the Notes issued hereunder for any of the following purposes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity, defect or inconsistency;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to provide for uncertificated Notes
in addition to or in place of certificatedN otes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to provide for the assumption of
the Issuer&rsquo;s or a Guarantor&rsquo;s obligationst o the Holders in the case of a merger, amalgamation, consolidation or
sale of all or substantially all of the Issuer&rsquo;s or such Guarantor&rsquo;s assets, or winding-up or dissolution or
sale, lease, transfer, conveyance or other disposition or assignment in accordance with SECTION 5.1;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
add any Guarantee or to effect the release of any Guarantor from any of its obligations under its Guarantee or the provisions
of this Indenture (to the extent in accordance with 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 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
make any change that would provide any additional rights or benefits to the Holders of Notes or that does not materially adversely
affect the rights of 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 17pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to effect or maintain the qualification of this Indenture under the TIA;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
secure the Notes or any Guarantees or any other obligation 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 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
evidence and provide for the acceptance of appointment by successor 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 16.7pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to conform the text of this Indenture or the Notes to any provision of the Description of the Notes contained in the Offering
Circular, to the extent that such provision in the Description of the Notes was intended to be a substantially verbatim recitation
of a provision of this Indenture, the Guarantees or the Notes; 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
provide for the issuance of Additional Notes in accordance with this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">After
an amendment under this Indenture becomes effective, the Issuer shall deliver to Holders of the Notes a notice briefly describing
such amendment. However, the failure to give such notice to all Holders of the Notes, or any defect therein, will not impair or
affect the validity of the amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
9.2. <U>With Consent of Holders of Notes</U>. With the consent of the Holders of not less than a majority in aggregate principal
amount of the outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, the Notes), the Issuer, the Guarantors and the Trustees may amend or supplement this Indenture, the Notes
or any Guarantees or, subject to SECTION 6.4 and SECTION 6.7, waive any
existing Default or Event of Default or compliance with any provision of this Indenture or the Notes; <I>provided</I>, <I>however</I>,
that no such amendment, supplement or waiver shall, without the consent of the Holder of each outstanding Note affected 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 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reduce, or change the maturity of, the principal of any Note;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reduce the rate of or extend the time for payment of interest on any Note;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reduce
any premium payable upon redemption of the Notes or change the date on which any Notes are subject to redemption (other than the
notice provisions) or waive any payment with respect to the redemption of the Notes; provided, however, that solely for the avoidance
of doubt, and without any other implication, any purchase or repurchase of Notes (including pursuant to SECTION 4.10 and SECTION
4.14) shall not be deemed a redemption of the Notes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>make any Note payable in money or currency other than that stated in theN otes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>modify or change any provision of this Indenture or the related definitionst o affect the ranking of the Notes or any
Guarantee in a manner that adversely affects the 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 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reduce
the percentage of Holders necessary to consent to an amendment or waiver to this Indenture or the Notes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>waive
a default in the payment of principal of or premium or interest on any Notes (except a rescission of acceleration of the Notes
by the Holders thereof as provided in this Indenture and a waiver of the payment default that resulted from such acceleration);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>impair
the contractual rights of Holders to receive payments of principal of or interest on the Notes on or after the due date therefor
or to institute suit for the enforcement of any payment on the Notes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>release
any Guarantor from any of its obligations under its Guarantee or this Indenture, except as permitted by this Indenture; 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 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>make
any change in these amendment and waiver provisions.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">It shall
not be necessary for the consent of the Holders of Notes under this Section 9.2 to approve the particular form of any proposed
amendment or waiver, but it shall be sufficient if such consent approves 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
9.3. <U>Compliance with Trust Indenture Act</U>. Every amendment or supplement to this Indenture or the Notes or the Guarantees
shall be set forth in an amended or supplemental indenture that complies with the TIA 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
9.4. <U>Revocation and Effect of Consents</U>. Until an amendment, supplement or waiver becomes effective, a consent to it by
a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that
evidences the same debt as the consenting Holder&rsquo;s Note, even if notation of the consent is not made on the Note.
However, any such Holder or subsequent Holder may revoke the consent as to its Note if the U.S. Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or
waiver becomes effective in accordance with its terms, it thereafter binds every 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
may, but shall not be obligated to, fix a record date for determining which Holders consent to such amendment, supplement or waiver.
If the Issuer fixes a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of
such consent or the date of the most recent list of Holders furnished to the U.S. Trustee prior to such solicitation pursuant
to SECTION 2.5 or (ii) such other date as the Issuer shall designate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
9.5. <U>Notation on or Exchange of Notes</U>. The U.S. Trustee may place an appropriate notation about an amendment, supplement
or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the U.S. Trustee shall authenticate
new Notes that reflect the amendment, supplement or 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Failure
to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
9.6. <U>Trustees to Sign Amendments, Etc.</U> Each of the Trustees shall sign any amended or supplemental indenture authorized
pursuant to this ARTICLE IX if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of such Trustee. In signing or refusing to sign any amendment or supplemental indenture, each of the
Trustees shall be provided with and (subject to SECTION 7.1) shall be fully protected in relying upon
an Officer&rsquo;s Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture
is authorized or permitted by this Indenture, that all conditions precedent thereto have been met or waived, that such amendment
or supplemental indenture is not inconsistent herewith and that it will be valid and binding upon the Issuer and the Guarantor
in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="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 45pt">SECTION 10.1. <U>Guarantees</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Guarantor hereby jointly and severally, fully, unconditionally and irrevocably guarantees the Notes and obligations
of the Issuer hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the U.S. Trustees
and to the Trustees, that: (i) the principal of and premium, if any, and interest on the Notes shall be paid in full when due,
whether at Stated Maturity, by acceleration, call for redemption or otherwise (including, without limitation, the amount that would
become due but for the operation of the automatic stay under Section 362(a) of Title 11 of the U.S. Code), together with interest
on the overdue principal, if any, and interest on any overdue interest, if any, to the extent lawful, and all other Obligations
of the Issuer to the Holders or any Trustee under this Indenture or the Notes shall be paid in full or performed, all in accordance
with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such
other obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at Stated Maturity, by acceleration or otherwise. Each of the Guarantees shall be a guarantee of payment and not of collection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder
with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer or any other Person,
protest, notice and all demands whatsoever and covenants that the Guarantee of such Guarantor shall not be discharged as to any
Note or this Indenture except by complete performance of the obligations contained in such Note and this Indenture and such Guarantee.
Each of the Guarantors hereby agrees that, in the event of a Default in payment of principal or premium, if any, or interest on
any Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be
instituted by any Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture,
directly against each of the Guarantors to enforce each such Guarantor&rsquo;s Guarantee without first proceeding against the Issuer
or any other Guarantor. Each Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default,
any Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity
of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes,
such Guarantor shall pay to the U.S. Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise
have been due and payable had such rights and remedies been permitted to be exercised by the U. S. Trustee or any of the Holders
and any other amounts due and owing to any Trustee under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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    <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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>If any Holder or the U.S. Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any
custodian, trustee, liquidator or other similar official acting in relation to the Issuer or any Guarantor, any amount paid by
any of them to the U.S. Trustee or such Holder, the Guarantee of each of the Guarantors, to the extent theretofore discharged,
shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which
may be taken by the U.S. Trustee or any Holder in reliance upon such amount required to be returned. This paragraph (d) 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 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and each of the Trustees,
on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in ARTICLE
VI for the purposes of the Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations
as provided in ARTICLE VI, such obligations (whether or not due and payable) shall forthwith become
due and payable by each Guarantor for the purpose of the Guarantee of such Guarantor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Guarantor acknowledges that each Guarantee will be a general unsecured obligation of such Guarantor and will rank senior
in right of payment to all future Obligations of such Guarantor that are, by their terms, expressly subordinated in right of payment
to such Guarantee and equal in right of payment with all existing and future obligations of such Guarantor that are not so subordinated
(including such Guarantor&rsquo;s guarantee of the Existing Notes).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Guarantor that makes a payment for distribution under its Guarantee is entitled upon payment in full of all guaranteed
obligations under this Indenture to a contribution from each other Guarantor in a pro rata amount of such payment based on the
respective net assets of all the Guarantors at the time of such payment in accordance with IFRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
10.2. <U>Execution and Delivery of Guarantee</U>. To evidence its Guarantee set forth in SECTION 10.1,
each Guarantor agrees that this Indenture or a supplemental indenture in substantially the form attached hereto as <U>Exhibit
B</U> shall be executed on behalf of such Guarantor by an Officer of such Guarantor (or, if an officer is not available, by a board
member or director) on behalf of such Guarantor by manual, electronic or facsimile signature. Each Guarantor hereby agrees that
its Guarantee set forth in SECTION 10.1 hereof shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Guarantee on the Notes. In case the Officer, board member or director of
such Guarantor whose signature is on this Indenture or supplemental indenture, as applicable, no longer holds office at the time
the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">U.S. Trustee authenticates any
Note, the Guarantee shall be valid nevertheless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
delivery of any Note by the U.S. Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If required
by SECTION 4.17 hereof, the Issuer shall cause each Restricted Subsidiary described in SECTION
4.17 hereof to comply with the provisions of SECTION 4.17 hereof and this ARTICLE
X, to the extent 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 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
10.3. <U>Severability</U>. In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
10.4. <U>Limitation of Guarantors&rsquo; Liability</U>. Each Guarantor and by its acceptance hereof each Holder confirms that it
is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for
purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal
or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention,
each of the Trustees, the Holders and Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee
(other than a company that is a direct or indirect parent of the Issuer) shall be limited to the maximum amount that will not,
after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under its Guarantee, result in the obligations of such Guarantor under its Guarantee constituting a fraudulent
conveyance, fraudulent preference, transfer at undervalue, or fraudulent transfer or otherwise reviewable transaction under 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
10.5. <U>Releases</U>. A Guarantor shall be released and relieved of any Obligations under its Guarantee and this Indenture upon:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any sale, exchange or transfer (by merger, amalgamation, consolidation or otherwise) of the Equity Interests of such Guarantor
after which the applicable Guarantor is no longer a Restricted Subsidiary, which sale, exchange or transfer is made in compliance
with 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>designation by the Board of Directors of the Issuer as an Unrestricted Subsidiary in accordance with the terms 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 16.75pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the release or discharge of a Guarantor&rsquo;s guarantee of Indebtedness outstanding under the Credit Agreement and any
other agreements relating to Indebtedness of the Issuer and its Restricted Subsidiaries (including the Existing Indentures); <I>provided
</I>that such Guarantor has not incurred any Indebtedness in reliance on its status as a Guarantor under SECTION
4.9(a) or such Guarantor&rsquo;s obligations under such Indebtedness are satisfied in full and discharged or are otherwise
permitted to be incurred by a Restricted Subsidiary (other than a Guarantor) under SECTION 4.9(b);
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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if the Issuer exercises its Legal Defeasance option or its Covenant Defeasance option pursuant to SECTION
8.2 or SECTION 8.3 or if its Obligations under this Indenture are discharged in accordance with
SECTION 8.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in"></P>

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    <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 16.8pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Upon
delivery to the U.S. Trustee of an Officer&rsquo;s Certificate and an Opinion of Counsel to the effect that all conditions precedent
to the release of a Guarantor&rsquo;s Guarantee set forth in this Indenture have been satisfied, the U.S. Trustee shall execute
any documents reasonably requested by the Issuer in writing in order to evidence the release of any Guarantor from its obligations
under its Guarantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Any Guarantor
not released from its obligations under its Guarantee shall remain liable for the full amount of principal of and interest on the
Notes and for the other obligations of any Guarantor under this Indenture as provided in this ARTICLE
X.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
10.6. <U>Benefits Acknowledged</U>. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Guarantee are knowingly made in
contemplation of such benefits.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.1. <U>Trust Indenture Act Controls</U>. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by TIA &sect; 318(c), such imposed duties shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.2. <U>Notices</U>. Any notice, request, direction, instruction or communication by the Issuer, any Guarantor or either Trustee
to the others is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return
receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the addresses set forth 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 0pt 45pt">If to the Issuer or any Guarantor:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">800, 525-8 Avenue,
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 81pt">Calgary, Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 81pt">Canada T2P 1GI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Facsimile: (403) 206-2506</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Attention: General
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 0pt 45pt">With a copy to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">800, 525-8 Avenue,
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 81pt">Calgary, Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 81pt">Canada T2P 1GI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Facsimile: (403) 206-2506</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Attention: Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt"></P>

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    <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 265.35pt 0pt 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">With a copy to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 263pt 0pt 81pt">Osler, Hoskin &amp; Harcourt LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 263pt 0pt 81pt">620 8th Avenue,
36th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 263pt 0pt 81pt">New York, NY 10018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 263pt 0pt 81pt">Facsimile: (212) 867-5802</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 263pt 0pt 81pt">Attention: Jason Comerford</P>

<P STYLE="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 45pt">If to the U.S. 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 243.7pt 0pt 81pt">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 243.7pt 0pt 81pt">240 Greenwich Street,
Floor 7 East</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 243.7pt 0pt 81pt">New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 243.7pt 0pt 81pt">Facsimile: (212) 815-5875</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt">Attention: International Corporate Trust</P>

<P STYLE="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 45pt">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 0pt 45pt">If to the Canadian 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 208.7pt 0pt 81pt">Computershare Trust Company of Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 208.7pt 0pt 81pt">800, 324
&ndash; 8th Avenue SW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt">Calgary, AB T2P 2Z2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt">Attention: Manager, Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The parties
hereto, by written notice to the others, may designate additional or different addresses for subsequent notices or communications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">All notices
and communications (other than those sent to Holders and the U.S. Trustee) shall be deemed to have been duly given: when electronically
transmitted to the appropriate email address, at the time delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier promising next Business Day delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Any notice
or communication to a Holder shall be mailed by first class mail or by overnight air courier promising next Business Day delivery
to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described
in TIA &sect; 313(c), to the extent required by the TIA. As long as the Notes are Global Notes, notices to be given to the Holders
shall be given to the Depositary, in accordance with its applicable policies as in effect from time to time. Failure to give a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Any notice
or other communication to the U.S. Trustee shall be deemed given upon actual receipt thereof by a Responsible Officer, whether
sent by electronic transmission, overnight courier or other accepted mode of giving notice or other communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 106; Value: 3 -->
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    <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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">In respect
of this Indenture, no Trustee shall have any duty or obligation to verify or confirm that the Person sending instructions, directors,
reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such
instructions, directors, reports notices or other communications or information on behalf of the party purporting to send such
electronic transmission; and no Trustee shall have any liability for any losses, liability, costs or expenses incurred or sustained
by any party as a result of such reliance upon or compliance with such instructions directors, reports, notices or other communications
or information. Each other party, agrees to assume all risks arising out of the use of electronic methods to submit instructions,
directions, reports, notices or other communications or indemnifications to any Trustee, including without limitation the risk
of any Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risks of interception
and misuse by third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If a notice
or communication is delivered in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it, except in the case of notices or communications given to the U.S. Trustee, which shall be effective only upon actual
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 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
the Issuer delivers a notice or communication to Holders, it shall give a copy to the Trustees and each Agent at the same 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.3. <U>Communication by Holders of Notes with Other Holders of Notes</U>. Holders may communicate pursuant to TIA &sect; 312(b)
with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustees, the Agents and anyone
else shall have the protection of TIA &sect; 312(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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.4. <U>Certificate and Opinion as to Conditions Precedent</U>. Upon any request or application by the Issuer to the U.S. Trustee
to take any action under this Indenture (other than in connection with the issuance of the Initial Notes), the Issuer shall furnish
to the U.S. Trustee upon request:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>an Officer&rsquo;s Certificate (which shall include the statements set forth in SECTION 11.5)
stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating
to the proposed action have been satisfied; 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 16.9pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>an Opinion of Counsel (which shall include the statements set forth in SECTION 11.5) stating
that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
11.5. <U>Statements Required in Certificate or Opinion</U>. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA &sect; 314(a)(4)) shall comply with
the provisions of TIA &sect; 314(e) and shall include substantially:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>a statement that the Person making such certificate or opinion has read and understands such covenant or condition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.6. <U>Rules by U.S. Trustee and Agents</U>. The U.S. Trustee may make reasonable rules for action by or at a meeting of Holders.
Each of the Agents may make reasonable rules and set reasonable requirements for its functions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.7. <U>No Personal Liability of Directors, Officers, Employees and Stockholders</U>. No director, officer, employee, incorporator
or stockholder of the Issuer or any Guarantor or an annuitant under a plan of which a stockholder of the Issuer is a trustee or
carrier will have any liability for any indebtedness, obligations or liabilities of the Issuer under the Notes or this Indenture
or of any Guarantor under its Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes and the Guarantees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.8. <U>Governing Law; Consent to Jurisdiction</U>. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
THIS INDENTURE, THE NOTES AND THE GUARANTEES. Each of the parties to this Indenture each hereby irrevocably submits to the
non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York
in any action or proceeding arising out of or relating to the Notes, the Guarantees or this Indenture, and all such parties
hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York
State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an
inconvenient forum to the maintenance of such action or proceeding or any claim of improper venue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.9. <U>No Adverse Interpretation of Other Agreements</U>. This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not
be used to interpret 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.10. <U>Successors</U>. All agreements of the Issuer and the Guarantors in this Indenture and the Notes and the Guarantees, as
applicable, shall bind their respective successors and assigns. All agreements of any Trustee in this Indenture shall bind its
respective successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.11. <U>Severability</U>. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.12. <U>Counterpart Originals</U>. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.13. <U>Table of Contents, Headings, Etc.</U> The Table of Contents, Cross- Reference Table and Headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture
and shall in no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="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 45pt">SECTION 11.14. <U>Acts of Holders</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the U.S. Trustee and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the &ldquo;<I>Act</I>&rdquo; of Holders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the
U.S. Trustee and the Issuer, if made in the manner provided in this SECTION 11.14.</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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>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 such officer the execution thereof. Where such execution
is by a signer acting in a capacity other than such signer&rsquo;s individual capacity, such certificate or affidavit shall also
constitute sufficient proof of such signer&rsquo;s 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">U.S. Trustee deems 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 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The ownership of Notes shall be proved by the register maintained by the Registrar 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 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind
every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the U.S. Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>If
the Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Issuer may, at its option, by or pursuant to a board resolution of the Issuer&rsquo;s Board of Directors, 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 Issuer shall have no obligation to do so. 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 Notes have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
outstanding Notes 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 six months after the record date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.15. <U>Waiver of Jury Trial</U>. EACH OF THE ISSUER, THE GUARANTORS 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 NOTES, THE GUARANTEES 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.16. <U>Force Majeure</U>. In no event shall any Trustee or Agent be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, fire, riots, strikes, or stoppages for any reason, embargoes, governmental actions, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services, it being understood that each Trustee shall use reasonable efforts
which are consistent with accepted practices in the U.S. and Canadian banking industry (as applicable) to resume performance as
soon as practicable under the 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.17. <U>Documents in English</U>. The parties to this Indenture have expressly requested that this Indenture and all related
notices, amendments and other documents be drafted in the English language. Les parties &agrave; la pr&eacute;sente convention
ont express&eacute;ment exig&eacute; que cette convention et tous les avis, modifications et autres documents y aff&eacute;rents
soient r&eacute;dig&eacute;s en langue anglaise seulement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">SECTION
11.18. <U>Conversion of Currency</U>. If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due under this Indenture to the Holder or the U.S. Trustee from U.S. dollars to another currency, the Issuer and each
Guarantor has agreed, and the U.S. Trustee by its acceptance of this Indenture and each Holder by holding such Note will be
deemed to have agreed, to the fullest extent that the Issuer, each Guarantor and they may effectively do so, that the rate of
exchange used shall be that at which in accordance with normal banking procedures such Holder or U.S. Trustee, as the case
may be, could purchase U.S. dollars with such other currency in New York City, New York on the Business Day preceding the day
on which final judgment is given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The
Issuer&rsquo;s and Guarantors&rsquo; obligations to any Holder will, notwithstanding any judgment in a currency (the
&ldquo;<I>Judgment Currency</I>&rdquo;) other than U.S. dollars, be discharged only to the extent that on the Business Day
following receipt by such Holder or the U.S. Trustee, as the case may be, of any amount in such Judgment Currency, such
Holder or U.S. Trustee may in accordance with normal banking procedures purchase U.S. dollars with the judgment currency. If
the amount of the U.S. dollars so purchased is less than the amount originally to be paid to such Holder or the U.S. Trustee
in the Judgment Currency (as determined in the manner set forth in the preceding paragraph), as the case may be, each of the
Issuer and the Guarantors, jointly and severally, agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify the Holder and the U.S. Trustee, as the case may be, against any such loss. If the amount of the U.S. dollars so
purchased is more than the amount originally to be paid to such Holder or the U.S. Trustee, as the case may be, such Holder
or the U.S. Trustee, as the case may be, will pay the Issuer and the Guarantors, such excess; provided that such Holder or
the U.S. Trustee, as the case may be, shall not have any obligation to pay any such excess as long as a Default under the
Notes or this Indenture has occurred and is continuing or if the Issuer or the Guarantors shall have failed to pay any Holder
or the U.S. Trustee any amounts then due and payable under such Note or this Indenture, in which case such excess may be
applied by such Holder or the U.S. Trustee to such Obligations.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.19. <U>Service of Process</U>. Each of the Issuer and each non-U.S. Guarantor hereby appoints C T Corporation System, 28 Liberty
St., New York, New York 10005 as its agent for service of process in any suit, action or proceeding with respect to this Indenture,
the Notes or the Guarantees and for actions brought under federal or state securities laws brought in any federal or state court
located in The City of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.20. <U>Legal Holidays</U>. If any payment date falls on a day that is not a Business Day, the payment to be made on such payment
date will be made on the next succeeding Business Day with the same force and effect as if made on such payment date, and no additional
interest will accrue solely as a result of such delayed 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 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.21. <U>Immunity</U>. Each of the Issuer and the Guarantors hereby waives any claim it may have to immunity (whether sovereign
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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">SECTION
11.22. <U>Anti-Money Laundering</U>. The Canadian 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 the Canadian Trustee, in its sole judgment, determines
that such act might cause it to be in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions
legislation, regulation or guideline. Further, should the Canadian 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, anti-terrorist
or economic sanctions legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to
the other parties to this Indenture, provided (i) that the Canadian Trustee&rsquo;s written notice shall describe the circumstances
of such non-compliance; and (ii) that if such circumstances are rectified to the Canadian Trustee&rsquo;s satisfaction within such
10 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 144.9pt 0pt 136.95pt; text-align: center">[<I>Signatures on following
page</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center"></P>

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    <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 144.9pt 0pt 136.95pt; text-align: center">&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; background-color: White">
    <TD STYLE="padding-left: 9pt">Dated as of June 15, 2021</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><B>PRECISION DRILLING CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Carey T. Ford</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Carey T. Ford</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Senior Vice President &amp; Chief Financial
Officer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left"><B>GUARANTORS</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Ross Pickering</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Ross Pickering</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION LIMITED PARTNERSHIP</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; width: 55%">&nbsp;</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 3%">BY:</TD>
    <TD STYLE="text-align: left; width: 37%">ITS GENERAL PARTNER, PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Ross Pickering</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Ross Pickering</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DRILLING CANADA LIMITED PARTNERSHIP</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">BY:</TD>
    <TD STYLE="text-align: left">ITS GENERAL PARTNER, PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Ross Pickering</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Ross Pickering</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">GREY WOLF INTERNATIONAL DRILLING CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Ross Pickering</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Ross Pickering</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 112 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>Signature Page to Indenture</I></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"> </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="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DRILLING, INC.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President
&amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">DI ENERGY, INC.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DRILLING HOLDINGS COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President
&amp; Corporate Secretary </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DRILLING LLC</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; width: 55%">&nbsp;</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 3%">BY:</TD>
    <TD STYLE="text-align: left; width: 37%">ITS SOLE MEMBER, PRECISION DRILLING HOLDINGS COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President
&amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DRILLING COMPANY, LP</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">BY:</TD>
    <TD STYLE="text-align: left">ITS GENERAL PARTNER, PRECISION DRILLING HOLDINGS COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President
&amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">MURCO DRILLING CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>Signature Page to Indenture</I></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"> </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 0pt 225pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.4pt 0pt 188.95pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">DI/PERFENSA INC.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION COMPLETION &amp; PRODUCTION SERVICES
LTD.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President
&amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PD SUPPLY INC.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left"><U></U>
Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DRILLING (US) CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DIRECTIONAL SERVICES, INC.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Patrick W. Neal</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Patrick W. Neal</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Title: Vice President &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRECISION DIRECTIONAL SERVICES LTD.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Ross Pickering</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Ross Pickering</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;Title: President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">GREY WOLF GLOBAL EMPLOYMENT CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Ross Pickering</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">Name: Ross Pickering</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;Title: President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 37%">&nbsp;</TD></TR>
</TABLE>

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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>Signature Page to Indenture</I></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"> </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="margin: 0"></P>

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

<P STYLE="margin: 0">&nbsp;</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="padding-left: 9pt">Dated as of June 15, 2021</TD>
    <TD COLSPAN="2"><B>THE BANK OF NEW YORK MELLON</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P>as U.S. Trustee, Registrar and
Paying Agent</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="width: 47%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Wanda Camacho</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Wanda Camacho </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
</TABLE>

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

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

<P STYLE="margin: 0">&nbsp;</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 37.9pt 0pt 188.95pt"></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 38.65pt 0pt 188.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 38.65pt 0pt 188.95pt"><U></U> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 188.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 120pt 0pt 225pt"></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 40.9pt 0pt 188.95pt"><U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 188.95pt"></P>

<P STYLE="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"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>Signature Page to Indenture</I></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 9pt">Dated as of June 15, 2021</TD>
    <TD COLSPAN="2"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P>as  Canadian Trustee</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Angela Fletcher</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:  Angela Fletcher</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Corporate
Trust Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Corentin Leverrier</I>&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>Corentin Leverrier </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Corporate Trust 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">&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>

<P STYLE="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>

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    <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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 0; text-align: right">EXHIBIT A</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 144.95pt 0pt 136.95pt; text-align: center">FORM OF NOTE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center; text-indent: 0.15pt">(Face
of 6.875% Senior Note) 6.875% Senior Notes due 2029</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.95pt 0pt 136.85pt; text-align: center">[Global Note Legend]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify">UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp;
CO. OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify">TRANSFERS OF THIS GLOBAL NOTE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE &amp; CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S
NOMINEE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">[Restricted Notes Legend]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify">THIS NOTE (OR ITS PREDECESSOR)
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES
ACT&rdquo;), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify">THE HOLDER OF THIS NOTE
AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN
THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY
ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 8.95pt; text-align: justify">IN CANADA, UNLESS PERMITTED
UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS NOTE MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 16, 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 144.95pt 0pt 136.85pt; text-align: center">[Regulation S Legend]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify">THIS NOTE (OR ITS PREDECESSOR)
WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
&ldquo;SECURITIES ACT&rdquo;), AND THIS NOTE MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
ANY U.S. PERSON IN THE ABSENCE OF THIS REGISTRATION EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION
S UNDER THE SECURITIES 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 17pt 0pt 8.95pt; text-align: justify">IN CANADA, UNLESS PERMITTED
UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS NOTE MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 16, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 8.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 8.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 8.95pt; text-align: justify"></P>

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<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; padding-left: 8.95pt">No.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: right">CUSIP NO.ISIN</TD>
    <TD STYLE="text-align: right; width: 9%"><SUP>1</SUP></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Precision Drilling Corporation (including any
successor thereto) promises to pay to Cede &amp; Co. or registered assigns, the principal sum of <U>&#9;</U>(as may be
increased or decreased as set forth on the Schedule of Increases and Decreases attached hereto) on January 15, 2029.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Interest Payment Dates: January 15 and July
15, beginning January 15, 2022 Record Dates: January 1 and July 1 (whether or not a Business Day) Reference is made to
further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Unless
the certificate of authentication hereon has been executed by the U.S. Trustee referred to on the reverse hereof by manual or electronic
signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or
obligatory for any 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">&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>

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<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: 8.95pt"></TD><TD STYLE="width: 36pt"><SUP>11</SUP></TD><TD STYLE="padding-right: 274.05pt"><P STYLE="margin-top: 0; margin-bottom: 0">Rule 144A Note CUSIP: 740212 AM7</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Rule 144A Note ISIN: US740212AM74</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Regulation S Note CUSIP: C7467X AH8</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Regulation S Note ISIN: USC7467XAH82</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 224.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 224.95pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 224.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 224.95pt"></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: 58%">&nbsp;</TD>
    <TD STYLE="width: 42%">PRECISION DRILLING CORPORATION</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 224.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 224.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 224.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 287.3pt 0pt 9pt">This is one of the Notes 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 0pt 8.95pt">Dated:</P>

<P STYLE="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 8.95pt">THE BANK OF NEW YORK MELLON, as U.S. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">(Back of 6.875% Senior
Note)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 176.1pt 0pt 168.1pt; text-align: center">6.875% Senior Notes due 2029</P>

<P STYLE="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 8.95pt; text-indent: 0.5in">Capitalized terms used herein
shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Interest</U>. Precision Drilling Corporation, a corporation amalgamated under the laws of the Province of Alberta and
any successor thereto (&ldquo;<I>Precision</I>&rdquo; or the &ldquo;<I>Issuer</I>&rdquo;) promises to pay interest on the principal
amount of this 6.875% Senior Note due 2029 (a &ldquo;<I>Note</I>&rdquo;) at a fixed rate of 6.875% per annum. The Issuer will pay
interest in U.S. dollars (except as otherwise provided herein) semiannually in arrears on January 15 and July 15, commencing on
January 15, 2022 (each an &ldquo;<I>Interest Payment Date</I>&rdquo;) or if any such day is not a Business Day, on the next succeeding
Business Day with the same force and effect as if made on such Interest Payment Date, and no additional interest shall accrue solely
as a result of such delayed payment. Interest on the Notes shall accrue from the most recent date to which interest has been paid,
or, if no interest has been paid, from and including the date of issuance. The Issuer shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate
on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful.
Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. For disclosure purposes under the
<I>Interest Act </I>(Canada), whenever in the Note interest at a specified rate is to be calculated on the basis of a period less
than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual number
of days in the relevant calendar year and divided by the number of days in such 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 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Method of Payment</U>. The Issuer will pay interest on the Notes (except defaulted interest) on the applicable Interest
Payment Date to the Persons who are registered Holders of Notes at the close of business on the January 1 and July 1 preceding
the Interest Payment Date (whether or not a Business Day), even if such Notes are cancelled after such record date and on or before
such Interest Payment Date, except as provided in SECTION 2.12 of the Indenture with respect to defaulted
interest. The Issuer will make all payments of principal, premium and interest on such Holder&rsquo;s Notes by check, except, in
the case of a Holder of U.S.$1,000,000 or more in aggregate principal amount of Notes, who has given the U.S. Trustee wire transfer
instructions at least 10 Business Days prior to the applicable payment date, in which case the Issuer shall make such payment to
such Holder by wire transfer of immediately available funds to the account in New York specified in those instructions. Otherwise,
payments on the Notes will be made at the office or agency of the U.S. Trustee or Paying Agent within the City and State of New
York unless the Issuer elects to make interest payments by check mailed to the Holders at their addresses set forth in the register
of Holders. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments to DTC or its nominee shall be made by wire 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">Any
payments of principal of this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.
The final principal amount due and payable at the maturity of this Note shall be payable only upon presentation and surrender
of this Note at an office of the U.S. Trustee or the U.S. Trustee&rsquo;s agent appointed for such purposes. Payments in
respect of Global Notes will be made by wire transfer of immediately available funds to the Depositary.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Paying Agent and Registrar</U>. Initially, The Bank of New York Mellon shall act as Paying Agent and Registrar. The Issuer
may change any Paying Agent or Registrar without notice to any Holder, and the Issuer and/or any Restricted Subsidiaries may act
as Paying Agent or Registrar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Indenture</U>. The Issuer issued the Notes under an Indenture, dated as of June 15, 2021 (the &ldquo;<I>Indenture</I>&rdquo;),
among the Issuer, the Guarantors thereto and the Trustees. The terms of the Notes include those stated in the Indenture and those
made a part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code &sect;&sect; 77aaa-77bbbb)
(the &ldquo;<I>TIA</I>&rdquo;). To the extent the provisions of this Note are inconsistent with the provisions of the Indenture,
the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for
a statement of such terms. The Initial Notes issued on the Issue Date are senior obligations of the Issuer limited to U.S.$400,000,000
in aggregate principal amount, plus amounts sufficient to pay premium and interest on outstanding Notes as set forth in Paragraph
(2) hereof. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
payment of principal and interest on the Notes and all other amounts under the Indenture is unconditionally guaranteed, jointly
and severally, on a senior unsecured basis by the Guarantors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (5)&nbsp;&nbsp;&nbsp;&nbsp; <U>Optional Redemption</U>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Notes may be redeemed, in whole or in part, at any time prior to January 15, 2025 at the option of the Issuer at a redemption
price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium (calculated by the Issuer) as of,
and accrued and unpaid interest, if any, to, the applicable redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant Interest Payment 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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Notes are subject to redemption, at the option of the Issuer, in whole or in part, at any time or from time to time
on or after January 15, 2025, upon not less than 10 days nor more than 60 days notice at the following redemption prices (expressed
as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest, if any, on the Notes
to be redeemed to the applicable redemption date (subject to the right of Holders on the relevant record date to receive interest
due on the relevant Interest Payment Date, if redeemed during the 12-month period beginning January 15 of the years indicated below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 9pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 78%"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 22%; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Redemption Price</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="padding-left: 3.65pt; text-align: center"><FONT STYLE="font-size: 10pt">103.438%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD STYLE="padding-left: 3.65pt; text-align: center"><FONT STYLE="font-size: 10pt">101.719%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2027 and thereafter</FONT></TD>
    <TD STYLE="padding-left: 3.65pt; text-align: center"><FONT STYLE="font-size: 10pt">100.000%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>At any time or from time to time prior to June 15, 2024, the Issuer, at its option, may on any one or more occasions redeem
up to 35.0% of the principal amount of the outstanding Notes issued under the Indenture (calculated after giving effect to any
issuance of Additional Notes) with the net cash proceeds of one or more Qualified Equity Offerings at a redemption price equal
to 106.875% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to the date
of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest
Payment Date); provided that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>at least 50.0% of the aggregate principal amount of Notes issued under the Indenture (calculated after giving effect to
any issuance of Additional Notes) remains outstanding (unless all of such Notes are redeemed or repurchased pursuant to another
provision of the Indenture) immediately after giving effect to any such redemption; 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 17pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the redemption occurs not more than 180 days after the date of the closing of any such Qualified Equity 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>If the Issuer or a Guarantor becomes obligated to pay any Additional Amounts as a result of a change in the laws, rules
or regulations of Canada or any Canadian taxing authority, or a change in any official position regarding the application or interpretation
thereof (including a holding by a court of competent jurisdiction), which is publicly announced or becomes effective on or after
the date of the Indenture and such Additional Amounts cannot (as certified in an Officer&rsquo;s Certificate to the U.S. Trustee)
be avoided by the use of reasonable measures available to the Issuer or any Guarantor (which, for the avoidance of doubt, shall
not include any change in the jurisdiction of organization or location of principal office), then the Issuer may, at its option,
redeem the Notes, in whole but not in part, upon not less than 10 days nor more than 60 days notice (such notice to be provided
not more than 90 days before the next date on which it or the Guarantor would be obligated to pay Additional Amounts), at a redemption
price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date (subject
to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or
prior to the redemption date). Notice of the Issuer&rsquo;s intent to redeem the Notes shall not be effective until such time as
it delivers to the U.S. Trustee an Opinion of Counsel stating that the Issuer or a Guarantor is obligated to pay Additional Amounts
because of an amendment to or change in law or regulation or position as described in this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Mandatory Redemption</U>. The Issuer shall not be required to make mandatory redemption or sinking fund payments with
respect to Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (7)&nbsp;&nbsp;&nbsp; <U>Repurchase at Option of Holder</U>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>If
a Change of Control occurs, unless the Issuer at such time has given notice of redemption pursuant to Paragraph (8) hereof
with respect to all outstanding Notes, each Holder will have the right to require the Issuer to repurchase all or any part
(equal to U.S.$2,000 or an integral multiple of U.S.$1,000 in excess thereof) of that Holder&rsquo;s Notes pursuant to a
Change of Control Offer at a price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued
and unpaid interest to the date of purchase; <I>provided</I> that no partial redemption shall result in a Note having a
principal amount of less than U.S.$2,000. Within 30 days following any Change of Control unless the Issuer at such time has
given notice of redemption pursuant to Paragraph (5) hereof with respect to all outstanding Notes, the Issuer will deliver a
notice to each Holder (with a copy to each of the Trustees) describing the transaction or transactions that constitute the
Change of Control and setting forth the procedures governing the Change of Control Offer required by the Indenture.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Upon the occurrence of certain Asset Sales, the Issuer may be required to offer to purchase Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Holders of the Notes that are the subject of an offer to purchase will receive notice of a Net Proceeds Offer or the Change
of Control Offer, as applicable, pursuant to an Asset Sale or a Change of Control from the Issuer prior to any related purchase
date and may elect to have such Notes purchased by completing the form titled &ldquo;Option of Holder to Elect Purchase&rdquo;
attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Redemption</U>. Notice of redemption shall be delivered at least 10 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed in accordance with the Indenture. Notes in denominations larger than
U.S.$2,000 may be redeemed in part but only in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 thereof,
unless all of the Notes held by a Holder are to be redeemed so long as no partial redemption results in a Note having a principal
amount of less than U.S.$2,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in"> (9)&nbsp;&nbsp;&nbsp; [<U>Reserved</U>.]</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><U>Denominations, Transfer, Exchange</U>. The Notes are in registered form without coupons in initial denominations of U.S.$2,000
and integral multiples of U.S.$1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged
as provided in the Indenture. The Registrar, any Trustee and the Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents, and the Issuer may require a Holder to pay any stamp or transfer tax or similar government
charge required by law or permitted by the Indenture in accordance with Section 2.6(g)(2) of the Indenture. The Registrar is not
required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of business 10
days before the day of any selection of Notes for redemption and ending at the close of business on the day of such selection,
(B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next
succeeding Interest Payment 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 40.55pt">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Persons Deemed Owners</U>. The registered Holder of a Note may be treated as its owner for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment, Supplement and Waiver</U>. The Indenture, the Notes and the Guarantees may be amended or supplemented, and
provisions thereof may be waived, pursuant to <U>Article IX</U> of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(13)&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><U>Defaults and Remedies</U>. The Events of Default are set forth in <U>Article VI</U> of the 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&#8239;&nbsp;
</FONT><U>No Recourse Against Others</U>. No director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor
or an annuitant under a plan of which a stockholder of the Issuer is a trustee or carrier will have any liability for any indebtedness,
obligations or liabilities of the Issuer under the Notes or the Indenture or of any Guarantor under its Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees, to the 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 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Authentication</U>. This Note shall not be valid until authenticated by the manual or electronic signature of the U.S.
Trustee or an 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Abbreviations</U>. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= custodian) and U/G/M/A (= Uniform Gifts to Minors 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 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>CUSIP Numbers</U>. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP numbers to be printed on the Notes, and either Trustee may use CUSIP numbers in notices of redemption
as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or
as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-indent: 0.5in">The Issuer shall furnish to
any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">800, 525-8 Avenue,
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 81pt">Calgary, Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 81pt">Canada T2P 1GI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Facsimile: (403) 206-2506</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">Attention: General
Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 265.35pt 0pt 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.95pt 0pt 1.9in; text-align: center">ASSIGNMENT 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 0pt 0pt 15pt">To assign this Note, fill in the form below: (I)
or (we) assign and transfer this Note to</P>

<P STYLE="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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">(Insert assignee&rsquo;s
soc. sec. or tax I.D. no.)</P>

<P STYLE="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>

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<P STYLE="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>

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<P STYLE="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>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 8pt; text-align: center">(Print or type assignee&rsquo;s
name, address and zip code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 15pt">and irrevocably appoint</P>

<P STYLE="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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 15pt">to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 15pt">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

<P STYLE="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 9pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%">Your Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">(Sign exactly as your name</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">appears on the face of this Note)</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 8.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 8.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 8.05pt; text-align: left">Signature guarantee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 8.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 8.05pt; text-align: center">&nbsp;</P>

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    <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 15.95pt 0pt 8.05pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">OPTION OF HOLDER TO ELECT
PURCHASE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 0.5in">If you want
to elect to have this Note purchased by the Issuer pursuant to SECTION 4.10 or SECTION
4.14 of the Indenture, check the box 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 0pt 10.1pt; text-align: center">[&nbsp;&nbsp;&nbsp;&nbsp;] SECTION
4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;] SECTION 4.14</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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">If
you want to elect to have only part of the Note purchased by the Issuer pursuant to SECTION 4.10 or
SECTION 4.14 of the Indenture, state the amount you elect to have purchased: 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 0pt 8.95pt">Date:</P>

<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; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%">Your Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">(Sign exactly as your name</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">appears on the face of this Note)</P></TD></TR>
</TABLE>

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">Tax Identification No.:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">Signature guarantee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 338.7pt 0pt 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">[INCLUDE IN TRANSFER RESTRICTED
NOTES]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">CERTIFICATE
TO BE DELIVERED UPON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">EXCHANGE OF TRANSFER RESTRICTED NOTES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 337.35pt 0pt 9pt">Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 337.35pt 0pt 9pt">800, 525-8 Avenue,
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.35pt 0pt 9pt">Calgary, Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.35pt 0pt 9pt">Canada T2P 1GI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 9pt">Facsimile: (403) 206-2506</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 9pt">Attention: General
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 315.7pt 0pt 9pt">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">240 Greenwich Street,
Floor 7 East</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">New York, New York, USA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">Facsimile: (212) 815-5366</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Attention: International Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">Computershare Trust Company of Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">800, 324
- 8th Avenue SW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Calgary, AB T2P 2Z2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 292.7pt 0pt 45pt; text-indent: -0.5in">Attention: Manager, Corporate
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 292.7pt 0pt 45pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 292.7pt 0pt 45pt; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Re: CUSIP NO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Reference
is hereby made to that certain Indenture dated as of June 15, 2021 (the &ldquo;<I>Indenture</I>&rdquo;) among Precision Drilling
Corporation (the &ldquo;<I>Issuer</I>&rdquo;), the guarantors named therein, The Bank of New York Mellon, as U.S. Trustee (the
&ldquo;<I>U.S. Trustee</I>&rdquo;), and Computershare Trust Company of Canada, as Canadian Trustee (the &ldquo;<I>Canadian Trustee</I>&rdquo;).
Capitalized terms used but not defined herein shall have the meanings set forth in the 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">This
certificate relates to U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;principal amount of
Notes held in (check applicable space) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> book-entry or <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
definitive form by the undersigned.</P>

<P STYLE="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 45pt">The undersigned <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (transferor) (check
applicable boxes below):</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: 9pt"></TD><TD STYLE="width: 21.6pt">&#9744;</TD><TD STYLE="text-align: left">hereby requests the U.S. Trustee to transfer a Note or Notes to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (transferee).</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: 8.95pt"></TD><TD STYLE="width: 21.6pt">&#9744;</TD><TD STYLE="text-align: left; padding-right: 16.8pt">with respect to any transfer before October 16, 2021, hereby represents that
it is a non- resident of Canada.</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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">In
connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the periods
referred to in Rule 144(d) under the Securities Act of 1933, as amended, the undersigned confirms that such Notes are being transferred
in accordance with its terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in"></P>

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    <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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">CHECK ONE BOX BELOW:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 8.95pt"></TD><TD STYLE="width: 18.05pt">(1)</TD><TD STYLE="text-align: left">&#9744; to the Issuer or any of
its subsidiaries; or</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">
<TD STYLE="width: 8.95pt"></TD><TD STYLE="width: 18.05pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 16.75pt">&#9744;
inside the United States to a &ldquo;qualified institutional buyer&rdquo; (as defined in Rule 144A under the Securities Act of
1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given
that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each case pursuant
to and in compliance with Rule 144A thereunder; or</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">
<TD STYLE="width: 8.95pt"></TD><TD STYLE="width: 18.05pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 17.05pt">&#9744; outside the United States in an offshore transaction within
                                                                  the meaning of Regulation S under the Securities Act of 1933, as amended, in compliance with Rule 904 thereunder.</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 8.95pt; text-indent: 0.5in">Unless one of the boxes is checked,
the Registrar will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered
Holder 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 160pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 160pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Signature</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 99pt; text-align: justify; text-indent: -1.25in">Signature
Guarantee: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 180pt; text-align: justify; text-indent: -1.25in">&nbsp;(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 7.8pt; text-align: center">TO BE COMPLETED BY PURCHASER
IF (2) ABOVE IS CHECKED.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that each of it and any such account is a &ldquo;qualified institutional buyer&rdquo;
within the meaning of Rule 144A under the Securities Act of 1933, as amended (&ldquo;<I>Rule 144A</I>&rdquo;), and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer
as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that
the transferor is relying upon the undersigned&rsquo;s foregoing representations in order to claim the exemption from registration
provided by Rule 144A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left">[Name of Transferee]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 136.95pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left">NOTICE: To be executed by an executive officer,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left">if an entity</P>

<P STYLE="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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.75pt 0pt 9pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 7.8pt; text-align: center"></P>

<!-- Field: Page; Sequence: 129; Value: 1 -->
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    <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 15.95pt 0pt 7.8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 7.8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><U>[</U>INCLUDE IN NOTES
BEARING THE REGULATION S LEGEND]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">CERTIFICATE TO BE DELIVERED
UPON EXCHANGE OF NOTES BEARING THE REGULATION S LEGEND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 337.4pt 0pt 8.95pt">Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 337.4pt 0pt 8.95pt">800, 525-8 Avenue,
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.4pt 0pt 8.95pt">Calgary, Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.4pt 0pt 8.95pt">Canada T2P 1GI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 8.95pt">Facsimile: (403) 206-2506</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 8.95pt">Attention: General
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 315.7pt 0pt 9pt">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">240 Greenwich Street,
Floor 7 East</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">New York, New York, USA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">Facsimile: (212) 815-5366</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">Attention: International Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">Computershare Trust Company of Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">800, 324
- 8th Avenue SW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">Calgary, AB T2P 2Z2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 307.4pt 0pt 44.95pt; text-indent: -0.5in">Attention: Manager, Corporate
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 307.4pt 0pt 44.95pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Re: CUSIP NO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Reference is hereby made
to that certain Indenture dated as of June 15, 2021 (the &ldquo;<I>Indenture</I>&rdquo;) among Precision Drilling Corporation
(the &ldquo;<I>Issuer</I>&rdquo;), the guarantors named therein, The Bank of New York Mellon, as U.S. Trustee (the
&ldquo;<I>U.S. Trustee</I>&rdquo;), and Computershare Trust Company of Canada, as Canadian Trustee (the &ldquo;<I>Canadian
Trustee</I>&rdquo;). Capitalized terms used but not defined herein shall have the meanings set forth in the 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">This
certificate relates to U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> principal amount of Notes held
in (check applicable space) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> book-entry or <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>definitive form by the undersigned.</P>

<P STYLE="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 45pt; text-align: justify">The undersigned <U>&#9;</U>(transferor)
(check applicable boxes below):</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: 9pt"></TD><TD STYLE="width: 21.6pt">&#9744;</TD><TD STYLE="text-align: left">hereby requests the U.S. Trustee to transfer a Note or Notes to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (transferee).</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: 9pt"></TD><TD STYLE="width: 21.6pt">&#9744;</TD><TD STYLE="text-align: left; padding-right: 16.8pt">with respect to any transfer before October 16, 2021, hereby represents that
it is a non- resident of Canada.</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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">In connection
with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the Restricted Period
(as defined in the Indenture), the undersigned confirms that such Notes are being transferred in accordance with its terms:</P>

<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 0 0pt 9pt">CHECK ONE BOX BELOW:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 9pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: left">&#9744; to the Issuer or any of its subsidiaries; or</TD></TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></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">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 16.75pt">&#9744;
inside the United States to a &ldquo;qualified institutional buyer&rdquo; (as defined in Rule 144A under the Securities Act of
1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given
that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each case pursuant
to and in compliance with Rule 144A thereunder; or</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">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 17.05pt">&#9744;
outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act of 1933, as amended,
in compliance with Rule 904 thereunder.</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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">Prior
to the expiration of the Restricted Period, unless one of the boxes is checked, the Registrar will refuse to register any of the
Notes evidenced by this certificate in the name of any person other than the registered Holder 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; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 160pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 160pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Signature</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 99pt; text-align: justify; text-indent: -1.25in">Signature
Guarantee: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 180pt; text-align: justify; text-indent: -1.25in">&nbsp;(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.95pt 0pt 7.8pt; text-align: center">TO BE COMPLETED BY PURCHASER
IF (2) ABOVE IS CHECKED.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.7pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The undersigned
represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole
investment discretion and that each of it and any such account is a &ldquo;qualified institutional buyer&rdquo; within the meaning
of Rule 144A under the Securities Act of 1933, as amended (&ldquo;<I>Rule 144A</I>&rdquo;), and is aware that the sale to it is
being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned
has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
is relying upon the undersigned&rsquo;s foregoing representations in order to claim the exemption from registration provided by
Rule 144A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left">[Name of Transferee]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 136.95pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left">NOTICE: To be executed by an executive officer,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.2pt 0pt 440pt; text-align: left">if an entity</P>

<P STYLE="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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.75pt 0pt 9pt"></P>



<P STYLE="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>

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    <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 0pt 224.7pt">&nbsp;</P>

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

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">SCHEDULE OF INCREASES AND DECREASES OF 6.875%
SENIOR NOTES</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 0pt 44.95pt">The following transfers, exchanges and redemption
of this Global Note have been made:</P>

<P STYLE="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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 20%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">Date of Transfer, Exchange or Redemption</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><P STYLE="margin-top: 0; margin-bottom: 0">Amount of Decrease in Principal Amount of this Global Note</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><P STYLE="margin-top: 0; margin-bottom: 0">Amount of Increase in Principal Amount of this Global Note</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 11.55pt; text-indent: -0.05pt">Principal
Amount of this Global Note Following Such Decrease (or Increase)</P>
</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.4pt 0pt 21.5pt">Signature of U.S.
Trustee or Note Custodian</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<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>

<P STYLE="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"></P>

<P STYLE="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 4.9pt 0pt 11.55pt; text-align: center"></P>

<P STYLE="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 4.9pt 0pt 11.55pt; text-align: center"></P>

<P STYLE="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 0pt 7.15pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.15pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 0; text-align: right">EXHIBIT B</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B></B>[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED
BY SUBSEQUENT GUARANTORS]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 1in">This [ &nbsp;&nbsp;&nbsp;&nbsp;] Supplemental Indenture
and Guarantee, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,20&nbsp;&nbsp;&nbsp; (this &ldquo;<I>Supplemental Indenture</I>&rdquo; or &ldquo;<I>Guarantee</I>&rdquo;), among&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the
&ldquo;<I>New Guarantor</I>&rdquo;), Precision Drilling Corporation (together with its successors and assigns, the &ldquo;<I>Issuer</I>&rdquo;),
each other then-existing Guarantor under the Indenture referred to below (the &ldquo;<I>Guarantors</I>&rdquo;), The Bank of New
York Mellon, as U.S. trustee (the &ldquo;<I>U.S. Trustee</I>&rdquo;), paying agent and registrar under such Indenture and Computershare
Trust Company of Canada, as Canadian trustee (the &ldquo;<I>Canadian Trustee</I>&rdquo;) under such 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 144.95pt 0pt 1.9in; text-align: center">W I T N E S S E T 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 16.95pt 0pt 9pt; text-align: justify; text-indent: 1in">WHEREAS,
the Issuer, the Guarantors, the Canadian Trustee and the U.S. Trustee have heretofore executed and delivered an Indenture, dated
as of June 15, 2021 (as amended, supplemented, waived or otherwise modified, the &ldquo;<I>Indenture</I>&rdquo;), providing for
the issuance of an unlimited aggregate principal amount of 6.875% Senior Notes due 2029 of the Issuer (the &ldquo;<I>Notes</I>&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 16.75pt 0pt 8.95pt; text-align: justify; text-indent: 1in">WHEREAS,
SECTION 4.17 and Article X of the Indenture provide that the Issuer will cause any Restricted Subsidiary
of the Issuer that guarantees any Indebtedness of the Issuer or any Guarantor under a Credit Facility or under debt securities
issued in the capital markets, except for any such Subsidiary if the Fair Market Value of the assets of such Subsidiary, together
with the Fair Market Value of the assets of any other Subsidiaries that guaranteed such Indebtedness of the Issuer or any Guarantor
but did not guarantee the Notes, does not exceed U.S.$25.0 million in the aggregate, to execute and deliver a Guarantee pursuant
to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of
the principal of, premium, if any, and interest on the Notes and all other obligations of the Issuer under the Indenture on the
same terms and conditions as those set forth in the 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 1in">WHEREAS,
pursuant to SECTION 9.1(4) of the Indenture, the Canadian Trustee, the U.S. Trustee, the Issuer and
the Guarantors are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of
any Holder, to add an additional Guarantor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 1in">NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the New Guarantor, the Issuer, the existing Guarantors, the Canadian Trustee and the U.S. Trustee mutually covenant and agree for
the equal and ratable benefit of the Holders 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 144.8pt 0pt 136.95pt; text-align: center">ARTICLE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.85pt 0pt 136.95pt; text-align: center"><U>Definitions</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
1.1 <U>Defined Terms</U>. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the
preamble or recitals thereto are used herein as therein defined. The words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and
&ldquo;hereby&rdquo; and other words of similar import used in this Supplemental Indenture refer to this Supplemental
Indenture as a whole and not to any particular section hereof.</P>

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

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    <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 144.9pt 0pt 136.95pt; text-align: center">ARTICLE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center"><U>Agreement to be Bound;
Guarantee</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
2.1 <U>Agreement to be Bound</U>. The New Guarantor hereby becomes a party to the Indenture as a Guarantor and as such shall have
all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. The New Guarantor
agrees to be bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and
agreements of a Guarantor under the 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
2.2 <U>Guarantee</U>. The New Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely
as a surety, jointly and severally with each other Guarantor, to each Holder and each of the Trustees, the full and punctual payment
when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations of the Issuer pursuant to the Notes
and the Indenture in accordance with Section ARTICLE X of the 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 144.95pt 0pt 136.9pt; text-align: center">ARTICLE III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.95pt 0pt 136.95pt; text-align: center"><U>Miscellaneous</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
3.1 <U>Notices</U>. All notices and other communications to the New Guarantor shall be given as provided in the Indenture to the
New Guarantor, at its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer.</P>

<P STYLE="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 81pt">[<I>Name of New Guarantor</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.95pt">Fax: [&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;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.95pt">Attention: [&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;]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
3.2 <U>Parties</U>. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation,
other than the Holders and each of the Trustees, any legal or equitable right, remedy or claim under or in respect of this Supplemental
Indenture or the Indenture or any provision herein or therein contained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
3.3 <U>Governing Law</U>. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State
of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-indent: 1in">SECTION 3.4 <U>Service of Process</U>.&#9;Each
of the Issuer and each non-U.S. Guarantor (including, if applicable, the New Guarantor) hereby appoints C T Corporation System,
28 Liberty St., New York, New York 10005 as its agent for service of process in any suit, action or proceeding with respect to
this Supplemental Indenture, the Indenture, the Notes or the Guarantees and for actions brought under federal or state securities
laws brought in any federal or state court located in The City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
3.5 <U>Severability Clause</U>. In case any provision in this Supplemental Indenture 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 and
such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
3.6 <U>Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustees</U>. Except as expressly
amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall
remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder
of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. Neither Trustee makes any representation or
warranty as to the validity or sufficiency of this Supplemental Indenture or the New Guarantor&rsquo;s Guarantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
3.7 <U>Counterparts</U>. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of
which together shall constitute one and the same 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 16.75pt 0pt 9pt; text-align: justify; text-indent: 1in">SECTION
3.8 <U>Headings</U>. The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference
only and shall not be deemed to alter or affect the meaning or interpretation of any provisions 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 144.9pt 0pt 136.95pt; text-align: center">[<I>Signatures on following
page</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 144.9pt 0pt 136.95pt; text-align: center"></P>

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    <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 144.9pt 0pt 136.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 9pt; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.</P>

<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 0 0pt 225pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>PRECISION DRILLING CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 16.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 60%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; padding-right: 16.95pt; width: 35%">&nbsp;</TD></TR>                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>[EXISTING GUARANTORS]</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>[NEW GUARANTOR],</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">as a Guarantor</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>THE BANK OF NEW YORK MELLON,</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">as U.S. Trustee</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>COMPUTERSHARE TRUST COMPANY OF CANADA,</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">as Canadian Trustee</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Title:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 252.35pt"></P>

<P STYLE="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>

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    <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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 0; text-align: right">EXHIBIT C</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; text-align: center">[FORM OF CERTIFICATE TO BE
DELIVERED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">IN CONNECTION WITH TRANSFERS
PURSUANT TO RULE 144A]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&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 337.35pt 0pt 9pt">Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 337.35pt 0pt 9pt">800, 525-8 Avenue,
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.35pt 0pt 9pt">Calgary, Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.35pt 0pt 9pt">Canada T2P 1GI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 9pt">Facsimile: (403) 206-2506</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 9pt">Attention: General
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 315.7pt 0pt 9pt">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">240 Greenwich Street,
Floor 7 East</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">Facsimile: (212) 815-5875</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Attention: International Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">Computershare Trust Company of Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">800, 324
- 8th Avenue SW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Calgary, AB T2P 2Z2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Attention: Manager, Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45.1pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Re: Precision
Drilling Corporation (the &ldquo;<I>Issuer</I>&rdquo;) 6.875% Senior Notes due 2029 Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 9pt; text-align: justify; text-indent: 0.5in">In
connection with our proposed sale of U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
aggregate principal amount of the Issuer&rsquo;s 6.875% Senior Notes due 2029 (CUSIP No. <U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></U>) (the
&ldquo;<I>Notes</I>&rdquo;), we hereby certify that such transfer is being effected pursuant to and in accordance with Rule
144A (&ldquo;<I>Rule 144A</I>&rdquo;) under the United States Securities Act of 1933, as amended (the &ldquo;<I>Securities
Act</I>&rdquo;), and, accordingly, we hereby further certify that the Notes are being transferred to a person that we
reasonably believe is purchasing the Notes for its own account, or for one or more accounts with respect to which such person
exercises sole investment discretion, and such person and each such account is a &ldquo;qualified institutional buyer&rdquo;
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Notes are being transferred
in compliance with any applicable blue sky securities laws of any state 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 16.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">The Issuer
and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>&nbsp;</TD><TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">[Name of Transferor]</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: 60%">&nbsp;</TD><TD STYLE="width: 5%">By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Authorized Signature</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">&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">By:</TD><TD STYLE="padding-right: 16.95pt"></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 16.8pt 0pt 0; text-align: right">EXHIBIT D</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 15.95pt 0pt 8pt; text-align: center">[FORM OF CERTIFICATE TO BE
DELIVERED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.75pt">IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION
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 337.35pt 0pt 9pt">Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 337.35pt 0pt 9pt">800, 525-8 Avenue,
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.35pt 0pt 9pt">Calgary, Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 403.35pt 0pt 9pt">Canada T2P 1GI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 9pt">Facsimile: (403) 206-2506</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 331.35pt 0pt 9pt">Attention: General
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 315.7pt 0pt 9pt">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">240 Greenwich Street,
Floor 7 East</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 9pt">Facsimile: (212) 815-5875</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Attention: International Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">Computershare Trust Company of Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 280.7pt 0pt 9pt">800, 324
- 8th Avenue SW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Calgary, AB T2P 2Z2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Attention: Manager, Corporate Trust</P>

<P STYLE="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 45.1pt 0pt 9pt; text-align: justify; text-indent: 0.5in">Re: Precision
Drilling Corporation (the &ldquo;<I>Issuer</I>&rdquo;) 6.875% Senior Notes due 2029 Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45.1pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 9pt; text-align: justify; text-indent: 0.5in">In
connection with our proposed sale of U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
aggregate principal amount of the Issuer&rsquo;s 6.875% Senior Notes due 2029 (CUSIP No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) (the
&ldquo;<I>Notes</I>&rdquo;), we confirm that such sale has been effected pursuant to and in accordance with Regulation S
(&ldquo;<I>Regulation S</I>&rdquo;) under the U.S. Securities Act of 1933, as amended (the &ldquo;<I>Securities
Act</I>&rdquo;), and, accordingly, we represent that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the offer of the Notes was not made to a person 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 16.85pt 0pt 44.95pt; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>either
(a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through
the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction
has been pre-arranged with a buyer 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 16.65pt 0pt 45pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S, as applicable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 45pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.65pt 0pt 45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.9pt 0pt 44.95pt; text-align: left; text-indent: 0.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the transaction is not part of a plan or scheme to evade the registration requirements of the Securities 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 16.85pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">In
addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of Regulation S are applicable
thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), 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 16.9pt 0pt 8.95pt; text-align: justify; text-indent: 0.5in">The
Issuer and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to
any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
Terms used in this certificate have the meanings set forth in Regulation 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">&nbsp;</P>

<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">[Name of Transferor]</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 60%">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
               <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
               <TD>Authorized Signature</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">D-2</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Signature</TD><TD STYLE="padding-right: 16.95pt"></TD></TR></TABLE>

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