Exhibit 4.2







 


EXECUTION COPY







 





_____________


 


 


CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP,
LP, as Issuer 


 


CAMPUS CREST COMMUNITIES, INC., as Guarantor



 


U.S. BANK NATIONAL ASSOCIATION, as Trustee



 


 


 


_____________


 


INDENTURE


 


Dated as of 


 


October 9, 2013


 


_____________


 


 


 


4.75% Exchangeable Senior Notes due 2018


 


 


 


_____________


 






    	 



    	 



    

 


EXECUTION COPY


 


TABLE OF CONTENTS 


 


Page


 





	ARTICLE 1
	DEFINITIONS
	 
	Section 1.01.	Definitions	1
	ARTICLE 2
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION
	 
	Section 2.01.	Designation Amount and Issue of Notes	12
	Section 2.02.	Form of Notes	12
	Section 2.03.	Date and Denomination of Notes; Payments of Interest	13
	Section 2.04.	Execution of Notes	15
	Section 2.05.	Exchange and Registration of Transfer of Notes; Restrictions on Transfer	15
	Section 2.06.	Mutilated, Destroyed, Lost or Stolen Notes	19
	Section 2.07.	Temporary Notes	20
	Section 2.08.	Cancellation of Notes	21
	Section 2.09.	CUSIP Numbers	21
	 	 	 
	ARTICLE 3
	REPURCHASE OF NOTES; NO REDEMPTION
	 	 	 
	Section 3.01.	No Redemption of Notes	21
	Section 3.02.	Repurchase at Option of Holders Upon a Fundamental Change	21
	Section 3.03.	Issuer Repurchase Notice	23
	Section 3.04.	Effect of Fundamental Change Repurchase Notice; Withdrawal	24
	Section 3.05.	Deposit of Repurchase Price	25
	Section 3.06.	Notes Repurchased in Part	26
	Section 3.07.	Repayment to the Issuer	26
	 	 	 
	ARTICLE 4
	PARTICULAR COVENANTS OF THE ISSUER AND THE GUARANTOR 	26
	 	 
	Section 4.01.	Payment of Principal and Interest	26
	Section 4.02.	Maintenance of Office or Agency	26
	Section 4.03.	Appointments to Fill Vacancies in Trustee's Office	27
	Section 4.04.	Provisions as to Paying Agent	27
	Section 4.05.	Existence	28
	Section 4.06.	Rule 144A Information Requirement	28
	Section 4.07.	Stay, Extension and Usury Laws	28
	Section 4.08.	Compliance Certificate	28
	Section 4.09.	Supplementary Interest Notice	29
	Section 4.10.	Reservation of Shares, Shares to Be Fully Paid; Compliance with Governmental Requirements; Listing of Common Stock	29
	 	 	 



 






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	ARTICLE 5
	NOTEHOLDERS’ LISTS AND REPORTS BY
	THE ISSUER AND THE TRUSTEE
	 	 	 
	Section 5.01.	Noteholders’ Lists	30
	Section 5.02.	Preservation and Disclosure of Lists	30
	Section 5.03.	Reports by Trustee	30
	Section 5.04.	Reports by Issuer	30
	 	 	 
	ARTICLE 6
	EVENTS OF DEFAULT; REMEDIES
	 	 	 
	Section 6.01.	Events of Default	31
	Section 6.02.	Payments of Notes on Default; Suit Therefor	34
	Section 6.03.	Application of Monies Collected by Trustee	35
	Section 6.04.	Proceedings by Noteholders	36
	Section 6.05.	Proceedings by Trustee	36
	Section 6.06.	Remedies Cumulative and Continuing	37
	Section 6.07.	Direction of Proceedings and Waiver of Defaults by Majority of Noteholders	37
	Section 6.08.	Undertaking to Pay Costs	37
	 	 	 
	ARTICLE 7
	THE TRUSTEE
	 	 	 
	Section 7.01.	Notice of Defaults	38
	Section 7.02.	Certain Rights of Trustee	38
	Section 7.03.	Not Responsible for Recitals or Issuance of Notes	40
	Section 7.04.	May Hold Notes and Common Stock	40
	Section 7.05.	Money Held in Trust	40
	Section 7.06.	Compensation and Reimbursement	40
	Section 7.07.	Corporate Trustee Required; Eligibility; Conflicting Interests	41
	Section 7.08.	Resignation and Removal; Appointment of Successor	41
	Section 7.09.	Acceptance of Appointment By Successor	43
	Section 7.10.	Merger, Conversion, Consolidation or Succession to Business	43
	Section 7.11.	Appointment of Authenticating Agent	44
	Section 7.12.	Certain Duties and Responsibilities of the Trustee	45
	 	 	 
	ARTICLE 8
	THE NOTEHOLDERS
	 	 	 
	Section 8.01.	Action by Noteholders	46
	Section 8.02.	Proof of Execution by Noteholders	47
	Section 8.03.	Absolute Owners	47
	Section 8.04.	Issuer-Owned Notes Disregarded	47
	Section 8.05.	Revocation of Consents; Future Holders Bound	48
	 	 	 



 






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	ARTICLE 9
	SUPPLEMENTAL INDENTURES
	 	 	 
	Section 9.01.	Supplemental Indentures Without Consent of Noteholders	48
	Section 9.02.	Supplemental Indenture With Consent of Noteholders	49
	Section 9.03.	Effect of Supplemental Indenture	50
	Section 9.04.	Notation on Notes	51
	Section 9.05.	Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee	51
	 	 	 
	ARTICLE 10
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	 
	Section 10.01.	Issuer May Consolidate on Certain Terms	51
	Section 10.02.	Issuer Successor to Be Substituted	52
	Section 10.03.	Guarantor May Consolidate on Certain Terms	52
	Section 10.04.	Guarantor Successor to Be Substituted	53
	 	 	 
	ARTICLE 11
	SATISFACTION AND DISCHARGE OF INDENTURE
	 	 	 
	Section 11.01.	Satisfaction and Discharge of Indenture	53
	Section 11.02.	Application of Trust Funds	54
	Section 11.03.	Paying Agent to Repay Monies Held	54
	Section 11.04.	Return of Unclaimed Monies	54
	Section 11.05.	Reinstatement	54
	 	 	 
	ARTICLE 12
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
	OFFICERS AND DIRECTORS
	 	 	 
	Section 12.01.	Indenture and Notes Solely Corporate Obligations	55
	 	 	 
	ARTICLE 13
	EXCHANGE OF NOTES
	 	 	 
	Section 13.01.	Right to Exchange	55
	Section 13.02.	Exchange Procedures; Settlement Upon Exchange	57
	Section 13.03.	Adjustment of Exchange Rate	62
	Section 13.04.	Exchange Rate Adjustment After Make-Whole Fundamental Change or Registration Default	72
	Section 13.05.	Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale	74
	Section 13.06.	Ownership Limit and Withholding	75
	Section 13.07.	Calculations in Respect of Notes	75
	 	 	 
	ARTICLE 14
	MEETINGS OF HOLDERS OF NOTES
	 	 	 
	Section 14.01.	Purposes for Which Meetings May Be Called	76
	Section 14.02.	Call, Notice and Place of Meetings	76
	Section 14.03.	Persons Entitled to Vote at Meetings	76
	Section 14.04.	Quorum; Action	76
	Section 14.05.	Determination of Voting Rights; Conduct and Adjournment of Meetings	77
	Section 14.06.	Counting Votes and Recording Action of Meetings	78



 






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	ARTICLE 15
	GUARANTEE
	 	 	 
	Section 15.01.	Guarantee	79
	Section 15.02.	Execution and Delivery of Guarantee	80
	Section 15.03.	Limitation of Guarantor’s Liability; Certain Bankruptcy Events	80
	Section 15.04.	Application of Certain Terms and Provisions to the Guarantor	81
	 	 	 
	ARTICLE 16
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 16.01.	Provisions Binding on Issuer’s and Guarantor’s Successors	81
	Section 16.02.	Official Acts by Successor Corporation	81
	Section 16.03.	Addresses for Notices, etc	81
	Section 16.04.	Governing Law	82
	Section 16.05.	Evidence of Compliance with Conditions Precedent, Certificates to Trustee	83
	Section 16.06.	Legal Holidays	83
	Section 16.07.	Conflict with Trust Indenture Act	83
	Section 16.08.	No Security Interest Created	83
	Section 16.09.	Benefits of Indenture	84
	Section 16.10.	Table of Contents, Headings, etc	84
	Section 16.11.	Execution in Counterparts	84
	Section 16.12.	Severability	84
	 	 	 
	Exhibit A- Form of Note 	A-1







 






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EXECUTION COPY


 





INDENTURE


 


INDENTURE dated as of October 9, 2013 among
Campus Crest Communities Operating Partnership, LP, a Delaware limited partnership (hereinafter called the “Issuer”),
Campus Crest Communities, Inc., a Maryland corporation (hereinafter referred to as the “Guarantor” or, in its
capacity as general partner of the Issuer, the “General Partner”), each having its principal office at 2100
Rexford Road, Suite 414, Charlotte, North Carolina 28211, and U.S. Bank National Association, as Trustee hereunder.


 


Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the holders of the Issuer’s 4.75% Exchangeable Senior Notes
due 2018 guaranteed by the Guarantor.


 


ARTICLE 1

DEFINITIONS


 


Section 1.01.Definitions.
The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise
requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified
in this Section 1.01. All other terms used in this Indenture that are defined in the Trust Indenture Act (as defined below)
or which are by reference therein defined in the Securities Act (as defined below) (except as herein otherwise expressly provided
or unless the context otherwise requires) shall have the respective meanings assigned to such terms in the Trust Indenture Act
and in the Securities Act as in force at the date of the execution of this Indenture. The words “herein,” “hereof,”
“hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision. The terms defined in this Article include the plural as well as the singular.


 


“Additional Interest”
has the meaning specified in the Registration Rights Agreement (as defined below).


 


“Additional Notes” has
the meaning specified in Section 2.01.


 


“Additional Shares” has
the meaning specified in Section 13.04(a).


 


“Adjustment Cap” has
the meaning specified in Section 13.04(f)(ii).


 


“Adjustment Floor” has
the meaning specified in Section 13.04(f)(iii).


 


“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 or cause the direction of 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.


 


“Agent Members” has the
meaning specified in Section 2.05(b)(v).


 






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“Bankruptcy Law” means
Title 11 of the U.S. Code or any similar federal or state law for the relief of debtors.


 


“Benefited Party” has
the meaning specified in Section 15.01.


 


“Bid Solicitation Agent”
means the Issuer or the Person appointed by the Issuer to solicit bids for
the Trading Price of the Notes in accordance with Section 13.01(b)(ii). The Issuer shall initially act as the Bid Solicitation
Agent.


 


“Board of Directors”
means the board of directors of the General Partner or a committee of that board duly authorized to act hereunder.


 


“Board Resolution” means
a copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner 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 Trustee.


 


“Business Day” means
any day other than a Saturday, a Sunday or other day on which the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or to be closed.


 


“Capital Stock” means
any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock and, with respect
to partnerships, partnership interests (whether general or limited) and any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, such partnership.


 


“Cash
Settlement” has the meaning set forth in Section 13.02(b).


 


“Charter” means the Articles
of Amendment and Restatement of the Guarantor, as amended to date.


 


“Clause A Distribution”
shall have the meaning specified in Section 13.03(c).


 


“Clause B Distribution”
shall have the meaning specified in Section 13.03(c).


 


“Clause C Distribution”
shall have the meaning specified in Section 13.03(c).


 


“Close of Business” means
5:00 p.m., New York City time.


 


“Closing Sale Price”
of the Common Stock on any Trading Day means the closing sale price per share (or if no closing sale price is reported, the average
of the closing bid and closing ask prices or, if more than one in either case, the average of the average closing bid and the average
closing ask prices) on such day as reported in composite transactions for the principal United States securities exchange on which
the Common Stock is traded or, if the Common Stock is not listed on a United States national or regional securities exchange, as
reported by OTC Markets Group Inc. or a similar organization. In the absence of such a quotation, the “Closing Sale Price”
will be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least
three nationally recognized independent investment banking firms retained by the Issuer for this purpose, which may include one
or more of the Initial Purchasers. The Closing Sale Price will be determined without reference to extended or after hours trading.


 






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“Code” means the Internal
Revenue Code of 1986, as amended.


 


“Combination
Settlement” has the meaning set forth in Section 13.02(b).


 


“Commission” means the
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 Stock” means
the shares of common stock, par value $0.01 per share, of the Guarantor as they exist on the date of this Indenture or any other
shares of Capital Stock of the Guarantor into which the Common Stock shall be reclassified or changed or, in the event of a merger,
consolidation or other similar transaction involving the Guarantor that is otherwise permitted hereunder in which the Guarantor
is not the surviving corporation, the common stock, common equity interests, ordinary shares or depositary shares or other certificates
representing common equity interests of such surviving corporation or its direct or indirect parent corporation.


 


“Common Stock Legend”
has the meaning specified in Section 2.05(c).


 


“Continuing Director”
means a director who either was a member of the Guarantor’s Board of Directors on the date of the Offering Memorandum or
who becomes a member of the Guarantor’s Board of Directors subsequent to that date and whose election, appointment or nomination
for election by the Guarantor’s shareholders is duly approved by a majority of the continuing directors on the Guarantor’s
Board of Directors at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the
Guarantor on behalf of its entire Board of Directors in which such individual is named as nominee for director.


 


“Corporate Trust Office”
or other similar term, means the designated office of the Trustee at which, at any particular time, its corporate trust business
as it relates to this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located
at 60 Livingston Avenue, St. Paul, Minnesota 55107, Attention: Corporate Trust Services, or at any other
time at such other address as the Trustee may designate from time to time by notice to the Issuer. 


 


“CUSIP” means the Committee
on Uniform Securities Identification Procedures.


 


“Custodian” means U.S.
Bank National Association, as custodian with respect to the Notes in global form, or any successor entity thereto.


 


“Daily
Exchange Value” for any Trading Day in the applicable Exchange Period equals 2.5% of: (1) the Exchange Rate in effect
on that Trading Day, multiplied by (2) the VWAP of the Common Stock on that Trading Day.


 


“Daily
Measurement Value” means the quotient of the Specified Dollar Amount, if any, divided by 40.


 






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“Daily
Settlement Amount” for each $1,000 principal amount of Notes, for each of the 40 consecutive Trading Days in the relevant
Exchange Period, shall consist of:


 


		(1)	cash equal to the lesser of (a) the Daily Measurement Value and (b) the Daily Exchange Value; and



 


		(2)	to the extent the Daily Exchange Value exceeds the Daily Measurement Value, a number of shares of Common Stock equal to (a) the
difference between the Daily Exchange Value and the Daily Measurement Value, divided by (b) the VWAP of the Common Stock on
such Trading Day.



 


“default” means any event
that is, or after notice or lapse of time or both would become, an Event of Default.


 


“Defaulted Interest”
has the meaning specified in Section 2.03.


 


“Depositary” means the
clearing agency registered under the Exchange Act that is designated to act as the depositary for the Global Notes. DTC shall be
the initial Depositary, until a successor shall have been appointed and become such pursuant to the applicable provisions of this
Indenture, and thereafter, “Depositary” shall mean or include such successor.


 


“Dividend Threshold Amount”
shall have the meaning specified in Section 13.03(d).


 


“DTC” means The Depository
Trust Company.


 


“Effective Date” has
the meaning specified in Section 13.04(b).


 


“Event of Default” has
the meaning specified in Section 6.01(a).


 


“Ex-Dividend Date” means
the first date on which the Common Stock trades on the applicable exchange or in the applicable market, regular way, without the
right to receive the applicable issuance, dividend or distribution.


 


“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to
time.


 


“Exchange Agent” means
the exchange agent appointed by the Issuer to act as set forth in Article 13, which, initially, shall be the Trustee.


 


“Exchange Date” has the
meaning specified in Section 13.02(a).


 


“Exchange Obligation”
has the meaning specified in Section 13.01(a).


 


“Exchange Period” means
the 40 consecutive Trading Day period:


 


		(1)	with respect to Exchange Notices received on or after July 15, 2018, beginning on, and including, the 42nd Scheduled Trading
Day immediately preceding the Maturity Date; and



 






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		(2)	in all other cases, beginning on, and including, the third Trading Day following the Issuer’s receipt of the relevant
Exchange Notice.



 


“Exchange Notice” has
the meaning specified in Section 13.02(a).


 


“Exchange Price” means,
on any date of determination, $1,000, divided by the Exchange Rate as of such date.


 


“Exchange Rate” shall
initially be 79.6020 shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment as provided in Article
13.


 


“Expiration Time” has
the meaning specified in Section 13.03(e).


 


“Fundamental Change”
means the occurrence at any time after the Notes are originally issued of any of the following events:


 


(1)any “person”
or “group” (within the meaning of Section 13(d) of the Exchange Act), other than the Issuer, the Guarantor or one of
the Guarantor’s other majority-owned subsidiaries, files a Schedule 13D or any schedule, form or report under the Exchange
Act disclosing that such person or group has become the direct or indirect ultimate “beneficial owner,” as defined
in Rule 13d-3 under the Exchange Act, of the Guarantor’s common equity representing more than 50% of the voting power of
the Guarantor’s common equity;


 


(2)the consummation of (x)
any consolidation, merger or binding share exchange or reclassification or similar transaction between the Guarantor and another
person (other than its subsidiaries), in each case pursuant to which the Common Stock shall be converted into cash, securities
or other property, other than a transaction (i) that results in the holders of all classes of the Guarantor’s common equity
immediately prior to such transaction owning, directly or indirectly, as a result of such transaction, more than 50% of the surviving
corporation or transferee or the parent thereof immediately after such event or (ii) effected solely to change the Guarantor’s
jurisdiction of formation or to form a holding company for the Guarantor and that results in a share exchange or reclassification
or similar exchange of the outstanding Common Stock solely into common stock of the surviving entity or (y) any sale or other disposition
in one transaction or a series of transactions of all or substantially all of the Guarantor’s assets and its subsidiaries,
on a consolidated basis, to another person (other than any of the Guarantor’s subsidiaries);


 


(3)“Continuing Directors”
cease to constitute at least a majority of the Guarantor’s Board of Directors;


 


(4)the Guarantor’s stockholders
approve any plan or proposal for the liquidation or dissolution of the Guarantor (other than in a transaction described in clause
(2) above);


 






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(5)the Common Stock (or other
common stock underlying the Notes) ceases to be listed on the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ
Global Market (or any of their respective successors); or


 


(6)the Guarantor (or any successor
thereto permitted pursuant to the terms of this Indenture) ceases to be, either directly or indirectly through one or more of its
subsidiaries, the Issuer’s general partner or ceases to control the Issuer;


 


provided, however, that in the case of a transaction
or event described in clause (1) or (2) above, if at least 90% of the consideration received or to be received by holders of the
Common Stock (excluding cash payments for fractional shares) in the transaction or transactions that would otherwise constitute
a “Fundamental Change” consists of common stock or common equity interests that are traded on the New York Stock Exchange,
The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or that will be so traded when
issued or exchanged in connection with the transaction that would otherwise constitute a Fundamental Change under clause (1) or
(2) of the definition thereof (such common stock or common equity interests, “Publicly Traded Securities”),
and as a result of such transaction or transactions, the Notes become exchangeable for such Publicly Traded Securities, excluding
cash payments for fractional shares, such transaction or event shall not be a Fundamental Change.


 


“Fundamental Change Repurchase
Date” has the meaning specified in Section 3.02(a).


 


“Fundamental Change Repurchase
Notice” has the meaning specified in Section 3.02(c).


 


“General Partner” means
the corporation named as the “General Partner” in the first paragraph of this Indenture, and, subject to the
provisions of Article 10, shall include its successors and assigns.


 


“Global Note” has the
meaning specified in Section 2.02.


 


“Guarantee” means the
full and unconditional guarantee provided by the Guarantor in respect of the Notes as made applicable to the Notes in accordance
with the provisions of Article 15 hereof.


 


“Guarantee Obligations”
has the meaning specified in Section 15.01.


 


“Guarantor” means the
corporation named as the “Guarantor” in the first paragraph of this Indenture, and, subject to the provisions
of Article 10, shall include its successors and assigns.


 


“Indenture” means this
instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.


 


“Initial Notes” has the
meaning specified in Section 2.01.


 


“Initial Purchasers”
means Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Raymond James
& Associates, Inc., RBC Capital Markets, LLC and Robert W. Baird & Co. Incorporated, the initial purchasers party to the
Purchase Agreement.


 






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“Interest” means, when
used with reference to the Notes, any interest payable in respect of the Notes. Unless the context otherwise requires, any reference
to Interest on, or in respect of, any Note in this Indenture shall be deemed to include Supplementary Interest if, in such context,
Additional Interest is, was or would be payable pursuant to the Registration Rights Agreement and/or additional interest is or
would be payable pursuant to Section 6.01(b) of this Indenture. Unless the context otherwise requires, any express mention of Supplementary
Interest in any provision hereof shall not be construed as excluding Supplementary Interest in those provisions hereof where such
express mention is not made.


 


“Interest Payment Date”
means (x) with respect to any payment of Interest other than Defaulted Interest, each April 15 and October 15 of
each year, beginning April 15, 2014 and (y) with respect to any payment of Defaulted Interest, the date specified for such
payment by the Issuer.


 


“Issuer” means the limited
partnership named as the “Issuer” in the first paragraph of this Indenture, and, subject to the provisions of
Article 10, shall include its successors and assigns.


 


“Issuer Request” and
“Issuer Order” mean, respectively, a written request or order signed in the name of the Issuer by the General
Partner by its Chief Executive Officer, Chairman of the Board of Directors, President or a Vice President, and by its Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary, and delivered to the Trustee.


 


“Issuer Repurchase Notice”
has the meaning specified in Section 3.03(b).


 


“Issuer Repurchase Notice Date”
has the meaning specified in Section 3.03(a).


 


“Make-Whole Fundamental Change”
means any event that (i) is a Fundamental Change or (ii) would be a Fundamental Change, but for the exclusion in section (i) of
clause (2) of the definition thereof.


 


“Market
Disruption Event” means (i) a failure by the primary U.S. national or regional securities exchange or market on
which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (ii) the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than
one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options,
contracts or futures contracts relating to the Common Stock.


 


“Maturity Date” means
October 15, 2018.


 


“Merger Event” shall
have the meaning specified in Section 13.05(a).


 






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“Note” or “Notes”
means any of the Issuer’s 4.75% Exchangeable Senior Notes due 2018, as the case may be, authenticated and delivered under
this Indenture, including the Initial Notes, any Additional Notes and any Global Note.


 


“Note Register” has the
meaning specified in Section 2.05(a).


 


“Note Registrar” has
the meaning specified in Section 2.05(a).


 


“Noteholder” or “Holder”
as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person
in whose name at the time a particular Note is registered on the Note Registrar’s books.


 


“Offering Memorandum”
means the Issuer’s and the Guarantor’s offering memorandum dated October 3, 2013 relating to the Notes.


 


“Officer” means the Chief
Executive Officer, the Chairman of the Board of Directors, the President, one of the Vice Presidents, the Treasurer, the Assistant
Treasurer, the Secretary or an Assistant Secretary of the General Partner.


 


“Officers’ Certificate,”
when used with respect to the Issuer, means a certificate signed by the Chief Executive Officer, the Chairman of the Board of Directors,
the President or a Vice President and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the
General Partner, and delivered to the Trustee.


 


“Open of Business” means
9:00 a.m., New York City time.


 


“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Issuer or who may be an employee of or other counsel for the Issuer
and who shall be satisfactory to the Trustee and delivered to the Trustee.


 


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


 


(a)Notes theretofore canceled
by the Trustee or delivered to the Trustee for cancellation;


 


(b)Notes, or portions thereof,
for whose payment (repurchase pursuant to Article 3) money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act
as its own Paying Agent) for the Holders of such Notes;


 


(c)Notes, which shall have
been discharged in accordance with Article 11; and


 


(d)Notes which have been paid
pursuant to Section 2.06 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant
to this Indenture;


 






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provided, however, that in determining whether
the Holders of the requisite principal amount of the outstanding Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, Notes owned by the Issuer or any
other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be
outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Notes which are identified as being so owned on
the Note Registrar shall be so disregarded. Notes owned which have been pledged in good faith may be regarded as outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that
the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. In case
of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in
accordance with such advice.


 


“Paying Agent” has the
meaning specified in Section 2.08.


 


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


 


“Physical
Settlement” has the meaning set forth in Section 13.02(b).


 


“Physical Settlement Election”
means the irrevocable election by the Issuer prior to July 15, 2018, to satisfy its Exchange Obligations solely by Physical
Settlement in accordance with Section 13.02(b) hereof.


 


“Physical Settlement Election Date”
means the date on which a Physical Settlement Election Notice is delivered to the Trustee.


 


“Physical Settlement Election Notice”
means a written notice of a Physical Settlement Election provided by the Issuer to the Trustee and each Holder of Notes.


 


“Predecessor Note” of
any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note, and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 lieu of a lost, destroyed
or stolen Note shall be deemed to evidence the same debt as the lost, destroyed or stolen Note that it replaces.


 


“Preferred Stock” means,
with respect to any Person, all capital stock issued by such Person that are entitled to a preference or priority over any other
capital stock issued by such Person with respect to any distribution of such Person’s assets, whether by dividend or upon
any voluntary or involuntary liquidation, dissolution or winding up.


 


“Preliminary Offering Memorandum”
means the Issuer’s and the Guarantor’s preliminary offering memorandum dated October 3, 2013, as supplemented by the
related pricing term sheet dated October 3, 2013, relating to the Notes.


 






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“Purchase Agreement”
means the Purchase Agreement, dated October 3, 2013, among the Issuer, the Guarantor and the Initial Purchasers.


 


“Record Date” has the
meaning specified in Section 2.03.


 


“Reference Property”
has the meaning provided in Section 13.05(a) hereof.


 


“Registration Default”
has the meaning specified in the Registration Rights Agreement.


 


“Registration Rights Agreement”
means the Registration Rights Agreement, dated October 9, 2013, among the Issuer, the Guarantor and the Initial Purchasers, as
amended from time to time in accordance with its terms.


 


“Reporting Event of Default”
has the meaning specified in Section 6.01(b).


 


“Responsible Officer”
when used with respect to the Trustee, means any corporate trust officer in the Corporate Trust Office of the Trustee.


 


“Restricted Notes Legend”
has the meaning specified in Section 2.05(c).


 


“Restricted Securities”
has the meaning specified in Section 2.05(c).


 


“Rule 144A” means Rule
144A as promulgated under the Securities Act as it may be amended from time to time hereafter.


 


“Scheduled Trading Day”
means a day that is scheduled to be a Trading Day on the primary United States national or regional securities exchange or market
on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled
Trading Day” means a Business Day.


 


“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.


 


“Settlement
Amount” has the meaning specified in Section 13.02(b).


 


“Settlement
Method” means, with respect to any exchange of Notes, Physical Settlement, Cash Settlement or Combination Settlement,
as elected (or deemed to have been elected) by the Issuer.


 


“Significant Subsidiary”
means any Subsidiary which is a “significant subsidiary” (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act) of the Issuer.


 


“Specified Dollar Amount”
means the maximum cash amount per $1,000 principal amount of Notes being exchanged to be received upon exchange as specified in
the notice specifying the chosen Settlement Method.


 






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“Stated Maturity,” when
used with respect to any Note or any installment of principal thereof or Interest thereon, means the date specified in such Note
as the fixed date on which the principal of such Note or such installment of principal or Interest is due and payable.


 


“Stock Price” has the
meaning specified in Section 13.04(b).


 


“Subsidiary” means a
Person (other than an individual), a majority of the outstanding voting stock, partnership interests, membership interests or other
equity interest, as the case may be, of which is owned or controlled, directly or indirectly, by the Issuer or the Guarantor or
by one or more other Subsidiaries of the Issuer or the Guarantor, as the case may be. For the purposes of this definition, “voting
stock” means stock having voting power for the election of directors, trustees or managers, as the case may be, whether at
all times or only so long as no senior class of stock has such voting power by reason of any contingency.


 


“Supplementary Interest”
has the meaning specified in Section 6.01(c).


 


“Supplementary Interest Notice”
has the meaning specified in Section 4.09.


 


“Trading
Day” means a day on which (i) trading in the Common Stock (or other security for which a closing sale price must
be determined) generally occurs on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed
on the New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock
(or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national
or regional securities exchange, on the principal other market on which the Common Stock (or such other security) is then listed
or admitted for trading, and (ii) a closing sale price for the Common Stock (or such other security for which a closing sale
price must be determined) is available on such securities exchange; provided that, for purposes of determining amounts
due under Section 13.02(b), “Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading
in the Common Stock generally occurs on the New York Stock Exchange or, if the Common Stock is not then listed on the New York
Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or,
if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which
the Common Stock is then listed or admitted for trading. If the Common Stock (or such other security) is not so listed or traded,
“Trading Day” means a Business Day.


 


“Trading
Price” per $1,000 principal amount of Notes on any date of determination means the average of the secondary market bid
quotations obtained by the Bid Solicitation Agent for $5,000,000 principal amount of the Notes at approximately 3:30 p.m., New
York City time, on such determination date from three independent nationally recognized securities dealers the Issuer selects,
provided that if at least three such bids cannot reasonably be obtained by the Bid Solicitation Agent, but two such
bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid
Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000
principal amount of the Notes from a nationally recognized securities dealer, then, the Trading Price of the Notes will be deemed
to be less than 98% of the product of the Closing Sale Price of the Common Stock and the applicable Exchange Rate.


 






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“transfer” has the meaning
specified in Section 2.05(c).


 


“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of this Indenture;
provided that, in the case of a supplemental indenture executed pursuant to this Indenture, “Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of such supplemental indenture.


 


“Trustee” means U.S.
Bank National Association, and its successors and any corporation resulting from or surviving any consolidation or merger to which
it or its successors may be a party and any successor trustee at the time serving as successor trustee hereunder.


 


“Units” means the limited
partnership units of the Issuer.


 


“VWAP”
or “volume weighted average price” per share of the Common Stock on any Trading Day means such price as displayed
on Bloomberg (or any successor service) page CCG <EQUITY> AQR in respect of the period from the scheduled open of trading
until the scheduled close of trading of the primary trading session on such Trading Day; or, if such price is not available, the
volume-weighted average price means the market value per share of Common Stock on such day as determined by a nationally recognized
independent investment banking firm, which may be one of the Initial Purchasers, retained for this purpose by the Issuer. The “volume-weighted
average price” or “VWAP” will be determined without regard to after-hours trading or any other trading outside
of the regular trading session trading hours.


 


ARTICLE 2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION


AND EXCHANGE OF NOTES


 


Section 2.01.Designation
Amount and Issue of Notes. The Notes shall be designated as “4.75% Exchangeable Senior Notes due 2018.”
Upon the execution of this Indenture, and from time to time thereafter, Notes may be executed by the Issuer and delivered to the
Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Notes upon a written order of the Issuer,
such order signed by one Officer, without any further action by the Issuer hereunder.


 


The aggregate principal amount of Notes
which may be authenticated and delivered under this Indenture is unlimited; provided that upon initial issuance, the aggregate
principal amount of Notes outstanding shall not exceed $100,000,000, except as provided in Section 2.06. The Issuer may, without
the consent of the Holders of Notes, issue additional Notes (the “Additional Notes”) from time to time in the
future with the same terms and the same CUSIP number as the Notes originally issued under this Indenture (the “Initial
Notes”) in an unlimited principal amount, provided that such Additional Notes shall be part of the same issue
as and fungible with the Initial Notes for United States federal income tax purposes. The Initial Notes and any such Additional
Notes shall constitute a single series of debt securities ranking equally and ratably in right of payment, and in circumstances
in which this Indenture provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders
of any such Additional Notes will vote or take that action as a single class.


 


Section 2.02.Form
of Notes. The Notes, the Guarantee and the Trustee’s certificate of authentication to be borne by such Notes shall be
substantially in the form set forth in Exhibit A hereto. The terms and provisions contained in the form of Note attached as Exhibit
A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Issuer and
the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.


 






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Any of the Notes may have such letters,
numbers or other marks of identification and such notations, legends, endorsements or changes as the officers executing the same
may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this
Indenture, or as may be required by the Custodian or the Depositary or as may be required for the Notes to be tradable on any market
developed for trading of securities pursuant to Rule 144A or as may be required to comply with any applicable law or with any rule
or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on
which the Notes may be listed, or to conform to usage, or to indicate any special limitations or restrictions to which any particular
Notes are subject.


 


So long as the Notes are eligible for book-entry
settlement with the Depositary, or unless otherwise required by law, or otherwise contemplated by Section 2.05(b), all of
the Notes will be represented by one or more Notes in global form registered in the name of the Depositary or the nominee of the
Depositary (a “Global Note”). The transfer and exchange of beneficial interests in any such Global Note shall
be effected through the Depositary in accordance with this Indenture and the applicable procedures of the Depositary. Except as
provided in Section 2.05(b), beneficial owners of a Global Note shall not be entitled to have certificates registered in their
names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered
Holders of such Global Note.


 


Any Global Note shall represent such of
the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of outstanding
Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to
time be increased or reduced to reflect repurchases, exchanges, or transfers permitted hereby. Any endorsement of a Global Note
to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee
or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance
with this Indenture. Payment of principal of and Interest on any Global Note shall be made to the Holder of such Note.


 


Section 2.03.Date
and Denomination of Notes; Payments of Interest. The Notes shall be issuable in registered form without coupons in minimum
denominations of $1,000 principal amount and in integral multiples of $1,000 in excess thereof. Each Note shall be dated the date
of its authentication and shall bear Interest from the date specified on the face of the form of Note attached as Exhibit A hereto.
Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.


 


The Person in whose name any Note (or its
Predecessor Note) is registered on the Note Register at the Close of Business on any Record Date with respect to any Interest Payment
Date shall be entitled to receive the Interest payable on such Interest Payment Date, subject to the provisions of Section 13.02(a)
relating to any Note or portion thereof surrendered for exchange during the period from the Close of Business on the Record Date
for any Interest Payment Date to the Close of Business on the applicable Interest Payment Date. Interest on any Global Note shall
be paid by wire transfer of immediately available funds to the account of the Depositary or its nominee. Payment of the principal
of Notes not represented by a Global Note shall be made at the office or agency designated by the Issuer for such purpose. Interest
on Notes not represented by a Global Note shall be paid (i) to Holders having an aggregate principal amount of $5,000,000
or less, by check mailed to the Holders of these Notes and (ii) to Holders having an aggregate principal amount of more than
$5,000,000, either by check mailed to each Holder or, upon application by a Holder to the Registrar not later than the relevant
Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application
shall remain in effect until the Holder notifies, in writing, the Registrar to the contrary.


 






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If a payment date is not a Business Day,
payment shall be made on the next succeeding Business Day, and no additional interest shall accrue thereon. The term “Record
Date” with respect to any Interest Payment Date shall mean the April 1 or October 1 preceding the applicable
April 15 or October 15 Interest Payment Date, respectively.


 


Any Interest on any Note which is payable,
but is not punctually paid or duly provided for, on any April 15 or October 15 (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the Noteholder registered as such on the relevant Record Date, and such Defaulted Interest
shall be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below:


 


(a)The Issuer may elect to
make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor Notes) 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 Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and
the date of the proposed payment (which shall be not less than twenty (20) calendar days after the receipt by the Trustee
of such notice), and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or
prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Issuer shall fix a special record date for the payment of
such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days
prior to the date of the proposed payment. At least 15 calendar days before the special record date, the Issuer (or, upon the written
request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail or cause to be mailed to Holders a notice
stating the special record date, the related payment date and the amount of such interest to be paid to each such Holder.


 


(b)The Issuer may make payment
of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange or automated
quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange
or automated quotation system, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant to this clause,
such manner of payment shall be deemed practicable by the Trustee.


 






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Section 2.04.Execution
of Notes. The Notes shall be signed in the name and on behalf of the Issuer by the manual or facsimile signature of an Officer.
Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached
as Exhibit A hereto, executed manually by the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 7.11),
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee
(or such an authenticating agent) upon any Note executed by the Issuer shall be conclusive evidence that the Note so authenticated
has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.


 


In case any Officer who shall have signed
any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee,
or disposed of by the Issuer, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who
signed such Notes had not ceased to be such Officer, and any Note may be signed on behalf of the Issuer by such persons as, at
the actual date of the execution of such Note, shall be the proper Officers, although at the date of the execution of this Indenture
any such person was not such an Officer.


 


Section 2.05.Exchange
and Registration of Transfer of Notes; Restrictions on Transfer. (a) The Issuer shall cause to be kept at the Corporate
Trust Office a register (the register maintained in such office and in any other office or agency of the Issuer designated pursuant
to Section 4.02 being herein sometimes collectively referred to as the “Note Register”) in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and of transfers of
Notes. The Note Register shall be in written form or in any form capable of being exchanged into written form within a reasonably
prompt period of time. The Trustee is hereby appointed “Note Registrar” for the purpose of registering Notes
and transfers of Notes as herein provided. The Issuer may appoint one or more co-registrars in accordance with Section 4.02.


 


Upon surrender for registration of transfer
of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this
Section 2.05, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.


 


Notes may be exchanged for other Notes of
any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such
office or agency maintained by the Issuer pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the
Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes which the Noteholder making the exchange is entitled
to receive bearing registration numbers not contemporaneously outstanding.


 






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


 


All Notes presented or surrendered for registration
of transfer or for exchange or repurchase shall (if so required by the Issuer or the Note Registrar) be duly endorsed, or be accompanied
by a written instrument or instruments of transfer in form satisfactory to the Issuer, and the Notes shall be duly executed by
the Noteholder thereof or its attorney duly authorized in writing.


 


No service charge shall be made to any Holder
for any registration of, transfer or exchange of Notes, but the Issuer may require payment by the Holder of a sum sufficient to
cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange
of Notes.


 


(b)The following provisions shall apply
only to Global Notes:


 


(i)Each Global Note authenticated
under this Indenture shall be registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or
a nominee thereof or Custodian therefor, and each such Global Note shall constitute a single Note for all purposes of this Indenture.


 


(ii)Notwithstanding any other
provision in this Indenture, no Global Note may be exchanged in whole or in part for Notes registered, and no transfer of a Global
Note in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (1) the
Depositary (x) has notified the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (y) has
ceased to be a clearing agency registered under the Exchange Act, and a successor depositary has not been appointed by the Issuer
within ninety (90) calendar days, or (2) an Event of Default has occurred and is continuing. Any Global Note exchanged
pursuant to clause (1) or (2) above shall be so exchanged in whole and not in part. Any Note issued in exchange for a
Global Note or any portion thereof shall be a Global Note; provided that any such Note so issued that is registered in the
name of a Person other than the Depositary or a nominee thereof shall not be a Global Note.


 


(iii)Notes issued in exchange
for a Global Note or any portion thereof pursuant to clause (ii) above shall be issued in definitive, fully registered form,
without Interest coupons, shall have an aggregate principal amount equal to that of such Global Note or portion thereof to be so
exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall designate and shall
bear any legends required hereunder. Any Global Note to be exchanged in whole shall be surrendered by the Depositary to the Trustee,
as Note Registrar. With regard to any Global Note to be exchanged in part, either such Global Note shall be so surrendered for
exchange or, if the Trustee is acting as Custodian for the Depositary or its nominee with respect to such Global Note, the principal
amount thereof shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment
made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and make available for
delivery the Note issuable on such exchange to or upon the written order of the Depositary or an authorized representative thereof.


 






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(iv)In the event of the occurrence
of any of the events specified in clause (ii) above, the Issuer will promptly make available to the Trustee a reasonable supply
of certificated Notes in definitive, fully registered form, without Interest coupons.


 


(v)Neither any members of,
or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf Agent Members may
act shall have any rights under this Indenture with respect to any Global Note registered in the name of the Depositary or any
nominee thereof, and the Depositary or such nominee, as the case may be, may be treated by the Issuer, the Trustee and any agent
of the Issuer or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or
impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation
of customary practices of such Persons governing the exercise of the rights of a Holder of any Note.


 


(vi)At such time as all interests
in a Global Note have been repurchased, exchanged, or canceled for Notes in certificated form, such Global Note shall, upon receipt
thereof, be canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and
the Custodian. At any time prior to such cancellation, if any interest in a Global Note is repurchased, exchanged, or canceled
for Notes in certificated form, the principal amount of such Global Note shall, in accordance with the standing procedures and
instructions existing between the Depositary and the Custodian, be appropriately reduced, and an endorsement shall be made on such
Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction.


 


(c)Every Note (and all securities issued
in exchange therefor or in substitution thereof) that bears or is required under this Section 2.05(c) to bear the legend set
forth in this Section 2.05(c) (the “Restricted Notes Legend”), and any Common Stock that bears or is required
under this Section 2.05(c) to bear the Common Stock legend set forth in this Section 2.05(c) (the “Common Stock
Legend”) (collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer
set forth in this Section 2.05(c) (including those set forth in the legends below) unless such restrictions on transfer shall
be waived by written consent of the Issuer, and the Holder of each such Restricted Security, by such Holder’s acceptance
thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c), the term “transfer”
means any sale, pledge, loan, transfer or other disposition whatsoever of any Restricted Security or any interest therein.


 


Until the Maturity Date for the Notes, every
certificate evidencing the Notes shall bear a Restricted Notes Legend in substantially the following form unless otherwise determined
by the Issuer in writing, with written notice thereof to the Trustee:


 






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THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES THAT IT WILL NOT RESELL OR OTHERWISE
TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, CAMPUS CREST COMMUNITIES, INC. OR A SUBSIDIARY OF THE ISSUER;
OR (B) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER
THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE). 


 


Until the date that is the later of (1)
the date that is one year after the date of issuance of shares of Common Stock upon exchange of a Note, or such other period of
time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any, as
may be required by applicable laws, any stock certificate evidencing shares of Common Stock issued upon exchange of such Note shall
bear a Common Stock Legend in substantially the following form unless such Common Stock has been sold pursuant to a registration
statement that has been declared or become effective under the Securities Act (and which continues to be effective at the time
of such transfer) or pursuant to Rule 144 under the Securities Act or any similar provision then in force, or unless otherwise
determined by the Issuer in writing, with written notice thereof to the Trustee:


 


THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR
OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO CAMPUS CREST COMMUNITIES, INC. OR A SUBSIDIARY OF CAMPUS CREST
COMMUNITIES, INC.; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED OR BECOME EFFECTIVE UNDER THE SECURITIES ACT;
(C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE
SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER
ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY
TRANSFER OF THIS SECURITY, FURNISH TO THE TRANSFER AGENT AND CAMPUS CREST COMMUNITIES, INC. SUCH CERTIFICATIONS, LEGAL OPINIONS
OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.


 






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Any such shares of Common Stock as to which
such restrictions on transfer shall have expired in accordance with their terms or as to which the conditions for removal of the
Common Stock Legend set forth therein have been satisfied may, upon surrender of the certificates representing such shares of Common
Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate
or certificates for a like number of shares of Common Stock, which shall not bear the Common Stock Legend required by this Section 2.05(c).


 


(d)By its acceptance of any Note bearing
the Restricted Notes Legend, each Holder of such Note acknowledges the restrictions on transfer of such Note set forth in this
Indenture and in the Restricted Notes Legend and agrees that it will transfer such Note only as provided in this Indenture and
as permitted by applicable law.


 


(e)Any Restricted Securities purchased
or owned by the Issuer or any Affiliate thereof may not be resold by the Issuer or such Affiliate unless registered under the Securities
Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction which results
in such Notes or Common Stock, as the case may be, no longer being “restricted securities” (as defined under Rule 144).


 


(f)The Trustee shall have no responsibility
or obligation to any Agent Members or any other Person with respect to the accuracy of the books or records, or the acts or omissions,
of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or
with respect to the delivery to any Agent Member or other Person (other than the Depositary) of any notice or the payment of any
amount, under or with respect to such Notes. All notices and communications to be given to the Noteholders and all payments to
be made to Noteholders under the Notes shall be given or made only to or upon the order of the registered Noteholders (which shall
be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised
only through the Depositary subject to the customary procedures of the Depository. The Trustee may rely and shall be fully protected
in relying upon information furnished by the Depositary with respect to its Agent Members.


 


The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members
in any Global Indenture) other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.


 


Section 2.06.Mutilated,
Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Issuer in its
discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate
and make available for delivery, a new Note, bearing a number not contemporaneously outstanding, in exchange and substitution for
the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case, the applicant for
a substituted Note shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such security or
indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected
with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, to the
Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof.


 






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Following receipt by the Trustee or such
authenticating agent, as the case may be, of satisfactory security or indemnity and evidence, as described in the preceding paragraph,
the Trustee or such authenticating agent may authenticate any such substituted Note and make available for delivery such Note.
Upon the issuance of any substituted Note, the Issuer may require the payment by the Holder of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In
case any Note which has matured or is about to mature or has been properly tendered for repurchase on a Fundamental Change Repurchase
Date (and not withdrawn) or is to be exchanged pursuant to this Indenture, shall become mutilated or be destroyed, lost or stolen,
the Issuer may, instead of issuing a substitute Note, pay or authorize the payment of or exchange or authorize the exchange of
the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment
or exchange shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such security or indemnity
as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with
such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, the Trustee
and, if applicable, any Paying Agent or Exchange Agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof.


 


Every substitute Note issued pursuant to
the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be
entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately
with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the
express condition that the foregoing provisions are exclusive with respect to the replacement or payment or exchange or repurchase
of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment or exchange or repurchase of negotiable
instruments or other securities without their surrender.


 


Section 2.07.Temporary
Notes. Pending the preparation of Notes in certificated form, the Issuer may execute and the Trustee or an authenticating agent
appointed by the Trustee shall, upon the written request of the Issuer, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Notes in certificated form,
but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Issuer.
Every such temporary Note shall be executed by the Issuer and authenticated by the Trustee or such authenticating agent upon the
same conditions and in substantially the same manner, and with the same effect, as the Notes in certificated form. Without unreasonable
delay, the Issuer will execute and deliver to the Trustee or such authenticating agent Notes in certificated form and thereupon
any or all temporary Notes may be surrendered in exchange therefor, at each office or agency maintained by the Issuer pursuant
to Section 4.02 and the Trustee or such authenticating agent shall authenticate and make available for delivery in exchange
for such temporary Notes an equal aggregate principal amount of Notes in certificated form. Such exchange shall be made by the
Issuer at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled
to the same benefits and subject to the same limitations under this Indenture as Notes in certificated form authenticated and delivered
hereunder.


 






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Section 2.08.Cancellation
of Notes. All Notes surrendered for the purpose of payment, repurchase, exchange or registration of transfer shall, if surrendered
to the Issuer or any paying agent to whom Notes may be presented for payment (the “Paying Agent”) or Exchange
Agent, which shall initially be the Trustee, or any Note Registrar, be surrendered to the Trustee and promptly canceled by it or,
if surrendered to the Trustee, shall be promptly canceled by it and no Notes shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Indenture. The Trustee shall dispose of such canceled Notes in accordance with its customary
procedures. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a repurchase or satisfaction of
the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation.


 


Section 2.09.CUSIP
Numbers. The Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any
such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on
such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer shall promptly
notify the Trustee in writing of any change in the “CUSIP” numbers.


 


ARTICLE 3

REPURCHASE OF NOTES; NO REDEMPTION


 


Section 3.01.No
Redemption of Notes. The Notes shall not be redeemable by the Issuer prior to the Maturity Date, and no sinking fund is provided
for the Notes.


 


Section 3.02.Repurchase
at Option of Holders Upon a Fundamental Change. (a) If there shall occur a Fundamental Change at any time prior to the
Maturity Date, then each Noteholder shall have the right, at such Holder’s option, to require the Issuer to repurchase all
of such Holder’s Notes, or any portion thereof that is a multiple of $1,000 principal amount, in cash, on a date (the “Fundamental
Change Repurchase Date”) specified by the Issuer, which shall be no earlier than fifteen (15) calendar days and
no later than thirty-five (35) calendar days after the date of the Issuer Repurchase Notice related to such Fundamental Change,
at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid Interest, if
any, to, but excluding, the Fundamental Change Repurchase Date; provided, however, that if the Fundamental Change
Repurchase Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Issuer shall pay the
full amount of accrued and unpaid Interest, if any, on such Interest Payment Date to the Holder of record at the Close of Business
on the corresponding Record Date, and the repurchase price will be 100% of the principal amount of the Notes to be repurchased.


 






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(b)Following the occurrence of a Fundamental
Change, the Issuer shall, within 20 calendar days after the effective date thereof, give or cause to be given to all Holders of
record on the date of the Fundamental Change (and to beneficial owners as required by applicable law) an Issuer Repurchase Notice
as set forth in Section 3.03 with respect to such Fundamental Change. The Issuer shall also deliver a copy of the Issuer Repurchase
Notice to the Trustee and the Paying Agent at such time as it is given to Noteholders. In addition to the giving of such Issuer
Repurchase Notice, the Issuer shall disseminate a press release through Dow Jones & Company, Inc. or Bloomberg Business
News announcing the occurrence of such Fundamental Change or publish such information in The Wall Street Journal or another newspaper
of general circulation in the City of New York or on the Guarantor’s website, or through such other public medium as the
Issuer shall deem appropriate at such time.


 


No failure of the Issuer to give the foregoing
notices and no defect therein shall limit the Noteholders’ repurchase rights or affect the validity of the proceedings for
the repurchase of the Notes pursuant to this Section 3.02.


 


(c)For a Note to be repurchased at the
option of the Holder pursuant to this Section 3.02(c), the Holder must deliver to the Paying Agent, prior to the Close of
Business on the second Business Day immediately preceding the Fundamental Change Repurchase Date, (i) a written notice of
repurchase (the “Fundamental Change Repurchase Notice”) in the form set forth on the reverse of the Note duly
completed (if the Note is certificated) or stating the following (if the Note is represented by a Global Note): (A) the certificate
number of the Note that the Holder will deliver to be repurchased (if the Note is certificated) or that the relevant Fundamental
Change Repurchase Notice complies with the appropriate Depositary procedures (if the Note is represented by a Global Note), (B) the
portion of the principal amount of the Note which the Holder will deliver to be repurchased, which portion must be in principal
amounts of $1,000 or an integral multiple of $1,000 (provided that the remaining principal amount of Notes not subject to
repurchase must be in an authorized denomination) and (C) that such Note shall be repurchased as of the Fundamental Change
Repurchase Date pursuant to the terms and conditions specified in the Note and in this Indenture; together with (ii) such
Notes duly endorsed for transfer (if the Note if certificated) or book-entry transfer of such Note (if such Note is represented
by a Global Note). The delivery of such Note to the Paying Agent with, or at any time after delivery of, the Fundamental Change
Repurchase Notice (together with all necessary endorsements) at the office of the Paying Agent shall be a condition to the receipt
by the Holder of the repurchase price therefore; provided, however, that such repurchase price shall be so paid pursuant
to this Section 3.02 only if the Notes so delivered to the Paying Agent shall conform in all respects to the description thereof
in the Fundamental Change Repurchase Notice. All questions as to the validity, eligibility (including time of receipt) and acceptance
of any Note for repurchase shall be determined by the Issuer, whose determination shall be final and binding absent manifest error.


 






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(d)The Issuer, if so requested, shall
repurchase from the Holder thereof, pursuant to this Section 3.02, a portion of a Note, if the principal amount of such portion
is $1,000 or a whole multiple of $1,000. Provisions of this Indenture that apply to the repurchase of all of a Note also apply
to the repurchase of such portion of such Note.


 


(e)Notwithstanding the foregoing, no
Notes may be repurchased by the Issuer pursuant to this Section 3.02 if the principal amount of the Notes has been accelerated,
and such acceleration has not been rescinded or cured, on or prior to the relevant Fundamental Change Repurchase Date (except in
the case of an acceleration resulting from a default by the Issuer in the payment of the repurchase price pursuant to this Section 3.02
with respect to the Notes to be repurchased).


 


(f)The Paying Agent shall promptly notify
the Issuer of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.


 


Any repurchase by the Issuer contemplated
pursuant to the provisions of this Section 3.02 shall be consummated by the delivery of the consideration to be received by
the Holder (i) on the Fundamental Change Repurchase Date if the book-entry transfer or delivery of the Notes to the Paying
Agent is effected prior to the Close of Business on the second Business Day immediately prior to the Fundamental Change Repurchase
Date, and (ii) if delivered later, within two (2) Business Days following the time of the book-entry transfer or delivery
of the Note. Payment of the repurchase price for a Note for which a Fundamental Change Repurchase Notice has been delivered and
not withdrawn is conditioned upon book-entry transfer in compliance with applicable Depositary procedures or delivery of the Notes,
together with necessary endorsements, to the Paying Agent.


 


Section 3.03.Issuer
Repurchase Notice. (a) The Issuer Repurchase Notice, as provided in Section 3.03(b), shall be given to Holders in
the event of a Fundamental Change, on or before the 20th calendar day after the occurrence of such a Fundamental Change as provided
in Section 3.02(b) (the “Issuer Repurchase Notice Date”).


 


(b)In connection with any repurchase
of Notes, the Issuer shall, on the applicable Issuer Repurchase Notice Date, give written notice to Holders (with a copy to the
Trustee) setting forth information specified in this Section (in either case, the “Issuer Repurchase Notice”).


 


Each Issuer Repurchase Notice shall:


 


(i)state the events causing
the Fundamental Change and the date thereof;


 


(ii)state the procedures Holders
must follow to require the Issuer to purchase their Notes and that Holders must exercise their right to elect to repurchase prior
to the Close of Business on the second Business Day immediately preceding the Fundamental Change Repurchase Date;


 


(iii)state the repurchase
price, and the Fundamental Change Repurchase Date;


 






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(iv)state the name and address
of the Trustee, the Paying Agent and the Exchange Agent;


 


(v)state the applicable Exchange
Rate and any adjustments thereto;


 


(vi)state that Notes must
be surrendered to the Paying Agent to collect the repurchase price;


 


(vii)state that a Holder may
withdraw its Fundamental Change Repurchase Notice at any time prior to the Close of Business on the second Business Day immediately
prior to the Fundamental Change Repurchase Date by delivering a valid written notice of withdrawal in accordance with Section 3.04;


 


(viii)state that Notes as
to which the Fundamental Change Repurchase Notice has been given may be exchanged only if the Fundamental Change Repurchase Notice
is withdrawn in accordance with the terms of this Indenture;


 


(ix)state the amount of Interest
accrued and unpaid per $1,000 principal amount of Notes to, but excluding, the Fundamental Change Repurchase Date;


 


(x)state that, unless the
Issuer defaults in making payment of the repurchase price, Interest on Notes covered by any Fundamental Change Repurchase Notice
shall cease to accrue on and after the Fundamental Change Repurchase Date;


 


(xi)state the CUSIP number
of the Notes, if CUSIP numbers are then in use; and


 


(xiii)if the Issuer, in its
commercially reasonable judgment based on advice of counsel, determines that circumstances have changed such that it has become
necessary or appropriate to withhold on proceeds under Section 1445 of the Code, the Issuer will include with the Issuer Repurchase
Notice a notice of that conclusion and of its intent to withhold.


 


An Issuer Repurchase Notice may be given
by the Issuer or, at the Issuer’s request, the Trustee shall give such Issuer Repurchase Notice in the Issuer’s name
and at the Issuer’s expense; provided that the text of the Issuer Repurchase Notice shall be prepared by the Issuer.


 


If any of the Notes is represented by a
Global Note, then the Issuer will modify such Issuer Repurchase Notice to the extent necessary to accord with the applicable procedures
of the Depositary that apply to the repurchase of Global Notes.


 


(c)The Issuer shall, to the extent applicable,
comply with the provisions of Rule 13e-4 and Rule 14e-1 (or any successor provision) under the Exchange Act that may be applicable
at the time of the repurchase of the Notes, file the related Schedule TO (or any successor schedule, form or report) under the
Exchange Act and comply with all other applicable federal and state securities laws in connection with the repurchase of the Notes.


 


Section 3.04.Effect
of Fundamental Change Repurchase Notice; Withdrawal. Upon receipt by the Paying Agent of the Fundamental Change Repurchase
Notice, the Holder of the Note in respect of which such Fundamental Change Repurchase Notice was given shall (unless such Repurchase
Notice is validly withdrawn in accordance with this Section 3.04) thereafter be entitled to receive solely the repurchase
price with respect to such Note. Such repurchase price shall be paid to such Holder on the later of (x) the Fundamental Change
Repurchase Date with respect to such Note (provided the Holder has satisfied the conditions in Section 3.02) and (y) two (2) Business
Days of the time of book-entry transfer or delivery of such Note to the Paying Agent by the Holder thereof in the manner required
by Section 3.02 on or after the Fundamental Change Repurchase Date.


 






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Notes in respect of which a Fundamental
Change Repurchase Notice has been given by the Holder thereof may not be exchanged pursuant to Article 13 hereof on or after the
date of the delivery of such Repurchase Notice unless such Fundamental Change Repurchase Notice has first been validly withdrawn.


 


A Fundamental Change Repurchase Notice may
be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the office of the Paying Agent at any
time prior to the Close of Business on the second Business Day immediately prior to the Fundamental Change Repurchase Date specifying:


 


(a)the name of the Holder;


 


(b)the certificate number(s)
of all withdrawn Notes in certificated form or that the notice of withdrawal complies with appropriate Depositary procedures with
respect to all withdrawn Notes represented by a Global Note;


 


(c)the principal amount of
Notes with respect to which such notice of withdrawal is being submitted, which must be such that the principal amount not to be
purchased equals $1,0000 or an integral multiple of $1,000 in excess thereof; and


 


(d)the principal amount of
Notes, if any, that remains subject to the original Fundamental Change Repurchase Notice and that has been or will be delivered
for repurchase by the Issuer.


 


If a Fundamental Change Repurchase Notice
is properly withdrawn (in whole or in part), the Issuer shall not be obligated to repurchase the Notes properly withdrawn pursuant
to such Repurchase Notice.


 


Section 3.05.Deposit
of Repurchase Price. (a) Prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date, the Issuer
shall deposit with the Paying Agent or, if the Issuer is acting as the Paying Agent, shall segregate and hold in trust as provided
in Section 4.04 an amount of cash (in immediately available funds if deposited on the Fundamental Change Repurchase Date),
sufficient to pay the aggregate repurchase price of all the Notes or portions thereof that are to be repurchased as of the Fundamental
Change Repurchase Date.


 


(b)If on the Fundamental Change Repurchase
Date the Paying Agent holds money sufficient to pay the repurchase price of the Notes that Holders have elected to require the
Issuer to repurchase in accordance with Section 3.02 and which have not been withdrawn in accordance with Section 3.04, then,
on the Fundamental Change Repurchase Date such Notes will cease to be outstanding, Interest will cease to accrue and all other
rights of the Holders of such Notes will terminate, other than the right to receive the repurchase price upon delivery or book-entry
transfer of the Note. This will be the case whether or not book-entry transfer of the Note has been made or the Note has been delivered
to the Paying Agent.


 






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Section 3.06.Notes
Repurchased in Part. Upon presentation of any Note repurchased only in part, the Issuer shall execute and the Trustee shall
authenticate and make available for delivery to the Holder thereof, at the expense of the Issuer, a new Note or Notes in aggregate
principal amount equal to the unrepurchased portion of the Notes presented (provided that the unrepurchased portion of the Notes
must be in an integral multiple of $1,000).


 


Section 3.07.Repayment
to the Issuer. Subject to Section 11.04, the Paying Agent shall return to the Issuer any cash that remains unclaimed,
together with Interest, if any, thereon, held by them for the payment of the repurchase price; provided that to the extent
that the aggregate amount of cash deposited by the Issuer pursuant to Section 3.05 exceeds the aggregate repurchase price
of the Notes or portions thereof which the Issuer is obligated to repurchase as of the Fundamental Change Repurchase Date then,
unless otherwise agreed in writing between the Issuer and the Paying Agent, promptly after the second Business Day following the
Fundamental Change Repurchase Date, the Paying Agent shall return any such excess to the Issuer, together with Interest, if any,
thereon.


 


ARTICLE 4

PARTICULAR COVENANTS OF THE ISSUER AND THE GUARANTOR


 


Section 4.01.Payment
of Principal and Interest. The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid when due
the principal of (including the repurchase price upon repurchase pursuant to Article 3) and Interest on each of the Notes at the
places, at the respective times and in the manner provided herein and in the Notes.


 


Section 4.02.Maintenance
of Office or Agency. The Issuer will maintain an office or agency where the Notes may be surrendered for registration of transfer
or exchange or for presentation for payment or for exchange or repurchase and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. As of the date of this Indenture, such office shall be the Corporate Trust
Office and, at any other time, at such other address as the Trustee may designate from time to time by notice to the Issuer. The
Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency
not designated or appointed by the Trustee. If at any time the Issuer shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.


 


The Issuer may also from time to time designate
co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations, provided, however that no such designation or rescission shall in any
manner relieve the Issuer of its obligation to maintain an office or agency for such purposes. The Issuer will give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.


 






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The Issuer hereby initially designates the
Trustee as Paying Agent, Note Registrar, Custodian and Exchange Agent and the Corporate Trust Office shall be considered as one
such office or agency of the Issuer for each of the aforesaid purposes.


 


So long as the Trustee is the Note Registrar,
the Trustee agrees, at the expense of the Issuer, to mail, or cause to be mailed, the notices set forth in Section 7.08(f).
If co-registrars have been appointed in accordance with this Section, the Trustee shall mail such notices only to the Issuer and
the Holders of Notes it can identify from its records.


 


Section 4.03.Appointments
to Fill Vacancies in Trustee’s Office. The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, upon the terms and conditions and otherwise as provided in Section 7.08, a Trustee, so that there shall at all
times be a Trustee hereunder.


 


Section 4.04.Provisions
as to Paying Agent. (a) If the Issuer shall appoint a Paying Agent other than the Trustee, or if the Trustee shall appoint
such a Paying Agent, the Issuer will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such
agent shall agree with the Trustee, subject to the provisions of this Section 4.04:


 


(i)that it will hold all sums
held by it as such agent for the payment of the principal of or Interest on the Notes (whether such sums have been paid to it by
the Issuer or by any other obligor on the Notes) in trust for the benefit of the Holders of the Notes;


 


(ii)that it will give the
Trustee notice of any failure by the Issuer (or by any other obligor on the Notes) to make any payment of the principal of or Interest
on the Notes when the same shall be due and payable; and


 


(iii)that at any time during
the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust.


 


The Issuer shall, on or before each due
date of the principal of or Interest on the Notes, deposit with the Paying Agent a sum (in funds which are immediately available
on the due date for such payment) sufficient to pay such principal or Interest and (unless such Paying Agent is the Trustee) the
Issuer will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the
due date, such deposit shall be received by the Paying Agent by 11:00 a.m. New York City time, on such date.


 


(b)If the Issuer shall act as its own
Paying Agent, it will, on or before each due date of the principal of or Interest on the Notes, set aside, segregate and hold in
trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal and Interest so becoming due and will
promptly notify the Trustee of any failure to take such action and of any failure by the Issuer (or any other obligor under the
Notes) to make any payment of the principal of or Interest on the Notes when the same shall become due and payable.


 






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(c)Anything in this Section 4.04
to the contrary notwithstanding, the Issuer may, at any time, for the purpose of obtaining a satisfaction and discharge of this
Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Issuer or any Paying Agent
hereunder as required by this Section 4.04, such sums to be held by the Trustee upon the trusts herein contained and upon
such payment by the Issuer or any Paying Agent to the Trustee, the Issuer or such Paying Agent shall be released from all further
liability with respect to such sums.


 


(d)Anything in this Section 4.04
to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to Section 11.02
and Section 11.03.


 


The Trustee shall not be responsible for
the actions of any other Paying Agents (including the Issuer if acting as its own Paying Agent) and shall have no control of any
funds held by such other Paying Agents.


 


Section 4.05.Existence.
Subject to Article 10, each of the Issuer and the Guarantor will do or cause to be done all things necessary to preserve and
keep in full force and effect its existence all material rights and material franchises; provided, however, that
neither the Issuer nor the Guarantor shall be required to preserve any such right or franchise if the Board of Directors of the
Issuer or the Guarantor, as applicable, shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Issuer or the Guarantor, as applicable.


 


Section 4.06.Rule
144A Information Requirement. If so required by Rule 144A, the Guarantor and the Issuer will promptly furnish to the Holders,
beneficial owners and prospective purchasers of the Notes and of any shares of Common Stock delivered upon exchange of the Notes,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) to facilitate the resale of the Notes
and such shares pursuant to Rule 144A.


 


Section 4.07.Stay,
Extension and Usury Laws. The Issuer and the Guarantor each 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 usury, 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 Issuer and the Guarantor each (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.


 


Section 4.08.Compliance
Certificate. The Issuer and the Guarantor will deliver to the Trustee, within 120 days after the end of each fiscal year, a
brief certificate from the principal executive officer, principal financial officer or principal accounting officer of the General
Partner as to his or her knowledge of the Issuer’s and the Guarantor’s compliance with all conditions and covenants
under this Indenture and, in the event of any noncompliance, specifying such noncompliance and the nature and status thereof. For
purposes of this Section 4.08, such compliance shall be determined without regard to any period of grace or requirement of
notice under this Indenture.


 






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The Issuer will deliver to the Trustee,
promptly upon becoming aware of (i) any default in the performance or observance of any covenant, agreement or condition contained
in this Indenture, or (ii) any Event of Default, an Officers’ Certificate specifying with particularity such default
or Event of Default and further stating what action the Issuer has taken, is taking or proposes to take with respect thereto.


 


Any notice required to be given under this
Section 4.08 shall be delivered to a Responsible Officer of the Trustee at its Corporate Trust Office.


 


Section 4.09.Supplementary
Interest Notice. In the event that Supplementary Interest is payable to Holders of Notes, the Issuer will provide written notice
(“Supplementary Interest Notice”) to the Trustee of its obligation to pay Supplementary Interest no later than
fifteen (15) calendar days prior to the proposed Interest Payment Date for Supplementary Interest, and the Supplementary Interest
Notice shall set forth the amount of Supplementary Interest to be paid by the Issuer on such Interest Payment Date. The Trustee
shall not at any time be under any duty or responsibility to any Holder of Notes to determine the Supplementary Interest, or with
respect to the nature, extent or calculation of the amount of Supplementary Interest when made, or with respect to the method employed
in such calculation of the Supplementary Interest.


 


Section 4.10.Reservation
of Shares, Shares to Be Fully Paid; Compliance with Governmental Requirements; Listing of Common Stock. The Guarantor shall
provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of
Common Stock to provide for the exchange of the Notes as required by this Indenture from time to time as such Notes are presented
for exchange.


 


The Guarantor covenants that all shares
of Common Stock which may be issued upon exchange of Notes will upon issue be fully paid and non-assessable by the Guarantor and
free from all taxes, liens and charges with respect to the issue thereof.


 


The Guarantor covenants that, if any shares
of Common Stock to be provided for the purpose of exchange of Notes hereunder require registration with or approval of any governmental
authority under any federal or state law before such shares may be validly issued upon exchange, the Guarantor shall, as expeditiously
as possible secure such registration or approval, as the case may be.


 


The Guarantor further covenants that, if
at any time the Common Stock shall be listed on the New York Stock Exchange or any other national or regional securities exchange
or automated quotation system, the Guarantor will, if permitted by the rules of such exchange or automated quotation system, list
and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, all the Common
Stock issuable upon exchange of the Notes; provided that if the rules of such exchange or automated quotation system permit
the Guarantor to defer the listing of such the Common Stock until the first exchange of the Notes in accordance with the provisions
of this Indenture, the Guarantor covenants to list such Common Stock issuable upon exchange of the Notes in accordance with the
requirements of such exchange or automated quotation system at such time.


 






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ARTICLE 5

NOTEHOLDERS’ LISTS AND REPORTS BY

THE ISSUER AND THE TRUSTEE


 


Section 5.01.Noteholders’
Lists. The Issuer will furnish or cause to be furnished to the Trustee:


 


(a)semiannually, not later
than 15 days after each Record Date for Interest for the Notes, a list, in such form as the Trustee may require, of the names and
addresses of the Holders of Notes as of such Record Date, and


 


(b)at such other times as
the Trustee may request in writing, within 30 days after the receipt by the Issuer 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, excluding from such list names and addresses
received by the Trustee in its capacity as Notes Registrar,


 


provided, however, that, so long as the Trustee
is the Note Registrar, no such list shall be required to be furnished.


 


Section 5.02.Preservation
and Disclosure of Lists. Every Holder of Notes, by receiving and holding the same, agrees with the Issuer and the Trustee that
neither the Issuer nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Note Registrar shall be held accountable
by reason of the disclosure of any information as to the names and addresses of the Holders of Notes in accordance with TIA Section 312,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under TIA Section 312(b).


 


Section 5.03.Reports
by Trustee. The Trustee shall transmit to the Holders of Notes such reports concerning the Trustee and its actions under this
Indenture as may be required by TIA Section 313 at the times and in the manner provided by the TIA, which shall initially
be not less than every twelve months commencing on October 15, 2014 and may be dated as of a date up to 60 days prior to such transmission.
A copy of each such report shall, at the time of such transmission to Holders of Notes, be filed by the Trustee with each stock
exchange, if any, upon which any Notes are listed, with the Commission and with the Issuer. The Issuer will notify the Trustee
when any Notes are listed on any stock exchange or any delisting thereof.


 


Section 5.04.Reports
by Issuer. The Guarantor will deliver to the Trustee, within 15 days after it is required to file the same with the Commission,
copies of the quarterly and annual reports and of the information, documents and other reports, if any, that it is required to
file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act. Any such report, information or document that the
Guarantor files with the Commission through the EDGAR system (or any successor thereto) will be deemed to be delivered to the Trustee
for the purposes of this Section 5.06 at the time of such filing through the EDGAR system (or such successor thereto).


 






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ARTICLE 6

EVENTS OF DEFAULT; REMEDIES


 


Section 6.01.Events
of Default. 


 


(a)In case any
one or more of the following (each, an “Event of Default”) (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) shall have occurred and be continuing:


 


(1)default in the payment
of any Interest on the Notes when such Interest becomes due and payable, that continues for a period of 30 days;


 


(2)default in the payment
of the principal of the Notes or any repurchase price due with respect to the Notes, when due and payable;


 


(3)failure on the part of
the Issuer or the Guarantor to satisfy their obligations upon an exchange of Notes pursuant to Article 13 and such failure continues
for five Business Days following the scheduled settlement date for such exchange;


 


(4)failure by the Issuer to
provide notice of a specified corporate event in accordance with Section
13.01(b)(iii) or Section 13.01(b)(iv), in each case, when due;


 


(5)failure by the Issuer to
provide an Issuer Repurchase Notice after the occurrence of a Fundamental Change as provided in Section 3.02(b) and Section 3.03(b),
when due;


 


(6)failure on the part of
the Issuer or the Guarantor to comply with their respective obligations under Article 10;


 


(7)default in the performance,
or breach, of any other covenant or warranty of the Issuer in this Indenture with respect to the Notes, and continuance of such
default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Issuer by the Trustee
or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then outstanding 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;


 


(8)default under any bond,
debenture, note, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Issuer or the Guarantor or by any Subsidiary of the Issuer or of the Guarantor, the
repayment of which the Issuer or the Guarantor has guaranteed or for which the Issuer or the Guarantor is directly responsible
or liable as obligor or guarantor, having an aggregate principal amount outstanding of at least $35,000,000, whether such indebtedness
now exists or shall hereafter be created, which default shall have resulted in such indebtedness becoming or being declared due
and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged,
or such acceleration having been rescinded or annulled, within the period specified in such instrument;


 






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(9)the rendering against the
Issuer, the Guarantor, or any of their respective Subsidiaries of a final judgment for the payment of $35,000,000 or more (excluding
any amounts covered by insurance), which judgment is not discharged or stayed within 60 days after (i) the date on which the
right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been
extinguished;


 


(10)the Guarantor, the Issuer,
or any of their respective Significant Subsidiaries pursuant to or under or within meaning of any Bankruptcy Law:


 


(i)commences a voluntary case;
or


 


(ii)consents to the entry of
an order for relief against it in an involuntary case; or


 


(iii)consents to the appointment
of any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law of it or for all or substantially
of its property; or


 


(iv)makes a general assignment
for the benefit of creditors; or


 


(11)a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that:


 


(i)is for relief against the
Guarantor, the Issuer or any of their respective Significant Subsidiaries in an involuntary case; or


 


(ii)appoints a trustee, receiver,
liquidator, custodian or other similar official of the Guarantor, the Issuer or any of their respective Significant Subsidiaries
or for all or substantially all of its property; or


 


(iii)orders the liquidation
of the Guarantor, the Issuer or any of their respective Significant Subsidiaries;


 


and, in each case in this clause (11), the order or
decree remains unstayed and in effect for ninety (90) calendar days;


 


then, and in each and every such case (other than an Event of
Default specified in Section 6.01(a)(10) and Section 6.01(a)(11)), unless the principal of all of the Notes shall have
already become due and payable, either the Trustee or the Holders of at least twenty-five percent (25%) in aggregate principal
amount of the Notes then outstanding, by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Noteholders),
may declare the principal amount of and Interest accrued and unpaid on all the Notes to be immediately due and payable, and upon
any such declaration the same shall be immediately due and payable.


 






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If an Event of Default specified in Section 6.01(a)(10)
or Section 6.01(a)(11) occurs and is continuing, then the principal amount of and Interest accrued and unpaid on all the Notes
shall be immediately due and payable without any declaration or other action on the part of the Trustee or any Holder of Notes.


 


(b)Notwithstanding
any provisions of this Indenture to the contrary, if the Issuer so elects, the sole remedy for an Event of Default relating to
the Guarantor’s failure to comply with Section 5.04 hereof (a “Reporting Event of Default”), will consist
exclusively of the right to receive additional interest on the Notes at a rate equal to (i) 0.25% per annum of the outstanding
principal amount of the Notes for the first 90 days of the 180-day period in which such Event of Default is continuing beginning
on, and including, the date on which such an Event of Default first occurs and (ii) 0.50% per annum of the outstanding principal
amount of the Notes for the last 90 days of such 180-day period as long as such Event of Default is continuing (subject to Section
6.01(c), in addition to any Additional Interest that may be payable pursuant to the Registration Rights Agreement).


 


If the Issuer so elects, such additional
interest will be payable in the same manner and on the same dates as the stated Interest payable on the Notes. On the 181st day
after such Event of Default (if the Reporting Event of Default is not cured or waived prior to such 181st day), the Notes will
be subject to acceleration pursuant to Section 6.01(a). The provisions of this Section 6.01(b) will not affect the rights of Holders
of Notes in the event of the occurrence of any Event of Default that is not a Reporting Event of Default. In the event the Issuer
does not elect to pay the additional interest following a Reporting Event of Default in accordance with this Section 6.01(b) or
the Issuer elected to make such payment but does not pay the additional interest when due, the Notes will be subject to acceleration
as provided in Section 6.01(a).


 


In order to elect to pay the additional
interest as the sole remedy during the first 180 days after the occurrence of a Reporting Event of Default, the Issuer must notify
all Holders of Notes, the Trustee and the Paying Agent (if the Paying Agent is a Person other than the Trustee or the Issuer) of
such election prior to the beginning of such 180-day period. Upon the Issuer’s failure to timely give such notice, the Notes
will be subject to acceleration as provided in Section 6.01(a).


 


(c)In no event will the additional interest
payable pursuant to Section 6.01(b) together with the Additional Interest payable pursuant to the Registration Rights Agreement
(collectively, the “Supplementary Interest”) accrue at a rate in excess of 0.50% per annum pursuant to the Indenture,
regardless of the number of events or circumstances giving rise to the requirement to pay such Supplementary Interest.


 


(d)If, at any time after the principal
amount of and Interest on the Notes shall have been so declared due and payable, and before any judgment or decree for the payment
of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount
of the Notes then outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice to the Issuer and
to the Trustee, may waive all defaults or Events of Default and rescind and annul such declaration and its consequences, subject
in all respects to Section 6.07, if: (a) all Events of Default, other than the nonpayment of the principal amount and
any accrued and unpaid Interest that have become due solely because of such acceleration, have been cured or waived; (b) the Issuer
or the Guarantor shall have deposited with the Trustee a sum sufficient to pay all overdue Interest, including Interest on
overdue installments of Interest (to the extent that payment of such Interest is lawful), and principal which has become due otherwise
than by such declaration of acceleration; and (c) the Issuer has paid the Trustee its reasonable compensation and reimbursed
the Trustee for its expenses (including attorney’s fees), disbursements and advances pursuant to Section 7.06. No such
rescission and annulment shall extend to or shall affect any subsequent default or Event of Default, or shall impair any right
consequent thereon.


 






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(e)In case the Trustee shall have proceeded
to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such waiver
or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Holders of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder,
and all rights, remedies and powers of the Issuer, the Holders of Notes, and the Trustee shall continue as though no such proceeding
had been taken. Notwithstanding the foregoing, the Trustee shall retain all rights under this Indenture to be indemnified for expenses
incurred related to such proceeding.


 


Section 6.02.Payments
of Notes on Default; Suit Therefor. The Issuer covenants that in the case of an Event of Default pursuant to Section 6.01(a)(1)
or 6.01(a)(2), upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, (i) the
whole amount that then shall be due and payable on all such Notes for principal or Interest, as the case may be, with Interest
upon the overdue principal and (to the extent that payment of such Interest is enforceable under applicable law) upon the overdue
installments of accrued and unpaid Interest at the rate borne by the Notes from the required payment date and, (ii) in addition
thereto, any amounts due the Trustee under this Indenture, including, but not limited to, Section 7.06. Until such demand
by the Trustee, the Issuer may pay the principal of and Interest on the Notes to the registered Holders, whether or not the Notes
are overdue.


 


In case the Issuer shall fail forthwith
to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered
to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute
any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Issuer
or any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or any other obligor
on the Notes wherever situated the monies adjudged or decreed to be payable.


 


In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Guarantor, the Issuer or any other obligor upon the Notes or the property of the Guarantor, the Issuer or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer for the
payment of overdue principal (including the repurchase price upon repurchase pursuant to Article 3)) 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 (including
the repurchase price upon repurchase pursuant to Article 3) and Interest owing and unpaid in respect of the Notes and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders of
Notes allowed in such judicial proceeding, and (ii) to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) in any such judicial proceeding is hereby authorized by each Holder of Notes to make such payments to the Trustee,
and in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor
Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 7.06. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of Notes in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders of Notes, vote for the election of a trustee in bankruptcy or similar official and
may be a member of the creditors’ committee.


 






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All rights of action and of asserting claims
under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or
the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the 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 the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes.


 


In any proceedings brought by the Trustee
(and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes
parties to any such proceedings.


 


Section 6.03.Application
of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 6, shall be applied, in the following
order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and
stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:


 


		FIRST:	To the payment of costs and expenses of collection, including all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses and disbursements of the Trustee, its agents and counsel all other amounts due the Trustee and any predecessor
Trustee under Section 7.06;



 


		SECOND:	To the payment of the amounts then due and unpaid upon the Notes for principal (including the repurchase price upon repurchase
pursuant to Article 3) and Interest, in respect of which or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the aggregate amounts due and payable on the Notes for principal (including the
repurchase price upon repurchase pursuant to Article 3) and Interest, respectively; and



 






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		THIRD:	To the payment of the remainder, if any, to the Issuer.



 


Section 6.04.Proceedings
by Noteholders. No Holder of any Note shall have any right by virtue of or by reference to any provision of this Indenture
to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment
of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, except in the case
of a default in the payment of principal or Interest on the Notes, unless (a) such Holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (b) the Holders of
at least twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such indemnity as is satisfactory to it as it may require against the costs, liabilities or expenses to be incurred therein
or thereby, (c) the Trustee for sixty (60) calendar days after its receipt of such notice, request and offer of indemnity,
shall have failed to institute any such action, suit or proceeding and (d) no direction inconsistent with such written request
shall have been given to the Trustee by Holders of a majority in aggregate principal amount of Notes then outstanding in accordance
with Section 6.07; it being understood and intended, and being expressly covenanted by the taker and Holder of every Note
with every other taker and Holder and the Trustee, that no one or more Holders of Notes shall have any right in any manner whatever
by virtue of or by reference to any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder
of Notes, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes (except as
otherwise provided herein). For the protection and enforcement of this Section 6.04, each and every Noteholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.


 


Notwithstanding any other provision of this
Indenture and any provision of any Note, the right of any Holder of any Note to receive payment of the principal of (including
the repurchase price upon repurchase pursuant to Article 3) and accrued Interest on such Note, on or after the respective due dates
expressed in such Note or in the event of repurchase, or to institute suit for the enforcement of any such payment on or after
such respective dates against the Issuer shall not be impaired or affected without the consent of such Holder.


 


Anything contained in this Indenture or
the Notes to the contrary notwithstanding, the Holder of any Note, without the consent of either the Trustee or the Holder of any
other Note, in its own behalf and for its own benefit, may enforce, and may institute and maintain any proceeding suitable to enforce,
its rights of exchange as provided herein.


 


Section 6.05.Proceedings
by Trustee. If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or
in aid of the exercise of any power granted herein, or to enforce any other proper remedy.


 






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Section 6.06.Remedies
Cumulative and Continuing. All powers and remedies given by this Article 6 to the Trustee or to the Noteholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to
the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes
to exercise any right or power accruing upon any default or Event of Default occurring and continuing as aforesaid shall impair
any such right or power, or shall be construed to be a waiver of any such default or any acquiescence therein, and, subject to
the provisions of Section 6.04, every power and remedy given by this Article 6 or by law to the Trustee or to the Noteholders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders.


 


Section 6.07.Direction
of Proceedings and Waiver of Defaults by Majority of Noteholders. The Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that (a) such
direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction, and (c) the Trustee need not take any action which
might involve it in personal liability or be unduly prejudicial to the Holders of Notes not joining therein, it being understood
that (subject to Section 7.02) the Trustee shall have no duty to ascertain whether or not such actions or forbearance are
unduly prejudicial to such Holders.


 


The Holders of a majority in aggregate principal
amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event
of Default hereunder and its consequences except (i) a default in the payment of the principal of or Interest on the
Notes, (ii) a failure by the Issuer to exchange any Notes as required by this Indenture, (iii) a default in the payment
of the repurchase price on the Fundamental Change Repurchase Date pursuant to Article 3 or (iv) a default in respect of a
covenant or provisions hereof, which under Article 9 cannot be modified or amended without the consent of the Holders of all Notes
then outstanding or each Note affected thereby.


 


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


 


Section 6.08.Undertaking
to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to
have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.08
(to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder,
or group of Noteholders, holding in the aggregate more than ten percent in principal amount of the Notes at the time outstanding
determined in accordance with Section 8.04, or to any suit instituted by any Noteholder for the enforcement of the payment
of the principal of (including the repurchase price upon repurchase pursuant to Article 3), or Interest on any Note on or after
the due date expressed in such Note or to any suit for the enforcement of the right to exchange any Note in accordance with the
provisions of Article 13.


 






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ARTICLE 7

THE TRUSTEE


 


Section 7.01.Notice
of Defaults. Within ninety (90) calendar days after a Responsible Officer of the Trustee has actual knowledge of the occurrence
of any default hereunder, the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice
of such default hereunder known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived pursuant
to the terms of Section 6.07 hereof; provided, however, that, except in the case of a default in the payment of the principal
of (including the repurchase price upon repurchase pursuant to Article 3) or Interest on any Note, the Trustee shall be protected
in withholding such notice if and so long as Responsible Officers of the Trustee in good faith determine that the withholding of
such notice is in the interests of the Holders of the Notes; and provided further that in the case of any default or breach
of the character specified in Section 6.01(a)(7), no such notice to Holders of Notes shall be given until at least 60 days
after the occurrence thereof.


 


Section 7.02.Certain
Rights of Trustee. Subject to the provisions of TIA Section 315(a) through 315(d):


 


(a)the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate, certificate, statement,
instrument, Opinion of Counsel, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other
paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;


 


(b)any request or direction
of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order (other than delivery of any
Note to the Trustee for authentication and delivery pursuant to Sections 2.01 and 2.04 which shall be sufficiently evidenced as
provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;


 


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


 






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(d)before the Trustee acts
or refrains from acting, the Trustee 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 it hereunder in
good faith and in reliance thereon;


 


(e)the Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the
Holders of Notes pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;


 


(f)the Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, unless requested
in writing so to do by the Holders of not less than a majority in aggregate principal amount of the outstanding Notes; provided
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it
in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded
to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition
to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall
be repaid by the Holders upon demand. The Trustee, in its discretion, may, but shall not be required to, make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine the books, records and premises of the Issuer, relevant to the facts or matters
that are the subject of its inquiry, personally or by agent or attorney;


 


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


 


(h)the Trustee shall not be
liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;


 


(i)the Trustee shall not be
liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights
or powers conferred upon it by this Indenture;


 


(j)the Trustee shall not be
required to give any bond or surety in respect of the performance of its powers and duties hereunder;


 






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(k)the permissive rights of
the Trustee to do things enumerated in this Indenture shall not be construed as a duty and the Trustee shall not be answerable
for other than its negligence or willful misconduct; and


 


(l)except for (i) a default
under Sections 6.01(a)(1) or 6.01(a)(2) hereof, or (ii) any other event of which a Responsible Officer of the Trustee has
“actual knowledge” and which event, with the giving of notice or the passage of time or both, would constitute an Event
of Default under this Indenture, the Trustee shall not be deemed to have notice of any default or Event of Default unless specifically
notified in writing of such event by the Issuer or the Holders of not less than 25% in aggregate principal amount of the Notes
then outstanding; as used herein, the term “actual knowledge” means the actual fact or statement of knowing,
without any duty to make any investigation with regard thereto.


 


The Trustee shall not be required to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Except during the continuance of an Event of Default, the Trustee undertakes
to perform only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read
into this Indenture against the Trustee.


 


Section 7.03.Not
Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the Trustee’s certificate
of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor any Authenticating Agent assumes
any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Notes except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate
the Notes and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Issuer of Notes or the proceeds thereof.


 


Section 7.04.May
Hold Notes and Common Stock. The Trustee, any Paying Agent, Exchange Agent, Note Registrar, Authenticating Agent or any other
agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes or Common Stock and, subject
to TIA Sections 310(b) and 311, may otherwise deal with the Issuer and the Guarantor with the same rights it would have if it were
not Trustee, Paying Agent, Exchange Agent, Note Registrar, Authenticating Agent or such other agent.


 


Section 7.05.Money
Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with
the Issuer.


 


Section 7.06.Compensation
and Reimbursement. The Issuer agrees:


 


(a)to pay to the Trustee from
time to time, and the Trustee shall be entitled to, compensation for all services rendered by it hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);


 






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(b)except as otherwise expressly
provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the compensation and
the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its gross negligence or willful misconduct; and


 


(c)to indemnify each of the
Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred without gross
negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust
or trusts hereunder, including the costs and expenses of defending itself against or investigating any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.


 


When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Sections 6.01(a)(10) or 6.01(a)(11), the expenses (including the charges
and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under
any applicable Federal or state bankruptcy, insolvency or other similar law.


 


As security for the performance of the obligations
of the Issuer under this Section, the Trustee shall have a lien prior to the Notes upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal of (including the repurchase price upon repurchase
pursuant to Article 3) or Interest on any Notes. The provisions of this Section shall survive the termination of this Indenture.


 


Section 7.07.Corporate
Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible
to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such
corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial
or District of Columbia supervising or examining authority, then for the purposes of this Section, 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 the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article. The Trustee shall comply with the provisions
of Section 310(b) of the Trustee Indenture Act. Neither the Issuer nor any Person directly or indirectly controlling, controlled
by, or under common control with the Issuer shall serve as Trustee.


 


If and when the Trustee shall be or become
a creditor of the Issuer or the Guarantor or any other obligor under the Notes, the Trustee shall be subject to the provisions
of the TIA regarding the collection of claims against the Issuer or the Guarantor (or any such other obligor).


 


Section 7.08.Resignation
and Removal; Appointment of Successor.


 






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(a)No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment
by the successor Trustee in accordance with the applicable requirements of Section 7.09.


 


(b)The Trustee may resign at any time
by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Trustee shall not have been delivered
to the 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.


 


(c)The Trustee may be removed at any
time by Act of the Holders of a majority in principal amount of the outstanding Notes delivered to the Trustee and to the Issuer.


 


(d)If at any time:


 


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


 


(ii)the Trustee shall cease
to be eligible under Section 7.07 of this Indenture and shall fail to resign after written request therefor by the Issuer
or by any Holder of a Note who has been a bona fide Holder of a Note for at least six months, or


 


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


 


then, in any such case, (A) the Issuer by or pursuant to
a Board Resolution may remove the Trustee and appoint a successor Trustee, or (B) subject to TIA Section 315(e), any
Holder of a Note who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee
or Trustees.


 


(e)If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Issuer, by or pursuant to
a Board Resolution, shall promptly appoint a successor Trustee or Trustees. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority
in principal amount of the outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment, become the successor Trustee and to that extent supersede the successor
Trustee appointed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or the Holders of Notes and
accepted appointment in the manner hereinafter provided, any Holder of a Note who has been a bona fide Holder of a Note 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.


 


(f)The Issuer shall give notice of each
resignation and each removal of the Trustee and each appointment of a successor Trustee by mailing or causing to be mailed such
notice to the Holders of Notes as they appear on the Note Register. Each notice shall include the name of the successor Trustee
and the address of its Corporate Trust Office.


 






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Section 7.09.Acceptance
of Appointment By Successor. (a) In case of the appointment hereunder of a successor Trustee, every such successor Trustee
so appointed shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but,
on request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver
an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly
assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject
nevertheless to its claim, if any, provided for in Section 7.06.


 


(b)In case of the appointment hereunder
of a successor Trustee, the Issuer, the retiring Trustee and each successor Trustee shall execute and deliver an indenture supplemental
hereto, pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all
the rights, powers, trusts and duties of the retiring Trustee to which the appointment of such successor Trustee relates, (ii) if
the retiring Trustee is not retiring all Notes, 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 as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each
such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trust sand duties of the retiring Trustee to which the appointment
of such successor Trustee relates; but, on request of the Issuer 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 to which the appointment
of such successor Trustee relates.


 


(c)Upon request of any such successor
Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 7.09, as the case
may be.


 


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


 


Section 7.10.Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall
be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes. In case any Notes shall not have been authenticated by such predecessor
Trustee, any such successor Trustee may authenticate and deliver such Notes, in either its own name or that of its predecessor
Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.


 






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Section 7.11.Appointment
of Authenticating Agent. At any time when any of the Notes remain outstanding, the Trustee may appoint an Authenticating Agent
or Agents which shall be authorized to act on behalf of the Trustee to authenticate Notes issued upon exchange, registration of
transfer or partial repayment thereof, and Notes so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced
by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished
to the Issuer. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by
an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Issuer and shall at all times be a bank or trust company or corporation organized
and doing business and in good standing under the laws of the United States of America or of any state or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or state authorities. If such Authenticating Agent publishes reports of condition
at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. In case at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and
with the effect specified in this Section.


 


Any 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, without the execution or filing of any paper or further act on the part of the
Trustee or the Authenticating Agent.


 






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An Authenticating Agent may at any time
resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Issuer. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Issuer and shall give notice of such appointment to all Holders of Notes by mailing or causing to be mailed such notice
to the Holders of Notes as they appear on the Note Register. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions
of this Section.


 


The Issuer agrees to pay to each Authenticating
Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this
Section.


 


If an appointment is made pursuant to this
Section, the Notes may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an
alternate certificate of authentication substantially in the following form:


 


This is one of the Notes designated therein
referred to in the within-mentioned Indenture.


 


U.S. BANK NATIONAL ASSOCIATION,


as Trustee


 


By:____________________________


as Authenticating Agent


 


By:____________________________


Authorized Signatory


 


Dated:__________


 


Section 7.12.Certain
Duties and Responsibilities of the Trustee.


 


(a)With respect to the Notes, except
during the continuance of an Event of Default with respect to the Notes:


 


(i)the Trustee undertakes
to perform such duties and only such duties as are specifically set forth in this Indenture, and imposed by the Trust Indenture
Act and no implied covenants or obligations shall be read into this Indenture against the Trustee; and


 


(ii)in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the
case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture,
but shall not be under any duty to verify the contents or accuracy thereof.


 






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(b)In case an Event of Default has occurred
and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.


 


(c)No provision of this Indenture shall
be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:


 


(i)this Subsection shall not
be construed to limit the effect of Subsection (a) of this Section;


 


(ii)the Trustee shall not
be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was
negligent in ascertaining the pertinent facts;


 


(iii)the Trustee shall not
be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders
of a majority in principal amount of the outstanding Notes relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and


 


(iv)no provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.


 


(d)Whether or not therein expressly
so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to
the Trustee shall be subject to the provisions of this Section 7.12.


 


ARTICLE 8

THE NOTEHOLDERS


 


Section 8.01.Action
by Noteholders. Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal
amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage
have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Noteholders
in person or by agent or proxy appointed in writing, or (b) by the record of the Holders of Notes voting in favor thereof
at any meeting of Noteholders, or (c) by a combination of such instrument or instruments and any such record of such a meeting
of Noteholders. Whenever the Issuer or the Trustee solicits the taking of any action by the Holders of the Notes, the Issuer or
the Trustee may fix in advance of such solicitation a date as the record date for determining Holders entitled to take such action.
Notwithstanding Trust Indenture Act 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 Noteholders 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 Noteholders of record at the Close of Business on such record date shall be deemed to be Noteholders for the purposes of determining
whether Holders of the requisite proportion of outstanding Notes have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other act, and for that purpose the outstanding notes shall be computed as
of such record date; provided that no such authorization, agreement or consent by the Noteholders 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.


 






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Section 8.02.Proof
of Execution by Noteholders. Subject to the provisions of Sections 7.02 and 7.12, proof of the execution of any instrument
by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may
be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by
the registry of such Notes or by a certificate of the Note Registrar.


 


Section 8.03.Absolute
Owners.  The Issuer, the Trustee, any Paying Agent, any exchange agent and any Note Registrar may deem the Person in
whose name such Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether
or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other
than the Issuer or any Note Registrar) for the purpose of receiving payment of or on account of the principal of (including the
repurchase price upon repurchase pursuant to Article 3) and Interest on such Note, for exchange of such Note and for all other
purposes; and neither the Issuer nor the Trustee nor any Paying Agent nor any exchange agent nor any Note Registrar shall be affected
by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order, shall be valid, and,
to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note.


 


Section 8.04.Issuer-Owned
Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have given any request,
demand, authorization, direction, notice, consent or waiver under this Indenture or whether a quorum is present at a meeting of
Noteholders, Notes which are owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or any other
obligor on the Notes, as such ownership shall be reflected on the Note Register, shall be disregarded and deemed not to be outstanding
for the purpose of any such determination. Notes so owned which have been pledged in good faith may be regarded as outstanding
for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s
right to vote such Notes and that the pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of the Issuer
or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’
Certificate listing and identifying all Notes, if any, known by the Issuer to be owned or held by or for the account of any of
the above described Persons, and, subject to Section 7.12, the Trustee shall be entitled to accept such Officers’ Certificate
as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the
purpose of any such determination.


 






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Section 8.05.Revocation
of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01,
of the taking of any action by the Holders of the percentage in aggregate principal amount of the Notes specified in this Indenture
in connection with such action, any Holder of a Note which is shown by the evidence to be included in the Notes the Holders of
which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof
of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action
taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such
Note and of any Notes issued in exchange or substitution therefor, irrespective of whether any notation in regard thereto is made
upon such Note or any Note issued in exchange or substitution therefor.


 


ARTICLE 9

SUPPLEMENTAL INDENTURES


 


Section 9.01.Supplemental
Indentures Without Consent of Noteholders. The Issuer, when authorized by the resolutions of the Board of Directors, the Guarantor
and the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental without the consent
of any Holder of the Notes hereto for any of the following purposes:


 


(a)to evidence a successor
to the Issuer as obligor or to the Guarantor as guarantor under this Indenture;


 


(b)to add to the covenants
of the Issuer or the Guarantor for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the
Issuer or the Guarantor in this Indenture or in the Notes;


 


(c)to add Events of Default
for the benefit of the Holders of the Notes;


 


(d)to amend or supplement
any provisions of this Indenture; provided that no amendment or supplement shall materially adversely affect the interests
of the Holders of any Notes then outstanding;


 


(e)to secure the Notes;


 


(f)to provide for the acceptance
of appointment of a successor Trustee or facilitate the administration of the trusts under this Indenture by more than one Trustee;


 


(g)to provide for rights of
Holders if any reclassification or change of the Common Stock occurs;


 






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(h)to cure any ambiguity,
defect or inconsistency in this Indenture or to make any other change with respect to the Indenture or the Notes that shall not
adversely affect the interests of the Holders of the Notes in any respect;


 


(i)to supplement any of the
provisions of this Indenture to the extent necessary to permit or facilitate discharge of any of the Notes; provided that
the action shall not adversely affect the interests of the Holders of the Notes in any respect;


 


(j)to modify this Indenture
and the Notes to increase the Exchange Rate or reduce the Exchange Price; provided that the increase or reduction, as the
case may be, is in accordance with the terms of the Notes or will not adversely affect the interests of the Holders of the Notes;
or


 


(k)to conform the provisions
of the Indenture and the Notes to the description thereof contained in the “Description of Notes” section in the Preliminary
Offering Memorandum.


 


Upon the written request of the Issuer,
accompanied by a copy of the resolutions of the Board of Directors certified by the General Partner’s Secretary or Assistant
Secretary authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Issuer and
the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee
shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.


 


Any supplemental indenture authorized by
the provisions of this Section 9.01 may be executed by the Issuer, the Guarantor and the Trustee without the consent of the
Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.02.


 


Section 9.02.Supplemental
Indenture With Consent of Noteholders. With the consent (evidenced as provided in Article 8) of the Holders of not less than
a majority in aggregate principal amount of the Notes at the time outstanding, the Issuer, when authorized by the resolutions of
the Board of Directors, the Guarantor and the Trustee may, from time to time and at any time, 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 or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided
that no such supplemental indenture shall, without the consent of the Holder of each Note so affected:


 


(a)change the Stated Maturity
of the principal of or any installment of Interest on the Notes, reduce the principal amount of or the rate or amount of Interest
on the Notes, or adversely affect any right of repayment of the Holder of the Notes;


 


(b)change the place of payment,
or the coin or currency, for payment of principal of or Interest on any Note or impair the right to institute suit for the enforcement
of any exchange of or payment on or with respect to the Notes;


 






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(c)reduce the percentage in
principal amount of the outstanding Notes necessary to modify or amend this Indenture, to waive compliance with certain provisions
of this Indenture or certain defaults and their consequences provided in this Indenture, or to reduce the quorum or change voting
requirements set forth in this Indenture;


 


(d)modify or affect in any
manner adverse to the Holders of the Notes the terms and conditions of the obligations of the Guarantor in respect of the payments
of principal and Interest;


 


(e)modify the ranking provisions
of the Indenture in a manner that is adverse to the rights of Holders;


 


(f)modify or amend the terms
and conditions of the obligations of the Guarantor as guarantor of the Notes in a manner that is adverse to the rights of Holders:


 


(g)modify any of this Section 9.02
or the second paragraph of Section 6.07, except to increase the required percentage to effect the action or to provide that certain
other provisions may not be modified or waived without the consent of the Holders of the Notes;


 


(h)modify the provisions of
Sections 3.02 and 3.03 in a manner adverse to the Holders of the Notes, including the Issuer’s obligation to repurchase
the Notes following a Fundamental Change; or


 


(i)adversely affect the rights
of Holders of the Notes contained in Section 13.01 of this Indenture.


 


Upon the written request of the Issuer,
accompanied by a copy of the resolutions of the Board of Directors certified by the General Partner’s Secretary or Assistant
Secretary authorizing the execution of any supplemental indenture, and upon the filing with the Trustee of evidence of the consent
of Noteholders as aforesaid, the Trustee shall join with the Issuer and the Guarantor in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.


 


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


 


Section 9.03.Effect
of Supplemental Indenture. Any supplemental indenture executed pursuant to the provisions of this Article 9 shall comply with
the Trust Indenture Act, as then in effect, provided that this Section 9.03 shall not require such supplemental indenture
or the Trustee to be qualified under the Trust Indenture Act prior to the time, if ever, such qualification is in fact required
under the terms of the Trust Indenture Act or the Indenture has been qualified under the Trust Indenture Act, nor shall it constitute
any admission or acknowledgment by any party to such supplemental indenture that any such qualification is required prior to the
time, if ever, such qualification is in fact required under the terms of the Trust Indenture Act or the Indenture has been qualified
under the Trust Indenture Act. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 9, this
Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of Notes shall thereafter be
determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for
any and all purposes.


 






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Section 9.04.Notation
on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of
this Article 9 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board
of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Issuer’s expense,
be prepared and executed by the Issuer, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee
pursuant to Section 7.11) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.


 


Section 9.05.Evidence
of Compliance of Supplemental Indenture to Be Furnished to Trustee. Prior to entering into any supplemental indenture pursuant
to this Article 9, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence
that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 9 and is otherwise authorized
or permitted by this Indenture.


 


ARTICLE 10

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE


 


Section 10.01.Issuer
May Consolidate on Certain Terms. Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger
of the Issuer with or into any other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations
or mergers, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Issuer,
to any other Person (whether or not affiliated with the Issuer); provided, however, that the following conditions are met:


 


(a)the Issuer shall be the
continuing entity, or the successor entity (if other than the Issuer) formed by or resulting from any consolidation or merger or
which shall have received the transfer of assets shall be organized and validly existing under the laws of the United States of
America or any State thereof or the District of Columbia and shall expressly assume payment of the principal of and Interest on
all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in this Indenture;


 


(b)immediately after giving
effect to such transaction, no Event of Default and no event which, after notice or lapse of time, or both, would become an Event
of Default, shall have occurred and be continuing; and


 






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(c)either the Issuer or the
successor Person, as the case may be, shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required
in connection with such transaction, such supplemental indenture comply with this Article 10 and that all conditions precedent
herein provided for relating to such transaction have been complied with.


 


No such consolidation, merger, sale, conveyance,
transfer or lease shall be permitted by this Section 10.01 unless prior thereto the Guarantor shall have delivered to the
Trustee a Guarantor’s Officers’ Certificate and an Opinion of Counsel, each stating that the Guarantor’s obligations
hereunder shall remain in full force and effect thereafter.


 


Section 10.02.Issuer
Successor to Be Substituted. Upon any consolidation by the Issuer with or merger of the Issuer into any other Person or any
sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Issuer to any Person in accordance
with Section 10.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such
sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of,
the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer herein, and thereafter,
except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture
and the Notes.


 


In case of any such consolidation, merger,
sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.


 


Section 10.03.Guarantor
May Consolidate on Certain Terms. Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger
of the Guarantor with or into any other Person or Persons (whether or not affiliated with the Guarantor), or successive consolidations
or mergers, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Guarantor,
to any other Person (whether or not affiliated with the Guarantor); provided, however, that:


 


(a)the Guarantor shall be
the continuing entity, or the successor entity (if other than the Guarantor) formed by or resulting from any consolidation or merger
or which shall have received the transfer of assets shall be organized and validly existing under the laws of the United States
of America or any State thereof or the District of Columbia and shall expressly assume the obligations of the Guarantor under the
Guarantee and the due and punctual performance and observance of all of the covenants and conditions in this Indenture;


 


(b)immediately after giving
effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event
of Default, shall have happened and be continuing; and


 


(c)either the Guarantor or
the successor Person, as the case may be, shall have delivered to the Trustee an Officers’ Certificate, as the case may be,
and an Opinion of Counsel, each stating that such consolidation, sale, merger, conveyance, transfer or lease and such supplemental
indenture comply with this Article 10 and that all conditions precedent herein provided for relating to such transaction have been
complied with.


 






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Section 10.04.Guarantor
Successor to Be Substituted. Upon any consolidation by the Guarantor with or merger of the Guarantor into any other Person
or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Guarantor to any Person
in accordance with Section 10.03, the successor Person formed by such consolidation or into which the Guarantor is merged
or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Guarantor under this Indenture with the same effect as if such successor Person had been named as the Guarantor
herein, and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants
under this Indenture.


 


In case of any such consolidation, merger,
sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Guarantee thereafter
to be issued as may be appropriate.


 


ARTICLE 11

SATISFACTION AND DISCHARGE OF INDENTURE


 


Section 11.01.Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect (except as to (i) rights hereunder of Holders
of the Notes to receive all amounts owing upon the Notes and the other rights, duties and obligations of Holders of the Notes,
as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee and (ii) the rights, obligations and
immunities of the Trustee hereunder), and the Trustee, upon demand of and at the expense of the Issuer, shall execute instruments
in form and substance satisfactory to the Trustee and the Issuer acknowledging satisfaction and discharge of this Indenture when:


 


(a) either


 


(i)all Notes theretofore authenticated
and delivered (other than (A) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided
in Section 11.04, and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held
in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 11.04) have
been delivered to the Trustee for cancellation; or


 


(ii)all such Notes not theretofore
delivered to the Trustee for cancellation have become due and payable, and the Issuer has irrevocably deposited or caused to be
deposited with the Trustee, a Paying Agent or the Exchange Agent (other than the Issuer or any of its Affiliates), as applicable,
as trust funds in trust cash and/or shares of Common Stock (as applicable under the terms of this Indenture) in an amount sufficient
to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal
and Interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or
Fundamental Change Repurchase Date, as the case may be;


 






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


 


(c)the Issuer has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with.


 


Section 11.02.Application
of Trust Funds. All money deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it,
in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
and any Interest for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated
from other funds except to the extent required by law. All moneys deposited with the Trustee (and held by it or any Paying Agent)
for the payment of Notes subsequently exchanged shall be returned to the Issuer upon request.


 


Section 11.03.Paying
Agent to Repay Monies Held. Subject to the provisions of Section 11.04 the Trustee or a Paying Agent shall hold in trust,
for the benefit of the Noteholders, all money deposited with it pursuant to Section 11.01 and shall apply the deposited money
in accordance with this Indenture and the Notes to the payment of the principal of (including the repurchase price upon repurchase
pursuant to Article 3) and Interest on the Notes.


 


Section 11.04.Return
of Unclaimed Monies. Subject to the restrictions of applicable law, the Trustee and each Paying Agent shall pay to the Issuer
upon request any money held by them for the payment of principal or Interest that remains unclaimed for two years after a right
to such money has matured; provided, however, that the Trustee or such Paying Agent, before being required to make
any such payment, may, at the expense of the Issuer, either publish in a newspaper of general circulation in the City of New York,
or cause to be mailed to each Holder entitled to such money, notice that such money remains unclaimed and that after a date specified
therein, which shall be at least thirty (30) calendar days from the date of such mailing or publication, any unclaimed balance
of such money then remaining will be repaid to the Issuer. After payment to the Issuer, Holders entitled to money must look to
the Issuer for payment as general creditors unless an applicable abandoned property law designates another person, and the Trustee
and each Paying Agent shall be relieved of all liability with respect to such money.


 


Section 11.05.Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article 11 by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations
under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article 11
until such time as the Trustee or Paying Agent is permitted to apply all money held in trust with respect to the Notes; provided,
however, that if the Issuer makes any payment of principal of or Interest on any Notes following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money so
held by the Trustee or Paying Agent in trust.


 






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ARTICLE 12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS


 


Section 12.01.Indenture
and Notes Solely Corporate Obligations. Except as otherwise expressly provided in Article 15, no recourse for the payment of
the principal of (including the repurchase price upon repurchase pursuant to Article 3) or Interest on any Note, or for any claim
based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer
(i) in this Indenture or in any supplemental indenture, (ii) in any Note, or because of the creation of any indebtedness
represented thereby or (iii) in the Registration Rights Agreement, shall be had against any incorporator, stockholder, partner,
member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer
or any of the Guarantor’s or Issuer’s subsidiaries or of any successor thereto, either directly or through the Guarantor,
the Issuer or any of the Guarantor’s or Issuer’s subsidiaries or of any successor thereto, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of
this Indenture, and the issue of the Notes.


 


ARTICLE 13

EXCHANGE OF NOTES


 


Section 13.01.Right
to Exchange.  (a) Subject to the restrictions on ownership of shares of Common Stock as set forth in Section 13.06, and
upon compliance with the provisions of this Article 13, a Holder may exchange, at such Holder’s
option, all or part of its Notes, in multiples of $1,000, based on the Exchange Rate. Upon an exchange of Notes, the Issuer shall
satisfy its obligation (the “Exchange Obligation”) in accordance with the provisions of Section 13.02.


 


Prior to the Close of
Business on the Business Day immediately preceding July 15, 2018, Holders shall have the right to exchange their Notes only
under the circumstances described in Section 13.01(b). On or after July 15, 2018, a Holder may surrender its Notes for exchange
at any time on or prior to the Close of Business on the second Scheduled Trading Day immediately preceding the Maturity Date without
regard to the conditions in Section 13.01(b). In no event may Notes be surrendered for exchange after the Close of Business on
the second Scheduled Trading Day immediately preceding the Maturity Date.


 


(b)(i)Prior to the Close of Business
on the Business Day immediately preceding July 15, 2018, Notes may be surrendered for exchange on any
date during any calendar quarter beginning after December 31, 2013 (and only during such calendar quarter) if the Closing
Sale Price of the Common Stock was more than 130% of the then current Exchange Price for at least 20 Trading Days (whether or not
consecutive) in the period of the 30 consecutive Trading Days ending on the last Trading Day of the previous calendar quarter.


 






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(ii)Prior to the Close of
Business on the Business Day immediately preceding July 15, 2018, Notes may be surrendered for exchange at any time during the
five Business Day period immediately after any five consecutive Trading Day period in which the Trading Price per $1,000 principal
amount of Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(ii), for each Trading
Day of such five Trading Day period was less than 98% of the product of the Closing Sale Price of the Common Stock and the Exchange
Rate on each such Trading Day during such five Trading Day period. The Trading Prices shall be determined by the Bid Solicitation
Agent pursuant to this subsection (b)(ii) and the definition of Trading Price set forth in this Indenture. If the Issuer is not
acting as Bid Solicitation Agent, the Issuer shall provide written notice to the Bid Solicitation Agent of the three independent
nationally recognized securities dealers selected by the Issuer pursuant to the definition of Trading Price, along with appropriate
contact information for each. The Bid Solicitation Agent (if other than the Issuer) shall have no obligation to determine the Trading
Price per $1,000 principal amount of Notes unless the Issuer has requested such determination in writing; and the Issuer shall
have no obligation to make such request (or, if the Issuer is acting as Bid Solicitation Agent, the Issuer shall have no obligation
to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder provides the Issuer with reasonable evidence
that the Trading Price per $1,000 principal amount of Notes would be less than 98% of the product of the Closing Sale Price of
the Common Stock and the Exchange Rate, at which time, the Issuer shall instruct the Bid Solicitation Agent (if other than the
Issuer) in writing to determine, or if the Issuer is acting as Bid Solicitation Agent, the Issuer shall determine, the Trading
Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading
Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Closing Sale Price of the Common
Stock and the Exchange Rate. If (x) the Issuer is acting as Bid Solicitation Agent and the Issuer fails to make such determination
when obligated as provided in the preceding sentence or (y) the Issuer is not acting as Bid Solicitation Agent, and the Issuer
does not instruct the Bid Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes when obligated
as provided in the preceding sentence, or if the Issuer instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation
Agent fails to make such determination, then, in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed
to be less than 98% of the product of the Closing Sale Price of the Common Stock and the Exchange Rate on each Trading Day of such
failure. If the Trading Price condition set forth above has been met, the Issuer shall so notify the Holders, the Trustee and the
Exchange Agent (if other than the Trustee) in writing. If, at any time after the Trading Price condition set forth above has been
met, the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Closing Sale
Price of the Common Stock and the Exchange Rate for such date, the Issuer shall so notify the Holders of the Notes, the Trustee
and the Exchange Agent (if other than the Trustee) in writing.


 


(iii)If, prior to the Close
of Business on the Business Day immediately preceding July 15, 2018, the Guarantor:


 


(A)distributes
to all or substantially all holders of its Common Stock rights, options or warrants (other than pursuant to a stockholders rights
plan) entitling them to purchase, for a period of 45 calendar days or less from the declaration date for such distribution, shares
of Common Stock at a price per share less than the average Closing Sale Price of Common Stock for the ten consecutive Trading Days
immediately preceding, but excluding, the declaration date for such distribution; or


 






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(B)makes
a distribution to all or substantially all holders of its Common Stock cash, other assets, securities or rights to purchase securities
of the Issuer or the Guarantor (other than pursuant to a stockholders rights plan), which distribution has a per share value exceeding
10% of the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the declaration date for such distribution,


 


then, in either case, the Issuer shall notify all
Holders at least 45 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution by notice in writing.
Once the Issuer has given such notice, a Holder may surrender all or any portion of its Notes for exchange any time until the earlier
of (1) the Close of Business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and
(2) the Issuer’s announcement that such issuance or distribution will not take place.


 


(iv)If a transaction or event
that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the Close of Business on the Business
Day immediately preceding July 15, 2018, regardless of whether a Holder has the right to require the Issuer to repurchase the Notes
pursuant to Section 3.02, or if the Guarantor is a party to a consolidation, merger, binding share exchange, or transfer or lease
of all or substantially all of its assets, in each case, pursuant to which the Common Stock would be converted into cash, securities
or other assets, all or any portion of a Holder’s Notes may be surrendered for exchange at any time from or after the date
that is 15 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later, the Business Day after
the Issuer gives notice of such transaction) until 35 Trading Days after the actual effective date of such transaction or, if such
transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date. The Issuer shall notify
Holders, the Trustee and the Exchange Agent (if other than the Trustee) in writing (i) as promptly as practicable following the
date the Issuer publicly announces such transaction but in no event less than 15 Scheduled Trading Days prior to the anticipated
effective date of such transaction or (ii) if the Issuer does not have knowledge of such transaction at least 15 Scheduled Trading
Days prior to the anticipated effective date of such transaction, within one Business Day of the date upon which the Issuer receives
notice, or otherwise becomes aware, of such transaction, but in no event later than the actual effective date of such transaction.


 


Section
13.02.Exchange Procedures; Settlement Upon Exchange. (a) In order to exercise the exchange
right with respect to any Notes in certificated form, a Holder must:


 


(i)complete
and manually sign a notice of exchange in the form entitled “Form of Exchange Notice” attached to the reverse of such
certificated Note (or a facsimile thereof) (an “Exchange Notice”);


 






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(ii)deliver
such Exchange Notice and the certificated Notes to be exchanged to the Exchange Agent at the office of the Exchange Agent;


 


(iii)to
the extent any shares of Common Stock issuable upon exchange are to be issued in a name other than the Holder’s, furnish
appropriate endorsements and transfer documents as may be required by the Exchange Agent;


 


(iv)if
required pursuant to this Section 13.02(a), pay funds equal to interest payable on the next Interest Payment Date to which such
Holder is not entitled; and


 


(v)if
required pursuant to Section 13.02(h), pay all transfer or similar taxes, if any.


 


In order to exercise
the exchange right with respect to any interest in a Global Note, a Holder must:


 


(i)submit
an Exchange Notice through the facilities of the Depositary and the Exchange Notice must comply with all applicable Depositary
procedures;


 


(ii)if
required pursuant to this Section 13.02(a), pay funds equal to interest payable on the next Interest Payment Date to which
such Holder is not entitled; and


 


(iii)if
required pursuant to Section 13.02(h), pay all transfer or similar taxes, if any.


 


The
date on which the Holder satisfies the foregoing requirements is the “Exchange Date.” The Notes shall be deemed
to have been exchanged immediately prior to the Close of Business on the Exchange Date; provided, however,
that the Person in whose name any shares of the Common Stock shall be issuable upon such exchange shall become the holder of record
of such shares as of the Close of Business on the Exchange Date, in the case of Physical Settlement, or the last Trading Day of
the relevant Exchange Period, in the case of Combination Settlement.


 


Whether the Notes to be exchanged are held
in book-entry or certificated form, the Exchange Notice will require the Holder to certify that it is a qualified institutional
buyer within the meaning of Rule 144A under the Securities Act.


 


If a Holder exchanges
any Notes after the Close of Business on the Record Date for an interest payment but prior to the Open
of Business on the corresponding Interest Payment Date, the record Holder on such Record Date (if other than such Holder) shall
receive on the corresponding Interest Payment Date the full amount of interest accrued and unpaid on such Notes, notwithstanding
such Holder’s exchange of those Notes prior to the Interest Payment Date. However, except as provided in the next sentence,
at the time such Holder surrenders its Notes for exchange after the Close of Business on a Record Date but prior to the Open of
Business on the corresponding Interest Payment Date, such Holder must pay the Issuer an amount equal to the interest that has accrued
and shall be paid on the Notes being exchanged on the corresponding Interest Payment Date. However, such Holder is not required
to make such payment:


 






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(i)if
such Holder exchanges its Notes following the Close of Business on the Record Date immediately preceding the Maturity Date;


 


(ii)if
such Holder exchanges its Notes in connection with a Fundamental Change and the Issuer has specified a Fundamental Change Repurchase
Date that is after a Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date;
or


 


(iii)to
the extent of any overdue interest, if overdue interest exists at the time of exchange with respect to such Holder’s Notes.


 


For the avoidance
of doubt, all Record Holders of Notes on the Record Date immediately preceding the Maturity Date and any Fundamental Change Repurchase
Date described in (i), (ii) and (iii) above will receive the full interest payment due on the Maturity Date or other
applicable Interest Payment Date regardless of whether their Notes have been exchanged following such Record Date.


 


If
a Holder has already delivered a Fundamental Change Repurchase Notice pursuant to Section 3.02 with respect to a Note, such
Holder may not surrender that Note for exchange until such Holder has validly withdrawn the Fundamental Change Repurchase Notice
in accordance with Section 3.04, except as to a portion of such Note that is not subject to such Fundamental Change Repurchase
Notice.


 


Upon surrender
of a Note for exchange by a Holder, such Holder shall deliver to the Issuer cash equal to the amount that the Issuer is required
to deduct and withhold under applicable law in connection with such exchange; provided, however, that if the Holder does not deliver
such cash, the Issuer may deduct and withhold from the consideration otherwise deliverable to such Holder the amount required to
be deducted and withheld under applicable law.


 


Upon the exchange
of an interest in a Global Note, the Trustee (or other Exchange Agent appointed by the Issuer), or the Custodian at the direction
of the Trustee (or other Exchange Agent appointed by the Issuer), shall make a notation on such Global Note as to the reduction
in the principal amount represented thereby. The Issuer shall notify the Trustee in writing of any exchanges of Notes effected
through any Exchange Agent other than the Trustee.


 


(b)Subject
to this Section 13.02 and Section 13.04, upon exchange of any Note, the Issuer may, at its
election, pay or deliver, as the case may be, to the exchanging Holder, in respect of each $1,000 principal amount of Notes being
exchanged either solely cash (“Cash Settlement”), solely shares of Common Stock (other than cash in lieu of
any fractional shares) (“Physical Settlement”) or a combination of cash and shares of Common Stock (“Combination
Settlement”), as set forth in this Section 13.02(b); provided that if the Issuer shall effect a Physical Settlement
Election in accordance with the provisions of Section 13.02(c), the Issuer shall satisfy its Exchange Obligations with respect
to all Notes exchanged on an Exchange Date that occurs subsequent to the Physical Election Settlement Date by Physical Settlement.


 






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All exchanges occurring
on or after July 15, 2018 shall be settled using the same Settlement Method. Prior to July 15, 2018, the Issuer shall
use the same Settlement Method for all exchanges occurring on the same Exchange Date, but the Issuer shall not have any obligation
to use the same Settlement Method with respect to exchanges that occur on different Exchange Dates, subject to the provisions of
Section 13.02(c). Subject to the provisions of the last sentence of this paragraph, if the Issuer elects a Settlement Method, the
Issuer shall notify Holders so exchanging of such Settlement Method through the Trustee, no later than the Close of Business on
the Trading Day immediately following the related Exchange Date (or, in the case of any exchanges occurring on or after July 15,
2018, no later than the Close of Business on the Scheduled Trading Day immediately preceding July 15, 2018). If the Issuer
does not timely elect a Settlement Method, the Issuer shall no longer have the right to elect Cash Settlement or Physical Settlement,
and the Issuer shall be deemed to have elected Combination Settlement in respect of its Exchange Obligation, and the Specified
Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. If the Issuer elects Combination Settlement but
does not timely notify exchanging Holders of the Specified Dollar Amount per $1,000 principal amount of Notes, such Specified Dollar
Amount will be deemed to be $1,000. Notwithstanding the foregoing, if the Issuer shall have effected a Physical Settlement Election
in accordance with the provisions of Section 13.02(c), then with respect to any Notes exchanged on an Exchange Date that occurs
following the Physical Settlement Election Date, the Issuer need not provide any notice with respect to its election of a Settlement
Method and the Issuer shall settle its Exchange Obligation by Physical Settlement.


 


The cash, shares
of Common Stock or combination of cash and shares of Common Stock in respect of any exchange of Notes (the “Settlement
Amount”) shall be computed as follows:


 


(i)if
the Issuer elects to satisfy its Exchange Obligation in respect of such exchange by Physical Settlement or if the Issuer shall
have made a Physical Settlement Election in accordance with the provisions of Section 13.02(c), the Issuer shall deliver to exchanging
Holders in respect of each $1,000 principal amount of Notes being exchanged a number of shares of Common Stock equal to the Exchange
Rate in effect on the Exchange Date (and cash in lieu of any fractional share as described in Section 13.02(j));


 


(ii)if
the Issuer elects to satisfy its Exchange Obligation in respect of such exchange by Cash Settlement, the Issuer shall pay to exchanging
Holders in respect of each $1,000 principal amount of Notes being exchanged cash in an amount equal to the sum of the Daily Exchange
Values for each of the 40 consecutive Trading Days in the relevant Exchange Period; and


 


(iii)if
the Issuer elects (or is deemed to have elected) to satisfy its Exchange Obligation in respect of such exchange by Combination
Settlement, the Issuer shall pay or deliver, as the case may be, to exchanging Holders in respect of each $1,000 principal amount
of Notes being exchanged, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 40 consecutive Trading
Days in the relevant Exchange Period (and cash in lieu of any fractional share as described in Section 13.02(j)).


 


(c)At
any time prior to July 15, 2018, the Issuer may, in its sole discretion and without the consent of the Holders, make an irrevocable
Physical Settlement Election. Such Physical Settlement Election shall become effective upon delivery by the Issuer of a Physical
Settlement Election Notice to the Trustee and each of the Holders. Simultaneously with the giving of such Physical Settlement Election
Notice, the Issuer shall disseminate a press release through Dow Jones & Company, Inc. or Bloomberg Business News announcing
such Physical Settlement Election or publish such information in The Wall Street Journal or another newspaper of general circulation
in the City of New York or on the Guarantor’s website.


 






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(d)Except as
set forth in Section 13.04, if Cash Settlement or Combination Settlement is applicable, the Issuer shall pay and/or deliver the
consideration due upon exchange on the third Business Day immediately following the final Trading Day of the related Exchange Period.
If Physical Settlement is applicable, the Issuer shall deliver the consideration due upon exchange on the third Business Day immediately
following the related Exchange Date; provided, that, with respect to any Exchange Date with respect to which Physical
Settlement applies occurring after October 1, 2018, settlement will occur on the Maturity Date.


 


(e)If more
than one Note shall be surrendered for exchange at one time by the same Holder, the Exchange Obligation with respect to such Notes,
if any, that shall be payable upon exchange shall be computed on the basis of the aggregate principal amount of the Notes (or specified
portions thereof to the extent permitted thereby) so surrendered.


 


(f)In case
any certificated Note shall be surrendered for partial exchange, the Issuer shall execute and the Trustee shall authenticate and
deliver to or upon the written order of the Holder of the certificated Note so surrendered, without charge to such Holder, a new
certificated Note or Notes in authorized denominations in an aggregate principal amount equal to the unexchanged portion of the
surrendered certificated Note.


 


(g)Upon the
exchange of an interest in a Global Note, the Trustee and the Depositary shall reduce the principal amount of such Global Note
in their records.


 


(h)The issue
of stock certificates on exchanges of Notes shall be made without charge to the exchanging Holder of Notes for any taxes or duties
in respect of the issue thereof. The Issuer shall not, however, be required to pay any such tax or duty which may be payable in
respect of any transfer involved in the issue and delivery of stock in any name other than that of the Holder of any Notes exchanged,
and the Issuer shall not be required to issue or deliver any such stock certificate unless and until the Person or Persons requesting
the issue thereof shall have paid to the Issuer the amount of such tax or duty or shall have established to the satisfaction of
the Issuer that such tax has been paid.


 


(i)Except as
provided in Section 13.02(a), upon exchange, Holders shall not receive any separate cash payment of accrued and unpaid interest
on the Notes. Accrued and unpaid interest to the Exchange Date shall be deemed to be paid in full with the payment or delivery,
as the case may be, of the cash, Common Stock or a combination thereof, upon exchange, rather than cancelled, extinguished or forfeited.
With respect to any exchange with Combination Settlement, accrued and unpaid interest will be deemed to be paid first out of the
cash paid upon such exchange.


 






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(j)The Issuer
shall not deliver fractional shares of Common Stock upon exchange of the Notes. If any fractional shares of Common Stock would
be issuable upon the exchange of any Note or Notes, the Issuer shall instead pay cash in lieu of fractional shares based on the
Closing Sale Price of the Common Stock on the relevant Exchange Date, in the case of Physical Settlement, or on the final Trading
Day of the relevant Exchange Period, in the case of Combination Settlement.


 


(k)Except as
may be set forth in Section 13.03, the Issuer shall not make any payment or other adjustment for dividends on any Common Stock
issued upon exchange of the Notes.


 


(l)The Issuer
shall inform the Trustee upon its request if the Notes have become exchangeable under Section 13.01(b).


 


Section 13.03.Adjustment
of Exchange Rate. The Exchange Rate shall be adjusted from time to time as follows:


 


(a)If the Guarantor issues Common Stock
as a dividend or distribution on all or substantially all of its Common Stock, or if the Guarantor effects a share split or share
combination, the Exchange Rate will be adjusted based on the following formula:


 


	
        ER1 = ER0 x OS1

               OS0 



 


where


 


		ER0 = 	the Exchange Rate in effect
immediately prior to the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the
Open of Business on the effective date of such share split or share combination;



 


		ER1 =	the new Exchange Rate in
effect immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately after
the Open of Business on the effective date of such share split or share combination;



 


		OS0 =	the number of shares of Common
Stock outstanding immediately prior to the Open of Business on such Ex-Dividend Date, or effective date of such share split or
share combination; and



 


		OS1 =	the number of shares of Common
Stock outstanding immediately prior to such Ex-Dividend Date, or effective date of such share split or share combination but after
giving effect to such dividend, distribution, share split or share combination.



 


If any dividend or distribution described
in this paragraph (a) is declared but not so paid or made, the new Exchange Rate shall be readjusted, effective as of the
date the Board of Directors determines not to pay such dividend or distribution or to effect such subdivision or combination, to
the Exchange Rate that would then be in effect if such dividend or distribution had not been declared or such subdivision or combination
had not been announced.


 






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(b)If the Guarantor distributes to all,
or substantially all, holders of Common Stock any rights, warrants or options entitling them for a period of not more than 45 days
after the date of issuance thereof to subscribe for or purchase Common Stock for a period of not more than 45 days after the date
of issuance thereof, in either case at an exercise price per share of Common Stock less than the average of the Closing Sale Prices
of Common Stock for the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the time of announcement
of such issuance, the Exchange Rate will be adjusted based on the following formula:


 


	
        ER1 = ER0 x (OS0 + X)

                (OS0
+Y)



 


where 


 


		ER0=	the Exchange Rate in effect
immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;



 


		ER1 =	the new Exchange Rate in
effect immediately after the Open of Business on the Ex-Dividend Date for such distribution;



 


		OS0 =	the number of shares of Common
Stock outstanding immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;



 


		X =	the number of shares of Common Stock issuable pursuant
to such rights, warrants or options; and



 


		Y =	the number of shares of Common Stock equal to the quotient
of (A) the aggregate price payable to exercise such rights, warrants or options and (B) the average of the Closing Sale
Prices of the Common Stock for the 10 consecutive Trading Days ending on, and including, the Trading Day immediately preceding
the date of announcement for the issuance of such rights, warrants or options.



 


If any right, warrant or option described
in this paragraph (b) is not exercised or converted prior to the expiration of the exercisability or convertibility thereof,
the new Exchange Rate shall be readjusted to the Exchange Rate that would then be in effect if such right, warrant or option had
not been so issued.


 


For purposes of this Section 13.03(b) and
for the purpose of Section 13.01(b)(iii)(A), in determining whether any rights, warrants or options entitle the holders to subscribe
for or purchase shares of Common Stock at less than such average of the Closing Sale Prices of the Common Stock for the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement for such issuance,
and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration
received by the Guarantor for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value
of such consideration, if other than cash, to be determined by the Board of Directors.


 






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(c)If the Guarantor distributes shares
of Capital Stock, evidences of indebtedness or other assets or property of the Guarantor to all, or substantially all, holders
of Common Stock, excluding:


 


(A)dividends, distributions,
rights, warrants or options referred to in paragraphs (a) or (b) of this Section 13.03;


 


(B)dividends or distributions
paid exclusively in cash; and


 


(C)Spin-Offs described below
in this paragraph (c),


 


then the Exchange Rate will be adjusted based on the following
formula:


 


	
        ER1 = ER0 x SP0

        (SP0-FMV) 



 


where


 


		ER0 =	the Exchange Rate in effect
immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;



 


		ER1 =	the new Exchange Rate in
effect immediately after the Open of Business on the Ex-Dividend Date for such distribution;



 


		SP0 =	the average of the Closing
Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the Ex-Dividend Date for such distribution; and



 


		FMV =	the fair market value (as determined in good faith by
the Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets or property distributed with respect
to each outstanding share of Common Stock on the Ex-Dividend Date for such distribution;



 


Notwithstanding the foregoing, if “FMV”
with respect to any distribution of shares of Capital Stock, evidences of indebtedness or other assets or property of the Guarantor
is equal to or greater than “SP0” with respect to such distribution, then in
lieu of the foregoing adjustment, adequate provision shall be made so that each holder of Notes shall have the right to receive
on the date such shares of Capital Stock, evidences of indebtedness or other assets or property of the Guarantor are distributed
to holders of Common Stock, for each Note, the amount of shares of Capital Stock, evidences of indebtedness or other assets or
property of the Guarantor such holder of Notes would have received had such holder of Notes owned a number of shares of
Common Stock equal to a fraction (x) the numerator of which is the product of the Exchange Rate in effect on the Ex-Dividend Date
for such distribution, and the aggregate principal amount of Notes held by such Holder and (y) the denominator of which
is one thousand dollars ($1,000).


 


With respect to an adjustment to the Exchange
Rate made pursuant to this clause (c), where there has been a payment of a dividend or other distribution of Common Stock or shares
of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the
Guarantor (a “Spin-Off”), the Exchange Rate in effect immediately before the Close of Business on the effective
date of the Spin-Off will be adjusted based on the following formula:


 






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        ER1 = ER0 x (FMV0+MP0)

        MP0 



 


where 


 


		ER0 =	the Exchange Rate in effect
immediately prior to the effective date of the Spin-Off;



 


		ER1 =	the new Exchange Rate immediately
after the effective date of the Spin-Off;



 


		FMV0 =	the average of the Closing
Sale Prices of the Capital Stock or similar equity interest distributed to holders of Common Stock applicable to one share of
Common Stock over the first 10 consecutive Trading Days after, and including, the effective date of the Spin-Off; and



 


		MP0 =	the average of the Closing
Sale Prices of the Common Stock over the first 10 consecutive Trading Days after the effective date of the Spin-Off.



 


An adjustment to the Exchange Rate made
pursuant to the immediately preceding paragraph will occur on the 10th Trading Day from and including the effective date of the
Spin-Off; provided that in respect of any exchange within the 10 Trading Days following, and including, the effective date
of any Spin-Off, references within this paragraph (c) to 10 Trading Days shall be deemed replaced with such lesser number
of Trading Days as have elapsed between the effective date of such Spin-Off and the Exchange Date in determining the applicable
Exchange Rate.


 


If any dividend or distribution described
in this paragraph (c) is declared but not paid or made, the new Exchange Rate shall be readjusted to be the Exchange Rate
that would then be in effect if such dividend or distribution had not been declared.


 


For purposes of this Section 13.03(c)
(and subject in all respect to Section 13.03(f)), rights, options or warrants distributed by the Guarantor to all holders
of the Common Stock entitling them to subscribe for or purchase shares of the Guarantor’s Capital Stock, including Common
Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified
event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii)
are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have
been distributed for purposes of this Section 13.03(c) (and no adjustment to the Exchange Rate under this Section 13.03(c)
will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be
deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this
Section 13.03(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior
to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable
to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such
event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with
such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without
exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options
or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto
that was counted for purposes of calculating a distribution amount for which an adjustment to the Exchange Rate under this Section
13.03(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without
exercise by any holders thereof, upon such final redemption or purchase (x) the Exchange Rate shall be readjusted as if such rights,
options or warrants had not been issued and (y) the Exchange Rate shall then again be readjusted to give effect to such distribution,
deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption
or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such
holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or
purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by
any holders thereof, the Exchange Rate shall be readjusted as if such rights, options and warrants had not been issued.


 






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For purposes of 13.03(a),
Section 13.03(b) and this Section 14.03(c), if any dividend or distribution to which this Section 13.03(c) is applicable
also includes one or both of:


 


(A)a dividend or distribution of shares
of Common Stock to which Section 13.03(a) is applicable (the “Clause A Distribution”); or


 


(B)a dividend or distribution of rights,
options or warrants to which Section 13.03(b) is applicable (the “Clause B Distribution”),


 


then (1) such dividend or distribution, other than the Clause
A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 13.03(c)
is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section
13.03(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution
shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Section 13.03(a)
and Section 13.03(b) with respect thereto shall then be made, except that, if determined by the Guarantor, (I) the “Ex-Dividend
Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause
C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed
not to be “outstanding immediately prior to the Open of Business on such Ex-Dividend Date, or effective date” within
the meaning of Section 13.03(a) or “outstanding immediately prior to the Open of Business on the Ex-Dividend Date”
within the meaning of Section 13.03(b).


 


(d)If the Guarantor makes any cash dividend
or distribution to all, or substantially all, holders of outstanding Common Stock, other than regular quarterly cash dividends
that do not exceed $0.165 per share (the “Dividend Threshold Amount”), the Exchange Rate will be adjusted based
on the following formula:


 






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        ER1 = ER0 x (SP0-T)

               (SP0-C) 



 


where


 


		ER0 =	the Exchange Rate in effect
immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;



 


		ER1 =	the new Exchange Rate immediately
after the Open of Business on the Ex-Dividend Date for such distribution;



 


		SP0 =	the Closing Sale Price of
Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such distribution;



 


		T =	the Dividend Threshold Amount; provided that
if the distribution is not a regular quarterly cash dividend, the Dividend Threshold Amount shall be deemed to be zero; and



 


		C =	the amount in cash per share that the Guarantor
distributes to holders of Common Stock;



 


provided that if “C” with respect to any
such cash dividend or distribution is equal to or greater than “SP0” with respect
to any such cash dividend or distribution, then in lieu of the foregoing adjustment, adequate provision shall be made so that each
Holder of Notes shall have the right to receive on the date such cash is distributed to holders of Common Stock, for each Note,
the amount of cash such Holder would have received had such Holder owned a number of shares of Common Stock equal to the Exchange
Rate in effect on the Ex-Dividend Date for such dividend or distribution. 


 


If any dividend or distribution described
in this paragraph (d) is declared but not so paid or made, the new Exchange Rate shall be readjusted to the Exchange Rate
that would then be in effect if such dividend or distribution had not been declared.


 


The Dividend Threshold Amount shall be subject
to adjustment in a manner inversely proportional to adjustments to the Exchange Rate and shall be adjusted at the same time that
the Exchange Rate is adjusted; provided that no adjustment shall be made to the Dividend Threshold Amount for any adjustment
made to the Exchange Rate pursuant to this Section 13.03(d).


 


(e)If the Guarantor or any of its Subsidiaries
makes a payment in respect of a tender offer or exchange offer for Common Stock to the extent that the cash and value of any other
consideration included in the payment per share of Common Stock exceeds the Closing Sale Price of a share of Common Stock on the
Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender offer or exchange offer
(the “Expiration Time”), the Exchange Rate will be adjusted based on the following formula:


 






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        ER1 = ER0 x (AC+(SP1 x OS1))

                   (SP1
x OS0)



 


where


 


		ER0 =	the Exchange Rate in effect
immediately prior to the Close of Business on the date such tender offer or exchange offer expires;



 


		ER1 =	the Exchange Rate in effect
immediately following the Close of Business on the date such tender offer or exchange offer expires;



 


		AC =	the aggregate value of all cash and any other consideration
(as determined by the Board of Directors) paid or payable for the Common Stock purchased in such tender or exchange offer;



 


		OS0 =	the number of shares of Common
Stock outstanding immediately prior to the Expiration Time on the date such tender offer or exchange offer expires;



 


		OS1 =	the number of shares of Common
Stock outstanding immediately after the Expiration Time on the date such tender or exchange offer expires (after giving effect
to the purchase or exchange of shares pursuant to such tender offer or exchange offer); and



 


		SP1 =	the average of the Closing
Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on the Trading Day next succeeding the date
such tender offer or exchange offer expires.



 


The adjustment to the exchange rate under
the preceding paragraph shall occur on the 10th Trading Day from, and including, the Trading Day next succeeding the date such
tender or exchange offer expires; provided, that in respect of any exchange within 10 Trading Days immediately following,
and including, the expiration date of any tender or exchange offer, references with respect to 10 Trading Days shall be deemed
replaced with such lesser number of Trading Days as have elapsed between the expiration date of such tender or exchange offer and
the Exchange Date in determining the applicable Exchange Rate.


 


If the Guarantor or one of its Subsidiaries
is obligated to purchase Common Stock pursuant to any such tender offer or exchange offer but is permanently prevented by applicable
law from effecting any such purchase or all such purchases are rescinded, the new Exchange Rate shall be readjusted to be the Exchange
Rate that would be in effect if such tender offer or exchange offer had not been made.


 


(f)If the Guarantor has in effect a
rights plan while any Notes remain outstanding, Holders of Notes will receive, upon an exchange of Notes, in addition to Common
Stock, if any, rights under the Guarantor’s stockholder rights agreement unless, prior to exchange, the rights have expired,
terminated or been redeemed or unless the rights have separated from the Common Stock. If the rights provided for in the rights
plan adopted by the Guarantor have separated from the Common Stock in accordance with the provisions of the applicable stockholder
rights agreement so that Holders of Notes would not be entitled to receive any rights in respect of any shares of Common Stock
delivered upon an exchange of Notes, the Exchange Rate will be adjusted at the time of separation as if the Guarantor had distributed,
to all holders of Common Stock, capital stock, evidences of indebtedness or other assets or property pursuant to paragraph (c) above,
subject to readjustment upon the subsequent expiration, termination or redemption of the rights.


 






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(g)Notwithstanding this Section 13.03
or any other provision of this Indenture or the Notes, if any Exchange Rate adjustment becomes effective, or any Ex-Dividend
Date for any issuance, dividend or distribution (relating to a required Exchange Rate adjustment) occurs, during the period
beginning on, and including, the Open of Business on an Exchange Date and ending on, and including, the Close of Business on the
last Trading Day of a related Exchange Period (or if the Issuer has elected Physical Settlement with respect to any exchange of
Notes, the Close of Business on the third Trading Day immediately following the relevant Exchange Date), the Board of Directors
shall make adjustments to the Exchange Rate and the amount of cash or number of shares of Common Stock issuable upon exchange of
the Notes, as the case may be, as are necessary or appropriate to effect the intent of this Section 13.03 and the other provisions
of this Article 13 and to avoid unjust or inequitable results, as determined in good faith by the Board of Directors. Any
adjustment made pursuant to the provisions of this paragraph shall apply in lieu of the adjustment or other term that would otherwise
be applicable.


 


In addition, notwithstanding the foregoing,
if an Exchange Rate adjustment becomes effective on or immediately after any Ex-Dividend Date
as described in Section 13.03(a) through 13.03(e) above, and a Holder of Notes that has exchanged its Notes would otherwise become
the record holder of Common Stock as of the related Exchange Date or the last Trading Day of the related Exchange Period, as the
case may be, based on an adjusted Exchange Rate for such Ex-Dividend Date, then, the Exchange
Rate adjustment relating to such Ex-Dividend Date will not be made for such exchanging Holder.
Instead, such Holder will be the holder of record of shares of the Common Stock on an un-adjusted basis and will participate in
the related dividend, distribution or other event giving rise to such adjustment.


 


(h)The Issuer shall not make any adjustment
to the Exchange Rate if Holders of the Notes are permitted to participate in the transactions described in this Section 13.03
on a basis equivalent to that which would apply if the Notes were exchanged entirely for Common Stock at the then-applicable Exchange
Rate. If, however, the application of the foregoing formulas would result in a decrease in the Exchange Rate, no adjustment to
the Exchange Rate shall be made (other than as a result of an adjustment pursuant to Section 13.03(a)).


 


Notwithstanding anything to the contrary
contained herein, the applicable Exchange Rate shall not be adjusted for:


 


(i)the issuance of any Common
Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on securities of the
Issuer or those of the Guarantor and the investment of additional optional amounts in the Common Stock under any plan;


 


(ii)the issuance of any Common
Stock or options or rights to purchase those shares pursuant to any present or future employee, director, trustee or consultant
benefit plan, employee agreement or arrangement or program of the Issuer or the Guarantor;


 






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(iii)the issuance of any Common
Stock pursuant to any option, warrant, right, or exercisable, exchangeable or convertible security outstanding as of the date the
Notes were first issued;


 


(iv)a change in the par value
of the Common Stock;


 


(v)accrued and unpaid interest;


 


(vi)accumulated and unpaid
dividends or distributions; and


 


(vii)the issuance of Units
by the Issuer and the issuance of the Common Stock or the payment of cash upon redemption thereof.


 


Adjustments to the applicable Exchange Rate
shall be calculated to the nearest 1/10,000th of a share. The Issuer shall not be required to make an adjustment in the Exchange
Rate unless the adjustment would require a change of at least 1% of the Exchange Rate. However, the Issuer shall carry forward
any adjustments that are less than 1% of the Exchange Rate and shall make such carried forward adjustments, regardless of whether
the aggregate adjustment is less than 1%, upon any exchange or a Make-Whole Fundamental Change.


 


In
addition to those required by Sections 13.03(a) through (e), and subject to the listing standards of the New York Stock Exchange,
the Issuer from time to time may increase the Exchange Rate by any amount for a period of at least 20 Business Days. In addition,
subject to the listing standards of the New York Stock Exchange, the Issuer may also (but is not required to) increase the Exchange
Rate to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of Common Stock in connection with
a dividend or distribution of shares (or rights to acquire shares) or similar event.


 


Except as set forth above in this Article
13, the Exchange Rate shall not be adjusted.


 


Whenever the Exchange Rate is adjusted as
herein provided, the Guarantor or the Issuer shall as promptly as reasonably practicable file with the Trustee and any Exchange
Agent other than the Trustee an Officers’ Certificate setting forth the Exchange Rate after such adjustment and setting forth
a brief statement of the facts requiring such adjustment. Promptly after delivery of such certificate, the Guarantor or the Issuer
shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and the date on which each
adjustment becomes effective and shall mail such notice of such adjustment of the Exchange Rate to the Holders of the Notes within
20 Business Days of the Effective Date of such adjustment. Failure to deliver such notice shall not affect the legality or validity
of any such adjustment.


 


For purposes of this Section 13.03,
the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Guarantor but
shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.


 


In case:


 






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(i)the Guarantor shall declare
a dividend (or any other distribution) on the Common Stock that would require an adjustment in the Exchange Rate pursuant to Section 13.03;
or


 


(ii)the Guarantor shall authorize
the granting to the holders of all or substantially all of the Common Stock of rights or warrants to subscribe for or purchase
any share of any class or any other rights or warrants; or


 


(iii)of any reclassification
or reorganization of the Common Stock (other than a subdivision or combination of its outstanding Common Stock, or a change in
par value, or from par value to no par value, or from no par value to par value), or of any consolidation, combination, merger
or share exchange to which the Issuer or the Guarantor is a party and for which approval of any stockholders of the Guarantor is
required, or of the sale or transfer of all or substantially all of the assets of the Guarantor; or


 


(iv)of the voluntary or involuntary
dissolution, liquidation or winding up of the Guarantor;


 


the Issuer shall cause to be filed with the Trustee and to be
mailed to each holder of Notes at its address appearing on the Note Register provided for in Section 2.05 of this Indenture,
as promptly as possible but in any event at least ten (10) calendar days prior to the applicable date hereinafter specified,
a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or rights or
warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such
dividend, distribution or rights are to be determined, or (y) (1) the date on which such reclassification, consolidation,
merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective or occur, and the date as of which
it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reclassification, reorganization, consolidation, combination, exchange, merger, sale, transfer,
dissolution, liquidation or winding up and (2) either (1) the Issuer will not withhold under Section 1445 of the
Code in connection with such exchange, or (2) the Issuer will withhold under Section 1445 of the Code in connection with
such exchange if (a) the Issuer, after reasonable efforts, believes that the Guarantor is not, or has not been able to determine
whether the Guarantor is, a “domestically controlled qualified investment entity” as defined in Section 897(h)
of the Code, or (b) there has been a change in relevant law, facts, or circumstances such that the Issuer,
after reasonable efforts, believes that it is appropriate to withhold under Section 1445 of the Code, unless another
exception to withholding is available at such time. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding up.


 


(i)Whenever
any provision of this Indenture requires the Issuer to calculate the Closing Sale Prices, the volume-weighted average price, the
Daily Exchange Values or the Daily Settlement Amounts over, or based on, a span of multiple calendar days (including an Exchange
Period, Valuation Period or Averaging Period), the Issuer shall make appropriate adjustments to each to account for any adjustment
to the Exchange Rate that becomes effective, or any event requiring an adjustment to the Exchange Rate where the Ex-Dividend Date
of the event occurs, at any time during the period when the Closing Sale Prices, the volume-weighted average prices, the Daily
Exchange Values or the Daily Settlement Amounts are to be calculated.


 






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Section 13.04.Exchange
Rate Adjustment After Make-Whole Fundamental Change or Registration Default. (a) Subject to the provisions hereof, if
a Noteholder elects to exchange its Notes in connection with a Make-Whole Fundamental Change, the Issuer will increase the applicable
Exchange Rate for the Notes so surrendered for exchange by a number of additional shares of Common Stock (the “Additional
Shares”) as specified below; provided that the Additional Shares will only be payable as set forth below. An exchange
of Notes will be deemed for these purposes to be “in connection with” such a Make Whole Fundamental Change if the Exchange
Date occurs during the period from the effective date of such Make Whole Fundamental Change until the corresponding Fundamental
Change Repurchase Date or, if such Make Whole Fundamental Change is not also a Fundamental Change, the 35th Business Day immediately
following the effective date for such Make Whole Fundament Change.


 


Upon
surrender of Notes for exchange in connection with a Make-Whole Fundamental Change, the Issuer shall, at its option, satisfy its
Exchange Obligation by Physical Settlement, Cash Settlement or Combination Settlement, as described under Section 13.02(b).
However, if the consideration received by holders of the Common Stock in any Make-Whole Fundamental Change described in clause
(2) of the definition of Fundamental Change is composed entirely of cash, for any exchange of Notes following the Effective
Date of such Make-Whole Fundamental Change, the Settlement Amount will be calculated based solely on the Stock Price for the transaction
and will be deemed to be an amount of cash per $1,000 principal amount of exchanged Notes equal to the Exchange Rate (including
any adjustment as described in this Section 13.04), multiplied by such Stock Price. In such event, the Issuer shall satisfy
its Exchange Obligation by paying cash to exchanging Holders on the third Business Day immediately following the Exchange Date.


 


(b)The number of Additional Shares will
be determined by reference to the table in paragraph (e) below and is based on the date on which the Make Whole Fundamental
Change transaction becomes effective (the “Effective Date”) and the price (the “Stock Price”)
paid per share of Common Stock in such transaction. If the holders of Common Stock receive only cash in the relevant Make Whole
Fundamental Change transaction, the Stock Price will equal the cash amount paid per share of Common Stock. In all other cases,
the Stock Price will equal the average of the Closing Sale Prices of the Common Stock on the 10 consecutive Trading Days up to
but excluding the Effective Date.


 


(c)The Stock Prices set forth in the
first row of the table below shall be adjusted as of any date on which the Exchange Rate of the Notes is adjusted. The adjusted
Stock Prices will equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, (i) the
numerator of which is the Exchange Rate immediately prior to the adjustment giving rise to the Stock Price adjustment and (ii) the
denominator of which is the Exchange Rate as so adjusted.


 


(d)The number of Additional Shares will
be adjusted in the same manner and for the same events as the Exchange Rate is adjusted pursuant to Section 13.03.


 






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(e)The following table sets forth the
number of Additional Shares to be added to the applicable Exchange Rate per $1,000 principal amount of Notes for each Stock Price
and Effective Date set forth below:


 





	 	 	Stock Price	 
	Effective
    Date	 	$10.05	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	$18.00	 	 	$19.00	 	 	$20.00	 
	10/9/2013	 	 	19.9004	 	 	 	14.4012	 	 	 	10.1734	 	 	 	7.0809	 	 	 	4.8342	 	 	 	3.2101	 	 	 	2.0525	 	 	 	1.2421	 	 	 	0.6904	 	 	 	0.3324	 	 	 	0.1224	 
	10/15/2014	 	 	19.9004	 	 	 	13.5989	 	 	 	9.3788	 	 	 	6.3392	 	 	 	4.1690	 	 	 	2.6384	 	 	 	1.5794	 	 	 	0.8675	 	 	 	0.4140	 	 	 	0.1529	 	 	 	0.0291	 
	10/15/2015	 	 	19.9004	 	 	 	13.0260	 	 	 	8.5916	 	 	 	5.5952	 	 	 	3.5130	 	 	 	2.0946	 	 	 	1.1547	 	 	 	0.5611	 	 	 	0.2188	 	 	 	0.0518	 	 	 	0.0000	 
	10/15/2016	 	 	19.9004	 	 	 	12.4530	 	 	 	7.7571	 	 	 	4.7537	 	 	 	2.7595	 	 	 	1.4808	 	 	 	0.7018	 	 	 	0.2684	 	 	 	0.0647	 	 	 	0.0000	 	 	 	0.0000	 
	10/15/2017	 	 	19.9004	 	 	 	11.8800	 	 	 	6.6211	 	 	 	3.5190	 	 	 	1.6740	 	 	 	0.6742	 	 	 	0.2025	 	 	 	0.0281	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	10/15/2018	 	 	19.9004	 	 	 	11.3071	 	 	 	3.7313	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 



 


(f)If the exact Stock Price and Effective
Date are not set forth on the table above, then:


 


(i)if the Stock Price is between
two Stock Prices in the table or the Effective Date is between two dates in the table, the Additional Shares will be determined
by a straight-line interpolation between the number of Additional Shares set forth for the next higher and next lower Stock Price
and the earlier and later Effective Dates, as applicable, based on a 365-day year;


 


(ii)if the Stock Price is
greater than $20.00 per share of Common Stock (the “Adjustment Cap”) (subject to adjustment) no Additional Shares
will be added to the applicable Exchange Rate; and


 


(iii)if the Stock Price is
less than $10.05 per share of Common Stock (the “Adjustment Floor”) (subject to adjustment) no Additional Shares
will be added to the applicable Exchange Rate.


 


The Adjustment Cap and Adjustment Floor
shall be adjusted as of any date on which the Exchange Rate of the Notes is adjusted pursuant to Section 13.03. The adjusted
Adjustment Cap or Adjustment Floor, as the case may be, shall equal the Adjustment Cap or Adjustment Floor, as the case may be,
applicable immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exchange Rate
immediately prior to the adjustment giving rise to the adjustment and (ii) the denominator of which is the Exchange Rate as
so adjusted.


 


(g)Notwithstanding anything in this
Section 13.04 to the contrary, in no event will the total number of shares of Common Stock issuable upon exchange of the Notes
exceed 99.5024 per $1,000 principal amount of Notes, subject to adjustment in the same manner
as the Exchange Rate pursuant to Section 13.03.


 


(h)In addition to, and notwithstanding
any other provision of this Indenture, if a Holder submits a Note for exchange during a period where a Registration Default (as
defined in the Registration Rights Agreement) exists, the Issuer shall increase the Exchange Rate by 3.0% for each $1,000 principal
amount of Notes exchanged at a time when such Registration Default has occurred and is continuing. Notwithstanding the foregoing,
if a Registration Default occurs after a Holder has exchanged a Note for Common Stock, such Holder shall not be entitled to any
compensation with respect to such Common Stock or such exchanged Note.


 






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Section 13.05.Effect
of Recapitalization, Reclassification, Consolidation, Merger or Sale. (a) If any of the following events occur:


 


(i)any recapitalization, reclassification
or change of shares of Common Stock issuable upon exchange of the Notes (other than a change in par value, or from par value to
no par value, or from no par value to par value, or a change as a result of a subdivision or combination, or any other change for
which an adjustment is provided in Section 13.03);


 


(ii)any consolidation, merger
or combination involving the Guarantor with another Person as a result of which holders of Common Stock shall be entitled to receive
cash, securities or other property or assets (including cash or any combination of the foregoing) with respect to or in exchange
for such Common Stock; or


 


(iii)any sale, lease or other
transfer to a third party of all or substantially all of the consolidated assets of the Guarantor and its Subsidiaries to any other
Person as a result of which holders of Common Stock shall be entitled to receive stock, securities or other property or assets
(including cash or any combination of the foregoing) with respect to or in exchange for such Common Stock,


 


(any such event, a “Merger Event”) then,
at the effective time of the Merger Event, the Guarantor or the successor or purchasing Person, as the case may be, shall execute
with the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution
of such supplemental indenture) providing that the Notes shall be exchangeable for the kind and amount of shares of stock, securities
or other property or assets (including cash or any combination of the foregoing) receivable upon such recapitalization, reclassification,
change, consolidation, merger, combination, sale or conveyance (the “Reference Property”) by a holder of a number
of shares of Common Stock issuable upon exchange for such Notes (assuming, for such purposes, a sufficient number of authorized
shares of Common Stock available to exchange all such Notes) immediately prior to such Merger Event. However, at and after the
effective time of the Merger Event, (A) the Issuer shall continue to have the right to determine the form of consideration to be
paid or delivered, as the case may be, as set forth in Section 13.02 and (B)(1) any amount payable in cash upon exchange of the
Notes as set forth in Section 13.02 will continue to be payable in cash, (2) any shares of Common Stock that the Issuer would have
been required to deliver upon exchange of the notes as set forth in Section 13.02 will instead be deliverable in the amount and
type of Reference Property that a holder of that number of shares of Common Stock would have received in such transaction and (3)
VWAP will be calculated based on the value of the amount and kind of Reference Property that a holder of one share of Common Stock
would have received in such transaction. If the Merger Event causes Common Stock to be exchanged for the right to receive more
than a single type of consideration (determined based in part upon any form of stockholder election), the Reference Property for
which the Notes will be exchangeable shall be deemed to be the weighted average of the types and amounts of consideration received
by the holders of Common Stock that affirmatively make such election. Such supplemental indenture shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 13. If, in the case of
any such recapitalization, reclassification, change, consolidation, merger, combination, sale or conveyance, the Reference Property
receivable thereupon by a holder of Common Stock includes shares of stock, securities or other property or assets (including cash
or any combination of the foregoing) of a corporation other than the successor or purchasing corporation, as the case may be, in
such reclassification, change, consolidation, merger, combination, sale or conveyance, then such supplemental indenture shall also
be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders as the
Board of Directors shall reasonably consider necessary by reason of the foregoing.


 






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The Issuer shall cause notice of the execution
of such supplemental indenture to be mailed to each Holder, at the address of such Holder as it appears on the Note Register maintained
by the Note Registrar, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or
validity of such supplemental indenture. The above provisions of this Section 13.05 shall similarly apply to successive recapitalizations,
reclassifications, changes, consolidations, mergers, combinations, sales and conveyances.


 


(b)The Guarantor shall not become a
party to any such transaction unless its terms are consistent with this Section 13.05.


 


Section 13.06.
Ownership Limit and Withholding.


 


(a)Notwithstanding
any other provision of the Notes or this Indenture, no Holder of Notes will be entitled to receive Common Stock following exchange
of such Notes to the extent that receipt of such Common Stock would cause such Holder to exceed the ownership limits contained
in the Guarantor’s charter. If any delivery of shares of Common Stock owed to a Holder upon exchange of Notes is not made,
in whole or in part, as a result of the limitations described in this Section 13.06(a), the Issuer’s obligation to make
such delivery shall not be extinguished and the Issuer shall deliver such shares as promptly as practicable after any such exchanging
Holder gives notice to the Issuer that such delivery would not result in it being the beneficial or constructive owner of more
than 9.8% (in value or number of shares, whichever is more restrictive) of the shares of Common Stock outstanding at such time.



 


(b)At the Maturity Date, upon earlier
repurchase of the Notes or at any time a payment is made with respect to the Notes, and as otherwise required by law, the Issuer
may deduct and withhold from such amount otherwise deliverable to the Holder the amount required to be deducted and withheld under
applicable law, and such amount shall be deemed paid to such Holder for all purposes of this Indenture.


 


Section 13.07.Calculations
in Respect of Notes. Except as otherwise specifically stated herein or in the Notes, all calculations to be made in respect
of the Notes shall be the obligation of the Issuer. These calculations include,
but are not limited to, determinations of the Closing Sale Price or volume-weighted average price of the Common Stock, Daily Settlement
Amounts, Daily Exchange Values, the Trading Price of the Notes, accrued interest payable on the Notes and the Exchange Rate and
Exchange Price. All calculations made by the Issuer or its agent as contemplated pursuant to the terms hereof and of the
Notes shall be made in good faith and be final and binding on the Notes and the Holders of the Notes absent manifest error. The
Issuer shall provide a schedule of calculations to the Trustee, and the Trustee shall be entitled to rely upon the accuracy of
the calculations by the Issuer without independent verification. The Trustee, at the expense of the Issuer, shall forward calculations
made by the Issuer to any Holder of Notes upon request. None of the Trustee, the Note Registrar, the Paying Agent, Exchange Agent
and the Bid Solicitation Agent (if other than the Issuer) shall have any responsibility to determine the Trading Price of the Notes
or the Closing Sale Price or whether the conditions to exchange specified in Article 13 have been satisfied.


 






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ARTICLE 14

MEETINGS OF HOLDERS OF NOTES


 


Section 14.01.Purposes
for Which Meetings May Be Called. A meeting of Holders of Notes may be called at any time and from time to time pursuant to
this Article 14 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 Notes.


 


Section 14.02.Call,
Notice and Place of Meetings.  (a) The Trustee may at any time call a meeting of Holders of Notes for any purpose specified
in Section 14.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of Holders
of Notes, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 16.03, not less than 20 nor more than 180 days prior to the date fixed for
the meeting.


 


(b)In case at any time the Issuer, pursuant
to a Board Resolution, the Guarantor, or the Holders of at least 25% in principal amount of the outstanding Notes shall have requested
the Trustee to call a meeting of the Holders of Notes for any purpose specified in Section 14.01, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication
of the notice of such meeting within 20 days after receipt of such request or shall not thereafter proceed to cause the meeting
to be held as provided herein, then the Issuer, the Guarantor or the Holders of Notes in the amount above specified, as the case
may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving notice thereof
as provided in subsection (a) of this Section 14.02.


 


Section 14.03.Persons
Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Notes, a Person shall be (a) a Holder
of one or more outstanding Notes, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of
one or more outstanding Notes by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any
meeting of Holders of Notes shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Issuer and the Guarantor and their respective counsel.


 


Section 14.04.Quorum;
Action. The Persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for
a meeting of Holders of Notes; 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 Notes, the Persons entitled to vote such specified percentage in principal amount of the
outstanding Notes shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such
meeting, the meeting shall, if convened at the request of Holders of Notes, be dissolved. In any other case the meeting may be
adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting.
In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for
a period of not less than 10 days; at the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the persons
entitled to vote 25% in aggregate principal amount of the then outstanding Notes shall constitute a quorum for the taking of any
action set forth in the notice of the original meeting. Notice of the reconvening of any adjourned meeting shall be given as provided
in Section 14.02(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.


 






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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 persons entitled to vote a majority in aggregate principal amount of the outstanding Notes represented
at such meeting; 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 Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes.


 


Any resolution passed or decision taken
at any meeting of Holders of Notes duly held in accordance with this Section 14.04 shall be binding on all the Holders of
Notes, whether or not present or represented at the meeting.


 


Notwithstanding the foregoing provisions
of this Section 14.04, if any action is to be taken at a meeting of Holders of Notes 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 Notes affected thereby:


 


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


 


(ii)the principal amount of
the outstanding Notes 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 14.05.Determination
of Voting Rights; Conduct and Adjournment of Meetings.  (a) Notwithstanding any provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting of Holders of Notes in regard to proof of the holding
of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of
the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Notes
shall be proved in the manner specified in Section 8.01 and the appointment of any proxy shall be proved in the manner specified
in Section 8.01 or by having the signature of the Person executing the proxy witnessed or guaranteed by any trust company,
bank or banker authorized by Section 8.01 to certify to the holding of the Notes. 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 8.01
or other proof.


 






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(b)The Trustee shall, by an instrument
in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Issuer, the Guarantor
or by Holders of Notes as provided in Section 14.02(b), in which case the Issuer, the Guarantor or the Holders of Notes calling
the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the outstanding Notes
represented at the meeting.


 


(c)At any meeting each Holder of such
Notes or proxy shall be entitled to one vote for each $1,000 principal amount of the outstanding Notes held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not
outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to
vote, except as a Holder of Notes or proxy.


 


(d)Any meeting of Holders of Notes duly
called pursuant to Section 14.02 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 Notes represented at the meeting, and the meeting may be held as so adjourned
without further notice.


 


Section 14.06.Counting
Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Notes shall be
by written ballots on which shall be subscribed the signatures of the Holders of Notes or of their representatives by proxy and
the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman 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 Notes shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 14.02 and, if applicable, Section 14.04. Each copy shall be
signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered
to the Issuer and the Guarantor and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.


 






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ARTICLE 15

GUARANTEE


 


Section 15.01.
Guarantee. By its execution hereof, the Guarantor acknowledges and agrees that it receives substantial benefits from the Issuer
and that the Guarantor is providing its Guarantee for good and valuable consideration, including, without limitation, such substantial
benefits. Accordingly, subject to the provisions of this Article 15, the Guarantor hereby fully and unconditionally guarantees
to each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns that: (i) the principal
of (including the repurchase price upon repurchase pursuant to Article 3) and Interest on the Notes shall be duly and punctually
paid in full when due, whether at the Maturity Date, upon acceleration, upon repurchase due to a Fundamental Change or otherwise,
and Interest on overdue principal and (to the extent permitted by law) Interest on any overdue Interest, if any, on the Notes and
all other obligations of the Issuer to the Holders or the Trustee hereunder or under the Notes (including fees, expenses or other)
shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at the Maturity Date, by acceleration, upon repurchase due to
a Fundamental Change or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set
forth in Section 15.03 hereof (collectively, the “Guarantee Obligations”).


 


Subject to the provisions of this Article
15, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder
of the Notes with respect to any thereof, the entry of any judgment against the Issuer, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby
waives and relinquishes: (a) any right to require the Trustee, the Holders or the Issuer (each, a “Benefited Party”)
to proceed against the Issuer or any other Person or to proceed against or exhaust any security held by a Benefited Party at any
time or to pursue any other remedy in any secured party’s power before proceeding against the Guarantor; (b) any defense
that may arise by reason of the incapacity, lack of authority, death or disability of any other Person or Persons or the failure
of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any
other Person or Persons; (c) demand, protest and notice of any kind (except as expressly required by this Indenture), including
but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any
action or non-action on the part of the Guarantor, the Issuer, any Benefited Party, any creditor of the Guarantor or the Issuer
or on the part of any other Person whomsoever in connection with any obligations the performance of which are hereby guaranteed;
(d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed
against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation
of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (f) any defense
arising because of a Benefited Party’s election, in any proceeding instituted under the Bankruptcy Law, of the application
of Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security interest
under Section 364 of the Bankruptcy Code. The Guarantor hereby covenants that, except as otherwise provided therein, the Guarantee
shall not be discharged except by payment in full of all Guarantee Obligations, including the principal and Interest on the Notes
and all other costs provided for under this Indenture or as provided in Article 7.


 






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If any Holder or the Trustee is required
by any court or otherwise to return to either the Issuer or the Guarantor, or any trustee or similar official acting in relation
to either the Issuer or the Guarantor, any amount paid by the Issuer or the Guarantor to the Trustee or such Holder, the Guarantee,
to the extent theretofore discharged, shall be reinstated in full force and effect. The Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of
all such obligations guaranteed hereby. The Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and
the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article
6 hereof for the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article 6 hereof,
such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose
of the Guarantee.


 


Section 15.02.Execution
and Delivery of Guarantee. To evidence the Guarantee set forth in Section 15.01 hereof, the Guarantor agrees that a notation
of the Guarantee substantially in the form included in Exhibit A hereto shall be endorsed on each Note authenticated and delivered
by the Trustee and that this Indenture shall be executed on behalf of the Guarantor by an officer of the Guarantor.


 


The Guarantor agrees that the Guarantee
set forth in this Article 15 shall remain in full force and effect and apply to all the Notes notwithstanding any failure to endorse
on each Note a notation of the Guarantee.


 


If an officer whose facsimile signature
is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the
Guarantee is endorsed, the Guarantee shall be valid nevertheless.


 


The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantor.


 


Section 15.03.Limitation
of Guarantor’s Liability; Certain Bankruptcy Events. (a) The Guarantor, and by its acceptance hereof each Holder, hereby
confirms that it is the intention of all such parties that the Guarantee Obligations of the Guarantor pursuant to its Guarantee
not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention, the Holders and the
Guarantor hereby irrevocably agree that the Guarantee Obligations of the Guarantor under this Article 15 shall be limited to the
maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the Guarantor, result in the Guarantee
Obligations of the Guarantor under the Guarantee not constituting a fraudulent transfer or conveyance.


 






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(b)The Guarantor hereby covenants and
agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution,
liquidation or reorganization of the Issuer, the Guarantor shall not file (or join in any filing of), or otherwise seek to participate
in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution on the Guarantee and hereby
waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy
Law or otherwise.


 


Section 15.04.Application
of Certain Terms and Provisions to the Guarantor. (a) For purposes of any provision of this Indenture which provides for the
delivery by the Guarantor of an Officers’ Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.01
hereof shall apply to the Guarantor as if references therein to the Issuer or the General Partner, as applicable, were references
to the Guarantor.


 


(b)Any request, direction, order or
demand which by any provision of this Indenture is to be made by the Guarantor shall be sufficient if evidenced as described in
Section 16.03 hereof as if references therein to the Issuer were references to the Guarantor.


 


(c)Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Notes to or on the
Guarantor may be given or served as described in Section 16.03 hereof as if references therein to the Issuer were references
to the Guarantor.


 


(d)Upon any demand, request or application
by the Guarantor to the Trustee to take any action under this Indenture, the Guarantor shall furnish to the Trustee such certificates
and opinions as are required in Section 16.05 hereof as if all references therein to the Issuer were references to the Guarantor.


 


ARTICLE 16

MISCELLANEOUS PROVISIONS


 


Section 16.01.
Provisions Binding on Issuer’s and Guarantor’s Successors. All the covenants, stipulations, promises and agreements
by the Issuer or Guarantor contained in this Indenture shall bind their respective successors and assigns whether so expressed
or not.


 


Section 16.02.Official
Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or
performed by any board, committee or officer of the Issuer shall and may be done and performed with like force and effect by the
like board, committee or officer of any Person that shall at the time be the lawful sole successor of the Issuer or Guarantor.


 


Section 16.03.Addresses
for Notices, etc. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the Holders of Notes on the Issuer or Guarantor shall be in writing and shall be deemed to have been sufficiently
given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post
office letter box, or sent by overnight courier, or sent by telecopier transmission addressed as follows:


 






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To Issuer:


 


Campus Crest Communities Operating Partnership, LP


c/o Campus Crest Communities, Inc.


2100 Rexford Road, Suite 414


Charlotte, North Carolina 28211


Telecopier No.: (704) 631-4641


Attention: Chief Financial Officer


 


To Guarantor:


 


Campus Crest Communities, Inc.


2100 Rexford Road, Suite 414


Charlotte, North Carolina 28211


Telecopier No.: (704) 631-4641


Attention: Chief Financial Officer


 


Any notice, direction, request or demand
hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, when received after
being given or served by being deposited, postage prepaid, by registered or certified mail in a post office letter box, or sent
by overnight courier, or sent by facsimile transmission addressed as follows:


 


U.S. BANK NATIONAL ASSOCIATION


EP-MN-WS3C


60 Livingston Avenue


St. Paul, Minnesota 55107


Attention: Corporate Trust Services


Facsimile No.: (651) 466-7430


 


The Trustee, by notice to the Issuer, may
designate additional or different addresses for subsequent notices or communications.


 


Notwithstanding anything to the contrary
in this Indenture, any notice or communication to a Noteholder shall be given through the facilities of the Depositary in accordance
with the Depositary’s customary procedures; provided, however, that notices to holders holding certificated
Notes shall be given by mail to the addresses of such Holders as they appear in the Note Register.


 


Failure to mail a notice or communication
to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication
is mailed or given in the manner provided above, it is duly given, whether or not the addressee receives it.


 


Section 16.04.Governing
Law. This Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York.


 






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Section 16.05.Evidence
of Compliance with Conditions Precedent, Certificates to Trustee. Upon any application or demand by the Issuer to the
Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with, and, if requested by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent 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.


 


Each certificate or opinion provided for
in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture
shall include: (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a
brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in
such certificate or opinion is based; (3) a statement that, in the opinion of such person, such person has made such examination
or investigation as is necessary to enable such person 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 or not, in the opinion of such person, such condition or covenant
has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’
Certificate or certificates of public officials.


 


Section 16.06.Legal
Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date, Stated Maturity or Maturity Date
of any Note, or the last date on which a Holder has the right to exchange a Note, shall not be a Business Day, then (notwithstanding
any other provision of this Indenture or any Note other than a provision in such Note which specifically states that such provision
shall apply in lieu hereof), any such action relating to the payment of Interest or principal or exchange of such security may
be taken on the next succeeding Business Day with the same force and effect as if taken on the Interest Payment Date, Fundamental
Change Repurchase Date, Stated Maturity or Maturity Date, or on such last day for exchange, provided that no Interest shall
accrue on the amount so payable for the period from and after such Interest Payment Date, Fundamental Change Repurchase Date, Stated
Maturity or Maturity Date, as the case may be.


 


Section 16.07.Conflict
with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof which is required
or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, then solely in the event that this
Agreement becomes subject to qualification under the Trust Indenture Act or is otherwise qualified under the Trust Indenture Act,
such required provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture
Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be.


 


Section 16.08.No
Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute
a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction in which property of the Issuer or its subsidiaries is located.


 






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Section 16.09.Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto, any Paying Agent, any authenticating agent, any Note Registrar and their successors hereunder and the Holders of Notes
any benefit or any legal or equitable right, remedy or claim under this Indenture.


 


Section 16.10.Table
of Contents, Headings, etc. The table of contents and the titles and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict
any of the terms or provisions hereof.


 


Section 16.11.Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.


 


Section 16.12.Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, then the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 






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


 


CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP


 


By: Campus Crest Communities
GP, LLC, as its sole general partner


By: Campus Crest Communities,
Inc., as its sole member


 


By: /s/ Donald L. Bobbitt, Jr.                    


Name: Donald L. Bobbitt, Jr.


Title:
Executive Vice President, Chief Financial Officer and Secretary


 


CAMPUS CREST COMMUNITIES, INC., as Guarantor


 


By: /s/ Donald L. Bobbitt, Jr.                    


Name: Donald L. Bobbitt, Jr.


Title:
Executive Vice President, Chief Financial Officer and Secretary


 


U.S. BANK NATIONAL ASSOCIATION, as Trustee


 


By: /s/ Raymond S. Haverstock               


Name: Raymond S. Haverstock


Title: Vice President


 






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EXECUTION COPY







 


 





EXHIBIT A 


 


[Include only for Global Notes]


 


[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY,” WHICH TERM INCLUDES ANY SUCCESSOR
DEPOSITARY FOR THE CERTIFICATES) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]


 


[Include for all Notes]


 


THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET
FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE
SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, CAMPUS CREST COMMUNITIES, INC. OR A SUBSIDIARY OF THE ISSUER; OR (B) TO
A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES
ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE).


 





	CAMPUS CREST COMMUNITIES OPERATING	CUSIP: 13467C AA0
	PARTNERSHIP, LP 	ISIN: US13467CAA09


 


 


4.75% EXCHANGEABLE SENIOR NOTES DUE 2018


 


$[______]


 


Campus Crest Communities Operating Partnership,
LP, a Delaware limited partnership (herein called the “Issuer,” which term includes any successor corporation
under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its
registered assigns, the principal sum of [______] DOLLARS ($[____]), or such lesser amount as is set forth in the Schedule of Increases
or Decreases in Note on the other side of this Note, on October 15, 2018 at the office or agency of the Issuer maintained for that
purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time
of payment shall be legal tender for the payment of public and private debts, and to pay Interest, semi-annually on April 15
and October 15 of each year, commencing April 15, 2014, on said principal sum at said office or agency, in like coin
or currency, at the rate per annum of 4.75%, from the April 15 or October 15, as the case may be, next preceding the date of this
Note to which Interest has been paid or duly provided for, unless no Interest has been paid or duly provided for on the Notes,
in which case from October 9, 2013, until payment of said principal sum has been made or duly provided for. Principal of and Interest
on any Global Note shall be paid in immediately available funds to the account of the Depositary or its nominee. Payment of the
principal of Notes not represented by a Global Note shall be made at the office or agency designated by the Issuer for such purpose.
Interest on Notes not represented by a Global Note shall be paid (i) to Holders having an aggregate principal amount of $5,000,000
or less, by check mailed to the Holders of these Notes and (ii) to Holders having an aggregate principal amount of more than
$5,000,000, either by check mailed to each Holder or, upon application by a Holder to the Registrar not later than the relevant
Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application
shall remain in effect until the Holder notifies, in writing, the Registrar to the contrary.


 






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The Issuer promises to pay Interest on overdue
principal and (to the extent that payment of such Interest is enforceable under applicable law) Interest at the rate borne by the
Notes.


 


Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right
at its option to exchange this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the
election of the Issuer, on the terms and subject to the limitations referred to on the reverse hereof and as more fully specified
in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.


 


This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized
authenticating agent under the Indenture.


 






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IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed.


 


	Dated:	CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP
	 	 
	 	By: Campus Crest Communities
GP, LLC, as its sole general partner


By: Campus Crest Communities,
Inc., as its sole member



	 	 
	 	 
	 	By: _____________________________________
	 	Name:
	 	Title:



 






    	A-3



    	 



    

 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the Notes designated therein
referred to in the within-mentioned Indenture.


 


	Dated:	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By: _____________________________________
	 	Authorized Signatory
	 	 



 






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[FORM OF REVERSE SIDE OF NOTE]


 


CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP,
LP


 


4.75% EXCHANGEABLE SENIOR NOTES DUE 2018


 


This Note is one of a duly authorized issue
of Notes of the Issuer, designated as its 4.75% Exchangeable Senior Notes due 2018 (herein called the “Notes”),
issued under and pursuant to an Indenture dated as of October 9, 2013 (herein called the “Indenture”), among
the Issuer, the Guarantor and U.S. Bank National Association, as trustee (herein called the “Trustee”), to which
Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Notes. Capitalized terms used but
not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.


 


If an Event of Default (other than an Event
of Default specified in Section 6.01(a)(10) or 6.01(a)(11) of the Indenture) occurs and is continuing, unless the principal
of all the Notes shall have already become due and payable, either the Trustee or the Holders of at least twenty-five percent (25%)
in aggregate principal amount of the Notes then outstanding, by notice in writing to the Issuer and the Guarantor (and to the Trustee
if given by Noteholders), may declare the principal amount of and Interest accrued and unpaid on all the Notes to be immediately
due and payable. If an Event of Default specified in Section 6.01(a)(10) or 6.01(a)(11) of the Indenture occurs and is continuing,
then the principal amount of and Interest accrued and unpaid on all the Notes shall be immediately due and payable without any
declaration or other action on the part of the Trustee or any Holder of Notes.


 


The Indenture contains provisions permitting
the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes
at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the
Notes, subject to exceptions set forth in Section 9.01 and Section 9.02 of the Indenture. Subject to the provisions of the
Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf
of the Holders of all of the Notes, waive any past default or Event of Default, subject to the exceptions set forth in the Indenture.


 


No reference herein to the Indenture and
no provision of this Note or of the Indenture shall impair, as among the Issuer and the Holder of the Notes, the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and Interest on this Note at the place, at the respective
times, at the rate and in the coin or currency herein and in the Indenture prescribed.


 


Interest on the Notes shall be computed
on the basis of a 360-day year of twelve 30-day months.


 


The Notes are issuable in fully registered
form, without coupons, in minimum denominations of $1,000 principal amount and in integral multiples of $1,000 in excess thereof.
At the office or agency of the Issuer referred to in the Indenture, and in the manner and subject to the limitations provided in
the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other
governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a
like aggregate principal amount of Notes of any other authorized denominations.


 






    	A-5



    	 



    

 


 


The Notes are not subject to redemption
or to the provisions of any sinking fund.


 


Upon the occurrence of a Fundamental Change,
Holders shall have the right to require the Issuer to repurchase all or a portion of their Notes pursuant to Section 3.02
of the Indenture.


 


Subject to and in compliance with the provisions
of the Indenture, the Holder hereof shall have the right at its option to exchange each $1,000 principal amount of this Note into
cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the election of the Issuer as provided in,
and subject to the provisions of, Article 13 of the Indenture.


 


In the event the Holder surrenders this
Note for exchange in connection with a Make Whole Fundamental Change as set forth in the Indenture, the Issuer will, under the
circumstances specified in the Indenture, increase the applicable Exchange Rate by the Additional Shares as and when provided in
the Indenture.


 


Except as expressly provided in Article
15 of the Indenture, no recourse for the payment of the principal of (including the repurchase price upon repurchase pursuant to
Article 3 of the Indenture) or Interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse
under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any supplemental indenture or in this Note,
or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner,
member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer
or any of the Guarantor’s or Issuer’s Subsidiaries or of any successor thereto, either directly or through the Guarantor,
the Issuer or any of the Guarantor’s or Issuer’s subsidiaries or of any successor thereto, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the
Indenture and the issue of this Note.


 


In addition to the rights provided to Holders
of Notes under the Indenture, Holders shall have all the rights set forth in the Registration Rights Agreement dated as of October
9, 2013, among the Issuer, the Guarantor and the Initial Purchasers named therein (the “Registration Rights Agreement”).


 


This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.


 






    	A-6



    	 



    

 


ABBREVIATIONS


 


The following abbreviations, when used in
the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws
or regulations.


 


 


	TEN–COM	as tenants in common	 
	 	 	 
	TEN–ENT	as tenant by the entireties	 
	 	 	 
	UNIF GIFT MIN ACT	Uniform Gifts to Minors Act	 
	 	 	 
	Cust	Custodian	 
	 	 	 
	JT–TEN	as joint tenants with right of survivorship and not under Uniform Gifts to Minors Act
	 	 
	 	 	 
	 	 	(State)


 


Additional abbreviations may also be used though not in the
above list.


 






    	A-7



    	 



    

 





GUARANTEE


 


Campus Crest Communities, Inc., a Maryland
Corporation (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under
the Indenture, dated the date hereof, among the Guarantor, the Issuer (defined below) and U.S. Bank National Association, as Trustee
(the “Indenture”)), hereby irrevocably and unconditionally guarantees on a senior basis on the terms set forth
in the Indenture the Guarantee Obligations (as defined in Section 15.01 of the Indenture), which include (i) the due
and punctual payment of the principal of and Interest, on the 4.75% Exchangeable Senior Notes due 2018 (the “Notes”)
of Campus Crest Communities Operating Partnership, LP, a Delaware limited partnership (the “Issuer,” which term
includes any successors thereto under the Indenture), whether at maturity, by acceleration, upon a repurchase or otherwise, the
due and punctual payment of Interest on the overdue principal and (to the extent permitted by law) Interest on any overdue Interest
on the Notes, and the due and punctual performance of all other obligations of the Issuer, to the Holders of the Notes or the Trustee
all in accordance with the terms set forth in Article 15 of the Indenture, and (ii) in case of any extension of time of payment
or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at maturity, by acceleration, upon a repurchase or otherwise.


 


The obligations of the Guarantor to the
Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article 15 of the
Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee.


 


The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, the benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever.


 


No past, present or future director, officer,
employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor entity) as such, shall have
any liability for any obligations of the Guarantor under this Guarantee or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation.


 


This is a continuing Guarantee and shall
remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final payment
of all of the Issuer’s obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture
and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of
any transfer or assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon
that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions
hereof. This is a Guarantee of payment and performance and not of collection.


 


This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed
by the Trustee under the Indenture by the manual signature of one of its authorized officers.


 






    	A-8



    	 



    

 


The obligations of the Guarantor under this
Guarantee shall be limited to the extent necessary to ensure that it does not constitute a fraudulent conveyance under applicable
law.


 


THE TERMS OF ARTICLE 15 OF THE INDENTURE
ARE INCORPORATED HEREIN BY REFERENCE.


 


Capitalized terms used herein have the same
meanings given in the Indenture unless otherwise indicated.


 


The Guarantee shall be governed by, and
construed in accordance with, the laws of the State of New York.


 






    	A-9



    	 



    

 





 


IN WITNESS WHEREOF, the Guarantor has caused
this instrument to be duly executed.


 


 


	Dated:	CAMPUS CREST COMMUNITIES, INC., as Guarantor
	 	 
	 	By:_________________________________
	 	Name:
	 	Title:



 






    	A-10



    	 



    

 








EXCHANGE NOTICE


 


		TO:	CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP

U.S. BANK NATIONAL ASSOCIATION, as Trustee



 


The undersigned registered owner of this
Note hereby irrevocably exercises the option to exchange this Note, or the portion thereof (which is $1,000 or a multiple thereof)
below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock in accordance with the
terms of the Indenture referred to in this Note, and directs that the shares of Common Stock, if any, issuable and deliverable
upon such exchange, together with any check in payment for cash, if any, payable upon exchange or for fractional shares and any
Notes representing any unexchanged principal amount hereof, be issued and delivered to the registered holder hereof unless a different
name has been indicated below. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in
the Indenture. If shares or any portion of this Note not exchanged are to be issued in the name of a person other than the undersigned,
the undersigned will provide the appropriate information below and pay all transfer taxes payable with respect thereto. Any amount
required to be paid by the undersigned on account of Interest accompanies this Note.


 


The undersigned registered owner of this
Note hereby certifies that it or the Person on whose behalf the Notes are being exchanged is a qualified institutional buyer within
the meaning of Rule 144A under the Securities Act of 1933, as amended.


 


Dated: _____________________


 


_______________________________________


 


_______________________________________


Signature(s)


 


Signature(s) must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.


 


Signature Guarantee


 


_______________________________________


 






    	A-11



    	 



    

 





Fill in the registration of shares of Common
Stock, if any, if to be issued, and Notes if to be delivered, and the person to whom cash and payment for fractional shares is
to be made, if to be made, other than to and in the name of the registered holder:


 


Please print name and address


 


_________________________________





(Name)


 


_________________________________


(Street Address)


 


_________________________________


(City, State and Zip Code)


 


Principal amount to be exchanged

(if less than all):


 


$________________________________


 


Social Security or Other Taxpayer Identification Number:


 


_________________________________


 


NOTICE: The signature on this Exchange Notice must correspond
with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.


 






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REPURCHASE NOTICE


 


		TO:	CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP

U.S. BANK NATIONAL ASSOCIATION, as Trustee



 


The undersigned registered owner of this
Note hereby irrevocably acknowledges receipt of a notice from Campus Crest Communities Operating Partnership, LP (the “Issuer”)
regarding the right of Holders to elect to require the Issuer to repurchase the Notes upon a Fundamental Change and requests and
instructs the Issuer to repay the entire principal amount of this Note, or the portion thereof (which is $1,000 or an integral
multiple thereof) below designated, in cash, in accordance with the terms of the Indenture at the price of 100% of such entire
principal amount or portion thereof, together with accrued and unpaid Interest to, but excluding, the Fundamental Change Repurchase
Date to the registered holder hereof. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms
in the Indenture. The Notes shall be repurchased by the Issuer as of the Fundamental Change Repurchase Date pursuant to the terms
and conditions specified in the Indenture.


 


NOTICE: The above signatures of the holder(s)
hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement
or any change whatever. Note Certificate Number (if applicable): __________________________


 


Principal amount to be repurchased (if
less than all, must be $1,000 or whole multiples thereof): ________________________


 


Social Security or Other Taxpayer Identification
Number: _________________________


 


Dated:________________________


 


________________________________


 


________________________________


Signature(s)


 


Signature(s) must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.


 


________________________________


Signature Guarantee


 






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ASSIGNMENT


 


For value received __________________ hereby
sell(s) assign(s) and transfer(s) unto ______________________ (Please insert social security or other Taxpayer Identification Number
of assignee) the within Note, and hereby irrevocably constitutes and appoints ____________________ attorney to transfer said Note
on the books of the Issuer, with full power of substitution in the premises.


 


In connection with any transfer of the Note,
the undersigned confirms that such Note is being transferred:


 


		 ̈	To Campus Crest Communities Operating Partnership, LP, Campus Crest Communities, Inc. or a subsidiary of Campus Crest Communities
Operating Partnership, LP; or



 


		 ̈	To a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended.



 


Unless one of the boxes is checked, the Trustee will refuse
to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof.



 


 


Dated:_______________________


 


________________________________


 


________________________________





Signature(s)


 


Signature(s) must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.


 


________________________________


Signature Guarantee


 


NOTICE: The signature on this Assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.


 






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[Include Schedule I only for a Global Note]


 


SCHEDULE OF INCREASES OR DECREASES IN
NOTE 


 


The initial principal amount of this Global
Note is [_______] DOLLARS ($[_____]). The following increases or decreases in part of this Note have been made:


 


	Date	Amount of Increase in Principal Amount of this Note	Amount of Decrease in Principal Amount of this Note	Principal Amount of this Note following such Increase or Decrease	Signature of Authorized Officer or Trustee
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


 



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