Exhibit 4.1


 


 






 


ACREAGE
HOLDINGS, INC.

as Issuer






and






[        ]


as U.S. Trustee


 


and






[        ]


as Canadian Trustee


 


Indenture






Dated as of [ ]


 





 



 




     


     


    

 


TABLE OF CONTENTS


 


	ARTICLE One DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01	Definitions	1
	Section 1.02	Rules of Construction	10
	Section 1.03	Compliance Certificates and Opinions	10
	Section 1.04	Form of Documents Delivered to Trustees	11
	Section 1.05	Acts of Holders	11
	Section 1.06	Notices, Etc. to Trustees and Company	13
	Section 1.07	Notice to Holders; Waiver	13
	Section 1.08	Effect of Headings and Table of Contents	14
	Section 1.09	Successors and Assigns	14
	Section 1.10	Severability Clause	14
	Section 1.11	Benefits of Indenture	14
	Section 1.12	Governing Law	15
	Section 1.13	Legal Holidays	15
	Section 1.14	Agent for Service; Submission to Jurisdiction; Waiver of Immunities	15
	Section 1.15	Conversion of Judgment Currency	16
	Section 1.16	Currency Equivalent	17
	Section 1.17	Conflict with Trust Indenture Legislation	17
	Section 1.18	Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual Liability	17
	Section 1.19	Waiver of Jury Trial	17
	Section 1.20	Counterparts	17
	Section 1.21	Force Majeure	18
	 	 	 
	ARTICLE Two SECURITIES FORMS	18
	Section 2.01	Forms Generally	18
	Section 2.02	Form of Trustee’s Certificate of Authentication	18
	Section 2.03	Securities Issuable in Global Form	19
	 	 	 
	ARTICLE Three THE SECURITIES	20
	Section 3.01	Issuable in Series	20
	Section 3.02	Denominations	23
	Section 3.03	Execution, Authentication, Delivery and Dating	23
	Section 3.04	Temporary Securities	25
	Section 3.05	Registration, Registration of Transfer and Exchange	27
	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities	30
	Section 3.07	Payment of Principal, Premium and Interest; Interest Rights Preserved; Optional Interest Reset	31
	Section 3.08	Optional Extension of Stated Maturity	34
	Section 3.09	Persons Deemed Owners	34
	Section 3.10	Cancellation	35
	Section 3.11	Computation of Interest	35


 




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	Section 3.12	Currency and Manner of Payments in Respect of Securities	35
	Section 3.13	Appointment and Resignation of Successor Exchange Rate Agent	38
	 	 	 
	ARTICLE Four SATISFACTION AND DISCHARGE	39
	Section 4.01	Satisfaction and Discharge of Indenture	39
	Section 4.02	Application of Trust Money	40
	 	 	 
	ARTICLE Five REMEDIES	40
	Section 5.01	Events of Default	40
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	41
	Section 5.03	Collection of Debt and Suits for Enforcement by Trustees	42
	Section 5.04	Trustees May File Proofs of Claim	43
	Section 5.05	Trustees May Enforce Claims Without Possession of Securities	43
	Section 5.06	Application of Money Collected	44
	Section 5.07	Limitation on Suits	44
	Section 5.08	Unconditional Right of Holders to Receive Principal, Premium and Interest	45
	Section 5.09	Restoration of Rights and Remedies	45
	Section 5.10	Rights and Remedies Cumulative	45
	Section 5.11	Delay or Omission Not Waiver	45
	Section 5.12	Control by Holders	46
	Section 5.13	Waiver of Past Defaults	46
	Section 5.14	Waiver of Stay or Extension Laws	46
	Section 5.15	Undertaking for Costs	47
	 	 	 
	ARTICLE Six THE TRUSTEES	47
	Section 6.01	Notice of Defaults	47
	Section 6.02	Certain Duties and Responsibilities of Trustees	47
	Section 6.03	Certain Rights of Trustees	48
	Section 6.04	Trustees Not Responsible for Recitals or Issuance of Securities	49
	Section 6.05	May Hold Securities	50
	Section 6.06	Money Held in Trust	50
	Section 6.07	Compensation and Reimbursement	50
	Section 6.08	Corporate Trustees Required; Eligibility	51
	Section 6.09	Resignation and Removal; Appointment of Successor	52
	Section 6.10	Acceptance of Appointment by Successor	53
	Section 6.11	Merger, Conversion, Consolidation or Succession to Business	54
	Section 6.12	Appointment of Authenticating Agent	55
	Section 6.13	Joint Trustees	56
	Section 6.14	Other Rights of Trustees	57
	 	 	 
	ARTICLE Seven HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	58
	Section 7.01	Company to Furnish Trustees Names and Addresses of Holders	58
	Section 7.02	Preservation of List of Names and Addresses of Holders	58
	Section 7.03	Disclosure of Names and Addresses of Holders	58


 




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	Section 7.04	Reports by Trustees	58
	Section 7.05	Reports by the Company	59
	 	 	 
	ARTICLE Eight CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	59
	Section 8.01	Company May Consolidate, etc., only on Certain Terms	59
	Section 8.02	Successor Person Substituted	60
	 	 	 
	ARTICLE Nine SUPPLEMENTAL INDENTURES	61
	Section 9.01	Supplemental Indentures Without Consent of Holders	61
	Section 9.02	Supplemental Indentures with Consent of Holders	62
	Section 9.03	Execution of Supplemental Indentures	63
	Section 9.04	Effect of Supplemental Indentures	63
	Section 9.05	Conformity with Trust Indenture Legislation	64
	Section 9.06	Reference in Securities to Supplemental Indentures	64
	Section 9.07	Notice of Supplemental Indentures	64
	 	 	 
	ARTICLE Ten COVENANTS	64
	Section 10.01	Payment of Principal, Premium and Interest	64
	Section 10.02	Maintenance of Office or Agency	64
	Section 10.03	Money for Securities Payments to Be Held in Trust	66
	Section 10.04	Statement as to Compliance	67
	Section 10.05	Payment of Taxes and Other Claims	67
	Section 10.06	Corporate Existence	67
	Section 10.07	Waiver of Certain Covenants	67
	 	 	 
	ARTICLE Eleven REDEMPTION OF SECURITIES	68
	Section 11.01	Applicability of Article	68
	Section 11.02	Election to Redeem; Notice to Trustees	68
	Section 11.03	Selection by Trustees of Securities to Be Redeemed	68
	Section 11.04	Notice of Redemption	68
	Section 11.05	Deposit of Redemption Price	70
	Section 11.06	Securities Payable on Redemption Date	70
	Section 11.07	Securities Redeemed in Part	70
	 	 	 
	ARTICLE Twelve SINKING FUNDS	71
	Section 12.01	Applicability of Article	71
	Section 12.02	Satisfaction of Sinking Fund Payments with Securities	71
	Section 12.03	Redemption of Securities for Sinking Fund	71
	 	 	 
	ARTICLE Thirteen REPAYMENT AT OPTION OF HOLDERS	72
	Section 13.01	Applicability of Article	72
	Section 13.02	Repayment of Securities	72
	Section 13.03	Exercise of Option	73
	Section 13.04	When Securities Presented for Repayment Become Due and Payable	73
	Section 13.05	Securities Repaid in Part	74


 




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	ARTICLE Fourteen DEFEASANCE AND COVENANT DEFEASANCE	74
	Section 14.01	Company’s Option to Effect Defeasance or Covenant Defeasance	74
	Section 14.02	Defeasance and Discharge	74
	Section 14.03	Covenant Defeasance	75
	Section 14.04	Conditions to Defeasance or Covenant Defeasance	75
	Section 14.05	Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	77
	Section 14.06	Reinstatement	78
	 	 	 
	ARTICLE Fifteen MEETINGS OF HOLDERS OF SECURITIES	78
	Section 15.01	Purposes for Which Meetings May Be Called	78
	Section 15.02	Call, Notice and Place of Meetings	78
	Section 15.03	Persons Entitled to Vote at Meetings	78
	Section 15.04	Quorum; Action	79
	Section 15.05	Determination of Voting Rights; Conduct and Adjournment of Meetings	80
	Section 15.06	Counting Votes and Recording Action of Meetings	81


 




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CROSS-REFERENCE
TABLE


 


	TIA 

Section	 	Indenture 

Section
	310	(a)	 	6.08(1)
	 	(b)	 	6.09
	 	(c)	 	Not Applicable
	311	(a)	 	6.05
	 	(b)	 	6.05
	 	(c)	 	Not Applicable
	312	(a)	 	7.05
	 	(b)	 	7.03
	 	(c)	 	7.03
	313	(a)	 	7.04
	 	(b)	 	7.04
	 	(c)	 	7.04
	 	(d)	 	7.05
	314	(a)	 	7.05
	 	(a)(4)	 	10.04
	 	(b)	 	Not Applicable
	 	(c)(1)	 	1.01
	 	(c)(2)	 	1.01
	 	(d)	 	Not Applicable
	 	(e)	 	1.01
	 	(f)	 	Not Applicable
	315	(a)	 	6.02
	 	(b)	 	6.01
	 	(c)	 	6.02
	 	(d)	 	6.02
	 	(e)	 	5.15
	316	(a)(last sentence)	 	1.02 (“Outstanding”)
	 	(a)(1)(A)	 	5.12
	 	(a)(1)(B)	 	5.02, 5.13
	 	(a)(2)	 	Not Applicable
	 	(b)	 	5.08
	 	(c)	 	1.04(e)
	317	(a)(1)	 	5.03
	 	(a)(2)	 	5.04
	 	(b)	 	10.03
	318	(a)	 	1.16


 


Note: This Cross-Reference Table shall
not, for any purpose, be deemed to be part of this Indenture.


 




     


     


    

 


INDENTURE, dated as of
____________________, among ACREAGE HOLDINGS, INC., a corporation duly continued and existing under the laws of the Province of
British Columbia, Canada (herein called the “Company”), having its principal office at 366 Madison Avenue, 11th
Floor, New York, New York, and ______________________, a ______________________, organized under the laws of ______________________,
as U.S. trustee (herein called the “U.S. Trustee”), and ______________________, a ______________________, organized
under the laws of ______________________, as Canadian trustee (the “Canadian Trustee” and, together with the
U.S. Trustee, the “Trustees”).


 


RECITALS


 


The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes, bonds or other
evidences of indebtedness (herein called the “Securities”), which may be convertible into or exchangeable for
any securities of any Person (including the Company), to be issued in one or more series as in this Indenture provided.


 


This Indenture is subject
to the provisions of Trust Indenture Legislation that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.


 


All things necessary to
make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 


For and in consideration
of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Securities or of series thereof, as follows:


 


ARTICLE One

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION


 


Section 1.01         Definitions.


 


“Act,”
when used with respect to any Holder, has the meaning specified in Section 1.04.


 


“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.


 


“Authenticating
Agent” means any Person authorized by the applicable Trustee pursuant to Section 6.12 to act on behalf of such Trustee
to authenticate Securities.


 


“Authorized Newspaper”
means a newspaper, in the English language or in an official language of the country of publication, customarily published on each
Business Day, and of general circulation in each place in connection with which the term is used or in the financial community
of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications
may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any
Business Day.


 




     


     


    

 


“Base Currency”
has the meaning specified in Section 1.14.


 


“Bearer Security”
means any Security except a Registered Security.


 


“Board of Directors”
means the board of directors of the Company or any duly authorized committee thereof.


 


“Board Resolution”
means a copy of a resolution certified by the Corporate Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustees.


 


“Business Day,”
when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, any day other than Saturday, Sunday
or any other day on which commercial banking institutions in that Place of Payment or other location are permitted or required
by any applicable law, regulation or executive order to close.


 


“calculation
period” has the meaning specified in Section 3.11.


 


“Canadian Trustee”
means the Person named as the “Canadian Trustee” in the first paragraph of this Indenture until a successor Canadian
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Canadian Trustee”
shall mean or include each Person who is then a Canadian Trustee hereunder; provided, however, that if at any time there
is more than one such Person, “Canadian Trustee” as used with respect to the Securities of any series shall mean only
the Canadian Trustee with respect to Securities of that series.


 


“Commission”
means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at
any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.


 


“Common Depository”
has the meaning specified in Section 3.04.


 


“Company”
means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor
Person.


 


“Company Request”
or “Company Order” means a written request or order signed in the name of the Company by an Officer and delivered
to the Trustees.


 


“Component Currency”
has the meaning specified in Section 3.12(h).


 


“Conversion Date”
has the meaning specified in Section 3.12(d).


 


“Conversion Event”
means the cessation of use of (i) a Foreign Currency (other than the Euro or other Currency unit) both by the government of
the country which issued such Currency and by a central bank or other public institution of or within the international banking
community for the settlement of transactions, (ii) the Euro or (iii) any currency unit (or composite currency) other
than the Euro for the purposes for which it was established.


 




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“Corporate Trust
Office” means the principal corporate trust office of the U.S. Trustee or the Canadian Trustee, as applicable, at which
at any particular time its corporate trust business may be administered, such an office on the date of execution of this Indenture
of the U.S. Trustee is located at _________________________, Attention: _______________________, and of the Canadian Trustee is
located at ______________________, Attention: ____________________________, except that with respect to presentation of Securities
for payment or for registration of transfer or exchange, such term shall mean the office or agency of the U.S. Trustee or the Canadian
Trustee, as applicable, designated in writing to the Company at which, at any particular time, its corporate agency business shall
be conducted.


 


“coupon”
means any interest coupon appertaining to a Bearer Security.


 


“covenant defeasance”
has the meaning specified in Section 14.03.


 


“Currency”
means any currency or currencies, composite currency or currency unit or currency units, including, without limitation, the Euro,
issued by the government of one or more countries or by any recognized confederation or association of such governments.


 


“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.


 


“Defaulted Interest”
has the meaning specified in Section 3.07.


 


“defeasance”
has the meaning specified in Section 14.02.


 


“Depositary”
means, with respect to the Securities of any series issuable or issued in the form of one or more Registered Securities, the Person
designated as Depositary by the Company pursuant to Section 3.05 until a successor Depositary shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is
then a Depositary hereunder, and, if at any time there is more than one such Person, “Depositary” as used with respect
to the Securities of any such series shall mean the Depositary with respect to the Registered Securities of that series.


 


“Dollar”
or “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for the payment of public and private debts.


 


“Dollar Equivalent
of the Currency Unit” has the meaning specified in Section 3.12(g).


 


“Dollar Equivalent
of the Foreign Currency” has the meaning specified in Section 3.12(f).


 


“Election Date”
has the meaning specified in Section 3.12(h).


 


“Euro”
means the single currency of the participating member states from time to time of the European Union described in legislation of
the European Counsel for the operation of a single unified European currency (whether known as the Euro or otherwise).


 


“Event of Default”
has the meaning specified in Section 5.01.


 


“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended.


 


“Exchange Date”
has the meaning specified in Section 3.04.


 




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“Exchange Rate
Agent” means, with respect to Securities of or within any series, unless otherwise specified with respect to any Securities
pursuant to Section 3.01, a New York clearing house bank, designated pursuant to Section 3.01 or Section 3.13.


 


“Exchange Rate
Officer’s Certificate” means a tested telex or a certificate setting forth (i) the applicable Market Exchange
Rate and (ii) the Dollar or Foreign Currency amounts of principal, premium (if any) and interest (if any) (on an aggregate
basis and on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 3.02
in the relevant Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate, sent (in
the case of a telex) or signed (in the case of a certificate) by the Chief Executive Officer, President or Chief Financial Officer
of the Company.


 


“Extension Notice”
has the meaning specified in Section 3.08.


 


“Extension Period”
has the meaning specified in Section 3.08.


 


“Final Maturity”
has the meaning specified in Section 3.08.


 


“First Currency”
has the meaning specified in Section 1.15.


 


“Foreign Currency”
means any Currency other than Currency of the United States.


 


“GAAP”
means generally accepted accounting principles in Canada in effect from time to time, unless the Person’s most recent audited
or quarterly financial statements are not prepared in accordance with generally accepted accounting principles in Canada, in which
case “GAAP” shall mean generally accepted accounting principles in the United States in effect from time to time.


 


“Government Obligations”
means, unless otherwise specified with respect to any series of Securities pursuant to Section 3.01, securities which are
(i) direct obligations of the government which issued the Currency in which the Securities of a particular series are payable
or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the government which
issued the Currency in which the Securities of such series are payable, the payment of which is unconditionally guaranteed by such
government, which, in either case, are full faith and credit obligations of such government payable in such Currency and are not
callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust
company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such
Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest or
principal of the Government Obligation evidenced by such depository receipt.


 


“Holder”
means, in the case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in
the case of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.


 




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“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series
of Securities established as contemplated by Section 3.01; provided, however, that, if at any time more than one Person
is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities
for which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms
of the particular series of Securities for which such Person is Trustee established as contemplated by Section 3.01, exclusive,
however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee,
was not a party.


 


“Indexed Security”
means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than
the principal face amount thereof at original issuance.


 


“interest,”
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity at the rate prescribed in such Original Issue Discount Security.


 


“Interest Payment
Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.


 


“Judgment Currency”
has the meaning specified in Section 1.14.


 


“Lien”
means any mortgage, pledge, hypothecation, charge, assignment, deposit arrangement, encumbrance, security interest, lien (statutory
or other), or preference, priority or other security or similar agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, any agreement to give or grant a Lien or any lease, conditional sale or other title retention agreement
having substantially the same economic effect as any of the foregoing).


 


“mandatory sinking
fund payment” has the meaning specified in Section 12.01.


 


“Market Exchange
Rate” means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, (i) for any
conversion involving a Currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between
the relevant Currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 3.01
for the Securities of the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon (New York
City time) buying rate for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes
by the Federal Reserve Bank of New York and (iii) for any conversion of one Foreign Currency into Dollars or another Foreign
Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars
or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being
made from major banks located in New York City, Vancouver, London or any other principal market for Dollars or such purchased Foreign
Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant
to Section 3.01, in the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i),
(ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of
the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York
City, Vancouver, London or another principal market for the Currency in question, or such other quotations as the Exchange Rate Agent
shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in
any Currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such Currency shall be
that upon which a non-resident issuer of securities designated in such Currency would purchase such Currency in order to make payments
in respect of such securities.


 




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“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption,
notice of option to elect repayment or otherwise.


 


“Notice of
Default” has the meaning specified in Section 6.01.


 


“Officer”
means the Chair of the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Operating
Officer, any Executive Vice President, any Vice President, the Treasurer or the Corporate Secretary of the Company or, in the event
that the Company is a partnership or a limited liability company that has no such officers, a person duly authorized under applicable
law by the general partner, managers, members or a similar body to act on behalf of the Company.


 


“Officer’s
Certificate” means a certificate, which shall comply with this Indenture, signed by an Officer and delivered to the Trustees.


 


“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company, including an employee of the Company, who shall be acceptable
to the Trustees, which opinion may contain customary exceptions and qualifications as to the matters set forth therein.


 


“Optional Reset
Date” has the meaning specified in Section 3.07.


 


“optional sinking
fund payment” has the meaning specified in Section 12.01.


 


“Original Issue
Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.


 


“Original Stated
Maturity” has the meaning specified in Section 3.08.


 


“Outstanding,”
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:


 


		(i)	Securities theretofore cancelled
by either Trustee or delivered to either Trustee for cancellation;



 


		(ii)	Securities, or portions thereof,
for whose payment or redemption or repayment at the option of the Holder, money in the necessary amount has been theretofore deposited
with either Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company
(if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining thereto; provided
that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustees has been made;



 




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		(iii)	Securities, except to the
extent provided in Section 14.02 and Section 14.03, with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Fourteen; and



 


		(iv)	Securities which have been
paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustees
proof satisfactory to them that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations
of the Company;



 


provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose
of making the calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security
that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall
be equal to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the maturity thereof pursuant to Section 5.02, (ii) the principal
amount of any Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that
shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is
originally issued by the Company as set forth in an Exchange Rate Officer’s Certificate delivered to the Trustees, of the
principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance
of the amount determined as provided in clause (i) above) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose
shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect
to such Security pursuant to Section 3.01, and (iv) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustees shall be protected in making such calculation or in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which the Trustees know to be so owned shall be so disregarded. Securities
so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Trustees the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or such other obligor.


 


“Paying Agent”
means any Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal of, premium (if
any) or interest (if any) on any Securities on behalf of the Company. Such Person must be capable of making payment in the Currency
of the issued Security.


 


“Person”
means any individual, corporation, body corporate, partnership, limited partnership, limited liability partnership, joint venture,
limited liability company, unlimited liability company, association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.


 


“Place of Payment”
means, when used with respect to the Securities of or within any series, each place where the principal of, premium (if any) and
interest (if any) on such Securities are payable as specified as contemplated by Sections 3.01 and 10.02.


 




    	7



     


    

 


“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated,
destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Security or the Security to which the mutilated, destroyed, lost or stolen coupon appertains, as the case may be.


 


“Privacy Laws”
has the meaning specified in Section 6.14.


 


“rate(s) of exchange”
has the meaning specified in Section 1.14.


 


“Redemption Date,”
when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant
to this Indenture.


 


“Redemption Price,”
when used with respect to any Security to be redeemed, in whole or in part, means the price at which it is to be redeemed pursuant
to this Indenture, plus accrued and unpaid interest thereon to the Redemption Date.


 


“Registered Security”
means any Security registered in the Security Register.


 


“Regular Record
Date” for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means
the date specified for that purpose as contemplated by Section 3.01.


 


“Repayment Date”
means, when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment pursuant
to this Indenture.


 


“Reset Notice”
has the meaning specified in Section 3.07.


 


“Responsible
Officer,” when used with respect to a Trustee, means any vice president, secretary, any assistant secretary, treasurer,
any assistant treasurer, any senior trust officer, any trust officer, the controller within the corporate trust administration
division of a Trustee or any other officer of a Trustee customarily performing functions similar to those performed by any of the
above-designated officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the particular subject.


 


“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture; provided, however, that if at any time there is more than one Person acting as Trustee under this
Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall have the meaning stated
in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not Trustee.


 


“Security Register”
and “Security Registrar” have the respective meanings specified in Section 3.05.


 


“Special Record
Date” for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed
by the Trustees pursuant to Section 3.07.


 


“Specified Amount”
has the meaning specified in Section 3.12(h).


 




    	8



     


    

 


“Stated Maturity,”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in
such Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or
such installment of principal or interest is due and payable, as such date may be extended pursuant to the provisions of Section 3.08
(if applicable).


 


“Subsequent Interest
Period” has the meaning specified in Section 3.07.


 


“Trust Indenture
Act” or “TIA” means the United States Trust Indenture Act of 1939, as amended, as in force at the
date as of which this Indenture was executed, except as provided in Section 9.05.


 


“Trust Indenture
Legislation” means, at any time, the provisions of (i) any applicable statute of Canada or any province or territory
thereof and the regulations thereunder as amended or re-enacted from time to time, but only to the extent applicable, or (iii) the
Trust Indenture Act and regulations thereunder, in each case, relating to trust indentures and to the rights, duties and obligations
of trustees under trust indentures and of corporations issuing debt obligations under trust indentures, to the extent that such
provisions are at such time in force and applicable to this Indenture or the Company or the Trustees.


 


“Trustee”
or “Trustees” means the U.S. Trustee and the Canadian Trustee. If a Canadian Trustee is not appointed under
this Indenture, or resigns or is removed and, pursuant to Section 6.09, the Company is not required to appoint a successor
Trustee to the Canadian Trustee, “Trustee,” “Trustees” and any reference to “either Trustee,”
 “both of the Trustees” or such similar references shall mean the Person named as the U.S. Trustee or any successor
thereto appointed pursuant to the applicable provisions of this Indenture. Except to the extent otherwise indicated, “Trustees”
shall refer to the Canadian Trustee (if appointed and still serving) and the U.S. Trustee, both jointly and individually.


 


“U.S. Federal
Bankruptcy Code” means the Bankruptcy Act of Title 11 of the United States Code, as amended from time to time.


 


“U.S. Trustee”
means the Person named as the “U.S. Trustee” in the first paragraph of this Indenture until a successor U.S. Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “U.S. Trustee” shall
mean or include each Person who is then a U.S. Trustee hereunder; provided, however, that if at any time there is more than
one such Person, “U.S. Trustee” as used with respect to the Securities of any series shall mean only the U.S. Trustee
with respect to Securities of that series.


 


“United States”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, the United States of America (including
the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.


 


“United States
person” means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, an individual
who is a citizen or resident of the United States, a corporation, partnership (including any entity treated as a corporation or
as a partnership for United States federal income tax purposes) or other entity created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, an estate the income of which is subject to United States federal
income taxation regardless of its source, or a trust if (A) it is subject to the primary supervision of a court within the
United States and one or more United States persons have the authority to control all substantial decisions of the trust or (B) it
has a valid election in effect under applicable United States Treasury Regulations to be treated as a United States person.


 




    	9



     


    

 


“Valuation Date”
has the meaning specified in Section 3.12(c).


 


“Writing”
has the meaning specified in Section 6.13.


 


“Yield to Maturity”
means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination
of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield
computation principles.


 


Section 1.02         Rules
of Construction.


 


For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires:


 


		(1)	the terms defined in this Indenture have the meanings assigned
to them hereinand include the plural as well as the singular;



 


		(2)	all terms used herein which are defined in the Trust Indenture
Act, either directly or by reference therein, have the meanings assigned to them therein, and the terms “cash transaction”
and “self-liquidating paper,” as used in TIA Section 319, shall have the meanings assigned to them in the rules
of the Commission adopted under the Trust Indenture Act;



 


		(3)	the words “herein,” “hereof” and
 “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision;



 


		(4)	“or” is not exclusive;



 


		(5)	words implying any gender shall apply to all genders;



 


		(6)	the words Subsection, Section and Article refer to the
Subsections, Sections and Articles, respectively, of this Indenture unless otherwise noted; and



 


		(7)	“include,” “includes” or “including”
means include, includes or including, in each case, without limitation.



 


Section 1.03         Compliance
Certificates and Opinions.


 


Upon any application or
request by the Company to the Trustees to take any action under any provision of this Indenture, the Company shall furnish to the
Trustees an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture (including
any covenant compliance with which constitutes a condition precedent) relating to the proposed action have been complied with and
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
except that in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need
be furnished.


 


Every certificate or opinion
with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 10.04)
shall include:


 


		(1)	a statement that each individual signing such certificate
or opinion has read such covenant or condition and the definitions herein relating thereto;



 




    	10



     


    

 


		(2)	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;



 


		(3)	a statement that, in the opinion of each such individual,
he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with; and



 


		(4)	a statement as to whether, in the opinion of each such
individual, such covenant or condition has been complied with.



 


Section 1.04         Form
of Documents Delivered to Trustees.


 


In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons may certify
or give an opinion with respect to other matters, and any such Person may certify or give an opinion as to such matters in one
or several documents.


 


Any certificate or opinion
of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, a certificate of,
or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such
certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect to such factual matters is
in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous.


 


Any certificate or opinion
of an officer of the Company or counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion
of, or representations by, an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as
the case may be, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the accounting matters upon which such certificate or opinion may be based are erroneous. Any certificate or opinion
of any independent firm of public accountants filed with the Trustees shall contain a statement that such firm is independent.


 


Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.


 


Section 1.05         Acts
of Holders.


 


(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing.
If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders of such series may, alternatively, be embodied in and
evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed
in writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article Fifteen,
or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to the Trustees and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting
at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by
any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustees and the
Company, if made in the manner provided in this Section 1.05. The record of any meeting of Holders of Securities shall be proved
in the manner provided in Section 15.06.


 




    	11



     


    

 


(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustees deem sufficient.


 


(c)          The
principal amount and serial numbers of Registered Securities held by any Person, and the date of holding the same, shall be proved
by the Security Register.


 


(d)          The
principal amount and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may be proved by
the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other
depositary, wherever situated, if such certificate shall be deemed by the Trustees to be satisfactory, showing that at the date
therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described;
or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or
affidavit is deemed by the Trustees to be satisfactory. The Trustees and the Company may assume that such ownership of any Bearer
Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security
is produced, or (2) such Bearer Security is produced to the Trustees by some other Person, or (3) such Bearer Security
is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The principal
amount and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may also be proved in any
other manner that the Trustees deem sufficient.


 


(e)          If
the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so. Notwithstanding Trust Indenture Legislation, including TIA Section 316(c), such
record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than
the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date
such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such
record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding
Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or
other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months after the record date.


 




    	12



     


    

 


(f)          Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees or the Company in reliance
thereon, whether or not notation of such action is made upon such Security.


 


Section 1.06         Notices,
Etc. to Trustees and Company.


 


Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other documents provided or permitted by this Indenture to be made upon,
given or furnished to, or filed with:


 


		(1)	the U.S. Trustee, by the Canadian Trustee, any Holder or
by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the U.S.
Trustee at its Corporate Trust Office, Attention: ________________, or



 


		(2)	the Canadian Trustee, by the U.S. Trustee, any Holder or
by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Canadian
Trustee at its Corporate Trust Office, Attention: ________________, or



 


		(3)	the Company by either Trustee or any Holder shall be sufficient for every purpose hereunder
                                                                                                   (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or sent by overnight
                                                                                                   courier, to the Company at 366 Madison Avenue, 11th Floor, New York, New York, 10017, Attention: Corporate Secretary’s
                                                                                                   office or such other address and/or officer as the Company may designate on written notice to the Trustees.



 


Section 1.07         Notice
to Holders; Waiver.


 


Where this Indenture provides
for notice of any event to Holders of Registered Securities by the Company or the Trustees, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected
by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given
by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect
the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders
of Bearer Securities given as provided. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed
to have been received by such Holder, whether or not such Holder actually receives such notice.


 


In case, by reason of
the suspension of or irregularities in regular mail service or by reason of any other cause, it shall be impractical to mail notice
of any event to Holders of Registered Securities when such notice is required to be given pursuant to any provision of this Indenture,
then any manner of giving such notice as shall be satisfactory to the Trustees shall be deemed to be sufficient giving of such
notice for every purpose hereunder.


 




    	13



     


    

 


Except as otherwise expressly
provided herein or otherwise specified with respect to any Securities pursuant to Section 3.01, where this Indenture provides
for notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given to Holders of Bearer Securities
if published in an Authorized Newspaper in The City of New York and in such other city or cities as may be specified in such Securities
on a Business Day at least twice, the first such publication to be not earlier than the earliest date, and not later than the latest
date, prescribed for the giving of such notice. Any such notice shall be deemed to have been given on the date of the first such
publication.


 


In case, by reason of
the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause, it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer
Securities as shall be satisfactory to the Trustees shall be deemed to be sufficient giving of such notice for every purpose hereunder.
Neither the failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice
so published, shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency
of any notice to Holders of Registered Securities given as provided herein.


 


Any request, demand, authorization,
direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any
published notice may be in an official language of the country of publication.


 


Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustees,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.


 


Section 1.08         Effect
of Headings and Table of Contents.


 


The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.


 


Section 1.09         Successors
and Assigns.


 


All covenants and agreements
in this Indenture by the Company and the Trustees shall bind their successors and assigns, whether so expressed or not.


 


Section 1.10         Severability
Clause.


 


In case any provision
in this Indenture or in any Security or coupon shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section 1.11         Benefits
of Indenture.


 


Nothing in this Indenture
or in the Securities or coupons, express or implied, shall give to any Person, other than the parties hereto, any Authenticating
Agent, any Paying Agent, any Securities Registrar and their successors hereunder and the Holders of Securities or coupons, any
benefit or any legal or equitable right, remedy or claim under this Indenture. Subject to Section 1.16, at all times in relation
to this Indenture and any action to be taken hereunder, the Company and the Trustees each shall observe and comply with Trust Indenture
Legislation and the Company, the Trustees and each Holder of a Security shall be entitled to the benefits of Trust Indenture Legislation.


 




    	14



     


    

 


Section 1.12         Governing
Law.


 


This Indenture and the
Securities and coupons shall be governed by and construed in accordance with the law of the State of New York, but without giving
effect to applicable principles of conflicts of law to the extent that the application of the law of another jurisdiction would
be required thereby. Each Trustee and the Company agrees to comply with all provisions of Trust Indenture Legislation applicable
to or binding upon it in connection with this Indenture and any action to be taken hereunder. This Indenture is subject to the
provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed
by such provisions. Notwithstanding the preceding sentence, the exercise, performance or discharge by the Canadian Trustee of any
of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province of [British Columbia]
and the federal laws of Canada applicable thereto.


 


Section 1.13         Legal
Holidays.


 


In any case where any
Interest Payment Date, Redemption Date, sinking fund payment date or Stated Maturity or Maturity of any Security shall not be a
Business Day at any Place of Payment or other location contemplated hereunder, then (notwithstanding any other provision of this
Indenture or of any Security or coupon other than a provision in the Securities of any series which specifically states that such
provision shall apply in lieu of this Section 1.13), payment of principal, premium (if any) or interest (if any), need not be made
at such Place of Payment or other location contemplated hereunder on such date, but may be made on the next succeeding Business
Day at such Place of Payment or other location contemplated hereunder with the same force and effect as if made on the Interest
Payment Date or Redemption Date or sinking fund payment date, or at the Stated Maturity or Maturity; provided that no interest
shall accrue for the period from and after such Interest Payment Date, Redemption Date, sinking fund payment date, Stated Maturity
or Maturity, as the case may be.


 


Section 1.14         Agent
for Service; Submission to Jurisdiction; Waiver of Immunities.


 


By the execution and
delivery of this Indenture, the Company (i) acknowledges that it has irrevocably designated and appointed
_____________________ as its authorized agent upon which process may be served in any suit, action or proceeding arising out
of or relating to the Securities or this Indenture that may be instituted in any United States federal or New York state
court located in The Borough of Manhattan, The City of New York, or brought by the Trustees (whether in their individual
capacity or in their capacity as Trustees hereunder), (ii) irrevocably submits to the non-exclusive jurisdiction of any
such court in any such suit or proceeding, and (iii) agrees that service of process upon _____________________ and
written notice of said service to the Company (mailed or delivered to the Company at 366 Madison Avenue, 11th Floor, New
York, New York, 10017, Attention: Corporate Secretary’s office or such other address and/or officer as the Company may
designate on written notice to the Trustees), shall be deemed in every respect effective service of process upon the Company
in any such suit or proceeding. The Company further agrees to take any and all action, including the execution and filing of
any and all such documents and instruments, as may be necessary to continue such designation and appointment of
_____________________ in full force and effect so long as this Indenture shall be in full force and effect.


 


To the extent that the
Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service
of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its
property, the Company hereby irrevocably waives such immunity in respect of its obligations under this Indenture and the Securities,
to the extent permitted by law.


 




    	15



     


    

 


The Company irrevocably
and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying
of venue of any such action, suit or proceeding in any such court or any appellate court with respect thereto. The Company irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any such action, suit
or proceeding in any such court.


 


Section 1.15         Conversion
of Judgment Currency.


 


(a)          The
Company covenants and agrees that the following provisions shall apply to conversion of Currency in the case of the Securities
and this Indenture, to the fullest extent permitted by applicable law:


 


(i)          If
for the purposes of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes necessary to convert
into a Currency (the “Judgment Currency”) an amount due or contingently due in any other Currency under the
Securities of any series and this Indenture (the “Base Currency”), then the conversion shall be made at the
rate of exchange prevailing on the Business Day before the day on which the final judgment is given or the order of enforcement
is made, as the case may be (unless a court shall otherwise determine).


 


(ii)         If
there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment referred to
in (i) above is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine),
and the date of receipt of the amount due, the Company shall pay such additional (or, as the case may be, such lesser) amount,
if any, as may be necessary so that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing
on the date of receipt will produce the amount in the Base Currency originally due.


 


(b)          In
the event of the winding-up of the Company at any time while any amount or damages owing under the Securities and this Indenture,
or any judgment or order rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders
and the Trustees harmless against any deficiency arising or resulting from any variation in rates of exchange between (1) the
date as of which the equivalent of the amount in the Base Currency due or contingently due under the Securities and this Indenture
(other than under this Subsection (b)) is calculated for the purposes of such winding-up and (2) the final date for the
filing of proofs of claim in such winding-up. For the purpose of this Subsection (b) the final date for the filing of proofs
of claim in the winding-up of the Company shall be the date fixed by the liquidator or otherwise in accordance with the relevant
provisions of applicable law as being the latest practicable date as at which liabilities of the Company may be ascertained for
such winding-up prior to payment by the liquidator or otherwise in respect thereto.


 


(c)          The
obligations contained in Subsections (a)(ii) and (b) of this Section 1.15 shall constitute separate and independent obligations
of the Company from its other obligations under the Securities and this Indenture, shall give rise to separate and independent
causes of action against the Company, shall apply irrespective of any waiver or extension granted by any Holder or the Trustees
from time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof
of claim in the winding up of the Company for a liquidated sum in respect of amounts due hereunder (other than under Subsection (b)
above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the
Holders or the Trustees, as the case may be, and no proof or evidence of any actual loss shall be required by the Company or its
liquidator. In the case of Subsection (b) above, the amount of such deficiency shall not be deemed to be increased or reduced
by any variation in rates of exchange occurring between the said final date and the date of any liquidating distribution.


 




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The term “rate(s)
of exchange” shall mean the rate of exchange quoted by a Canadian chartered bank as may be designated in writing by the
Company to the Trustees from time to time, at its central foreign exchange desk in its main office in Vancouver at 12:00 noon (Vancouver
time) on the relevant date for purchases of the Base Currency with the Judgment Currency and includes any premiums and costs of
exchange payable. The Trustees shall have no duty or liability with respect to monitoring or enforcing this Section 1.15.


 


Section 1.16         Currency
Equivalent.


 


Except as otherwise provided
in this Indenture, for purposes of the construction of the terms of this Indenture or of the Securities, in the event that any
amount is stated herein in the Currency of one nation (the “First Currency”), as of any date such amount shall
also be deemed to represent the amount in the Currency of any other relevant nation which is required to purchase such amount in
the First Currency at the Bank of Canada noon rate as reported by Telerate on screen 3194 (or such other means of reporting
the Bank of Canada noon rate as may be agreed upon by each of the parties to this Indenture) on the date of determination.


 


Section 1.17         Conflict
with Trust Indenture Legislation.


 


If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with any mandatory requirement of Trust Indenture Legislation, such
mandatory requirement shall control. If and to the extent that any provision hereof modifies or excludes any provision of Trust
Indenture Legislation that may be so modified or excluded, the latter provision shall be deemed to apply hereof as so modified
or to be excluded, as the case may be.


 


Section 1.18         Incorporators,
Shareholders, Officers and Directors of the Company Exempt from Individual Liability.


 


No recourse under or upon
any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, as such, or against any past, present or future shareholder, officer or director,
as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute
or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the Securities by the Holders and as part of the consideration
for the issue of the Securities.


 


Section 1.19         Waiver
of Jury Trial.


 


Each of the Company and
the Trustees hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in
any legal proceeding arising out of or relating to this Indenture, the Securities or the transactions contemplated hereby.


 


Section 1.20         Counterparts.


 


This Indenture may be
executed in any number of counterparts (either by facsimile or by original manual signature), each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture.


 




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Section 1.21         Force
Majeure.


 


Except for the payment
obligations of the Company contained herein, neither the Company nor the Trustees shall be liable to each other, or held in breach
of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason
of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar
causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance
times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable
under this Section 1.21.


 


ARTICLE Two

SECURITIES FORMS


 


Section 2.01         Forms
Generally.


 


The Registered Securities,
if any, of each series and the Bearer Securities, if any, of each series and related coupons, if any, shall be in substantially
the forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each
case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Officer executing such
Securities or coupons, as evidenced by the execution of such Securities or coupons by such Officer. If the forms of Securities
or coupons of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Corporate Secretary or an Assistant Secretary of the Company and delivered to the Trustees at
or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities
or coupons. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Security.


 


Unless otherwise specified
as contemplated by Section 3.01, Bearer Securities shall have interest coupons attached.


 


Either Trustee’s
certificate of authentication shall be in substantially the form set forth in this Article Two.


 


Section 2.02         Form
of Trustee’s Certificate of Authentication.


 


Subject to Section 6.12,
either Trustee’s certificate of authentication shall be in substantially the following form:


 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


(Certificate of Authentication may be executed
by either Trustee)


 


Dated: ____________


 


_______________________,
as U.S. Trustee, certifies that this is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture.


 






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	 		,



 


	 	as U.S. Trustee
	 	 	 
	 	By: 	 
	 	 	Authorized Officer


 


Dated: ____________


 


____________________,
as Canadian Trustee, certifies that this is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture.


 


	 		,



 


	 	as Canadian Trustee
	 	 
	 	By: 	 
	 	 	Authorized Officer


 


Section 2.03         Securities
Issuable in Global Form.


 


If Securities of or within
a series are issuable in global form, as specified and contemplated by Section 3.01, then any such Security shall represent
such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate
amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement
of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustees in such manner and upon instructions given by the Holder or its nominee as shall be specified
therein or in the Company Order to be delivered to the Trustees pursuant to Section 3.03 or 3.04. Subject to the provisions of
Sections 3.03 and 3.04 (if applicable), the Trustees shall deliver and redeliver any Security in global form in the manner and
upon instructions given by the Holder or its nominee as shall be specified therein or in the applicable Company Order. If a Company
Order pursuant to Section 3.03 or Section 3.04 has been, or simultaneously is, delivered, any instructions by the Company
with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with
Section 1.03 and need not be accompanied by an Opinion of Counsel.


 


Notwithstanding the provisions
of Section 3.07, unless otherwise specified as contemplated by Section 3.01, payment of principal of, premium (if any)
and interest (if any) on any Security in permanent global form shall be made to the Holder or its nominee specified therein.


 


Notwithstanding Section 3.09
and except as provided in the preceding paragraph, the Company, the Trustees and any agent of the Company and the Trustees shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in the
case of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii) in
the case of a permanent global Security in bearer form, the Depositary.


 




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ARTICLE Three

THE SECURITIES


 


Section 3.01         Issuable
in Series.


 


The aggregate principal
amount of Securities which may be authenticated and delivered under this Indenture is unlimited.


 


The Securities may be
issued in one or more series and may be denominated and payable in Dollars or any Foreign Currency. There shall be established
in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and set forth in, or determined
in the manner provided in, an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series, any or all of the following, as applicable:


 


		(1)	the title of the Securities of the series (which shall
distinguish the Securities of such series from the Securities of all other series);



 


		(2)	the aggregate principal amount of the Securities of the
series and any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer (including any restriction
or condition on the transferability of the Securities of such series) of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05) and, in the event that no limit upon the aggregate
principal amount of the Securities of that series is specified, the Company shall have the right, subject to any terms, conditions
or other provisions specified pursuant to this Section 3.01 with respect to the Securities of such series, to re-open such series
for the issuance of additional Securities of such series from time to time;



 


		(3)	the extent and manner, if any, to which payment on or in
respect of the Securities of the series will be senior or will be subordinated to the prior payment of other liabilities and obligations
of the Company, and whether the payment of principal, premium (if any) and interest (if any) will be guaranteed by any other Person;



 


		(4)	the percentage or percentages of principal amount at which
the Securities of the series will be issued;



 


		(5)	the date or dates, or the method by which such date or
dates will be determined or extended, on which the Securities of the series may be issued and the date or dates, or the method
by which such date or dates will be determined or extended, on which the principal of and premium (if any) on the Securities of
the series is payable;



 


		(6)	the rate or rates at which the Securities of the series
shall bear interest, whether fixed or variable (if any), or the method by which such rate or rates shall be determined, whether
such interest shall be payable in cash or additional Securities of the same series or shall accrue and increase the aggregate
principal amountoutstanding of such series, the date or dates from which such interest shall accrue, or the method by which such
date or dates shall be determined, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date,
if any, for the interest payable on any Registered Security on any Interest Payment Date, or the method by which such date or
dates shall be determined, and the basis upon which interest shall be calculated if other than on the basis of a 360-day year
of twelve 30-day months;



 




    	20



     


    

 


		(7)	the place or places, if any, other than or in addition
to the Borough of Manhattan, The City of New York, where the principal of, premium (if any) and interest (if any) on Securities
of the series shall be payable, where any Registered Securities of the series may be surrendered for registration of transfer,
where Securities of the series may be surrendered for exchange, where Securities of the series that are convertible or exchangeable
may be surrendered for conversion or exchange, as applicable and, if different than the location specified in Section 1.06,
the place or places where notices or demands to or upon the Company in respect of the Securities of the series and this Indenture
may be served;



 


		(8)	the period or periods within which, the date or dates on
which, the price or prices at which, the Currency in which, and other terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option;



 


		(9)	the obligation, if any, of the Company to redeem, repay
or purchase Securities of the series pursuant to any sinking fund, amortization or analogous provisions or at the option of a
Holder thereof, and the period or periods within which, the price or prices at which, the Currency in which, and other terms and
conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;



 


		(10)	if other than denominations of $1,000 and any integral
multiple thereof, the denomination or denominations in which any Registered Securities of the series shall be issuable and, if
other than denominations of $5,000, the denomination or denominations in which any Bearer Securities of the series shall be issuable;



 


		(11)	the identity of each Security Registrar and/or Paying Agent;



 


		(12)	if other than the principal amount thereof, the portion
of the principal amount of Securities of the series that shall be payable upon declaration of acceleration of the Maturity thereof
pursuant to Section 5.02 or the method by which such portion shall be determined;



 


		(13)	if other than Dollars, the Foreign Currency in which payment
of the principal of, premium (if any) or interest (if any) on the Securities of the series shall be payable or in which the Securities
of the series shall be denominated and the particular provisions applicable thereto in accordance with, in addition to or in lieu
of any of the provisions of Section 3.12;



 


		(14)	whether the amount of payments of principal of, premium
(if any) or interest (if any) on the Securities of the series may be determined with reference to an index, formula or other method
(which index, formula or method may be based, without limitation, on one or more Currencies, commodities, equity indices or other
indices), and the manner in which such amounts shall be determined;



 


		(15)	whether the principal of, premium (if any) or interest
(if any) on the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a Currency
other than that in which such Securities are denominated or stated to be payable, the period or periods within which (including
the Election Date), and the terms and conditions upon which, such election may be made, and the time and manner of determining
the exchange rate between the Currency in which such Securities are denominated or stated to be payable and the Currency in which
such Securities are to be so payable, in each case in accordance with, in addition to or in lieu of any of the provisions of Section 3.12;



 




    	21



     


    

 


		(16)	the designation of the initial Exchange Rate Agent, if
any;



 


		(17)	the applicability, if any, of Sections 14.02 and/or
14.03 to the Securities of the series and any provisions in modification of, in addition to or in lieu of any of the provisions
of Article Fourteen that shall be applicable to the Securities of the series;



 


		(18)	provisions, if any, granting special rights to the Holders
of Securities of the series upon the occurrence of such events as may be specified;



 


		(19)	any deletions from, modifications of or additions to the
Events of Default or covenants (including any deletions from, modifications of or additions to Section 10.09) of the Company
with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of
Default or covenants set forth herein;



 


		(20)	whether Securities of the series are to be issuable as
Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or
delivery of Securities of the series, whether any Securities of the series are to be issuable initially in temporary global form
and whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether
beneficial owners of interests in any such permanent global Security may exchange such interests for Securities of such series
and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other
than in the manner provided in Section 3.05, whether Registered Securities of the series may be exchanged for Bearer Securities
of the series (if permitted by applicable laws and regulations), whether Bearer Securities of the series may be exchanged for
Registered Securities of such series, and the circumstances under which and the place or places where any such exchanges may be
made and, if Securities of the series are to be issuable in global form, the designation of any Depositary therefor;



 


		(21)	the date as of which any Bearer Securities of the series
and any temporary global Security of the series shall be dated if other than the date of original issuance of the first Security
of the series to be issued;



 


		(22)	the Person to whom any interest on any Registered Security
of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, the manner in which, or the Person to whom,
any interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation and surrender of the coupons
appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary
global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 3.04;



 


		(23)	if Securities of the series are to be issuable in definitive
form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates
or other documents or satisfaction of other conditions, the form and/or terms of such certificates, documents or conditions;



 




    	22



     


    

 


		(24)	if the Securities of the series are to be issued upon the
exercise of warrants or subscription receipts, the time, manner and place for such Securities to be authenticated and delivered;



 


		(25)	if the Securities of the series are to be convertible into
or exchangeable for any securities or property of any Person (including the Company), the terms and conditions upon which such
Securities will be so convertible or exchangeable, and any additions or changes to permit or facilitate such conversion or exchange;



 


		(26)	provisions as to modification, amendment or variation of
any rights or terms attaching to the Securities;



 


		(27)	whether the Securities will be secured or unsecured and
the nature and priority of any security; and



 


		(28)	any other terms, conditions, rights and preferences (or
limitations on such rights and preferences) relating to the series (which terms shall not be inconsistent with the requirements
of Trust Indenture Legislation or the provisions of this Indenture).



 


All Securities of any
one series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the
case of Registered Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution
(subject to Section 3.03) and set forth in such Officer’s Certificate or in any such indenture supplemental hereto.
Not all Securities of any one series need be issued at the same time, and, unless otherwise provided, a series may be reopened
for issuances of additional Securities of such series.


 


If any of the terms of
the series are established by action taken pursuant to one or more Board Resolutions, such Board Resolutions shall be delivered
to the Trustees at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series.


 


Section 3.02         Denominations.


 


The Securities of each
series shall be issuable in such denominations as shall be specified as contemplated by Section 3.01. With respect to Securities
of any series denominated in Dollars, in the absence of any such provisions, the Registered Securities of such series, other than
Registered Securities issued in global form (which may be of any denomination), shall be issuable in denominations of $1,000 and
any integral multiple thereof and the Bearer Securities of such series, other than the Bearer Securities issued in global form
(which may be of any denomination), shall be issuable in a denomination of $5,000 and any integral multiples thereof.


 


Section 3.03         Execution,
Authentication, Delivery and Dating.


 


The Securities and any
coupons appertaining thereto shall be executed on behalf of the Company by an Officer. The signature of an Officer on the Securities
or coupons may be the manual or facsimile signatures of the present or any future such authorized officer and may be imprinted
or otherwise reproduced on the Securities.


 


Securities or coupons
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities or coupons.


 




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At any time and from time
to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series together with any
coupons appertaining thereto, executed by the Company to the applicable Trustee for authentication, together with a Company Order
for the authentication and delivery of such Securities, and the applicable Trustee in accordance with such Company Order shall
authenticate and deliver such Securities; provided, however, that, in connection with its original issuance, no Bearer Security
shall be mailed or otherwise delivered to any location in the United States; provided further that, unless otherwise specified
with respect to any series of Securities pursuant to Section 3.01, a Bearer Security may be delivered in connection with its
original issuance only if the Person entitled to receive such Bearer Security shall have furnished a certificate in the form set
forth in Exhibit A-1 to this Indenture, dated no earlier than 15 days prior to the earlier of the date on which such
Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such Bearer Security in
accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented by a permanent global
Bearer Security, then, for purposes of this Section 3.03 and Section 3.04, the notation of a beneficial owner’s interest
therein upon original issuance of such Security or upon exchange of a portion of a temporary global Security shall be deemed to
be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent global Security.
Except as permitted by Section 3.06, the Trustees shall not authenticate and deliver any Bearer Security unless all appurtenant
coupons for interest then matured have been detached and cancelled. If not all the Securities of any series are to be issued at
one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may
set forth procedures acceptable to the Trustees for the issuance of such Securities and determining terms of particular Securities
of such series such as interest rate, Stated Maturity, date of issuance and date from which interest shall accrue.


 


In authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustees shall
be entitled to receive, and (subject to Trust Indenture Legislation, including TIA Sections 315(a) through 315(d)) shall be fully
protected in relying upon, an Opinion of Counsel stating:


 


(a)          that
the form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;


 


(b)          that
the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;


 


(c)          that
such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered
by the Company to the applicable Trustee for authentication in accordance with this Indenture, authenticated and delivered by the
applicable Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute the legal, valid and binding obligations of the Company, enforceable in accordance
with their terms;


 


(d)          the
execution and delivery by the Company of such Securities, any coupons and any supplemental indenture will not contravene the articles
of incorporation or continuance, or such other constating documents then in effect, if any, or the by-laws of the Company, or violate
applicable laws; and


 


(e)          that
the Company has the corporate power to issue such Securities and any coupons, and has duly taken all necessary corporate action
with respect to such issuance.


 




    	24



     


    

 


Notwithstanding the provisions
of Section 3.01 and of the preceding two paragraphs, if not all the Securities of any series are to be issued at one time,
it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.01 or the Company
Order and Opinion of Counsel otherwise required pursuant to the preceding two paragraphs prior to or at the time of issuance of
each Security, but such documents shall be delivered prior to or at the time of issuance of the first Security of such series.


 


The Trustees shall not
be required to authenticate and deliver any such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustees’ own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is
not reasonably acceptable to the Trustees.


 


Each Registered Security
shall be dated the date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated
by Section 3.01.


 


No Security or coupon
shall entitle a Holder to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein duly executed by the applicable Trustee
by manual signature of an authorized officer thereof, and such certificate upon any Security shall be conclusive evidence, and
the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this
Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the Trustees for cancellation as provided in Section 3.10
together with a written statement (which need not comply with Section 1.03 and need not be accompanied by an Opinion of Counsel)
stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall
be deemed never to have been authenticated and delivered hereunder and shall never entitle a Holder to the benefits of this Indenture.


 


Section 3.04         Temporary
Securities.


 


Pending the preparation
of definitive Securities of any series, the Company may execute, and upon Company Order the applicable Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form or,
if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions
and other variations as the Officer executing such Securities may determine, as conclusively evidenced by their execution of such
Securities. Such temporary Securities may be in global form.


 


Except in the case of
temporary Securities in global form (which shall be exchanged in accordance with the provisions of the following paragraphs), if
temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall
be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office
or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Securities of any series (accompanied by any unmatured coupons appertaining thereto), the Company shall
execute and the applicable Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities
of the same series of authorized denominations and of like tenor and evidencing the same indebtedness; provided, however,
that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; provided further
that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions
set forth in Section 3.03. Until so exchanged the temporary Securities of any series shall in all respects be entitled to
the same benefits under this Indenture as definitive Securities of such series.


 




    	25



     


    

 


If temporary Securities
of any series are issued in global form, any such temporary global Security shall, unless otherwise provided therein, be delivered
to the office of the Depositary for credit to the respective accounts of the beneficial owners of such Securities (or to such other
accounts as they may direct).


 


Without unnecessary delay,
but in any event not later than the date specified in, or determined pursuant to the terms of, any such temporary global Security
(the “Exchange Date”), the Company shall deliver to the Trustees definitive Securities, in aggregate principal
amount equal to the principal amount of such temporary global Security and of like tenor and evidencing the same indebtedness,
executed by the Company. On or after the Exchange Date, such temporary global Security shall be surrendered by the Depositary to
the Trustees, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive
Securities without charge and the applicable Trustee shall authenticate and deliver, in exchange for each portion of such temporary
global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations and
of like tenor and evidencing the same indebtedness as the portion of such temporary global Security to be exchanged. The definitive
Securities to be delivered in exchange for any such temporary global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section 3.01,
and, if any combination thereof is so specified, as requested by the beneficial owner thereof; provided, however, that,
unless otherwise specified in such temporary global Security, upon such presentation by the Depositary, such temporary global Security
is accompanied by a certificate dated the Exchange Date or a subsequent date and signed by the Depositary as to the portion of
such temporary global Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent
date, each in the form set forth in Exhibit A-2 to this Indenture (or in such other form as may be established pursuant to
Section 3.01); provided further that definitive Bearer Securities shall be delivered in exchange for a portion of a
temporary global Security only in compliance with the requirements of Section 3.03.


 


Unless otherwise specified
in such temporary global Security, the interest of a beneficial owner of Securities of a series in a temporary global Security
shall be exchanged for definitive Securities of the same series and of like tenor and evidencing the same indebtedness following
the Exchange Date when the account holder instructs the Depositary to request such exchange on his behalf and delivers to the Depositary
a certificate in the form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established pursuant
to Section 3.01), dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available
from the offices of the Depositary, the Trustees, any Authenticating Agent appointed for such series of Securities and each Paying
Agent. Unless otherwise specified in such temporary global Security, any such exchange shall be made free of charge to the beneficial
owners of such temporary global Security, except that a Person receiving definitive Securities must bear the cost of insurance,
postage, transportation and the like in the event that such Person does not take delivery of such definitive Securities in person
at the offices of the Depositary. Definitive Securities in bearer form to be delivered in exchange for any portion of a temporary
global Security shall be delivered only outside the United States and Canada.


 




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Until exchanged in full
as hereinabove provided, the temporary Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor and evidencing the same indebtedness authenticated and
delivered hereunder, except that, unless otherwise specified as contemplated by Section 3.01, interest payable on a temporary
global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall
be payable to the Depositary on such Interest Payment Date upon delivery by the Depositary to the Trustees of a certificate or
certificates in the form set forth in Exhibit A-2 to this Indenture (or in such other form as may be established pursuant
to Section 3.01), for credit without further interest thereon on or after such Interest Payment Date to the respective accounts
of the Persons who are the beneficial owners of such temporary global Security on such Interest Payment Date and who have each
delivered to the Depositary a certificate dated no earlier than 15 days prior to the Interest Payment Date occurring prior
to such Exchange Date in the form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established
pursuant to Section 3.01). Notwithstanding anything to the contrary herein contained, the certifications made pursuant to
this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section 3.04 and of the third
paragraph of Section 3.03 and the interests of the Persons who are the beneficial owners of the temporary global Security
with respect to which such certification was made will be exchanged for definitive Securities of the same series and of like tenor
and evidencing the same indebtedness on the Exchange Date or the date of certification if such date occurs after the Exchange Date,
without further act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal
of, premium (if any) or interest (if any) owing with respect to a beneficial interest in a temporary global Security will be made
unless and until such interest in such temporary global Security shall have been exchanged for an interest in a definitive Security.
Any interest so received by the Depositary and not paid as herein provided shall be returned to the Trustees immediately prior
to the expiration of two years after such Interest Payment Date in order to be repaid to the Company in accordance with Section 10.03.


 


Section 3.05         Registration,
Registration of Transfer and Exchange.


 


So long as required by
Trust Indenture Legislation, the Company shall cause to be kept at the Corporate Trust Offices of the Trustees a register for each
series of Securities (the registers maintained in the Corporate Trust Offices of the Trustees and in any other office or agency
of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Holders
of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form or any other
form capable of being converted into written form within a reasonable time. At all reasonable times, the Security Register shall
be open to inspection by the Trustees. The Trustees are hereby initially appointed as security registrar (the “Security Registrar”)
for the purpose of registering Registered Securities and transfers of Registered Securities as herein provided. The Company shall
have the right to remove and replace from time to time the Security Registrar for any series of Securities; provided, however,
that, no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of Registered
Securities shall have been appointed by the Company and shall have accepted such appointment by the Company. In the event that
the Trustees shall not be or shall cease to be the Securities Registrar with respect to a series of Securities, they shall have
the right to examine the Security Register for such series at all reasonable times. There shall be only one Securities Register
for such series of Securities.


 


Upon surrender for registration
of transfer of any Registered Security of any series at the office or agency in a Place of Payment for that series, the Company
shall execute, and the applicable Trustee shall authenticate and deliver, in the name of the designated transferee, one or more
new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor
and evidencing the same indebtedness.


 


For Canadian Securities,
the Security must be duly endorsed for transfer or in a duly endorsed transferable form as applicable and must comply with the
current industry practice in accordance with the Securities Transfer Association of Canada.


 




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At the option of the Holder,
Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination
and of a like aggregate principal amount and tenor and evidencing the same indebtedness, upon surrender of the Registered Securities
to be exchanged at such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall
execute, and the applicable Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange
is entitled to receive. Unless otherwise specified with respect to any series of Securities as contemplated by Section 3.01,
Bearer Securities may not be issued in exchange for Registered Securities.


 


If (but only if) expressly
permitted in or pursuant to the applicable Board Resolution and (subject to Section 3.03) set forth in the applicable Officer’s
Certificate, or in any indenture supplemental hereto, delivered as contemplated by Section 3.01, at the option of the Holder,
Bearer Securities of any series may be exchanged for Registered Securities of the same series of any authorized denomination and
of a like aggregate principal amount and tenor and evidencing the same indebtedness, upon surrender of the Bearer Securities to
be exchanged at the office of the applicable Trustee, with all unmatured coupons and all matured coupons in default thereto appertaining.
If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default,
any such permitted exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company
in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may
be waived by the Company and the Trustees if there is furnished to them such security or indemnity as they may require to save
each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such
missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of
such payment; provided, however, that, except as otherwise provided in Section 10.02, interest represented by coupons
shall be payable only upon presentation and surrender of those coupons at an office or agency located outside the United States.
Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted
exchange for a Registered Security of the same series and like tenor after the close of business at such office or agency on (i) any
Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any
Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date
for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment
Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.


 


Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the applicable Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.


 




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Notwithstanding the foregoing,
except as otherwise specified as contemplated by Section 3.01, any permanent global Security shall be exchangeable only as
provided in this Section. If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest
for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as contemplated
by Section 3.01 and provided that any applicable notice provided in the permanent global Security shall have been given to
the Company, the Trustees and the Depositary, then without unnecessary delay but in any event not later than the earliest date
on which such interest may be so exchanged, the Company shall deliver to the applicable Trustee definitive Securities in aggregate
principal amount equal to the principal amount of such beneficial owner’s interest in such permanent global Security, executed
by the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall
be surrendered by the Depositary or such other depositary as shall be specified in the Company Order with respect thereto to the
applicable Trustee, as the Company’s agent for such purpose, to be exchanged in whole or from time to time in part, for definitive
Securities without charge, and the applicable Trustee shall authenticate and deliver, in exchange for each portion of such permanent
global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations and
of like tenor as the portion of such permanent global Security to be exchanged which, unless the Securities of the series are not
issuable both as Bearer Securities and as Registered Securities, as specified as contemplated by Section 3.01, shall be in
the form of Bearer Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner
thereof. No Bearer Security delivered in exchange for a portion of a permanent global Security shall be mailed or otherwise delivered
to any location in the United States or Canada. If a Registered Security is issued in exchange for any portion of a permanent global
Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record
Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest,
interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment,
as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date
for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security
is payable in accordance with the provisions of this Indenture.


 


Transfers of global Securities
shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective nominees. If at
any time the Depositary for Securities of a series notifies the Company that it is unwilling, unable or no longer qualifies to
continue as Depositary for Securities of such series or if at any time the Depositary for such series shall no longer be registered
or in good standing under the Exchange Act, or other applicable statute or regulation, the Company shall appoint a successor Depositary
for the Securities of such series. If a successor to the Depositary for Securities of such series is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, the Company’s
election pursuant to Section 3.01 shall no longer be effective with respect to the Securities for such series and the Company
will execute, and the applicable Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Securities
of such series, will authenticate and deliver Securities of such series in definitive, registered form, in authorized denominations,
and in an aggregate principal amount equal to the principal amount of the global Security or Securities representing such series
and evidencing the same indebtedness in exchange for such global Security or Securities.


 


The Company may at any
time and in its sole discretion determine that the Securities of any series issued in the form of one or more global Securities
shall no longer be represented by such global Security or Securities. In such event the Company will execute, and the applicable
Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Securities of such series, will authenticate
and deliver Securities of such series in definitive, registered form, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the global Security or Securities representing such series and evidencing the same indebtedness
in exchange for such global Security or Securities.


 


Upon the exchange of a
global Security for Securities in definitive registered form, such global Security shall be cancelled by the applicable Trustee.
Securities issued in exchange for a global Security pursuant to this Section 3.05 shall be registered in such names and in such
authorized denominations as the Depositary for such global Security, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the applicable Trustee in writing. The applicable Trustee shall deliver such Securities to the Persons
in whose names such Securities are so registered.


 




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All Securities issued
upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer
or exchange.


 


Every Registered Security
presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar
or applicable securities transfer industry practices) be duly endorsed, or be accompanied by a written instrument of transfer,
in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing.


 


Any registration of transfer
or exchange of Securities may be subject to service charges by the Securities Registrar and the Company may require payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
or exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any transfer.


 


The Company shall not
be required (i) to issue, register the transfer of or exchange Securities of any series in definitive form during a period
beginning at the opening of business 15 days before the day of the selection for redemption of Securities of that series under
Section 11.03 or 12.03 and ending at the close of business on (A) if Securities of the series are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B) if Securities of the series are issuable as
Bearer Securities, the day of the first publication of the relevant notice of redemption or, (C) if Securities of the series
are also issuable as Registered Securities and there is no publication, the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Registered Security in definitive form so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part, or (iii) to exchange any Bearer Security so selected
for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor; provided
that such Registered Security shall be simultaneously surrendered for redemption, or (iv) to issue, register the transfer
of or exchange any Security in definitive form which has been surrendered for repayment at the option of the Holder, except the
portion, if any, of such Security not to be so repaid.


 


Section 3.06         Mutilated,
Destroyed, Lost and Stolen Securities.


 


If any mutilated Security
or a Security with a mutilated coupon appertaining to it is surrendered to the applicable Trustee, the Company shall execute and
the applicable Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor
and principal amount and evidencing the same indebtedness and bearing a number not contemporaneously outstanding, with coupons
corresponding to the coupons, if any, appertaining to the surrendered Security, or, in case any such mutilated Security or coupon
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to the surrendered Security, pay such Security or coupon. If there shall be
delivered to the Company and to the Trustees (i) evidence to their satisfaction of the destruction, loss or theft of any Security
or coupon and (ii) such security (or surety in the case of the Canadian Trustee) or indemnity as may be required by them to
save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustees that
such Security or coupon has been acquired by a bona fide purchaser , the Company shall execute and upon Company Order the applicable
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for the Security
for which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security
of the same series and of like tenor and principal amount and evidencing the same indebtedness and bearing a number not contemporaneously
outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the
Security to which such destroyed, lost or stolen coupon appertains.


 




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Notwithstanding the provisions
of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about
to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to
the coupons, if any, appertaining to such mutilated, destroyed, lost or stolen Security or to the Security to which such mutilated,
destroyed, lost or stolen coupon appertains, pay such Security or coupon; provided, however, that payment of principal of,
premium (if any) and interest (if any) on Bearer Securities shall, except as otherwise provided in Section 10.02, be payable
only at an office or agency located outside the United States and Canada and, unless otherwise specified as contemplated by Section 3.01,
any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.


 


Upon the issuance of any
new Security under this Section 3.06, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustees) connected
therewith.


 


Every new Security of
any series with its coupons, if any, issued pursuant to this Section 3.06 in lieu of any mutilated, destroyed, lost or stolen Security
or in exchange for a Security to which a mutilated, destroyed, lost or stolen coupon appertains, shall constitute an original additional
contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security and its coupons, if any,
or the mutilated, destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and the Holders of such Security
shall be entitled to all the benefits of this Indenture equally and proportionately with the Holders of any and all other Securities
of that series and their coupons, if any, duly issued hereunder.


 


The provisions of this
Section 3.06 as amended or supplemented pursuant to this Indenture with respect to a particular series of Securities or generally
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or coupons.


 


Section 3.07         Payment
of Principal, Premium and Interest; Interest Rights Preserved; Optional Interest Reset.


 


(a)         Unless
otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, interest (if any) on any Registered
Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid by the Paying
Agent to the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 10.02;
provided, however, that each installment of interest (if any) on any Registered Security may at the Company’s option
be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant
to Section 3.09, to the address of such Person as it appears on the Security Register or (ii) wire transfer to an account
located in the United States maintained by the Person entitled to such payment as specified in the Security Register. Unless otherwise
provided as contemplated by Section 3.01 with respect to any series of Securities, principal and premium (if any) paid in relation
to any Security shall be paid to the Holder of such Security only upon presentation and surrender of such Security at the office
or agency of the Company maintained for such purpose pursuant to Section 10.02.


 




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Unless otherwise provided
as contemplated by Section 3.01 with respect to the Securities of any series, payment of interest (if any) may be made, in
the case of a Bearer Security, by transfer to an account located outside the United States and Canada maintained by the payee.


 


Unless otherwise provided
as contemplated by Section 3.01, every permanent global Security will provide that interest (if any) payable on any Interest
Payment Date will be paid to the Depositary with respect to that portion of such permanent global Security held for its account
by the Depositary, for the purpose of permitting the Depositary to credit the interest (if any) received by it in respect of such
permanent global Security to the accounts of the beneficial owners thereof.


 


Any interest on any Registered
Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith
cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such defaulted
interest and, if applicable, interest on such defaulted interest (to the extent lawful) at the rate specified in the Securities
of such series (such defaulted interest and, if applicable, interest thereon herein collectively called “Defaulted Interest”)
must be paid by the Company as provided for in either clause (1) or (2), at the Company’s election:


 


		(1)	The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustees in writing of the amount of Defaulted Interest
proposed to be paid on each Registered Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the applicable Trustee an amount of money in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable,
as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustees for such deposit on or prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in
this clause provided. Thereupon the Trustees shall fix a Special Record Date for the payment of such Defaulted Interest which
shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than
10 days after the receipt by the Trustees of the notice of the proposed payment. The Trustees shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be given in the manner provided in Section 1.07, not less
than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been so given, such Defaulted Interest shall be paid to the Persons in whose name the Registered Securities
of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following clause (2).



 


		(2)	The Company may make payment
of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Securities may be listed, and, upon such notice as may be required by such exchange,
if, after notice given by the Company to the Trustees of the proposed payment pursuant to this clause, such manner of payment
shall be deemed practicable by the Trustees.



 




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(b)          The
provisions of this Section 307(b) may be made applicable to any series of Securities pursuant to Section 3.01 (with such modifications,
additions or substitutions as may be specified pursuant to such Section 3.01). The interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on the
date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company may exercise
such option with respect to such Security by notifying the Trustees of such exercise at least 50 but not more than 60 days
prior to an Optional Reset Date for such Security. Not later than 40 days prior to each Optional Reset Date, the Trustees
shall transmit, in the manner provided for in Section 1.07, to the Holder of any such Security a notice (the “Reset
Notice”) indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used
to calculate such interest rate, if applicable), and if so (i) such new interest rate (or such new spread or spread multiplier,
if applicable) and (ii) the provisions, if any, for redemption during the period from such Optional Reset Date to the next
Optional Reset Date or if there is no such next Optional Reset Date, to the Stated Maturity of such Security (each such period
a “Subsequent Interest Period”), including the date or dates on which or the period or periods during which
and the price or prices at which such redemption may occur during the Subsequent Interest Period.


 


Notwithstanding the foregoing,
not later than 20 days prior to the Optional Reset Date, the Company may, at its option, revoke the interest rate (or the
spread or spread multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish
an interest rate (or the spread or spread multiplier, if applicable) that is higher than the interest rate (or the spread or spread
multiplier, if applicable) provided for in the Reset Notice, for the Subsequent Interest Period by causing the Trustees to transmit,
in the manner provided for in Section 1.07, notice of such higher interest rate (or such higher spread or spread multiplier,
if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the interest
rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on an Optional Reset Date,
and with respect to which the Holders of such Securities have not tendered such Securities for repayment (or have validly revoked
any such tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such higher spread or spread
multiplier, if applicable).


 


The Holder of any such
Security will have the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at
a price equal to the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on
an Optional Reset Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of
Holders except that the period for delivery or notification to the Trustees shall be at least 25 but not more than 35 days
prior to such Optional Reset Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset
Notice, the Holder may, by written notice to the Trustees, revoke such tender or repayment until the close of business on the tenth
day before such Optional Reset Date.


 


Subject to the foregoing
provisions of this Section 3.07 and Section 3.05, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which
were carried by such other Security.


 




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Section 3.08         Optional
Extension of Stated Maturity.


 


The provisions of this
Section 3.08 may be made applicable to any series of Securities pursuant to Section 3.01 (with such modifications, additions
or substitutions as may be specified pursuant to such Section 3.01). The Stated Maturity of any Security of such series may
be extended at the option of the Company for the period or periods specified on the face of such Security (each an “Extension
Period”) up to but not beyond the date (the “Final Maturity”) set forth on the face of such Security.
The Company may exercise such option with respect to any Security by notifying the Trustees of such exercise at least 50 but not
more than 60 days prior to the Stated Maturity of such Security in effect prior to the exercise of such option (the “Original
Stated Maturity”). If the Company exercises such option, the Trustees shall transmit, in the manner provided for in Section 1.07,
to the Holder of such Security not later than 40 days prior to the Original Stated Maturity a notice (the “Extension
Notice”) indicating (i) the election of the Company to extend the Stated Maturity, (ii) the new Stated Maturity,
(iii) the interest rate (if any) applicable to the Extension Period and (iv) the provisions, if any, for redemption during
such Extension Period. Upon the Trustees’ transmittal of the Extension Notice, the Stated Maturity of such Security shall
be extended automatically and, except as modified by the Extension Notice and as described in the next paragraph, such Security
will have the same terms as prior to the transmittal of such Extension Notice.


 


Notwithstanding the foregoing,
not later than 20 days before the Original Stated Maturity of such Security, the Company may, at its option, revoke the interest
rate provided for in the Extension Notice and establish a higher interest rate for the Extension Period by causing the Trustees
to transmit, in the manner provided for in Section 1.07, notice of such higher interest rate to the Holder of such Security.
Such notice shall be irrevocable. All Securities with respect to which the Stated Maturity is extended will bear such higher interest
rate.


 


If the Company extends
the Maturity of any Security, the Holder will have the option to elect repayment of such Security by the Company on the Original
Stated Maturity at a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment
on the Original Stated Maturity once the Company has extended the Maturity thereof, the Holder must follow the procedures set forth
in Article Thirteen for repayment at the option of Holders, except that the period for delivery or notification to the Trustees
shall be at least 25 but not more than 35 days prior to the Original Stated Maturity and except that, if the Holder has tendered
any Security for repayment pursuant to an Extension Notice, the Holder may by written notice to the Trustees revoke such tender
for repayment until the close of business on the tenth day before the Original Stated Maturity.


 


Section 3.09         Persons
Deemed Owners.


 


Prior to due presentment
of a Registered Security for registration of transfer, the Company, the Trustees and any agent of the Company or the Trustees may
treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose
of receiving payment of principal of, premium (if any) and (subject to Sections 3.05 and 3.07) interest (if any) on such Security
and for all other purposes whatsoever, whether or not such Security be overdue, and none of the Company, the Trustees or any agent
of the Company or the Trustees shall be affected by notice to the contrary.


 


Title to any Bearer Security
and any coupons appertaining thereto shall pass by delivery. The Company, the Trustees and any agent of the Company or the Trustees
may treat the bearer of any Bearer Security and the bearer of any coupon as the absolute owner of such Security or coupon for the
purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security
or coupons be overdue, and none of the Company, the Trustees or any agent of the Company or the Trustees shall be affected by notice
to the contrary.


 




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The Depositary for Securities
may be treated by the Company, the Trustees, and any agent of the Company or the Trustees as the owner of such global Security
for all purposes whatsoever. None of the Company, the Trustees, any Paying Agent or the Security Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security
in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.


 


Notwithstanding the foregoing,
with respect to any global Security, nothing herein shall prevent the Company, the Trustees, or any agent of the Company or the
Trustees, from giving effect to any written certification, proxy or other authorization furnished by any Depositary, as a Holder,
with respect to such global Security or impair, as between such Depositary and owners of beneficial interests in such global Security,
the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such
global Security.


 


Section 3.10         Cancellation.


 


All Securities and coupons
surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit
against any current or future sinking fund payment shall, if surrendered to any Person other than a Trustee, be delivered to either
Trustee. All Securities and coupons so delivered to either Trustee shall be promptly cancelled by such Trustee. The Company may
at any time deliver to a Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to either Trustee (or to any other Person for delivery to such Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities
so delivered shall be promptly cancelled by such Trustee. If the Company shall so acquire any of the Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are surrendered to either Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section 3.10, except as expressly permitted by this Indenture. All cancelled Securities
held by either Trustee shall be disposed of by such Trustee in accordance with its customary procedures and certification of their
disposal delivered to the Company unless by Company Order the Company shall direct that cancelled Securities be returned to it.


 


Section 3.11         Computation
of Interest.


 


Except as otherwise specified
as contemplated by Section 3.01 with respect to any Securities, interest (if any) on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months. For the purposes of disclosure under the Interest Act (Canada),
the yearly rate of interest to which interest calculated under a Security for any period in any calendar year (the “calculation
period”) is equivalent, is the rate payable under a Security in respect of the calculation period multiplied by a fraction
the numerator of which is the actual number of days in such calendar year and the denominator of which is the actual number of
days in the calculation period.


 


Section 3.12         Currency
and Manner of Payments in Respect of Securities.


 


(a)          With
respect to Registered Securities of any series not permitting the election provided for in paragraph (b) below or the Holders
of which have not made the election provided for in paragraph (b) below, and with respect to Bearer Securities of any series,
except as provided in paragraph (d) below, payment of the principal of, premium (if any) and interest (if any) on such Registered
Security or Bearer Security of such series will be made in the Currency in which such Registered Security or Bearer Security, as
the case may be, is payable. The provisions of this Section 3.12 may be modified or superseded with respect to any Securities pursuant
to Section 3.01.




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(b)          It
may be provided pursuant to Section 3.01 with respect to Registered Securities of any series that Holders shall have the option,
subject to paragraphs (d) and (e) below, to receive payments of principal of, premium (if any) or interest (if any) on such
Registered Securities in any of the Currencies which may be designated for such election by delivering to the Trustees a written
election with signature guarantees and in the applicable form established pursuant to Section 3.01, not later than the close
of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to receive such payments
in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder until changed by such
Holder or such transferee by written notice to the Trustees (but any such change must be made not later than the close of business
on the Election Date immediately preceding the next payment date to be effective for the payment to be made on such payment date
and no such change of election may be made with respect to payments to be made on any Registered Security of such series with respect
to which an Event of Default has occurred or with respect to which the Company has deposited funds pursuant to Article Four
or Fourteen or with respect to which a notice of redemption has been given by the Company or a notice of option to elect repayment
has been sent by such Holder or such transferee). Any Holder of any such Registered Security who shall not have delivered any such
election to the Trustees not later than the close of business on the applicable Election Date will be paid the amount due on the
applicable payment date in the relevant Currency as provided in Section 3.12(a). The Trustees shall notify the Exchange Rate
Agent as soon as practicable after the Election Date of the aggregate principal amount of Registered Securities for which Holders
have made such written election.


 


(c)          Unless
otherwise specified pursuant to Section 3.01, if the election referred to in paragraph (b) above has been provided for
pursuant to Section 3.01, then, unless otherwise specified pursuant to Section 3.01, not later than the fourth Business
Day after the Election Date for each payment date for Registered Securities of any series, the Exchange Rate Agent will deliver
to the Company a written notice specifying, in the Currency in which Registered Securities of such series are payable, the respective
aggregate amounts of principal of, premium (if any) and interest (if any) on the Registered Securities to be paid on such payment
date, specifying the amounts in such Currency so payable in respect of the Registered Securities as to which the Holders of Registered
Securities of such series shall have elected to be paid in another Currency as provided in paragraph (b) above. If the election
referred to in paragraph (b) above has been provided for pursuant to Section 3.01 and if at least one Holder has made
such election, then, unless otherwise specified pursuant to Section 3.01, on the second Business Day preceding such payment
date the Company will deliver to the Trustees for such series of Registered Securities an Exchange Rate Officer’s Certificate
in respect of the Dollar or Foreign Currency payments to be made on such payment date. Unless otherwise specified pursuant to Section 3.01,
the Dollar or Foreign Currency amount receivable by Holders of Registered Securities who have elected payment in a Currency as
provided in paragraph (b) above shall be determined by the Company on the basis of the applicable Market Exchange Rate in
effect on the third Business Day (the “Valuation Date”) immediately preceding each payment date, and such determination
shall be conclusive and binding for all purposes, absent manifest error.


 


(d)          If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than
pursuant to an election provided for pursuant to paragraph (b) above, then, with respect to each date for the payment of principal
of, premium (if any) and interest (if any) on the applicable Securities denominated or payable in such Foreign Currency occurring
after the last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the
Currency of payment for use on each such payment date. Unless otherwise specified pursuant to Section 3.01, the Dollar amount
to be paid by the Company to the Trustees and by the Trustees or any Paying Agent to the Holders of such Securities with respect
to such payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign
Currency or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange
Rate Agent in the manner provided in paragraph (f) or (g) below.


 




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(e)          Unless
otherwise specified pursuant to Section 3.01, if the Holder of a Registered Security denominated in any Currency shall have
elected to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such
elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence of such
election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence of
such election, such Holder shall receive payment in Dollars as provided in paragraph (d) above.


 


(f)          The
 “Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be obtained
for each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion
Date.


 


(g)          The
 “Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions
of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency
into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.


 


(h)          For
purposes of this Section 3.12 the following terms shall have the following meanings:


 


A “Component
Currency” shall mean any Currency which, on the Conversion Date, was a component currency of the relevant currency unit,
including, but not limited to, the Euro.


 


A “Specified
Amount” of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which
were represented in the relevant currency unit, including, but not limited to, the Euro, on the Conversion Date. If after the Conversion
Date the official unit of any Component Currency is altered by way of combination or subdivision, the Specified Amount of such
Component Currency shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies
are consolidated into a single currency, the respective Specified Amounts of such Component Currencies shall be replaced by an
amount in such single Currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed
in such single Currency, and such amount shall thereafter be a Specified Amount and such single Currency shall thereafter be a
Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified
Amount of such Component Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent
value at the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent value of the Specified Amount
of such former Component Currency at the Market Exchange Rate immediately before such division and such amounts shall thereafter
be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the Conversion Date of the relevant
currency unit, including, but not limited to, the Euro, a Conversion Event (other than any event referred to above in this definition
of “Specified Amount”) occurs with respect to any Component Currency of such currency unit and is continuing
on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating the Dollar
Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of such
Component Currency.


 


“Election Date”
shall mean the date for any series of Registered Securities as specified pursuant to clause (15) of Section 3.01 by which
the written election referred to in paragraph (b) above may be made.


 




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All decisions and determinations
of the Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit,
the Market Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in
the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustees and all Holders
of such Securities denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written notice
to the Company and the Trustees of any such decision or determination.


 


In the event that the
Company determines in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately
give written notice thereof to the Trustees and to the Exchange Rate Agent (and the Trustees will promptly thereafter give notice
in the manner provided for in Section 1.07 to the affected Holders) specifying the Conversion Date. In the event the Company
so determines that a Conversion Event has occurred with respect to the Euro or any other currency unit in which Securities are
denominated or payable, the Company will immediately give written notice thereof to the Trustees and to the Exchange Rate Agent
(and the Trustees will promptly thereafter give notice in the manner provided for in Section 1.07 to the affected Holders)
specifying the Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In the event the Company
determines in good faith that any subsequent change in any Component Currency as set forth in the definition of Specified Amount
above has occurred, the Company will similarly give written notice to the Trustees and the Exchange Rate Agent.


 


The Trustees shall be
fully justified and protected in relying and acting upon information received by it from the Company and the Exchange Rate Agent
and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information independent of the
Company or the Exchange Rate Agent.


 


Section 3.13         Appointment
and Resignation of Successor Exchange Rate Agent.


 


(a)          Unless
otherwise specified pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a
Currency other than Dollars or (ii) may be payable in a Currency other than Dollars, or so long as it is required under any
other provision of this Indenture, then the Company will maintain with respect to each such series of Securities, or as so required,
at least one Exchange Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations
at the time and in the manner specified pursuant to Section 3.01 for the purpose of determining the applicable rate of exchange
and, if applicable, for the purpose of converting the issued Currency into the applicable payment Currency for the payment of principal,
premium (if any) and interest (if any) pursuant to Section 3.12.


 


(b)          The
Company shall have the right to remove and replace from time to time the Exchange Rate Agent for any series of Securities. No resignation
of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section 3.13 shall become effective
until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to the
Company and the Trustees.


 


(c)          If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the
Exchange Rate Agent for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that
or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless otherwise specified pursuant to Section 3.01, at any time there shall
only be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the Company
on the same date and that are initially denominated and/or payable in the same Currency).


 




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ARTICLE Four

SATISFACTION AND DISCHARGE


 


Section 4.01         Satisfaction
and Discharge of Indenture.


 


This Indenture shall upon
Company Request cease to be of further effect with respect to any series of Securities specified in such Company Request (except
as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for herein or
pursuant hereto and the rights of Holders of such series of Securities and any related coupons to receive, solely from the trust
fund described in subclause (b) of clause (1) of this Section 4.01, payments in respect of the principal of, premium
(if any) and interest (if any) on such Securities and any related coupons when such payments are due and except as provided in
the last paragraph of this Section 4.01) and the Trustees, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when


 


		(1)	either



 


(a)          all
Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons
appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender
is not required or has been waived as provided in Section 3.05, (ii) Securities and coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06, (iii) coupons appertaining
to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided
in Section 11.06, and (iv) Securities and coupons of such series for whose payment money has theretofore been deposited
in trust with either Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company,
as provided in Section 10.03) have been delivered to either Trustee for cancellation; or


 


(b)          all
Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore delivered to
either Trustee for cancellation


 


		(i)	have become due and payable, or



 


		(ii)	will become due and payable at their Stated Maturity within
one year, or



 


		(iii)	if redeemable at the option of the Company, are to be called
for redemption within one year under arrangements satisfactory to the Trustees for the giving of notice of redemption by the Trustees
in the name, and at the expense, of the Company,



 


and the Company, in the case of (i), (ii)
or (iii) above, has irrevocably deposited or caused to be deposited with either Trustee as trust funds in trust for such purpose
an amount in the Currency in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness
on such Securities not theretofore delivered to such Trustee for cancellation, for principal, premium (if any) and interest (if
any) to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;


 




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		(2)	the Company has paid or caused to be paid all other sums
payable hereunder by the Company; and



 


		(3)	the Company has delivered to the Trustees an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture as to such series have been complied with.



 


Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustees under Section 6.07, the obligations of the
Trustees to any Authenticating Agent under Section 6.12 and, if money shall have been deposited with the Trustees pursuant
to subclause (b) of clause (1) of this Section 4.01, the obligations of the Trustees under Section 4.02 and the
last paragraph of Section 10.03 shall survive.


 


Section 4.02         Application
of Trust Money.


 


Subject to the provisions
of the last paragraph of Section 10.03, all money deposited with the Trustees pursuant to Section 4.01 shall be held
in trust and applied by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustees may determine,
to the Persons entitled thereto, of the principal, premium (if any) and interest (if any) for whose payment such money has been
deposited with the Trustees; but such money need not be segregated from other funds except to the extent required by law.


 


ARTICLE Five

REMEDIES


 


Section 5.01         Events
of Default.


 


“Event of Default,”
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is
specifically deleted or modified in or pursuant to a supplemental indenture, Board Resolution or Officer’s Certificate establishing
the terms of such series pursuant to Section 3.01 of this Indenture:


 


		(1)	default in the payment of any interest due on any Security
of that series, or any related coupon, when such interest or coupon becomes due and payable, and continuance of such default for
a period of 30 days; or



 


		(2)	default in the payment of the principal or premium (if
any) in respect of any Security of that series at its Maturity; or



 


		(3)	default in the deposit of any sinking fund, amortization
or analogous payment when due by the terms of any Security of that series and Article Twelve; or



 


		(4)	default in the performance, or breach, of any covenant
or agreement of the Company in this Indenture which affects or is applicable to the Securities of that series (other than a covenant
or agreement, a default in whose performance or whose breach is elsewhere in this Section 5.01 specifically dealt with), and continuance
of such default or breach for a period of 60 days after there has been given (and 120 days with respect to a default or breach
under Section 7.05), by registered or certified mail, to the Company by the Trustees or to the Company and the Trustees by the
Holders of at least 25% in principal amount of all Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or



 




    	40



     


    

 


		(5)	the entry of a decree or order by a court having jurisdiction
in the premises adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under or subject to the Bankruptcy and Insolvency Act (Canada),
the Companies’ Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy Code or any other federal, provincial, state
or foreign bankruptcy, insolvency or analogous laws, or the issuance of a sequestration order or the (appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or in receipt of any substantial part of
the property of the Company, and any such decree, order or appointment continues unstayed and in effect for a period of 90 consecutive
days; or



 


		(6)	the institution by the Company of proceedings to be adjudicated
bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing
by it of a petition or answer or consent seeking reorganization or relief under or subject to the Bankruptcy and Insolvency Act
(Canada), the Companies’ Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy Code or any other federal, provincial,
state or foreign bankruptcy, insolvency or analogous laws or the consent by it to the filing of any such petition or to the appointment
of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part
of its property, or the making by it of a general assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due or the taking by it of corporate action in furtherance of any of the
aforesaid purposes; or



 


		(7)	any other Event of Default provided with respect to Securities
of that series.



 


Section 5.02         Acceleration
of Maturity; Rescission and Annulment.


 


If an Event of Default
described in clause (1), (2), (3), (4) or (7) of Section 5.01 with respect to Securities of any series at the time Outstanding
occurs and is continuing, then in every such case, either Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series, may declare the principal amount (or, if the Securities of that series are Original Issue
Discount Securities or Indexed Securities, such portion of the principal amount as may be specified in the terms of that series)
of all of the Securities of that series and all interest thereon to be due and payable immediately, by a notice in writing to the
Company (and to the Trustees if given by Holders), and upon any such declaration such principal amount (or specified portion thereof)
shall become immediately due and payable. If an Event of Default specified in clause (5) or (6) of Section 5.01 occurs and
is continuing, then the principal amount of all the Securities shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustees or any Holder.


 


At any time after such
a declaration of acceleration with respect to Securities of any series (or of all series, as the case may be) has been made and
before a judgment or decree for payment of the money due has been obtained by either Trustee as hereinafter provided in this Article
Five, the Holders of a majority in principal amount of the Outstanding Securities of that series (or of all series, as the case
may be), by written notice to the Company and the Trustees, may rescind and annul such declaration and its consequences if:


 




    	41



     


    

 


		(1)	the Company has paid or deposited with either Trustee a
sum sufficient to pay in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant
to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d)
and 3.12(e)),



 


		(a)	all overdue interest (if any) on all Outstanding Securities
of that series (or of all series, as the case may be) and any related coupons,



 


		(b)	all unpaid principal of and premium (if any) on any Outstanding
Securities of that series (or of all series, as the case may be) which has become due otherwise than by such declaration of acceleration,
and interest on such unpaid principal and premium (if any) at the rate or rates prescribed therefor in such Securities,



 


		(c)	to the extent that payment of such interest is legally
enforceable, interest on overdue interest at the rate or rates prescribed therefor in such Securities, and



 


		(d)	all sums paid or advanced by the Trustees hereunder and
the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel; and



 


		(2)	all Events of Default with respect to Securities of that
series (or of all series, as the case may be), other than the non-payment of amounts of principal of, premium (if any) or interest
(if any) on Securities of that series (or of all series, as the case may be) which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 5.13.



 


No such rescission shall
affect any subsequent default or impair any right consequent thereon.


 


Section 5.03         Collection
of Debt and Suits for Enforcement by Trustees.


 


The Company covenants
that if


 


		(1)	default is made in the payment of any installment of interest
on any Security and any related coupon when such interest becomes due and payable and such default continues for a period of 30 days,
or



 


		(2)	default is made in the payment of the principal of or premium
(if any) any Security at the Maturity thereof,



 


then the Company will, upon demand of the
Trustees, pay to the applicable Trustee for the benefit of the Holders of such Securities and coupons, the whole amount then due
and payable on such Securities and coupons for principal of, premium (if any) and interest (if any) and interest on any overdue
principal, overdue premium (if any) and, to the extent lawful, overdue interest (if any), at the rate or rates prescribed therefor
in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel.


 


If the Company fails to
pay such amounts forthwith upon such demand, the Trustees, in their own names as trustees of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.


 




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If an Event of Default
with respect to Securities of any series (or of all series, as the case may be) occurs and is continuing, either Trustee may in
its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series (or of all
series, as the case may be) by such appropriate judicial proceedings as such Trustee shall deem most effectual to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy.


 


Section 5.04         Trustees
May File Proofs of Claim.


 


In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor
or their creditors, each Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether either Trustee shall have made any demand on the Company for
the payment of overdue principal, premium (if any) or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise,


 


		(i)	to file and prove a claim for the whole amount of principal
and premium (if any), or such portion of the principal amount of any series of Original Issue Discount Securities or Indexed Securities
as may be specified in the terms of such series, and interest (if any) owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of such Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceeding, and



 


		(ii)	to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute the same;



 


and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make
such payments to such Trustee and, in the event that such Trustee shall consent to the making of such payments directly to the
Holders, to pay to such Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of each
Trustee, its agents and counsel, and any other amounts due to such Trustee under Section 6.07.


 


Nothing herein contained
shall be deemed to authorize the Trustees to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustees
to vote in respect of the claim of any Holder in any such proceeding.


 


Section 5.05         Trustees
May Enforce Claims Without Possession of Securities.


 


All rights of action and
claims under this Indenture, the Securities or coupons may be prosecuted and enforced by the Trustees without the possession of
any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted
by either Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Securities and coupons in respect of which such judgment has been recovered.


 




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Section 5.06         Application
of Money Collected.


 


Any money collected by
either Trustee pursuant to this Article Five shall be applied in the following order, at the date or dates fixed by the Trustees
and, in case of the distribution of such money on account of principal of, premium (if any) or interest (if any) upon presentation
of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid:


 


First: to the payment
of all amounts due the Trustees under Section 6.07;


 


Second: to the payment
of the amounts then due and unpaid for principal of, premium (if any) and interest (if any), on the Securities and coupons in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities and coupons for principal, premium (if any) and interest (if any), respectively;
and


 


Third: the balance, if
any, to the Person or Persons entitled thereto.


 


Section 5.07         Limitation
on Suits.


 


No Holder of any Security
of any series or any related coupons shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture or the Securities, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless


 


		(1)	such Holder has previously given written notice to the
Trustees of a continuing Event of Default with respect to the Securities of that series;



 


		(2)	the Holders of not less than 25% in principal amount of
the Outstanding Securities of that series in the case of any Event of Default described in clause (1), (2), (3), (4) or (7)
of Section 5.01, or, in the case of any Event of Default described in clause (5) or (6) of Section 5.01, the Holders
of not less than 25% in principal amount of all Outstanding Securities, shall have made written request to the Trustees to institute
proceedings in respect of such Event of Default in their own names as Trustees hereunder;



 


		(3)	such Holder or Holders have offered to the Trustees reasonable
indemnity against the costs, expenses and liabilities to be incurred in compliance with such request;



 


		(4)	the Trustees for 60 days after their receipt of such
notice, request and offer of indemnity have failed to institute any such proceeding; and



 


		(5)	no direction inconsistent with such written request has
been given to the Trustees during such 60-day period by the Holders of a majority or more in principal amount of the Outstanding
Securities of that series in the case of any Event of Default described in clause (1), (2), (3), (4) or (7) of Section 5.01,
or in the case of any Event of Default described in clause (5) or (6) of Section 5.01, by the Holders of a majority
or more in principal amount of all Outstanding Securities;



 




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it being understood and intended that no one
or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other Holders of Securities of the same series, in the case of any Event of Default
described in clause (1), (2), (3), (4) or (7) of Section 5.01, or of Holders of all Securities in the case of any Event
of Default described in clause (5) or (6) of Section 5.01, or to obtain or to seek to obtain priority or preference over
any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all Holders of Securities of the same series, in the case of any Event of Default described in clause (1),
(2), (3), (4) or (7) of Section 5.01, or of Holders of all Securities in the case of any Event of Default described in clause (5)
or (6) of Section 5.01.


 


Section 5.08         Unconditional
Right of Holders to Receive Principal, Premium and Interest.


 


Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment,
as provided herein (including, if applicable, Article Fourteen) and in such Security, of the principal of and premium (if
any) and (subject to Section 3.07) interest (if any) on, such Security or payment of such coupon on the respective Stated
Maturities expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment
at the option of the Holder as contemplated by Article Twelve, on the Repayment Date) and subject to the limitations on a Holder’s
ability to institute suit contained Section 5.07, to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.


 


Section 5.09         Restoration
of Rights and Remedies.


 


If either Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to such Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, the Trustees and the Holders of Securities and coupons shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustees and the Holders
shall continue as though no such proceeding had been instituted.


 


Section 5.10         Rights
and Remedies Cumulative.


 


Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph
of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustees or to the Holders of Securities or coupons
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law,
prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


Section 5.11         Delay
or Omission Not Waiver.


 


No delay or omission of
the Trustees or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article Five or by law to the Trustees or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustees or by the Holders, as the case may be.


 




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Section 5.12         Control
by Holders.


 


With respect to the Securities
of any series, the Holders of not less than a majority in principal amount of the Outstanding Securities of such series shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustees, or exercising
any trust or power conferred on the Trustees, relating to or arising under clause (1), (2), (3), (4) or (7) of Section 5.01,
and, with respect to all Securities, the Holders of not less than a majority in principal amount of all Outstanding Securities
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustees,
or exercising any trust or power conferred on the Trustees, not relating to or arising under clause (1), (2), (3), (4) or
(7) of Section 5.01, provided that in each case


 


		(1)	such direction shall not be in conflict with any rule of
law or with this Indenture,



 


		(2)	the Trustees may take any other action deemed proper by
the Trustees which is not inconsistent with such direction, and



 


		(3)	the Trustees need not take any action which might involve
them in personal liability or be unjustly prejudicial to the Holders of Securities of such series not consenting.



 


Section 5.13         Waiver
of Past Defaults.


 


Subject to Section 5.02,
the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series waive any past Default described in clause (1), (2), (3), (4) or (7) of Section 5.01
(or, in the case of a Default described in clause (5) or (6) of Section 5.01, the Holders of not less than a majority
in principal amount of all Outstanding Securities may waive any such past Default), and its consequences, except a default


 


		(1)	in respect of the payment of the principal of, premium
(if any) or interest (if any) on any Security or any related coupon, or



 


		(2)	in respect of a covenant or provision herein which under
Article Nine cannot be modified or amended without the consent of the Holder of each outstanding Security of such series
affected.



 


Upon any such waiver,
any such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any
right consequent thereon.


 


Section 5.14         Waiver
of Stay or Extension Laws.


 


The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power
herein granted to the Trustees, but will suffer and permit the execution of every such power as though no such law had been enacted.


 




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Section 5.15         Undertaking
for Costs.


 


In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against either Trustee for any action taken, suffered or omitted by
it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs against any such party litigant, in the manner and to the extent provided in Trust Indenture Legislation; provided,
however, that neither this Section 5.15 nor the provisions of TIA Section 315(e) shall apply to any suit instituted by
either Trustee or by any Holder or group of Holders holding more than 10% in principal amount of all Outstanding Securities or
by any Holder of any Security on any suit for the enforcement of the right to receive the principal of and interest on any such
Securities.


 


ARTICLE Six

THE TRUSTEES


 


Section 6.01         Notice
of Defaults.


 


Each Trustee shall promptly
give the other Trustee notice of any Default or Event of Default known to it. Within a reasonable time, but no more than 30 days
after either Trustee has knowledge of any Default hereunder with respect to the Securities of any series, one or both of the Trustees
shall transmit in the manner and to the extent provided in Trust Indenture Legislation, including TIA Section 313(c), notice to
the Holders of such Default hereunder known to either Trustee, unless such Default shall have been cured or waived (and, in the
case where such Default shall have been cured, the Trustees shall notify the Holders in writing of such cure in writing within
a reasonable time, but not exceeding 30 days, after the Trustees have become aware that the Default has been cured); provided,
however, that, except in the case of a Default in the payment of the principal of, premium (if any) or interest (if any) on
any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustees
shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee
of directors and/or Responsible Officers of each Trustee in good faith determine that the withholding of such notice is in the
interest of the Holders of Securities of such series and any related coupons; provided further that in the case of any Default
of the character specified in clause (4) of Section 5.01 with respect to Securities of such series, no such notice to Holders shall
be given until at least 30 days after the occurrence thereof.


 


Section 6.02         Certain
Duties and Responsibilities of Trustees.


 


(a)          The
Trustees, prior to the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred,
shall undertake to perform with respect to the Securities of any series such duties and only such duties as are specifically set
forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustees.


 


(b)          In
all instances, in the exercise of the powers, rights, duties and discharge of obligations prescribed or conferred by the terms
of this Indenture, each Trustee shall act honestly and in good faith with a view to the best interests of the Holders and exercise
that degree of care, diligence and skill that a reasonably prudent trustee in respect of indentures for the purpose of issuing
corporate debt obligations would exercise in comparable circumstances.


 


(c)          No
provision of this Indenture shall be construed to relieve each Trustee from liability for its own actions or failure to act in
accordance with Subsection 6.02(b), except that:


 


		(i)	prior to the occurrence of an Event of Default and after
the curing or waiving of all such Events of Default that may have occurred:



 




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		(A)	the duties and obligations
of each Trustee with respect to the Securities of any series shall be determined solely by the express provisions of this Indenture,
and the Trustees shall not be liable except for the performance of such duties and obligations as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustees; and



 


		(B)	in the absence of bad faith
on the part of either Trustee, such Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished to the Trustees and conforming to the requirements of
this Indenture and Trust Indenture Legislation; but in the case of any such certificates or opinions that by any provision hereof
are specifically required to be furnished to the Trustees, the Trustees shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture; provided, however, the Canadian Trustee shall not be
required to determine whether the certificates or opinions presented to it conform to the Trust Indenture Act and the U.S. Trustee
shall not be required to determine whether the certificates or opinions presented to it conform to Canadian Trust Indenture Legislation.



 


		(ii)	the Trustees shall not be liable with respect to any action
taken or omitted to be taken by them in good faith in accordance with the direction of the Holders of not less than a majority
in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustees, or exercising any trust or power conferred upon the Trustees under this
Indenture;



 


		(iii)	none of the provisions contained in this Indenture shall
require either Trustee to expend or risk their own funds or otherwise incur personal or any financial liability in the performance
of any of their duties or in the exercise of any of their rights or powers; and



 


		(iv)	whether or not therein expressly so provided, except to
the extent expressly provided herein to the contrary, every provision of this Indenture relating to the conduct or effecting the
liability or affording protection to the Trustees shall be subject to the provisions of this Section 6.02.



 


(d)          Notwithstanding
the provisions of this Section 6.02 or any provision in this Indenture or in the Securities, the Trustees will not be charged
with knowledge of the existence of any Event of Default or any other fact that would prohibit the making of any payment of monies
to or by the Trustees, or the taking of any other action by the Trustees, unless and until the Trustees have received written notice
thereof from the Company or any Holder.


 


Section 6.03         Certain
Rights of Trustees.


 


Subject to the provisions
of TIA Sections 315(a) through 315(d):


 


		(1)	the Trustees may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by them to be genuine
and to have been signed or presented by the proper party or parties;



 




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		(2)	any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution;



 


		(3)	whenever in the administration of this Indenture the Trustees
shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, each
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate;



 


		(4)	the Trustees may consult with counsel and the written advice
of such counsel or any opinion of Counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by them hereunder in good faith and in reliance thereon;



 


		(5)	the Trustees shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities of any
series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustees reasonable security
or indemnity against the costs, expenses and liabilities which might be incurred by them in compliance with such request or direction;



 


		(6)	the Trustees shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustees, in their discretion,
may make such further inquiry or investigation into such facts or matters as they may see fit, and, if the Trustees shall determine
to make such further inquiry or investigation, they shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney;



 


		(7)	in an Event of Default, the Trustees’ powers shall
not be infringed upon so long as they act in accordance with Section 6.02(b);



 


		(8)	the Trustees may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or attorneys and the Trustees shall not be responsible
for any misconduct or negligence on the part of any agent or attorney appointed with due care by them hereunder; and



 


		(9)	the Trustees shall not be liable for any action taken,
suffered or omitted by them in good faith and believed by them to be authorized or within the discretion or rights or powers conferred
upon them by this Indenture, so long as they act in accordance with this Section 6.02(b).



 


Section 6.04         Trustees
Not Responsible for Recitals or Issuance of Securities.


 


The recitals contained
herein and in the Securities, except for a Trustee’s certificate of authentication, and in any coupons shall be taken as
the statements of the Company, and neither Trustee nor any Authenticating Agent assumes any responsibility for their correctness.
The Trustees make no representations as to the validity or sufficiency of this Indenture or of the Securities or coupons, except
that the Trustees represent that they are duly authorized to execute and deliver this Indenture, authenticate the Securities and
perform their obligations hereunder and that the statements made by the U.S. Trustee in a Statement of Eligibility on Form T-1
supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. Nothing herein contained
will impose on either Trustee any obligation to see to, or to require evidence of, the registration or filing (or renewal thereof)
of this Indenture or any supplemental indenture. The Trustees shall not be bound to give notice to any person of the execution
hereof.


 




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Section 6.05         May
Hold Securities.


 


The Trustees, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Company or of the Trustees, in their individual or any
other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may
otherwise deal with the Company, including, without limitation, as a creditor of the Company, with the same rights they would have
if they were not Trustees, Authenticating Agent, Paying Agent, Security Registrar or such other agent. A Trustee that has resigned
or is removed shall remain subject to TIA Section 311(a) to the extent provided therein.


 


Section 6.06         Money
Held in Trust.


 


Money held by the Trustees
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustees shall be under no
liability for interest on any money received by them hereunder except as otherwise agreed with the Company.


 


Section 6.07         Compensation
and Reimbursement.


 


The Company agrees:


 


		(1)	to pay to the Trustees from time to time reasonable compensation
for all services rendered by them hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);



 


		(2)	except as otherwise expressly provided herein, to reimburse
the Trustees upon their request for all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance
with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of their agents
and counsel), except any such expense, disbursement or advance as may be attributable to the U.S. Trustee’s gross negligence
or bad faith or the Canadian Trustee’s gross negligence or willful misconduct, respectively; and



 


		(3)	to indemnify the Trustees for, and to hold them and their
directors, officers, agents, representatives, successors, assigns and employees harmless against, any loss, liability or expense
incurred without gross negligence or bad faith on the part of the U.S. Trustee, or gross negligence or willful misconduct on the
part of the Canadian Trustee, respectively, arising out of or in connection with the acceptance or administration of the trust
or trusts hereunder, including reasonable attorneys’ fees and other reasonable costs and expenses of defending themselves
against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder.



 




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The obligations of the
Company under this Section 6.07 to compensate the Trustees, to pay or reimburse the Trustees for expenses, disbursements and advances
and to indemnify and hold harmless the Trustees shall constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture and the resignation or removal of the Trustee. As security for the performance of such obligations
of the Company, the Trustees shall have a claim prior to the Securities upon all property and funds held or collected by the Trustees
as such, except funds held in trust for the payment of principal of, premium (if any) or interest (if any) on particular Securities
or any coupons.


 


When the Trustees incur
expenses or render services in connection with an Event of Default specified in clause (5) or (6) of Section 5.01, the expenses
(including reasonable charges and expense of its counsel) of and the compensation for such services are intended to constitute
expenses of administration under any applicable United States or Canadian federal, state or provincial bankruptcy, insolvency or
other similar law.


 


The provisions of this
Section 6.07 shall survive the termination of this Indenture.


 


Section 6.08         Corporate
Trustees Required; Eligibility.


 


		(1)	There shall be at all times a U.S. Trustee hereunder which
shall be eligible to act as Trustee under TIA Section 310(a)(1) and, together with its immediate parent, shall have a combined
capital and surplus of at least $50,000,000. If the U.S. Trustee publishes reports of condition at least annually, pursuant to
law or to the requirements of United States federal, state, territorial or District of Columbia supervising or examining authority,
then for the purposes of this Section 6.08, the combined capital and surplus of U.S. Trustee shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the U.S. Trustee shall cease
to be eligible in accordance with the provisions of this Section 6.08, it shall resign immediately in the manner and with the
effect hereinafter specified in this Article Six.



 


		(2)	For so long as required by Trust Indenture Legislation,
there shall be a Canadian Trustee under this Indenture. The Canadian Trustee shall at all times be a resident or authorized to
do business in the Province of [British Columbia] and any other province in Canada where Holders may be resident from time to time. The
Canadian Trustee represents and warrants that no material conflict of interest exists in the Canadian Trustee’s role as
a fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will, within 30 days
after ascertaining that it has such material conflict of interest, either eliminate the same or resign its trust hereunder. If
any such material conflict of interests exists or hereafter shall exist, the validity and enforceability of this Indenture shall
not be affected in any manner whatsoever by reason thereof.



 


		(3)	The Trustees will not be required to give any bond or security
in respect of the execution of the trusts and powers set out in this Indenture or otherwise in respect of the premises.



 


		(4)	Neither Trustee nor any Affiliate of either Trustee shall
be appointed a receiver or receiver and manager or liquidator of all or any part of the assets or undertaking of the Company.



 




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Section 6.09         Resignation
and Removal; Appointment of Successor.


 


		(1)	No resignation or removal of either Trustee and no appointment
of a successor Trustee pursuant to this Article Six shall become effective until the acceptance of appointment by the successor
Trustee in accordance with the applicable requirements of Section 6.10.



 


		(2)	Either Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.10 shall not have been delivered to such Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.



 


		(3)	Either Trustee may be removed following 30 days notice
at any time with respect to the Securities of any series by Act of the Holders of not less than a majority in principal amount
of the Outstanding Securities of such series, delivered to such Trustee and to the Company.



 


		(4)	If at any time:



 


		(i)	either Trustee shall acquire any conflicting interest as
defined in TIA Section 310(b) and fail to comply with the provisions of TIA Section 310(b)(i), or



 


		(ii)	either Trustee shall fail to comply with the provisions
of TIA Section 310(b) after written request therefor by the Company or by any Holder who has been a bona fide Holder of a
Security for at least six months, or



 


		(iii)	either Trustee shall cease to be eligible under Section 6.08
and shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security
for at least six months, or



 


		(iv)	either Trustee shall become incapable of acting or shall
be adjudged a bankrupt or insolvent or a receiver of such Trustee or of its property shall be appointed or any public officer
shall take charge or control of such Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation,



 


then, in any such
case, (i) the Company, by a Board Resolution, may remove such Trustee with respect to all Securities, or (ii) subject
to TIA Section 315(e), any Holder who has been a bona fide Holder of a Security of such series for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of such Trustee
with respect to all Securities of such series and the appointment of a successor Trustee or Trustees.


 




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		(5)	If either Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of the U.S. Trustee or the Canadian Trustee for any cause, with respect to
the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series) provided, however, that the Company shall not be required
to appoint a successor Trustee to the Canadian Trustee if the Canadian Trustee resigns or is removed and a Canadian Trustee under
this Indenture is no longer required under Trust Indenture Legislation. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become
the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company
or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Security
of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.



 


		(6)	The Company shall give notice of each resignation and each
removal of a Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to
the Securities of any series to the Holders of Securities of such series in the manner provided for in Section 1.07. Each
notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.



 


		(7)	If a Canadian Trustee under this Indenture is no longer
required by Trust Indenture Legislation, then the Company by a Board Resolution may remove the Canadian Trustee.



 


Section 6.10         Acceptance
of Appointment by Successor.


 


		(1)	In case of the appointment hereunder of a successor Trustee
with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company
and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee,
such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder.



 




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		(2)	In case of the appointment hereunder of a successor Trustee
with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee
with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer
and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the
retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the
execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective
to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. Whenever
there is a successor Trustee with respect to one or more (but less than all) series of Securities issued pursuant to this Indenture,
the terms “Indenture” and “Securities” shall have the meanings specified in the provisos to the respective
definitions of those terms in Section 1.01 which contemplate such situation.



 


		(3)	Upon reasonable request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all rights, powers and trusts referred to in paragraph (1) or (2) of this Section 6.10, as the case may be.



 


		(4)	No successor Trustee shall accept its appointment unless
at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article Six.



 


Section 6.11         Merger,
Conversion, Consolidation or Succession to Business.


 


Any corporation into which
either Trustee or its corporate trust business may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which either Trustee shall be a party, or any corporation succeeding
to all or substantially all the corporate trust business of either Trustee, shall be the successor of such Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article Six, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered,
by a Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated
such Securities. In case any of the Securities shall not have been authenticated by such predecessor Trustee, any successor Trustee
may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee. In all
such cases such certificates shall have the full force and effect which this Indenture provides for the certificate of authentication
of such Trustee; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee
or to authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger,
conversion or consolidation.


 




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Section 6.12         Appointment
of Authenticating Agent.


 


At any time when any of
the Securities remain outstanding, the Trustees may appoint an Authenticating Agent or Agents, with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustees to authenticate Securities of such series and the Trustees
shall give written notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating
Agent will serve, in the manner provided for in Section 1.07. Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the applicable Trustee hereunder. Any
such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustees, and a copy of
such instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustees or either Trustee’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustees by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustees by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and
shall at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof
or the District of Columbia or the laws of Canada or any province thereof, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by United States
federal or state or Canadian federal or provincial authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 6.12,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section 6.12, it shall resign immediately in the manner and with the effect specified in this Section 6.12.


 


Any corporation into which
an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such
corporation shall be otherwise eligible under this Section 6.12, without the execution or filing of any paper or any further act
on the part of the Trustees or the Authenticating Agent.


 


An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustees and to the Company. The Trustees may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 6.12, the Trustees may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall give written notice of such appointment to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve, in the manner provided for in Section 1.07. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder,
with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 6.12.


 


The Trustees agree to
pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.12, and the Trustees
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.07.


 


If an appointment with
respect to one or more series is made pursuant to this Section 6.12, the Securities of such series may have endorsed thereon, in
addition to either Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:


 


(Certificate of Authentication may be executed
by either Trustee)


 




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_____________________,
as U.S. Trustee, certifies that this is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture.


 


Dated: ____________


 






	 	____________________________________________,
	 	as U.S. Trustee







 


	 	 
	 	By: 	 
	 	 	As Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Officer


 


_____________________,
as Canadian Trustee, certifies that this is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture.


 


Dated: ____________


 




	 	____________________________________________,
	 	as Canadian Trustee


 


	 	 	 
	 	By: 	 
	 	 	As Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Officer




 


Section 6.13         Joint
Trustees.


 


The rights, powers, duties
and obligations conferred and imposed upon the Trustees are conferred and imposed upon and shall be exercised and performed by
the U.S. Trustee and the Canadian Trustee individually, except to the extent the Trustees are required under Trust Indenture Legislation
to perform such acts jointly, and neither Trustee shall be liable or responsible for the acts or omissions of the other Trustee.
If the U.S. Trustee and Canadian Trustee are unable to agree jointly to act or refrain from acting, the applicable Trustee shall
make the decision in accordance with its applicable legislation. Unless the context implies or requires otherwise, any written
notice, request, direction, certificate, instruction, opinion or other document (each such document, a “Writing”)
delivered pursuant to any provision of this Indenture to any of the U.S. Trustee or the Canadian Trustee shall be deemed for all
purposes of this Indenture as delivery of such Writing to the Trustee. Each such Trustee in receipt of such Writing shall notify
such other Trustee of its receipt of such Writing within two Business Days of such receipt provided, however, that any failure
of such trustee in receipt of such Writing to so notify such other Trustee shall not be deemed as a deficiency in the delivery
of such Writing to the Trustee.


 




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Section 6.14         Other
Rights of Trustees.


 


Each Trustee shall retain
the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever,
either Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money
laundering or anti-terrorist legislation, regulation or guideline. Further, should either Trustee, in its sole judgment, determine
at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering
or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to
all parties provided (i) that such Trustee’s written notice shall describe the circumstances of such non-compliance;
and (ii) that if such circumstances are rectified to such Trustee’s satisfaction within such 10 day period, then
such resignation shall not be effective.


 


The parties hereto acknowledge
that Canadian federal and provincial legislation addressing the protection of individuals’ personal information (collectively,
 “Privacy Laws”) applies to obligations and activities under this Indenture. Despite any other provision of this
Indenture, neither party shall take or direct any action that would contravene, or cause the other to contravene, applicable Privacy
Laws. The Company, prior to transferring, or causing to be transferred, personal information to the Canadian Trustee, shall obtain
and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or
shall have determined that such consents either have been previously given and can be relied on or are not required under Privacy
Laws. The Canadian Trustee shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy
Laws. Specifically, the Trustee agrees to (i) have designated a chief privacy officer; (ii) maintain policies and procedures
to protect personal information and to receive and respond to any privacy complaint or inquiry; (iii) use personal information
solely for the purposes of providing its services under or ancillary to this Indenture and not to use it for any other purpose
except with the consent and direction of the Company; (iv) not sell or otherwise improperly disclose personal information
to any third party; and (v) use employee administrative, physical and technological safeguards to reasonably secure and protect
personal information against loss, theft or unauthorized access, use or modification.


 


It is expressly acknowledged
and agreed that the Canadian Trustee may, in the course of providing services hereunder, collect or receive, use and disclose financial
and other personal information about such parties and/or their representatives, as individuals, or about other individuals related
to the subject matter hereof, and use such information for the following purposes:


 


		(i)	to provide the services required under this Indenture and
other services that may be requested from time to time;



 


		(ii)	to help the Canadian Trustee manage its servicing relationships
with such individuals;



 


		(iii)	to meet the Canadian Trustee’s legal and regulatory
requirements; and



 


		(iv)	if social insurance numbers are collected by the Canadian
Trustee, to perform tax reporting and to assist in verification of an individual’s identity for security purposes.



 


Further, each party agrees
that it shall not provide or cause to be provided to the Canadian Trustee any personal information relating to an individual who
is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the
aforementioned uses and disclosures. Notwithstanding anything to the contrary herein, the Company and the Trustees may, without
liability, disclose information about the Holders and beneficial owners or potential Holders or potential beneficial owners of
the Securities pursuant to subpoena or other order issued by a court of competent jurisdiction or when otherwise required by applicable
law.


 




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Each Trustee hereby accepts
the trusts in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set
forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall from
time to time be holders, subject to all the terms and conditions herein set forth.


 


ARTICLE Seven

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY


 


Section 7.01         Company
to Furnish Trustees Names and Addresses of Holders.


 


The Company will furnish
or cause to be furnished to the Trustees (1) not more than 15 days after each Regular Record Date, or such lesser time
as required by the Trustees, a list, in such form as the Trustees may reasonably require, of the names and addresses of Holders
as of such Regular Record Date; provided, however, that the Company shall not be obligated to furnish or cause to be furnished
such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustees by the
Company or at such times as either Trustee is acting as Security Registrar for the applicable series of Securities and (2) at
such other times as the Trustees may request in writing within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished.


 


Section 7.02         Preservation
of List of Names and Addresses of Holders.


 


The Trustees shall preserve,
in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the
most recent list furnished to them as provided in Section 7.01 and as to the names and addresses of Holders received by either
Trustee in its capacity as Security Registrar for the applicable series of Securities (if acting in such capacity).


 


The Trustees may destroy
any list furnished as provided in Section 7.01 upon receipt of a new list so furnished.


 


Holders may communicate
as provided in TIA Section 312(b) with other Holders with respect to their rights under this Indenture or under the Securities.


 


Section 7.03         Disclosure
of Names and Addresses of Holders.


 


Every Holder of Securities
or coupons, by receiving and holding the same, agrees with the Company and the Trustees that none of the Company or the Trustees
or any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and
addresses of the Holders in accordance with TIA Section 312, regardless of the source from which such information was derived,
and that the Trustees shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b).


 


Section 7.04         Reports
by Trustees.


 


		(1)	Within 60 days after May 15 of each year commencing
with the first year after the first issuance of Securities pursuant to this Indenture, the U.S. Trustee shall transmit to the
Holders of Securities, in the manner and to the extent provided in TIA Section 313(c), a brief report dated as of such reporting
date, if required by TIA Section 313(a).



 




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		(2)	The U.S. Trustee shall comply with TIA Sections 313(b)
and 313(c).



 


		(3)	A copy of such report shall, at the time of such transmission
to the Holders, be filed by the U.S. Trustee with the Company, with each securities exchange upon which any of the Securities
are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustees when the Securities become listed
on any securities exchange.



 


Section 7.05         Reports
by the Company.


 


		(1)	The Company will file with the Trustees, within 20 days
after filing with or furnishing to the Commission, copies of its annual reports and of the information, documents and other reports
(or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which the Company
is required to file or furnish with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or, if the Company
is not required to file information, documents or reports pursuant to either of such sections, then to file with the Trustees
and the Commission, in accordance with rules and reulations prescribed by the Commission, such of the supplementary and periodic
information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed
and registered on a national securities exchange as may be prescribed in such rules and regulations; provided that any
such reports, information or documents filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval
(EDGAR) system shall be deemed filed with the Trustees.



 


		(2)	The Company will transmit to all Holders, in the manner
and to the extent provided in TIA Section 313(c), within 30 days after the filing thereof with the Trustees, such summaries
of any information, documents and reports required to be filed by the Company pursuant to paragraph (1) of this Section 7.05
as may be required by rules and regulations prescribed from time to time by the Commission.



 


		(3)	If at any time the Securities are guaranteed by a direct
or indirect parent of the Company, and such parent has furnished the reports required by this Section 7.05 with respect to parent
as required by this Section 7.05 as if parent were the Company (including any financial information required hereby), the Company
shall be deemed to be in compliance with this Section 7.05.



 


ARTICLE Eight

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE


 


Section 8.01         Company
May Consolidate, etc., only on Certain Terms.


 


The Company shall not
amalgamate or consolidate with or merge into or enter into any statutory arrangement with any other Person, or, directly or indirectly,
convey, transfer or lease all or substantially all of its properties and assets to any Person, unless:


 




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		(1)	the Person formed by or continuing from such amalgamation
or consolidation or into which the Company is merged or with which it enters into such statutory arrangement or the Person which
acquires by operation of law or by conveyance or transfer, or which leases, all or substantially all of the properties and assets
of the Company shall be a corporation, partnership or trust organized and validly existing under the laws of Canada or any province
or territory thereof, the United States of America or any state thereof or the District of Columbia or, if such amalgamation,
consolidation, merger, statutory arrangement or other transaction would not impair the rights of Holders, any other country, and,
unless the Company is the continuing corporation, shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Trustees, in form satisfactory to the Trustees, the Company’s obligation for the due and punctual payment of the
principal of, premium (if any) and interest (if any) on all the Securities and the performance and observance of every covenant
of this Indenture on the part of the Company to be performed or observed;



 


		(2)	immediately after giving effect to such transaction, no
Default or Event of Default shall have happened and be continuing; and



 


		(3)	the Company or such Person shall have delivered to the
Trustees an Officer’s Certificate and an Opinion of Counsel, each stating that such amalgamation, consolidation, merger,
statutory arrangement or other transaction and such supplemental indenture comply with this Article Eight and that all conditions
precedent herein provided for relating to such transaction have been complied with.



 


Notwithstanding the
above, the Company may consolidate with, amalgamate with, undergo an arrangement with, merge with or into an Affiliate of the Company
solely for the purpose of reincorporating the Company in a state of the United States or the District of Columbia or in another
province or territory of Canada.


 


This Section 8.01 shall
only apply to a merger, consolidation or amalgamation in which the Company is not the surviving Person and to conveyances, leases
and transfers by the Company as transferor or lessor.


 


Section 8.02         Successor
Person Substituted.


 


Upon any amalgamation
or consolidation by the Company with or merger by the Company into any other corporation or a statutory arrangement or any conveyance,
transfer or lease of all or substantially all of the properties and assets of the Company to any Person in accordance with Section 8.01,
the successor Person formed by such amalgamation or consolidation or into which the Company is merged or statutory arrangement,
or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein,
and in the event of any such conveyance or transfer, the Company (which term shall for this purpose mean the Person named as the
 “Company” in the first paragraph of this Indenture or any successor Person which shall theretofore become such in the
manner described in Section 8.01), except in the case of a lease, shall be discharged of all obligations and covenants under
this Indenture and the Securities and the coupons and may be dissolved and liquidated.


 




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ARTICLE Nine

SUPPLEMENTAL INDENTURES


 


Section 9.01         Supplemental
Indentures Without Consent of Holders.


 


Notwithstanding Section
9.02, without the consent of any Holders, the Company, when authorized by or pursuant to a Board Resolution, and the Trustees,
at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustees,
for any of the following purposes:


 


		(1)	to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of the Company contained herein and in the Securities; or



 


		(2)	to add to the covenants of the Company for the benefit
of the Holders of all or any series of Securities and any related coupons (and if such covenants are to be for the benefit of
less than all series of Securities, stating that such covenants are being included solely for the benefit of such series) or to
surrender any right or power herein conferred upon the Company; or



 


		(3)	to add any additional Events of Default (and if such Events
of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are being included
solely for the benefit of such series); or



 


		(4)	to delete or modify any Events of Default with respect
to all or any series of the Securities, the form and terms of which are being established pursuant to such supplemental indenture
as permitted in Section 3.01 (and if such Events of Default are to be for the benefit of less than all series of Securities, stating
that such Events of Default are being included solely for the benefit of such series, and to specify the rights and remedies of
the Trustees and the Holders of such Securities in connection therewith); or



 


		(5)	to add to or change any of the provisions of this Indenture
to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of
principal of or any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered
Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to
permit or facilitate the issuance of Securities in uncertificated form; provided that any such action shall not adversely
affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or



 


		(6)	to change or eliminate any of the provisions of this Indenture;
provided that any such change or elimination shall become effective only when there is no Security Outstanding of any series
created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or



 


		(7)	to establish the form or terms of Securities of any series
as permitted by Sections 2.01 and 3.01; or



 


		(8)	to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 6.10; or



 




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		(9)	to close this Indenture with respect to the authentication
and delivery of additional series of Securities; or



 


		(10)	to cure any ambiguity or to correct or supplement any provision
contained herein or in any indenture supplemental hereto which may be defective or inconsistent with any other provision contained
herein or in any supplemental indenture or to conform the terms hereof, as amended and supplemented, that are applicable to the
Securities of any series to the description of the terms of such Securities in the offering memorandum, prospectus supplement
or other offering document applicable to such Securities at the time of initial sale thereof; or



 


		(11)	to make any change in any series of Securities that does
not adversely affect in any material respect the rights of the Holders of such Securities; or



 


		(12)	to add to or change or eliminate any provision of this
Indenture as shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act; or



 


		(13)	to supplement any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to
Sections 4.01, 14.02 and 14.03; provided that any such action shall not adversely affect the interests of the Holders
of Securities of such series and any related coupons or any other series of Securities in any material respect; or



 


		(14)	to modify, eliminate or add to the provisions of this Indenture
to such extent as shall be necessary to effect the qualifications of this Indenture under any applicable law of the United States
and Canada or of any province or territory thereof to the extent they do not conflict with the applicable law of the United States
heretofore or hereafter enacted.



 


Section 9.02         Supplemental
Indentures with Consent of Holders.


 


Except as provided in
Section 9.01 and this Section 9.02, with the consent of the Holders of not less than a majority in principal amount of all Outstanding
Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustees, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustees may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which
affect such series of Securities or of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding
Security of such series,


 


		(1)	change the Stated Maturity of the principal of, premium
(if any) or any installment of interest (if any) on any Security of such series, or reduce the principal amount thereof, premium
(if any) or the rate of interest (if any) thereon, or reduce the amount of the principal of an Original Issue Discount Security
of such series that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02
or the amount thereof provable in bankruptcy pursuant to Section 5.04, or adversely affect any right of repayment at the
option of any Holder of any Security of such series, or change any Place of Payment where, or the Currency in which, any Security
of such series or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any
such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder,
on or after the Redemption Date or Repayment Date, as the case may be), or adversely affect any right to convert or exchange any
Security as may be provided pursuant to Section 3.01 herein, or



 




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		(2)	reduce the percentage in principal amount of the Outstanding
Securities of such series required for any such supplemental indenture, or the consent of whose Holders is required for any waiver
of compliance with certain provisions of this Indenture which affect such series or certain defaults applicable to such series
hereunder and their consequences provided for in this Indenture, or reduce the requirements of Section 15.04 for quorum or
voting with respect to Securities of such series, or



 


		(3)	modify any of the provisions of this 9.02 Section, Section 5.13
or Section 10.09, except to increase any such percentage or to provide that certain other provisions of this Indenture which
affect such series cannot be modified or waived without the consent of the Holder of each Outstanding Security of such series.



 


A supplemental indenture
which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series
with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders
of Securities of any other series. Any such supplemental indenture adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture, or modifying in any manner the rights of the Holders of Securities of such series, shall
not affect the rights under this Indenture of the Holders of Securities of any other series.


 


It shall not be necessary
for any Act of Holders under this 9.02 Section to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.


 


Section 9.03         Execution
of Supplemental Indentures.


 


In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article Nine or the modifications thereby of the
trusts created by this Indenture, the Trustees shall be entitled to receive, and shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. Each Trustee
may, but shall not be obligated to, enter into any such supplemental indenture which affects such Trustee’s own rights, duties
or immunities under this Indenture or otherwise.


 


Section 9.04         Effect
of Supplemental Indentures.


 


Upon the execution of
any supplemental indenture under this Article Nine, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.


 




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Section 9.05         Conformity
with Trust Indenture Legislation.


 


Every supplemental indenture
executed pursuant to this Article Nine shall conform to the requirements of Trust Indenture Legislation as then in effect.


 


Section 9.06         Reference
in Securities to Supplemental Indentures.


 


Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article Nine may, and shall if required
by the Trustees, bear a notation in form approved by the Trustees as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustees and the
Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the
Trustees in exchange for outstanding Securities of such series.


 


Section 9.07         Notice
of Supplemental Indentures.


 


Promptly after the execution
by the Company and the Trustees of any supplemental indenture pursuant to the provisions of Section 9.02, the Company shall
give notice thereof to the Holders of each outstanding Security affected, in the manner provided for in Section 1.07, setting
forth in general terms the substance of such supplemental indenture.


 


ARTICLE Ten

COVENANTS


 


Section 10.01         Payment
of Principal, Premium and Interest.


 


The Company covenants
and agrees for the benefit of the Holders of each series of Securities and any related coupons that it will duly and punctually
pay the principal of, premium (if any) and interest (if any), on the Securities of that series in accordance with the terms of
the Securities, any coupons appertaining thereto and this Indenture. Unless otherwise specified as contemplated by Section 3.01
with respect to any series of Securities, any interest installments due on Bearer Securities on or before Maturity shall be payable
only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally
mature.


 


Section 10.02         Maintenance
of Office or Agency.


 


		(1)	If the Securities of a series are issuable as Registered
Securities, the Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities
of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration
of transfer or exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion
or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served and, if the Securities of a series are also issuable as Bearer Securities, where Bearer Securities
of that series and related coupons may be presented or surrendered for payment in the circumstances described in Subsection 10.02(3).



 




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		(2)	If Securities of a series are issuable as Bearer Securities,
the Company will maintain (A) subject to any laws or regulations applicable thereto, in a Place of Payment for that series
which is located outside the United States, an office or agency where Securities of that series and related coupons may be presented
and surrendered for payment; provided, however, that, if the Securities of that series are listed on any securities exchange
located outside the United States and such securities exchange shall so require, the Company will maintain a Paying Agent for
the Securities of that series in any required city located outside the United States so long as the Securities of that series
are listed on such exchange and (B) subject to any laws or regulations applicable thereto, in a Place of Payment for that
series located outside the United States an office or agency where any Registered Securities of that series may be surrendered
for registration of transfer, where Securities of that series may be surrendered for exchange, where Securities of that series
that are convertible and exchangeable may be surrendered for conversion or exchange, as applicable, and where notices and demands
to or upon the Company in respect of the Securities of that series and this Indenture may be served.



 


		(3)	The Company will give prompt written notice to the Trustees
of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustees with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Offices of the Trustees, except that Bearer Securities of any
series and the related coupons may be presented and surrendered for payment at the offices specified in the Security and the Company
hereby appoints the same as its agents to receive such respective presentations, surrenders, notices and demands.



 


		(4)	Unless otherwise specified with respect to any Securities
pursuant to Section 3.01, no payment of principal, premium or interest on Bearer Securities shall be made at any office or
agency of the Company in the United States or by check mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; provided, however, that, if the Securities of a series are payable
in Dollars, payment of principal of, premium (if any) and interest (if any), on any Bearer Security shall be made at the office
of the Company’s Paying Agent in The City of New York, if (but only if) payment in Dollars of the full amount of such principal,
premium or interest, as the case may be, at all offices or agencies outside the United States maintained for such purpose by the
Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions.



 


		(5)	The Company may also from time to time designate one or
more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such
purposes and may from time to time rescind any such designation; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustees of
any such designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified
with respect to any Securities as contemplated by Section 3.01 with respect to a series of Securities, the Company hereby
initially appoints the U.S. Trustee at its Corporate Trust Office as Paying Agent in such city and as its agent to receive all
such presentations, surrenders, notices and demands.



 


		(6)	Unless otherwise specified with respect to any Securities
pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a Currency other than Dollars
or (ii) may be payable in a Currency other than Dollars, or so long as it is required under any other provision of the Indenture,
then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent.



 




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Section 10.03         Money
for Securities Payments to Be Held in Trust.


 


If the Company shall at
any time act as its own Paying Agent with respect to any series of Securities and any related coupons, it will, on or before each
due date of the principal of, premium (if any) or interest (if any) on any of the Securities of that series, segregate and hold
in trust for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided
in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the principal of, premium (if any) or interest (if any) on Securities
of such series so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustees of its action or failure so to act.


 


Whenever the Company shall
have one or more Paying Agents for any series of Securities and any related coupons, it will, prior to or on each due date of the
principal of, premium (if any) or interest (if any) on any Securities of that series, deposit with a Paying Agent a sum (in the
Currency described in the preceding paragraph) sufficient to pay the principal, premium (if any) or interest (if any) so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such
Paying Agent is a Trustee) the Company will promptly notify the Trustees of its action or failure so to act.


 


The Company will cause
each Paying Agent (other than the Trustees) for any series of Securities to execute and deliver to the Trustees an instrument in
which such Paying Agent shall agree with the Trustees, subject to the provisions of this 10.03 Section, that such Paying Agent
will:


 


		(1)	hold all sums held by it for the payment of the principal
of, premium (if any) and interest (if any) on Securities of such series in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided;



 


		(2)	give the Trustees notice of any default by the Company
(or any other obligor upon the Securities of such series) in the making of any payment of principal of, premium (if any) or interest
(if any) on the Securities of such series; and



 


		(3)	at any time during the continuance of any such default,
upon the written request of the Trustees, forthwith pay to the Trustees all sums so held in trust by such Paying Agent.



 


The Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustees all sums held in trust by the Company or such Paying Agent, such sums to
be held by the Trustees upon the same trusts as those upon which sums were held by the Company or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustees, such Paying Agent shall be released from all further liability with respect to
such sums.


 


Except as provided in
the Securities of any series, any money deposited with the Trustees or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of, premium (if any) or interest (if any) on any Security of any series, or any coupon appertaining
thereto, and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid
to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such
Security or coupon shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustees or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustees or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in an Authorized Newspaper, 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 publication, any unclaimed
balance of such money then remaining will be repaid to the Company.


 




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Section 10.04         Statement
as to Compliance.


 


The Company shall deliver
to the Trustees, on or before 120 days after the end of the Company’s fiscal year, an Officer’s Certificate stating
that a review of the activities of the Company during such fiscal year has been made under the supervision of the signing Officer
with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture,
and further stating, as to such Officer, that the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred and is continuing, describing all such Defaults or Events of Default
of which he or she may have knowledge and what action the Company is taking or propose to take with respect thereto). The Company
shall deliver to the Trustees upon demand evidence in such form as the Trustees may require as to compliance by the Company with
any condition or covenant of the Company set out herein relating to any action required or permitted to be taken by the Company
under this Indenture or as a result of any obligation imposed by this Indenture. For purposes of this Section 10.04, such compliance
shall be determined without regard to any period of grace or requirement of notice under this Indenture.


 


Section 10.05         Payment
of Taxes and Other Claims.


 


The Company will pay or
discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes, assessments
and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company, and (2) all
material lawful claims for labor, materials and supplies which, if unpaid, might by law become a Lien upon any property or assets
of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate
proceedings.


 


Section 10.06         Corporate
Existence.


 


Subject to Article Eight,
the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and the rights (charter and statutory) and franchises of the Company; provided, however, that the Company shall not be required
to preserve any such right or franchise if the Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company.


 


Section 10.07         Waiver
of Certain Covenants.


 


The Company may, with
respect to any series of Securities, omit in any particular instance to comply with any term, provision or condition which affects
such series set forth in Sections 10.06 and 10.07, or, as specified pursuant to Section 3.01(19) for Securities of such
series, in any covenants of the Company added to this Article Ten pursuant to Section 3.01(19) in connection with Securities
of such series, if before the time for such compliance the Holders of at least a majority in principal amount of all Outstanding
Securities of any series, by Act of such Holders, waive such compliance in such instance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Company and the duties of the Trustees to Holders of Securities of such
series in respect of any such term, provision or condition shall remain in full force and effect.


 




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ARTICLE Eleven

REDEMPTION OF SECURITIES


 


Section 11.01         Applicability
of Article.


 


Securities of any series
which are redeemable before their Stated Maturity shall be redeemable in accordance with the terms of such Securities and (except
as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article Eleven.


 


Section 11.02         Election
to Redeem; Notice to Trustees.


 


The election of the Company
to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of
the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustees), notify the Trustees of such Redemption Date and of the principal amount of Securities of
such series to be redeemed and shall deliver to the Trustees such documentation and records as shall enable the Trustees to select
the Securities to be redeemed pursuant to Section 11.03. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall
furnish to the Trustees an Officer’s Certificate evidencing compliance with such restriction.


 


Section 11.03         Selection
by Trustees of Securities to Be Redeemed.


 


If less than all the Securities
of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustees, from the Outstanding Securities of such series not previously called for redemption, by such
method as the Trustees shall deem fair and appropriate and which may provide for the selection for redemption of portions of the
principal of Securities of such series; provided, however, that no such partial redemption shall reduce the portion of the
principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of such series established
pursuant to Section 3.01.


 


The Trustees shall promptly
notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed.


 


For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the
case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has
been or is to be redeemed.


 


Section 11.04         Notice
of Redemption.


 


Except as otherwise specified
as contemplated by Section 3.01, notice of redemption shall be given in the manner provided for in Section 1.07 not less
than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed. Failure to give notice
in the manner provided in Section 1.07 to the Holder of any Securities designated for redemption as a whole or in part, or
any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities
or portion thereof.


 




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All notices of redemption
shall state:


 


		(1)	the Redemption Date,



 


		(2)	the Redemption Price and the amount of accrued interest
to the Redemption Date payable as provided in Section 11.06, if any,



 


		(3)	if less than all the Outstanding Securities of any series
are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Securities
to be redeemed,



 


		(4)	in case any Security is to be redeemed in part only, the
notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the
Holder will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof
remaining unredeemed,



 


		(5)	that on the Redemption Date, the Redemption Price and accrued
interest (if any) to the Redemption Date payable as provided in Section 11.06 will become due and payable upon each such
Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said
date,



 


		(6)	the Place or Places of Payment where such Securities, together
in the case of Bearer Securities with all coupons appertaining thereto, if any, maturing after the Redemption Date, are to be
surrendered for payment of the Redemption Price and accrued interest (if any),



 


		(7)	that the redemption is for a sinking fund, if such is the
case,



 


		(8)	that, unless otherwise specified in such notice, Bearer
Securities of any series, if any, surrendered for redemption must be accompanied by all coupons maturing subsequent to the Redemption
Date or the amount of any such missing coupon or coupons will be deducted from the Redemption Price unless security or indemnity
satisfactory to the Company, the Trustees and any Paying Agent is furnished, and



 


		(9)	if Bearer Securities of any series are to be redeemed and
any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered
Securities not subject to redemption on such Redemption Date pursuant to Section 3.05 or otherwise, the last date, as determined
by the Company, on which such exchanges may be made.



 


Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the
Trustees in the name and at the expense of the Company.


 




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Section 11.05         Deposit
of Redemption Price.


 


Prior to any Redemption
Date, the Company shall deposit with a Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) an amount of money in the Currency in which the Securities of such series
are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable,
as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the Redemption Price of, and accrued interest (if
any) on, all the Securities which are to be redeemed on that date.


 


Section 11.06         Securities
Payable on Redemption Date.


 


Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant
to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d)
and 3.12(e)) (together with accrued interest (if any) to the Redemption Date), and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued interest (if any)) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the
extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together
with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at
the Redemption Price, together with accrued interest (if any), to the Redemption Date; provided, however, that installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office
or agency located outside the United States (except as otherwise provided in Section 10.02) and, unless otherwise specified
as contemplated by Section 3.01, only upon presentation and surrender of coupons for such interest; provided further
that installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable
to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant
record dates according to their terms and the provisions of Section 3.07.


 


If any Bearer Security
surrendered for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security
may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender
of such missing coupon or coupons may be waived by the Company and the Trustees if there be furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall
surrender to the Trustees or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest
represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided
in Section 10.02) and, unless otherwise specified as contemplated by Section 3.01, only upon presentation and surrender
of those coupons.


 


If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal and premium (if any) shall, until paid,
bear interest from the Redemption Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities)
set forth in such Security.


 


Section 11.07         Securities
Redeemed in Part.


 


Any Security which is
to be redeemed only in part (pursuant to the provisions of this Article Eleven or of Article Twelve) shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustees so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company and the Trustees duly executed by, the Holder thereof or such Holder’s attorney
duly authorized in writing), and the Company shall execute, and the applicable Trustee shall authenticate and deliver to the Holder
of such Security without service charge, a new Security or Securities of the same series, of any authorized denomination as requested
by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered.


 




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ARTICLE Twelve

SINKING FUNDS


 


Section 12.01         Applicability
of Article.


 


Retirements of Securities
of any series pursuant to any sinking fund shall be made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article Twelve.


 


The minimum amount of
any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any
series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 12.02. Each
sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities
of such series.


 


Section 12.02         Satisfaction
of Sinking Fund Payments with Securities.


 


Subject to Section 12.03,
in lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the
Company may at its option (1) deliver to the Trustees Outstanding Securities of a such series (other than any previously called
for redemption) theretofore purchased or otherwise acquired by the Company together in the case of any Bearer Securities of such
series with all un-matured coupons appertaining thereto, and/or (2) receive credit for the principal amount of Securities
of such series which have been previously delivered to the Trustees by the Company or redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case in satisfaction of all or any part of any mandatory sinking fund payment with respect to
the Securities of the same series required to be made pursuant to the terms of such Securities as provided for by the terms of
such series; provided, however, that such Securities have not been previously so credited. Such Securities shall be received
and credited for such purpose by the Trustees at the Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.


 


Section 12.03         Redemption
of Securities for Sinking Fund.


 


Not less than 60 days
prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustees an Officer’s
Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series,
the portion thereof, if any, which is to be satisfied by payment of cash in the Currency in which the Securities of such series
are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable,
as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) and the portion thereof, if any, which is to be satisfied by delivering
or crediting Securities of that series pursuant to Section 12.02 (which Securities will, if not previously delivered, accompany
such certificate) and whether the Company intends to exercise its right to make a permitted optional sinking fund payment with
respect to such series.


 




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Such certificate shall
be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if
any, on or before the next succeeding sinking fund payment date. In the case of the failure of the Company to deliver such certificate,
the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and
shall be sufficient to redeem the principal amount of such Securities subject to a mandatory sinking fund payment without the option
to deliver or credit Securities as provided in Section 12.02 and without the right to make any optional sinking fund payment,
if any, with respect to such series.


 


Not more than 60 days
before each such sinking fund payment date the Trustees shall select the Securities to be redeemed upon such sinking fund payment
date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07.


 


Prior to any sinking fund
payment date, the Company shall pay to the Trustees or a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) in cash a sum equal to any interest that will accrue to the date fixed for
redemption of Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this 12.03 Section.


 


Notwithstanding the foregoing,
with respect to a sinking fund for any series of Securities, if at any time the amount of cash to be paid into such sinking fund
on the next succeeding sinking fund payment date, together with any unused balance of any preceding sinking fund payment or payments
for such series, does not exceed in the aggregate $100,000, the Trustees, unless requested by the Company, shall not give the next
succeeding notice of the redemption of Securities of such series through the operation of the sinking fund. Any such unused balance
of moneys deposited in such sinking fund shall be added to the sinking fund payment for such series to be made in cash on the next
succeeding sinking fund payment date or, at the request of the Company, shall be applied at any time or from time to time to the
purchase of Securities of such series, by public or private purchase, in the open market or otherwise, at a purchase price for
such Securities (excluding accrued interest and brokerage commissions, for which the Trustees or any Paying Agent will be reimbursed
by the Company) not in excess of the principal amount thereof.


 


ARTICLE Thirteen

REPAYMENT AT OPTION OF HOLDERS


 


Section 13.01         Applicability
of Article.


 


Repayment of Securities
of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such
Securities and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance
with this Article Thirteen.


 


Section 13.02         Repayment
of Securities.


 


Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such
Securities, be repaid at a price equal to the principal amount thereof, together with interest (if any) thereon accrued to the
Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that, with respect to such Securities,
on or before the Repayment Date it will deposit with a Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money in the Currency in which the Securities
of such series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except,
if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the principal (or, if so provided by
the terms of the Securities of any series, a percentage of the principal) of and (except if the Repayment Date shall be an Interest
Payment Date) accrued interest (if any) on, all the Securities or portions thereof, as the case may be, to be repaid on such date.


 




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Section 13.03         Exercise
of Option.


 


Securities of any series
subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse
of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option
to Elect Repayment” form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney
duly authorized in writing), must be received by the Company at the Place of Payment therefor specified in the terms of such Security
(or at such other place or places which the Company shall from time to time notify the Holders of such Securities) not earlier
than 45 days nor later than 30 days prior to the Repayment Date. If less than the entire principal amount of such Security
is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments
of the minimum denomination for Securities of such series, and the denomination or denominations of the Security or Securities
to be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid, must
be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid
in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination
of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of
any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall
be irrevocable unless waived by the Company.


 


Section 13.04         When
Securities Presented for Repayment Become Due and Payable.


 


If Securities of any series
providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article Thirteen and
as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be
repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after
such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities
shall, if the same were interest- bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer
Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment
in accordance with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date,
the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest (if any) to
the Repayment Date; provided, however, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be
payable only at an office or agency located outside the United States (except as otherwise provided in Section 10.02) and,
unless otherwise specified pursuant to Section 3.01, only upon presentation and surrender of such coupons; provided further
that, in the case of Registered Securities, installments of interest (if any) whose Stated Maturity is on or prior to the Repayment
Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close
of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.


 


If any Bearer Security
surrendered for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security
may be paid after deducting from the amount payable therefor as provided in Section 13.02 an amount equal to the face amount
of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustees if
there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to the Trustees or any Paying Agent any such missing coupon in respect of
which a deduction shall have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount
so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section 10.02) and, unless otherwise specified as contemplated
by Section 3.01, only upon presentation and surrender of those coupons.


 




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If any Security surrendered
for repayment shall not be so repaid upon surrender thereof for repayment, the principal amount and premium (if any) shall, until
paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) set forth in such Security.


 


Section 13.05         Securities
Repaid in Part.


 


Upon surrender of any
Registered Security which is to be repaid in part only, the Company shall execute and the applicable Trustee shall authenticate
and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security
or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal
to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid.


 


ARTICLE Fourteen

DEFEASANCE AND COVENANT DEFEASANCE


 


Section 14.01         Company’s
Option to Effect Defeasance or Covenant Defeasance.


 


Except as otherwise specified
as contemplated by Section 3.01 for Securities of any series, the provisions of this Article Fourteen shall apply to each
series of Securities, and the Company may, at its option, effect defeasance of the Securities of or within a series under Section 14.02,
or covenant defeasance of or within a series under Section 14.03 in accordance with the terms of such Securities and in accordance
with this Article Fourteen.


 


Section 14.02         Defeasance
and Discharge.


 


Upon the Company’s
exercise of the above option applicable to this Section 14.02 with respect to any Securities of or within a series, the Company
shall be deemed to have been discharged from its obligations with respect to such Securities and any related coupons on the date
the conditions set forth in Section 14.04 are satisfied (hereinafter, “defeasance”). For this purpose,
such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such
Securities and any related coupons, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 14.05
and the other Sections of this Indenture referred to in (A) and (B) below, and to have satisfied all of its other obligations under
such Securities and any related coupons and this Indenture insofar as such Securities and any related coupons are concerned (and
the Trustees, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Securities and any
related coupons to receive, solely from the trust fund described in Section 14.04 and as more fully set forth in such Section,
payments in respect of the principal of, premium (if any) and interest (if any) on such Securities and any related coupons when
such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 3.05, 3.06,
10.02 and 10.03, (C) the rights, powers, trusts, duties and immunities of the Trustees hereunder and (D) this Article
Fourteen. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section 14.02 notwithstanding
the prior exercise of its option under Section 14.03 with respect to such Securities and any related coupons.


 




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Section 14.03         Covenant
Defeasance.


 


Upon the Company’s
exercise of the above option applicable to this Section 14.03 with respect to any Securities of or within a series, the Company
shall be released from its obligations under Sections 10.05 and 10.06, and, if specified pursuant to Section 3.01, its
obligations under any other covenant, with respect to such Securities and any related coupons on and after the date the conditions
set forth in Section 14.04 are satisfied (hereinafter, “covenant defeasance”), and such Securities and
any related coupons shall thereafter be deemed not to be “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. For this purpose, such covenant defeasance means that, with
respect to such Securities and any related coupons, the Company may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under clauses (4) or (7) of Section 5.01
or otherwise but, except as specified above, the remainder of this Indenture and such Securities and any related coupons shall
be unaffected thereby.


 


Section 14.04         Conditions
to Defeasance or Covenant Defeasance.


 


The following shall be
the conditions to application of either Section 14.02 or Section 14.03 to any Securities of or within a series and any
related coupons:


 


		(1)	The Company shall irrevocably have deposited or caused
to be deposited with either Trustee (or another trustee satisfying the requirements of Section 6.08 who shall agree to comply
with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any
related coupons, (A) an amount (in such Currency in which such Securities and any related coupons are then specified as payable
at Stated Maturity), or (B) Government Obligations applicable to such Securities (determined on the basis of the Currency
in which such Securities are then specified as payable at Stated Maturity) which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment
of principal of and premium (if any) and interest (if any) under such Securities and any related coupons, money in an amount,
or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustees, to pay and discharge, and which shall be applied by the
Trustees (or another trustee satisfying the requirements of Section 6.08 who shall agree to comply with the provisions of this
Article Fourteen) to pay and discharge, (i) the principal of, premium (if any) and interest (if any) on such Securities and
any related coupons on the Stated Maturity (or Redemption Date, if applicable) of such principal of, premium (if any) or installment
of interest (if any), (ii) any mandatory sinking fund payments or analogous payments applicable to such Securities and any
related coupons on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such
Securities and any related coupons, and (iii) all amounts due the Trustees under Section 6.07; provided that
the Trustees shall have been irrevocably instructed to apply such money or the proceeds of such Government Obligations to said
payments with respect to such Securities and any related coupons. Before such a deposit, the Company may give to the Trustees,
in accordance with Section 11.02, a notice of its election to redeem all or any portion of such Securities at a future date
in accordance with the terms of such Securities and Article Eleven hereof, which notice shall be irrevocable. Such irrevocable
redemption notice, if given, shall be given effect in applying the foregoing.



 




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		(2)	No Default or Event of Default with respect to such Securities
or any related coupons shall have occurred and be continuing on the date of such deposit or, insofar as clauses (5) and (6)
of Section 5.01 are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until the expiration of such period).



 


		(3)	Such defeasance or covenant defeasance shall not result
in a breach or violation of, or constitute a Default or an Event of Default under, this Indenture or any default under any material
agreement or instrument to which the Company is a party or by which it is bound.



 


		(4)	In the case of an election under Section 14.02, the
Company shall have delivered to the Trustees an Opinion of Counsel in the United States stating that (x) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of execution
of this Indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect
that, and based thereon such opinion shall confirm that, the Holders of such Securities and any related coupons will not recognize
income, gain or loss for United States federal income tax purposes as a result of such defeasance and will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance
had not occurred.



 


		(5)	In the case of an election under Section 14.03, the
Company shall have delivered to the Trustees an Opinion of Counsel in the United States to the effect that the Holders of such
Securities will not recognize income, gain or loss for United States federal income tax purposes as a result of such covenant
defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such covenant defeasance had not occurred.



 


		(6)	The Company shall have delivered to the Trustees an Opinion
of Counsel in Canada or a ruling from the Canada Revenue Agency to the effect that the Holders of such Securities will not recognize
income, gain or loss for Canadian federal, provincial or territorial income tax or other tax purposes as a result of such defeasance
or covenant defeasance, as applicable, and will be subject to Canadian federal, provincial or territorial income tax and other
tax on the same amounts, in the same manner and at the same times as would have been the case had such defeasance or covenant
defeasance, as applicable, not occurred (and for the purposes of such opinion, such Canadian counsel shall assume that Holders
of such Securities include Holders who are not resident in Canada).



 


		(7)	The Company is not an “insolvent person” within
the meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such deposit or at any time during the period ending
on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the
expiration of such period).



 


		(8)	Notwithstanding any other provisions of this Section 14.04,
such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or
limitations in connection therewith pursuant to Section 3.01.



 




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		(9)	The Company shall have delivered to the Trustees an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for, relating to either the defeasance
under Section 14.02 or the covenant defeasance under Section 14.03 (as the case may be), have been complied with.



 


Section 14.05         Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.


 


Subject to the provisions
of the last paragraph of Section 10.03, all money and Government Obligations (or other property as may be provided pursuant
to Section 3.01) (including the proceeds thereof) deposited with a Trustee (or another trustee satisfying the requirements
of Section 6.08 who shall agree to comply with the provisions of this Article Fourteen) pursuant to Section 14.04 in respect
of such Securities and any related coupons shall be held in trust and applied by such Trustee, in accordance with the provisions
of such Securities and any related coupons and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent), to the Holders of such Securities and any related coupons of all sums due and to become
due thereon in respect of principal, premium (if any) and interest (if any) on such Securities but such money need not be segregated
from other funds except to the extent required by law.


 


Unless otherwise specified
with respect to any Security pursuant to Section 3.01, if, after a deposit referred to in Section 14.04(1) has been made,
(a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.12(b)
or the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 14.04(1)
has been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 3.12(d) or 3.12(e)
or by the terms of any Security in respect of which the deposit pursuant to Section 14.04(1) has been made, the indebtedness
represented by such Security and any related coupons shall be deemed to have been, and will be, fully discharged and satisfied
through the payment of the principal of, premium (if any) and interest (if any) on such Security as they become due out of the
proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property
deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election or
Conversion Event based on the applicable Market Exchange Rate for such Currency in effect on the third Business Day prior to each
payment date, except, with respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at the time of the
Conversion Event.


 


The Company shall pay
and indemnify such Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited
pursuant to Section 14.04 or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of such Securities and any related coupons.


 


Anything in this Article
Fourteen to the contrary notwithstanding, such Trustee shall deliver or pay to the Company from time to time upon Company Request
any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 14.04
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to such Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent
defeasance or covenant defeasance, as applicable, in accordance with this Article Fourteen.


 




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Section 14.06         Reinstatement.


 


If a Trustee or any Paying
Agent is unable to apply any money in accordance with Section 14.05 by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture
and such Securities and any related coupons shall be revived and reinstated as though no deposit had occurred pursuant to Section 14.02
or 14.03, as the case may be, until such time as such Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 14.05; provided, however, that if the Company makes any payment of principal of, premium (if any) or interest
(if any) on any such Security or any related coupon following the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities and any related coupons to receive such payment from the money held by such Trustee
or Paying Agent.


 


ARTICLE Fifteen

MEETINGS OF HOLDERS OF SECURITIES


 


Section 15.01         Purposes
for Which Meetings May Be Called.


 


If Securities of a series
are issuable as Bearer Securities, a meeting of Holders of Securities of such series may be called at any time and from time to
time pursuant to this Article Fifteen to make, give or take any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series.


 


Section 15.02         Call,
Notice and Place of Meetings.


 


		(1)	The Trustees may at any time call a meeting of Holders
of Securities of any series for any purpose specified in Section 15.01, to be held at such time and at such place in The
City of New York, in Vancouver or in London as the Trustees shall determine. Notice of every meeting of Holders of Securities of
any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided for in Section 1.07, not less than 21 nor more than 180 days prior to the
date fixed for the meeting.



 


		(2)	In case at any time the Company, pursuant to a Board Resolution,
or the Holders of at least 10% in principal amount of the Outstanding Securities of any series shall have requested the Trustees
to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.01, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustees shall not have made the first
publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to
cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place in The City of New York, in Vancouver or in London for such
meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (1) of this Section
15.02.



 


Section 15.03         Persons
Entitled to Vote at Meetings.


 


To be entitled to vote
at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities
of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder of Holders. The only Persons who shall be entitled to be present or to speak at any meeting
of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustees and their counsel and any representatives of the Company and its counsel.


 




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Section 15.04         Quorum;
Action.


 


The Persons entitled to
vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders
of Securities of such series; provided, however, that, if any action is to be taken at such meeting with respect to a consent
or waiver which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal
amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of
the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed
for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any
other case the meeting may be adjourned for a period of not less than 10 days as determined by the chair of the meeting prior
to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period of not less than 10 days as determined by the chair of the meeting prior to the adjournment of such
adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 15.02(a), except
that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount
of the Outstanding Securities of such series which shall constitute a quorum.


 


Subject to the foregoing,
at the reconvening of any meeting adjourned for lack of a quorum the Persons entitled to vote 25% in principal amount of the Outstanding
Securities at the time shall constitute a quorum for the taking of any action set forth in the notice of the original meeting.


 


Except as limited by the
proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted by the affirmative vote of the Holders of not less than a majority in principal amount of the Outstanding
Securities of such series who have casted their votes; provided, however, that, except as limited by the proviso to Section 9.02,
any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this
Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority,
in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid by the affirmative vote of the Holders of not less than such specified percentage
in principal amount of the Outstanding Securities of such series.


 


Any resolution passed
or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section 15.04 shall be
binding on all the Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting.


 


Notwithstanding the foregoing
provisions of this Section 15.04, if any action is to be taken at a meeting of Holders of Securities of any series with respect
to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected
thereby, or of the Holders of such series and one or more additional series:


 


		(i)	there shall be no minimum
quorum requirement for such meeting; and



 




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		(ii)	the principal amount of the
Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver
or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent,
waiver or other action has been made, given or taken under this Indenture.



 


Section 15.05         Determination
of Voting Rights; Conduct and Adjournment of Meetings.


 


		(1)	Notwithstanding any provisions of this Indenture, the Trustees
may make such reasonable regulations as they may deem advisable for any meeting of Holders of Securities of a series in regard
to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as they shall deem appropriate. Except as otherwise permitted or required
by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.05 and the appointment
of any proxy shall be proved in the manner specified in Section 1.05 or by having the signature of the person executing the
proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.05 to certify to the holding of
Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 1.05 or other proof.



 


		(2)	The Trustees shall, by an instrument in writing appoint
a temporary chair of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided
in Section 15.02(b), in which case the Company or the Holders of Securities of the series calling the meeting, as the case
may be, shall in like manner appoint a temporary chair. A permanent chair and a permanent secretary of the meeting shall be elected
by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting.



 


		(3)	At any meeting each Holder of a Security of such series
or proxy shall be entitled to one vote for each $1,000 principal amount of Outstanding Securities of such series held or represented
by him (determined as specified in the definition of “Outstanding” in Section 1.01); provided, however,
that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the
chair of the meeting to be not Outstanding. The chair of the meeting shall have no right to vote, except as a Holder of a Security
of such series or a proxy.



 


		(4)	Any meeting of Holders of Securities of any series duly
called pursuant to Section 15.02 at which a quorum is present may be adjourned from time to time by Persons entitled to vote
a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting may be
held as so adjourned without further notice.



 




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Section 15.06         Counting
Votes and Recording Action of Meetings.


 


The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers,
if any, of the Outstanding Securities of such series held or represented by them. The permanent chair of the meeting shall appoint
two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file
with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least
in duplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 15.02 and, if applicable, Section 15.04. Each copy shall be
signed and verified by the affidavits of the permanent chair and secretary of the meeting and one such copy shall be delivered
to the Company, and another to the Trustees to be preserved by the Trustees, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.


 




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IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed, all as of the day and year first above written.


 


ACREAGE HOLDINGS, INC.


 


	 	By:	 
	 	Name:	 
	 	Title:	 


 


	 	__________________________________,
	 	as U.S. Trustee


 


	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


	 	__________________________________,
	 	as Canadian Trustee


 


	 	By:	 
	 	Name:	 
	 	Title:  	Authorized Signing Officer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:  	Authorized Signing Officer


 




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EXHIBIT A-1


 


FORM OF CERTIFICATE TO BE GIVEN BY

PERSON ENTITLED TO RECEIVE BEARER SECURITY

OR TO OBTAIN INTEREST PAYABLE PRIOR

TO THE EXCHANGE DATE


 


CERTIFICATE


 


ACREAGE HOLDINGS, INC.

_____% Notes due _________________


 


This is to certify that
as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (i) are owned
by any person(s) that is not a citizen or resident of the United States; a corporation or partnership (including any entity treated
as a corporation or partnership for United States federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia unless, in the case of a partnership, United States Treasury Regulations
provide otherwise; any estate whose income is subject to United States federal income tax regardless of its source; or a trust
if (A) a United States court can exercise primary supervision over the trust’s administration and one or more United
States persons are authorized to control all substantial decisions of the trust or (B) it was in existence on August 20,
1996 and has a valid election in effect under applicable United States Treasury Regulations to be treated as a United States person
(“United States persons(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of
United States financial institutions (financial institutions, as defined in United States. United States Treasury Regulation Section 1.165-12(c)(1)(v)
are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United
States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the
Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise Acreage Holdings,
Inc. or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of
the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United
States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury
Regulation Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution
described in clause (iii) above (whether or not also described in clause (i) or (ii)), this is to further certify that
such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person
or to a person within the United States or its possessions.


 


As used herein, “United
States” means the United States of America (including the states and the District of Columbia); and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.


 


We undertake to advise
you promptly in writing on or prior to the date on which you intend to submit your certification relating to the above-captioned
Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct
on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date.


 


This certificate excepts
and does not relate to U.S. $__________ of such interest in the above-captioned Securities in respect of which we are not able
to certify and as to which we understand an exchange for an interest in a permanent global security or an exchange for and delivery
of definitive Securities (or, if relevant, collection of any interest) cannot be made until we do so certify.


 




    	A-1-1



     


    

 


We understand that this
certificate may be required in connection with certain tax legislation in the United States. If administrative or legal proceedings
are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to
produce this certificate or a copy thereof to any interested party in such proceedings.


 


Dated:__________________

[To be dated no earlier than the 15th day prior to

 (i) the Exchange Date or (ii) the relevant Interest 

Payment Date occurring
prior to the Exchange 

Date, as applicable]


 


			[Name of Person Making Certification]



 


	 	By:	 
	 	Name:	 
	 	Title:	 


 




    	A-1-2



     


    

 


EXHIBIT A-2


 


FORM OF CERTIFICATE TO BE GIVEN BY THE DEPOSITARY

IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A

TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST

PAYABLE PRIOR TO THE EXCHANGE DATE


 


CERTIFICATE


 


ACREAGE HOLDINGS, INC.

_____% Notes due _________________


 


This is to certify that
based solely on written certifications that we have received in writing or by electronic transmission from each of the persons
appearing in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”)
substantially in the form attached hereto, as of the date hereof, U.S. $__________ principal amount of the above-captioned Securities
(i) is owned by any person(s) that is not a citizen or resident of the United States; a corporation or partnership (including
any entity treated as a corporation or partnership for United States federal income tax purposes) created or organized in or under
the laws of the United States, any state thereof or the District of Columbia unless, in the case of a partnership, United States
Treasury Regulations provide otherwise; any estate whose income is subject to United States federal income tax regardless of its
source; or a trust if (A) a United States court can exercise primary supervision over the trust’s administration and
one or more United States persons are authorized to control all substantial decisions of the trust or (B) it was in existence
on August 20, 1996 and has a valid election in effect under applicable United States Treasury Regulations to be treated as
a United States person (“United States person(s)”), (ii) is owned by United States person(s) that are (a) foreign
branches of United States financial institutions (financial institutions, as defined in United States Treasury Regulation Section 1.165-12(c)(1)(v)
are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United
States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the
Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such
financial institution has agreed, on its own behalf or through its agent, that we may advise Acreage Holdings, Inc. or its agent
that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue
Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institution(s)
for purposes of resale during the restricted period (as defined in United States Treasury Regulation Section 1.163-5(c)(2)(i)(D)(7))
and, to the further effect, that financial institutions described in clause (iii) above (whether or not also described in
clause (i) or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its possessions.


 


As used herein, “United
States” means the United States of America (including the states and the District of Columbia); and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.


 


We further certify that
(i) we are not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary
global Security representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations
and (ii) as of the date hereof we have not received any notification from any of our Member Organizations to the effect that
the statements made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if
relevant, collection of any interest) are no longer true and cannot be relied upon as of the date hereof.


 




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We understand that this
certification is required in connection with certain tax legislation in the United States. If administrative or legal proceedings
are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to
produce this certificate or a copy thereof to any interested party in such proceedings.


 


Dated:_____________

[To be dated no earlier than the 15th day prior to

 (i) the Exchange Date or (ii) the relevant Interest 

Payment Date occurring
prior to the Exchange 

Date, as applicable]


 


			[INSERT NAME OF DEPOSITARY]



 


	 	By:	 
	 	Name:	 
	 	Title:	 


 




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