Exhibit 4.1


 


Execution Version


 





 



 


OMEGA HEALTHCARE INVESTORS, INC.,

as Issuer,


 


the SUBSIDIARY GUARANTORS named herein,

as Subsidiary Guarantors,


 


and


 


U.S. BANK NATIONAL ASSOCIATION,

as Trustee


 


 






 


INDENTURE


 


 






 


Dated as of October 9, 2020


 





 



 


3.375% Senior Notes due 2031


 





 



 






     


     


    

 


	 	Trust
                                         Indenture Act Section
	 
	Indenture Section

	310	(a)(1)	7.10
	 	(a)(2)	7.10
	 	(a)(3)	N.A.
	 	(a)(4)	N.A.
	 	(a)(5)	7.08; 7.10
	 	(b)	7.08; 7.10
	 	(c)	N.A.
	311	(a)	7.11
	 	(b)	7.11
	 	(c)	N.A.
	312	(a)	2.05
	 	(b)	11.03
	 	(c)	11.03
	313	(a)	7.06
	 	(b)(1)	7.06
	 	(b)(2)	7.06; 7.07
	 	(c)	7.06; 11.02
	 	(d)	7.06
	314	(a)	4.05; 4.10; 11.02; 11.05
	 	(b)	N.A.
	 	(c)(1)	7.02; 11.04; 11.05
	 	(c)(2)	7.02; 11.04; 11.05
	 	(c)(3)	N.A.
	 	(d)	N.A.
	 	(e)	11.05
	 	(f)	N.A.
	315	(a)	7.01(b); 7.02(b)
	 	(b)	7.05; 11.02
	 	(c)	7.01
	 	(d)	6.05; 7.01(c)
	 	(e)	6.11
	316	(a) (last sentence)	2.09
	 	(a)(1)(A)	6.05
	 	(a)(1)(B)	6.04
	 	(a)(2)	N.A.
	 	(b)	6.07
	 	(c)	9.04
	317	(a)(1)	6.08
	 	(a)(2)	6.09
	 	(b)	2.04
	318	(a)	11.01
	 	(c)	11.01


 





 



N.A. means Not Applicable


 


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


 






     


     


    

 


TABLE OF CONTENTS


 


Page


 


ARTICLE One


 


DEFINITIONS
AND INCORPORATION BY REFERENCE


 


	Section 1.01	Definitions	1	 
	Section 1.02	Other Definitions	13	 
	Section 1.03	Incorporation by Reference of Trust Indenture Act	14	 
	Section 1.04	Rules  of Construction	14	 




 


ARTICLE Two


 


THE
NOTES


 


	Section 2.01	Form  and Dating	15	 
	Section 2.02	Execution, Authentication and Denomination; Additional
    Notes	15	 
	Section 2.03	Registrar and Paying Agent	17	 
	Section 2.04	Paying Agent To Hold Assets in Trust	17	 
	Section 2.05	Holder Lists	17	 
	Section 2.06	Transfer and Exchange	18	 
	Section 2.07	Replacement Notes	18	 
	Section 2.08	Outstanding Notes	19	 
	Section 2.09	Treasury Notes	19	 
	Section 2.10	Temporary Notes	19	 
	Section 2.11	Cancellation	20	 
	Section 2.12	Defaulted Interest	20	 
	Section 2.13	CUSIP and ISIN Numbers	20	 
	Section 2.14	Deposit of Moneys	20	 
	Section 2.15	Book-Entry Provisions for Global Notes	20	 




 


ARTICLE Three


 


REDEMPTION


 


	Section 3.01	Notices to Trustee	22	 
	Section 3.02	Selection of Notes To Be Redeemed	22	 
	Section 3.03	Notice of Redemption	23	 
	Section 3.04	Effect of Notice of Redemption	24	 
	Section 3.05	Deposit of Redemption Price	24	 
	Section 3.06	Notes Redeemed in Part	24	 




 






    (i)


     


    

 


ARTICLE Four


 


COVENANTS


 


	Section 4.01	Payment of Notes	24	 
	Section 4.02	Maintenance of Office or Agency	25	 
	Section 4.03	Corporate Existence	25	 
	Section 4.04	Payment of Taxes	25	 
	Section 4.05	Compliance Certificate; Notice of Default	26	 
	Section 4.06	Waiver of Stay, Extension or Usury Laws	26	 
	Section 4.07	Limitation on Indebtedness	26	 
	Section 4.08	Maintenance of Total Unencumbered Assets	27	 
	Section 4.09	Limitation on Issuances of Guarantees by Subsidiaries	27	 
	Section 4.10	Reports to Holders	27	 




 


ARTICLE Five


 


SUCCESSOR
CORPORATION


 


	Section 5.01	Consolidation, Merger and Sale of Assets	28	 




 


ARTICLE Six


 


DEFAULT
AND REMEDIES


 


	Section 6.01	Events of Default	30	 
	Section 6.02	Acceleration	31	 
	Section 6.03	Other Remedies	32	 
	Section 6.04	Waiver of Past Defaults	32	 
	Section 6.05	Control by Majority	32	 
	Section 6.06	Limitation on Suits	33	 
	Section 6.07	Rights of Holders To Receive Payment	33	 
	Section 6.08	Collection Suit by Trustee	34	 
	Section 6.09	Trustee May File Proofs of Claim	34	 
	Section 6.10	Priorities	34	 
	Section 6.11	Undertaking for Costs	35	 




 


ARTICLE Seven


 


TRUSTEE


 


	Section 7.01	Duties of Trustee	35	 
	Section 7.02	Rights of Trustee	36	 
	Section 7.03	Individual Rights of Trustee	37	 
	Section 7.04	Trustee’s Disclaimer	37	 
	Section 7.05	Notice of Default	38	 
	Section 7.06	Reports by Trustee to Holders	38	 
	Section 7.07	Compensation and Indemnity	38	 
	Section 7.08	Replacement of Trustee	39	 
	Section 7.09	Successor Trustee by Merger, Etc.	40	 
	Section 7.10	Eligibility; Disqualification	40	 
	Section 7.11	Preferential Collection of Claims Against the Issuer	40	 




 






    (ii)


     


    

 


ARTICLE Eight


 


DISCHARGE
OF INDENTURE; DEFEASANCE


 


	Section 8.01	Termination of the Issuer’s Obligations	41	 
	Section 8.02	Legal Defeasance and Covenant Defeasance	42	 
	Section 8.03	Conditions to Legal Defeasance or Covenant Defeasance	43	 
	Section 8.04	Application of Trust Money	44	 
	Section 8.05	Repayment to the Issuer	45	 
	Section 8.06	Reinstatement	45	 




 


ARTICLE Nine


 


AMENDMENTS,
SUPPLEMENTS AND WAIVERS


 


	Section 9.01	Without Consent of Holders	46	 
	Section 9.02	With Consent of Holders	47	 
	Section 9.03	Compliance with the Trust Indenture Act	48	 
	Section 9.04	Revocation and Effect of Consents	48	 
	Section 9.05	Notation on or Exchange of Notes	49	 
	Section 9.06	Trustee To Sign Amendments, Etc.	49	 




 


ARTICLE Ten


 


SUBSIDIARY
GUARANTEE


 


	Section 10.01	Guarantee	49	 
	Section 10.02	Limitation on Subsidiary Guarantor Liability	50	 
	Section 10.03	Execution and Delivery of Subsidiary Guarantee	51	 
	Section 10.04	Release of a Subsidiary Guarantor	51	 




 


ARTICLE Eleven


 


MISCELLANEOUS


 


	Section 11.01	Trust Indenture Act Controls	52	 
	Section 11.02	Notices	52	 
	Section 11.03	Communications by Holders with Other Holders	53	 
	Section 11.04	Certificate and Opinion as to Conditions Precedent	54	 
	Section 11.05	Statements Required in Certificate or Opinion	54	 
	Section 11.06	Rules by Paying Agent or Registrar	54	 
	Section 11.07	Legal Holidays	54	 
	Section 11.08	Governing Law	55	 
	Section 11.09	No Adverse Interpretation of Other Agreements	55	 
	Section 11.10	No Recourse Against Others	55	 
	Section 11.11	Successors	55	 
	Section 11.12	Duplicate Originals	55	 
	Section 11.13	Severability	55	 




 


	SIGNATURES	S-1	 




 


	Exhibit A	-	Form of Note
	Exhibit B	-	Form of Legends
	Exhibit C	-	Form of Notation of Subsidiary Guarantee




 


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


 






    (iii)


     


    

 


INDENTURE dated as of October 9, 2020
among Omega Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), each of the Subsidiary
Guarantors named herein, as Subsidiary Guarantors, and U.S. Bank National Association, a national banking association organized
and existing under the laws of the United States of America, as Trustee (the “Trustee”).


 


The Issuer has duly authorized the creation
of an issue of 3.375% Senior Notes due 2031 and, to provide therefor, the Issuer and the Subsidiary Guarantors have duly authorized
the execution and delivery of this Indenture. All things necessary to make the Notes, when duly issued and executed by the Issuer
and authenticated and delivered hereunder, the valid and binding obligations of the Issuer and to make this Indenture a valid
and binding agreement of the Issuer and the Subsidiary Guarantors have been done.


 


THIS INDENTURE WITNESSETH


 


For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit
of all Holders, as follows:


 


ARTICLE One


 


DEFINITIONS AND INCORPORATION BY REFERENCE


 


Section 1.01      Definitions.


 


Set forth below are certain defined terms
used in this Indenture.


 


“Acquired Indebtedness”
means Indebtedness of a Person existing at the time such Person becomes a Subsidiary or that is assumed in connection with an
Asset Acquisition from such Person by a Subsidiary and not incurred by such Person in connection with, or in anticipation of,
such Person becoming a Subsidiary or such Asset Acquisition; provided, however, that Indebtedness of such Person that is
redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such
Person becomes a Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness.


 


“Adjusted Consolidated Net Income”
means, for any period, the aggregate net income (or loss) (before giving effect to cash dividends on preferred stock of the Issuer
or charges resulting from the redemption of preferred stock of the Issuer) of the Issuer and its Subsidiaries for such period
determined on a consolidated basis in conformity with GAAP; provided, however, that the following items shall be excluded
in computing Adjusted Consolidated Net Income, without duplication:


 


(1)            the
net income of any Person, other than the Issuer or a Subsidiary, except to the extent of the amount of dividends or other distributions
actually paid to the Issuer or any of its Subsidiaries by such Person during such period;


 






    


     


    

 


(2)            the
net income of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary
of such net income is not at the time permitted by the operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to such Subsidiary;


 


(3)            any
after-tax gains or losses attributable to asset sales; and


 


(4)            all
extraordinary gains and extraordinary losses.


 


“Adjusted Total Assets”
means, for any Person, the sum of:


 


(1)            Total
Assets for such Person as of the end of the fiscal quarter preceding the Transaction Date as set forth on the most recent quarterly
or annual consolidated balance sheet of the Issuer and its Subsidiaries, prepared in conformity with GAAP and filed with the SEC
or provided to the Trustee pursuant to Section 4.10; and


 


(2)            any
increase in Total Assets following the end of such quarter including, without limitation, any increase in Total Assets resulting
from the application of the proceeds of any additional Indebtedness.


 


“Affiliate” means, as
applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”),
as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.


 


“Agent” means any Registrar
or Paying Agent.


 


“amend” means to amend,
supplement, restate, amend and restate or otherwise modify, including successively; and “amendment” shall have
a correlative meaning.


 


“Asset Acquisition” means:


 


(1)            an
investment by the Issuer or any of its Subsidiaries in any other Person pursuant to which such Person shall become a Subsidiary
or shall be merged into or consolidated with the Issuer or any of its Subsidiaries; provided, however, that such Person’s
primary business is related, ancillary, incidental or complementary to the businesses of the Issuer or any of its Subsidiaries
on the date of such investment; or


 


(2)            an
acquisition by the Issuer or any of its Subsidiaries from any other Person of assets that constitute substantially all of a division
or line of business, or one or more healthcare properties, of such Person; provided, however, that the assets and properties
acquired are related, ancillary, incidental or complementary to the businesses of the Issuer or any of its Subsidiaries on the
date of such acquisition.


 






    2


     


    

 


“Asset Disposition” means
the sale or other disposition by the Issuer or any of its Subsidiaries, other than to the Issuer or another Subsidiary, of:


 


(1)            all
or substantially all of the Capital Stock of any Subsidiary; or


 


(2)            all
or substantially all of the assets that constitute a division or line of business, or one or more healthcare properties, of the
Issuer or any of its Subsidiaries.


 


“Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any insolvency or other similar federal or state law for the relief of debtors.


 


“Board of Directors” means,
as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized committee thereof.


 


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


 


“Business Day” means a
day other than a Saturday, Sunday or other day on which banking institutions in New York or Maryland are authorized or required
by law to close.


 


“Capital Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting), including partnership interests, whether general or limited, in the equity of such Person, whether outstanding
on the Closing Date or issued thereafter, including, without limitation, all Common Stock and Preferred Stock.


 


“Capitalized Lease” means,
as applied to any Person, any lease of any property, whether real, personal or mixed, of which the discounted present value of
the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of
such Person as a finance lease.


 


“Capitalized Lease Obligations”
means the discounted present value of the rental obligations under a Capitalized Lease as reflected on the balance sheet of such
Person as determined in conformity with GAAP.


 


“Closing Date” means October 9,
2020.


 


“Common Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock,
including partnership interests, whether general or limited, of such Person’s equity, whether outstanding on the Closing
Date or issued thereafter, including, without limitation, all series and classes of common stock.


 






    3


     


    

 


“Consolidated EBITDA”
means, for any period, Adjusted Consolidated Net Income for such period plus amounts which have been deducted and minus amounts
which have been added for, without duplication:


 


(1)            Consolidated
Interest Expense;


 


(2)            provision
for taxes;


 


(3)            extraordinary
items, including impairment losses and gains on sales or other dispositions of properties and other Investments;


 


(4)            real
estate related depreciation and amortization expense;


 


(5)            the
effect of any non-recurring or non-cash items, as determined reasonably and in good faith by the
Issuer (including, without limitation, all prepayment penalties and all costs or fees incurred in connection with any Indebtedness
or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction
is completed));


 


(6)            amortization
of deferred charges;


 


(7)            income
or expenses attributable to transactions involving derivative instruments that do not qualify for hedge accounting; and


 


(8)            acquisition
expenses;


 


all as determined on a consolidated basis for the Issuer and
its Subsidiaries in conformity with GAAP; provided, however, that, if any Subsidiary is not a Wholly Owned Subsidiary,
Consolidated EBITDA shall be reduced (to the extent not already reduced in Adjusted Consolidated Net Income or otherwise reduced
in accordance with GAAP) by an amount equal to:


 


(x)            the
amount of the Adjusted Consolidated Net Income attributable to such Subsidiary multiplied by


 


(y)            the
percentage ownership interest in the income of such Subsidiary not owned on the last day of such period by the Issuer or any of
its Subsidiaries.


 


“Consolidated Interest Expense”
means, for any period, the aggregate amount of interest expense in respect of Indebtedness of the Issuer and the Subsidiaries
during such period, all as determined on a consolidated basis in conformity with GAAP including, without limitation (without duplication):


 






    4


     


    

 


(1)            amortization
of debt issuance costs, debt discount or premium and other financing fees and expenses;


 


(2)            the
interest portion of any deferred payment obligations;


 


(3)            all
commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’ acceptance financing;


 


(4)            the
net costs associated with Interest Rate Agreements and Indebtedness that is Guaranteed or secured by assets of the Issuer or any
of its Subsidiaries; and


 


(5)            all
but the principal component of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to
be accrued by the Issuer and its Subsidiaries;


 


excluding, to the extent included in interest expense above,
the amount of such interest expense of any Subsidiary if the net income of such Subsidiary is excluded in the calculation of Adjusted
Consolidated Net Income pursuant to clause (2) of the definition thereof (but only in the same proportion as the net income
of such Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (2) of the definition
thereof), as determined on a consolidated basis in conformity with GAAP.


 


“Corporate Trust Office”
means the corporate trust office of the Trustee located at Two Midtown Plaza, 1349 W. Peachtree Street, NW, Suite 1050, EX-GA-ATPT,
Atlanta, Georgia 30309, Attention: Corporate Trust Department, or such other office, designated by the Trustee by written notice
to the Issuer, at which at any particular time its corporate trust business shall be administered.


 


“Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.


 


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


 


“Depository” means The
Depository Trust Company, New York, New York, or a successor thereto registered under the Exchange Act or other applicable statute
or regulation.


 


“Disqualified Stock” means
any class or series of Capital Stock of any Person that by its terms or otherwise is:


 


(1)            required
to be redeemed prior to the Stated Maturity of the Notes,


 






    5


     


    

 



 


(2)            redeemable
at the option of the holder of such class or series of Capital Stock, at any time prior to the Stated Maturity of the Notes, or


 


(3)            convertible
into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity
prior to the Stated Maturity of the Notes;


 


provided, however, that any Capital Stock that would
not constitute Disqualified Stock but for customary provisions thereof giving holders thereof the right to require such Person
to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control”
occurring prior to the Stated Maturity of the Notes shall not constitute Disqualified Stock.


 


“Exchange Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.


 


“Existing Note Indentures”
means the indenture governing the Issuer’s 4.375% senior notes due 2023, the indenture governing the Issuer’s 4.950%
senior notes due 2024, the indenture governing the Issuer’s 4.500% senior notes due 2025, the indenture governing the Issuer’s
5.250% senior notes due 2026, the indenture governing the Issuer’s 4.500% senior notes due 2027, the indenture governing
the Issuer’s 4.750% senior notes due 2028 and the indenture governing the Issuer’s 3.625% senior notes due 2029 (each
an “Existing Note Indenture”), as each such Existing Note Indenture may be supplemented from time to time.


 


“Fair Market Value” means
the price that would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to
sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors of the
Issuer, whose determination shall be conclusive if evidenced by a Board Resolution.


 


“GAAP” means generally
accepted accounting principles in the United States of America as in effect as of the date of this indenture, including, without
limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements
by such other entity as approved by a significant segment of the accounting profession. Except as otherwise specifically provided
in this Indenture, all terms of an accounting or financial nature and all ratios and computations contained or referred to in this
Indenture shall be computed in conformity with GAAP applied on a consistent basis.


 


“Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting
the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:


 






    6


     


    

 


(1)            to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services (unless
such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay,
or to maintain financial statement conditions or otherwise); or


 


(2)            entered
into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part);


 


provided, however, that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used
as a verb has a corresponding meaning.


 


“Holder” means any registered
holder, from time to time, of the Notes.


 


“Incur” means, with respect
to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible
for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence” of Acquired Indebtedness;
provided, however, that neither the accrual of interest nor the accretion of original issue discount shall be considered
an Incurrence of Indebtedness.


 


“Indebtedness” means, with
respect to any Person at any date of determination (without duplication):


 


(1)            all
indebtedness of such Person for borrowed money;


 


(2)            all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;


 


(3)            the
face amount of letters of credit or other similar instruments, excluding obligations with respect to letters of credit (including
trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (4), (5) or
(6) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn
upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following receipt by such
Person of a demand for reimbursement;


 


(4)            all
unconditional obligations of such Person to pay amounts representing the balance deferred and unpaid of the purchase price of any
property (which purchase price is due more than six months after the date of placing such property in service or taking delivery
and title thereto), except any such balance that constitutes an accrued expense or Trade Payable;


 


(5)            all
Capitalized Lease Obligations;


 






    7


     


    

 


(6)            all
Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such
Person; provided, however, that the amount of such Indebtedness shall be the lesser of (A) the Fair Market Value of
such asset at that date of determination and (B) the amount of such Indebtedness;


 


and also includes, to the extent not otherwise included, any
non-contingent obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes
of collection in the ordinary course of business), Indebtedness of the types referred to in items (1) through (6) above
of another Person (it being understood that Indebtedness shall be deemed to be Incurred by such Person whenever such Person shall
create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof). In addition,


 


(1)            the
amount outstanding at any time of any Indebtedness issued with original issue discount shall be deemed to be the face amount with
respect to such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the
date of determination in conformity with GAAP, and


 


(2)            Indebtedness
shall not include any liability for federal, state, local or other taxes.


 


“Indenture” means this
Indenture, as amended or supplemented from time to time in accordance with the terms hereof.


 


“interest” means, with
respect to the Notes, interest on the Notes.


 


“Interest Coverage Ratio”
means, on any Transaction Date, the ratio of:


 


(x)            the
aggregate amount of Consolidated EBITDA for the then most recent four fiscal quarters prior to such Transaction Date for which
reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.10 (“Four Quarter Period”)
to


 


(y)            the
aggregate Consolidated Interest Expense during such Four Quarter Period. In making the foregoing calculation,


 


(1)            pro
forma effect shall be given to any Indebtedness Incurred or repaid (other than in connection with an Asset Acquisition or Asset
Disposition) during the period (“Reference Period”) commencing on the first day of the Four Quarter Period and
ending on the Transaction Date (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement), in
each case as if such Indebtedness had been Incurred or repaid on the first day of such Reference Period;


 






    8


     


    

 


(2)            Consolidated
Interest Expense attributable to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma
basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account
any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12
months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period;


 


(3)            pro
forma effect shall be given to Asset Dispositions and Asset Acquisitions and Investments (including giving pro forma
effect to the application of proceeds of any Asset Disposition and any Indebtedness Incurred or repaid in connection with any such
Asset Acquisitions or Asset Dispositions) that occur during such Reference Period but subsequent to the end of the related Four
Quarter Period as if they had occurred and such proceeds had been applied on the first day of such Reference Period; and


 


(4)            pro
forma effect shall be given to asset dispositions and asset acquisitions (including giving pro forma effect to (i) the
application of proceeds of any asset disposition and any Indebtedness Incurred or repaid in connection with any such asset acquisitions
or asset dispositions and (ii) expense and cost reductions calculated on a basis consistent with Regulation S-X under the
Exchange Act) that have been made by any Person that has become a Subsidiary or has been merged with or into the Issuer or any
of its Subsidiaries during such Reference Period but subsequent to the end of the related Four Quarter Period and that would have
constituted asset dispositions or asset acquisitions during such Reference Period but subsequent to the end of the related Four
Quarter Period had such transactions occurred when such Person was a Subsidiary as if such asset dispositions or asset acquisitions
were Asset Dispositions or Asset Acquisitions and had occurred on the first day of such Reference Period;


 


provided, however, that to the extent that clause (3) or
(4) of this paragraph requires that pro forma effect be given to an Asset Acquisition or Asset Disposition or asset
acquisition or asset disposition, as the case may be, such pro forma calculation shall be based upon the four full fiscal
quarters immediately preceding the Transaction Date of the Person, or division or line of business, or one or more healthcare properties,
of the Person that is acquired or disposed of to the extent that such financial information is available.


 


“Interest Payment Date”
means the Stated Maturity of an installment of interest on the Notes.


 


“Interest Rate Agreement”
means any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract
or other similar agreement or arrangement with respect to interest rates.


 






    9


     


    

 


“Investment” in any Person
means any direct or indirect advance, loan or other extension of credit (including, without limitation, by way of Guarantee or
similar arrangement, but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP,
recorded as accounts receivable on the consolidated balance sheet of the Issuer and its Subsidiaries) or capital contribution to
(by means of any transfer of cash or other property (tangible or intangible) to others or any payment for property or services
solely for the account or use of others, or otherwise), or any purchase or acquisition of Capital Stock, bonds, notes, debentures
or other similar instruments issued by, such Person.


 


“Lien” means any mortgage,
pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other
title retention agreement or lease in the nature thereof or any agreement to give any security interest).


 


“Notes” means, collectively,
the Issuer’s 3.375% Senior Notes due 2031 issued in accordance with Section 2.02 (whether issued on the Closing Date,
issued as Additional Notes, or otherwise issued after the Closing Date) treated as a single class of securities under this Indenture,
as amended or supplemented from time to time in accordance with the terms of this Indenture.


 


“Officer” means any of
the following of the Issuer or a Subsidiary Guarantor, as applicable: the Chairman of the Board of Directors, the Chief Executive
Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or the Secretary.


 


“Officers’ Certificate”
means a certificate signed by two Officers.


 


“Opinion of Counsel” means
a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of, or counsel
to, the Issuer, the Subsidiary Guarantor or the Trustee.


 


“Person” means any individual,
corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company,
trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind.


 


“Preferred Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including
preferred partnership interests, whether general or limited, or such Person’s preferred or preference stock, whether outstanding
on the Closing Date or issued thereafter, including, without limitation, all series and classes of such preferred or preference
stock.


 


“principal” means, with
respect to the Notes, the principal of and premium, if any, on the Notes.


 


“Prospectus Supplement”
means the prospectus supplement, dated October 9, 2020, relating to the offering of the Notes.


 


“Record Date” means the
applicable Record Date specified in the Notes; provided, however, that if any such date is not a Business Day, the Record
Date shall be the first day immediately succeeding such specified day that is a Business Day.


 






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“redeem” means to redeem,
repurchase, purchase, defease, retire, discharge or otherwise acquire or retire for value; and “redemption”
shall have a correlative meaning; provided, however, that this definition shall not apply for purposes of Section 5
of the Notes or Article Three.


 


“Redemption Date,” when
used with respect to any Note to be redeemed, means the date fixed for such redemption pursuant to this Indenture and the Notes.


 


“Redemption Price,” when
used with respect to any Note to be redeemed, means the price fixed for such redemption, payable in immediately available funds,
pursuant to this Indenture and the Notes.


 


“Responsible Officer” means,
when used with respect to the Trustee, any officer in the Corporate Trust Office of the Trustee to whom any corporate trust matter
is referred because of such officer’s knowledge of and familiarity with the particular subject and shall also mean any officer
who shall have direct responsibility for the administration of this Indenture.


 


“SEC” means the U.S. Securities
and Exchange Commission.


 


“Secured Indebtedness”
means any Indebtedness secured by a Lien upon the property of the Issuer or any of its Subsidiaries.


 


“Securities Act” means
the U.S. Securities Act of 1933, as amended, or any successor statute or statutes thereto.


 


“Significant Subsidiary,”
with respect to any Person, means any subsidiary of such Person that satisfies the criteria for a “significant subsidiary”
set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act.


 


“Stated Maturity” means:


 


(1)            with
respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal
of such debt security is due and payable; and


 


(2)            with
respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security
as the fixed date on which such installment is due and payable.


 


“Subsidiary” means, with
respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the
outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person and
the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance with
GAAP, if such statements were prepared as of such date.


 






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“Subsidiary Guarantee”
means a Guarantee by each Subsidiary Guarantor for payment of the Notes by such Subsidiary Guarantor. The Subsidiary Guarantee
will be an unsecured senior obligation of each Subsidiary Guarantor and will be unconditional regardless of the enforceability
of the Notes and this Indenture. Notwithstanding the foregoing, each Subsidiary Guarantee by a Subsidiary Guarantor shall provide
by its terms that it shall be automatically and unconditionally released and discharged under the circumstances described in Section 10.04
hereof.


 


“Subsidiary Guarantors”
means (i) each Subsidiary that is a guarantor of Indebtedness under the Existing Note Indentures on the Closing Date and (ii) each
other Person that is required to become a Subsidiary Guarantor by the terms of this Indenture after the Closing Date, in each case,
until such Person is released from its Subsidiary Guarantee.


 


“Total Assets” means the
sum (without duplication) of:


 


(1)            Undepreciated
Real Estate Assets; and


 


(2)            all
other assets (excluding intangibles and accounts receivable) of the Issuer and its Subsidiaries on a consolidated basis determined
in conformity with GAAP.


 


“Total Unencumbered Assets”
as of any date means the sum of:


 


(1)            those
Undepreciated Real Estate Assets not securing any portion of Secured Indebtedness; and


 


(2)            all
other assets (but excluding intangibles and accounts receivable) of the Issuer and its Subsidiaries not securing any portion of
Secured Indebtedness determined on a consolidated basis in conformity with GAAP;


 


provided, however, that all investments in unconsolidated
joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities
shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included.


 


“Trade Payables” means,
with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed
or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition
of goods or services.


 


“Transaction Date” means,
with respect to the Incurrence of any Indebtedness by the Issuer or any of its Subsidiaries, the date such Indebtedness is to be
Incurred.


 


“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended.


 


“Trustee” means the party
named as such in this Indenture until a successor replaces it in accordance with the provisions of this Indenture and thereafter
means such successor.


 






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“Undepreciated Real Estate Assets”
means, as of any date, the cost (being the original cost to the Issuer or any of its Subsidiaries plus capital improvements) of
real estate assets of the Issuer and its Subsidiaries on such date, including, but not limited to, right-of-use assets associated
with leases of property required to be reflected as finance leases on the balance sheet of the Issuer and its Subsidiaries in accordance
with GAAP, before depreciation and amortization of such real estate assets, determined on a consolidated basis in conformity with
GAAP; provided, however that “Undepreciated Real Estate Assets” shall not include right-of-use assets associated with
leases of property required to be reflected as operating leases on the balance sheet of the Issuer and its Subsidiaries in accordance
with GAAP.


 


“Unsecured Indebtedness”
means any Indebtedness of the Issuer or any of its Subsidiaries that is not Secured Indebtedness.


 


“U.S. Government Obligations”
means direct obligations of, obligations guaranteed by, or participations in pools consisting solely of obligations of or obligations
guaranteed by, the United States of America for the payment of which obligations or guarantee the full faith and credit of the
United States of America is pledged and that are not callable or redeemable at the option of the issuer thereof.


 


“U.S. Legal Tender” means
such coin or currency of the United States of America that at the time of payment shall be legal tender for the payment of public
and private debts.


 


“Voting Stock” means with
respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers
or other voting members of the governing body of such Person.


 


“Wholly Owned” means, with
respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary (other than any
director’s qualifying shares or Investments by individuals mandated by applicable law) by such Person or one or more Wholly
Owned Subsidiaries of such Person.


 


Section 1.02         Other
Definitions.


 


	Term	Defined in Section
	“Additional Notes”	2.02
	“Authentication Order”	2.02
	“Covenant Defeasance”	8.02
	“Event of Default”	6.01
	“Four Quarter Period”	1.01
	“Global Note”	2.01
	“Initial Global Notes”	2.01
	“Initial Notes”	2.02
	“Issuer”	Preamble
	“Legal Defeasance”	8.02
	“Participants”	2.15
	“Paying Agent”	2.03
	“Payment Date”	1.01
	“Physical Notes”	2.01
	“Primary Treasury Dealer”	1.01
	“Reference Period”	1.01
	“Registrar”	2.03


 






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Section 1.03        Incorporation
by Reference of Trust Indenture Act.


 


Whenever this Indenture refers to a provision
of the Trust Indenture Act, such provision is incorporated by reference in, and made a part of, this Indenture. The following Trust
Indenture Act terms used in this Indenture have the following meanings:


 


“indenture securities”
means the Notes.


 


“indenture security holder”
means a Holder.


 


“indenture to be qualified”
means this Indenture.


 


“indenture trustee” or
 “institutional trustee” means the Trustee.


 


“obligor” on the indenture
securities means the Issuer, any Subsidiary Guarantor or any other obligor on the Notes.


 


All other Trust Indenture Act terms used in
this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined
by SEC rule and not otherwise defined herein have the meanings assigned to them therein.


 


Section 1.04        Rules of
Construction.


 


Unless the context otherwise requires:


 


(1)            an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;


 


(2)            “or”
is not exclusive;


 


(3)            words
in the singular include the plural, and words in the plural include the singular;


 


(4)            provisions
apply to successive events and transactions;


 


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


 


(6)            the
words “including,” “includes” and similar words shall be deemed to be followed by “without limitation.”


 






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ARTICLE Two


 


THE NOTES


Section 2.01          Form and
Dating.


 


The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. The Issuer shall approve the form of the Notes and any notation,
legend or endorsement on them. Each Note shall be dated the date of its issuance and show the date of its authentication. Each
Note shall have an executed Subsidiary Guarantee from each of the Subsidiary Guarantors existing on the Closing Date endorsed thereon
substantially in the form of Exhibit C.


 


The terms and provisions contained in the
Notes and the Subsidiary Guarantees shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Issuer, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly
agree to such terms and provisions and to be bound thereby.


 


Notes issued as of the Closing Date shall
be issued in the form of one or more global Notes, each in registered form, substantially in the form set forth in Exhibit A,
deposited with the Trustee, as custodian for the Depository, duly executed by the Issuer (and having an executed Subsidiary Guarantee
from each of the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear
any legends required by applicable law (the “Initial Global Notes”).


 


Notes issued after the Closing Date shall
be issued initially in the form of one or more global Notes in registered form, substantially in the form set forth in Exhibit A,
deposited with the Trustee, as custodian for the Depository, duly executed by the Issuer (and having an executed Subsidiary Guarantee
from each of the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear
any legends required by applicable law (together with the Initial Global Notes, the “Global Notes”).


 


The aggregate principal amount of the Global
Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository,
as hereinafter provided. Notes issued in exchange for interests in a Global Note may be issued in the form of definitive Notes
registered in the name or names of Persons other than a Depository for Global Notes or a nominee or nominees thereof (the “Physical
Notes”).


 


Section 2.02          Execution,
Authentication and Denomination; Additional Notes.


 


One Officer of the Issuer (who shall have
been duly authorized by all requisite corporate actions) shall sign the Notes for the Issuer by manual or facsimile signature.
One Officer of a Subsidiary Guarantor (who shall have been duly authorized by all requisite corporate or other applicable entity
actions) shall sign the Subsidiary Guarantee for such Subsidiary Guarantor by manual or facsimile signature.


 






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If an Officer whose signature is on a Note
or Subsidiary Guarantee, as the case may be, was an Officer at the time of such execution but no longer holds that office at the
time the Trustee authenticates the Note, the Note shall nevertheless be valid.


 


A Note (and the Subsidiary Guarantees in respect
thereof) shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the
Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.


 


The Trustee shall authenticate (i) on
the Closing Date, Notes for original issue in the aggregate principal amount not to exceed $700,000,000 (the “Initial
Notes”) and (ii) Additional Notes (as defined below) in an unlimited amount (so long as not otherwise prohibited
by the terms of this Indenture, including Section 4.07) in each case upon a written order of the Issuer in the form of a certificate
of an Officer of the Issuer (an “Authentication Order”). Each such Authentication Order shall specify the amount
of Notes to be authenticated and the date on which the Notes are to be authenticated, whether the Notes are to be Initial Notes
or Additional Notes and whether the Notes are to be issued as certificated Notes or Global Notes or such other information as the
Trustee may reasonably request. In addition, with respect to authentication pursuant to clause (ii) of the first sentence
of this paragraph, the first such Authentication Order from the Issuer shall be accompanied by an Opinion of Counsel of the Issuer
in a form reasonably satisfactory to the Trustee.


 


The Issuer may, from time to time, without
the consent of the Holders of the Notes, issue additional Notes (the “Additional Notes”) having the same ranking
and the same interest rate, maturity and other terms as the outstanding Notes, except for the public offering price, the issue
date and, if applicable, the initial interest payment date and initial interest accrual date.


 


All Notes issued under this Indenture, including
Additional Notes, shall be treated as a single class for all purposes under this Indenture; provided that if the Additional Notes
are not fungible for U.S. federal income tax with the Initial Notes, the Additional Notes shall be issued under a separate CUSIP
or ISIN number. The Additional Notes shall bear any legend required by applicable law.


 


The Trustee may appoint an authenticating
agent reasonably acceptable to the Issuer to authenticate Notes. Unless otherwise provided in the appointment, an authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuer and Affiliates
of the Issuer. The Trustee shall have the right to decline to authenticate and deliver any Notes under this Indenture if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine
that such action would expose the Trustee to personal liability.


 


The Notes shall be issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 






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Section 2.03          Registrar
and Paying Agent.


 


The Issuer shall maintain or cause to be maintained
an office or agency in the Borough of Manhattan, The City of New York, where (a) Notes may be presented or surrendered for
registration of transfer or for exchange (“Registrar”), (b) Notes may, subject to Section 2 of the
Notes, be presented or surrendered for payment (“Paying Agent”) and (c) notices and demands to or upon
the Issuer in respect of the Notes and this Indenture may be served. The Issuer may also from time to time designate one or more
other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain or cause to be maintained an office or agency in the Borough of Manhattan, The City of New York,
for such purposes. The Issuer may act as Registrar or Paying Agent, except that for the purposes of Articles Three and Eight, neither
the Issuer nor any Affiliate of the Issuer shall act as Paying Agent. The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Issuer, upon notice to the Trustee, may have one or more co-registrars and one or more additional paying
agents reasonably acceptable to the Trustee. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Issuer initially appoints the Trustee as Registrar and Paying Agent until
such time as the Trustee has resigned or a successor has been appointed.


 


The Issuer shall enter into an appropriate
agency agreement with any Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture
that relate to such Agent. The Issuer shall notify the Trustee, in advance, of the name and address of any such Agent. If the Issuer
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such.


 


Section 2.04          Paying
Agent To Hold Assets in Trust.


 


The Issuer shall require each Paying Agent
other than the Trustee or the Issuer or any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit
of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether
such assets have been distributed to it by the Issuer or any other obligor on the Notes), and shall notify the Trustee of any Default
by the Issuer (or any other obligor on the Notes) in making any such payment. The Issuer at any time may require a Paying Agent
to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during
the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets
held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall
have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.


 


Section 2.05          Holder
Lists.


 


The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is
not the Registrar, the Issuer shall furnish to the Trustee at least two (2) Business Days prior to each Interest Payment Date
and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of Holders, which list may be conclusively relied upon by the Trustee.


 






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Section 2.06           Transfer
and Exchange.


 


Subject to Section 2.15, when Notes are
presented to the Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal
amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested
if its requirements for such transaction are met; provided, however, that the Notes surrendered for transfer or exchange
shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar,
duly executed by the Holder thereof or his or her attorney duly authorized in writing. To permit registrations of transfers and
exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request. No service charge
shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith.


 


Without the prior written consent of the Issuer,
the Registrar shall not be required to register the transfer of or exchange of any Note (i) during a period beginning at the
opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the close of business on the day
of such mailing, (ii) selected for redemption in whole or in part pursuant to Article Three, except the unredeemed portion
of any Note being redeemed in part, and (iii) beginning at the opening of business on any Record Date and ending on the close
of business on the related Interest Payment Date.


 


Any Holder of a beneficial interest in a Global
Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Notes may be
effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) in accordance with the applicable
legends thereon, and that ownership of a beneficial interest in the Note shall be required to be reflected in a book-entry system.


 


Section 2.07          Replacement
Notes.


 


If a mutilated Note is surrendered to the
Trustee or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and
the Trustee shall authenticate a replacement Note if the Trustee’s requirements are met. Such Holder must provide an indemnity
bond or other indemnity, sufficient in the judgment of both the Issuer and the Trustee, to protect the Issuer, the Trustee or any
Agent from any loss which any of them may suffer if a Note is replaced. The Issuer may charge such Holder for its reasonable out-of-pocket
expenses in replacing a Note pursuant to this Section 2.07, including reasonable fees and expenses of counsel and of the Trustee.


 


Every replacement Note is an additional obligation
of the Issuer and every replacement Subsidiary Guarantee shall constitute an additional obligation of the Subsidiary Guarantor
thereof.


 






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The provisions of this Section 2.07 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of
lost, destroyed or wrongfully taken Notes.


 


Section 2.08          Outstanding
Notes.


 


Notes outstanding at any time are all the
Notes that have been authenticated by the Trustee except those cancelled by it, those delivered to it for cancellation and those
described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because the Issuer, the Subsidiary
Guarantors or any of their respective Affiliates hold the Note (subject to the provisions of Section 2.09).


 


If a Note is replaced pursuant to Section 2.07
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless a Responsible Officer of the Trustee
receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be
outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07.


 


If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on a Redemption Date or the Stated
Maturity the Trustee or Paying Agent (other than the Issuer or an Affiliate thereof) holds U.S. Legal Tender or U.S. Government
Obligations sufficient to pay all of the principal and interest due on the Notes payable on that date, then on and after that date
such Notes cease to be outstanding and interest on them ceases to accrue.


 


Section 2.09           Treasury
Notes.


 


In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or any of its
Affiliates shall be disregarded, except that, for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes that the Trustee has been informed in writing are so owned shall be disregarded.


 


Section 2.10           Temporary
Notes.


 


Until definitive Notes are ready for delivery,
the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay,
the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange,
temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes. Notwithstanding the foregoing,
so long as the Notes are represented by a Global Note, such Global Note may be in typewritten form.


 






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Section 2.11          Cancellation.


 


The Issuer at any time may deliver Notes to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for
transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent (other than the
Issuer or a Subsidiary), and no one else, shall cancel and, at the written direction of the Issuer, shall dispose of all Notes
surrendered for transfer, exchange, payment or cancellation in accordance with its customary procedures. Subject to Section 2.07,
the Issuer may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Issuer
or any Subsidiary Guarantor shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant
to this Section 2.11.


 


Section 2.12          Defaulted
Interest.


 


If the Issuer defaults in a payment of interest
on the Notes, it shall pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest,
in any lawful manner. The Issuer may pay the defaulted interest to the persons who are Holders on a subsequent special record date,
which date shall be the fifteenth day next preceding the date fixed by the Issuer for the payment of defaulted interest or the
next succeeding Business Day if such date is not a Business Day. At least 15 days before any such subsequent special record date,
the Issuer shall mail to each Holder, with a copy to the Trustee, a notice that states the subsequent special record date, the
payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid.


 


Section 2.13          CUSIP
and ISIN Numbers.


 


The Issuer in issuing the Notes may use “CUSIP”
or “ISIN” numbers, and if so, the Trustee shall use the “CUSIP” or “ISIN” numbers in notices
of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation
is made as to the correctness or accuracy of the “CUSIP” or “ISIN” numbers printed in the notice or on
the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer will promptly
notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.


 


Section 2.14          Deposit
of Moneys.


 


Subject to Section 2 of the Notes, prior
to 10:00 a.m. New York City time on each Interest Payment Date, Stated Maturity, Redemption Date and Payment Date, the Issuer
shall have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on
such Interest Payment Date, Stated Maturity, Redemption Date and Payment Date, as the case may be, in a timely manner which permits
the Paying Agent to remit payment to the Holders on such Interest Payment Date, Stated Maturity, Redemption Date and Payment Date,
as the case may be.


 


Section 2.15          Book-Entry
Provisions for Global Notes.


 


(a)           The
Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, (ii) be
delivered to the Trustee as custodian for such Depository and (iii) bear legends as set forth in Exhibit B, as
applicable.


 






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Members of, or participants in, the Depository
(“Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depository, or the Trustee as its custodian, or under the Global Note, and the Depository may be treated by the Issuer,
the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the 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 Depository or impair, as between the Depository and
Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note.


 


(b)           Except
as provided in this Section 2.15(b), transfers of Global Notes shall be limited to transfers in whole, but not in part, (i) by
the Depository to a nominee of the Depository, (ii) by a nominee of the Depository to the Depository or another nominee of
the Depository or (iii) by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository.


 


Notwithstanding any provisions to the contrary
contained in Section 2.06 of this Indenture and in addition thereto, any Global Note shall be exchangeable pursuant to Section 2.06
of this Indenture for Physical Notes only if (i) such Depository notifies the Issuer that it is unwilling or unable to continue
as Depository for such Global Note or if at any time such Depository ceases to be a clearing agency registered under the Exchange
Act, and, in either case, the Issuer fails to appoint a successor Depository within 90 days of such event, and (ii) the Issuer
executes and delivers to the Trustee an Officers’ Certificate (and any other deliverables required hereunder) stating that
such Global Note shall be so exchangeable. Any Global Note that is exchangeable pursuant to the preceding sentence shall be exchangeable
for Physical Notes registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to
the then outstanding principal amount of the Global Note with like tenor and terms.


 


(c)           In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b) of this Section 2.15,
such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and (i) the Issuer shall execute, (ii) the
Subsidiary Guarantors shall execute notations of Subsidiary Guarantees on and (iii) the Trustee shall upon written instructions
from the Issuer authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial
interest in such Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations.


 


(d)           The
Holder of any Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold
interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes.


 


(e)           The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.15.
The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Registrar.


 






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(f)            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 Depository Participants or beneficial owners of interests in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.


 


(g)           The
Trustee shall have no responsibility for the actions or omissions of the Depository, or the accuracy of the books and records of
the Depository.


 


(h)           At
such time as all beneficial interests in a particular Global Note have been exchanged for Physical Notes or a particular Global
Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained
and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial
interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note or for Physical Notes, the principal amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee
to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and
an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect
such increase.


 


ARTICLE Three


 


REDEMPTION


 


Section 3.01          Notices
to Trustee.


 


If the Issuer elects to redeem Notes pursuant
to Section 5 of the Notes, it shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal
amount of Notes to be redeemed. The Issuer shall give notice of redemption to the Trustee at least 45 days but not more than 75
days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee in writing), together with such documentation
and records as shall enable the Trustee to select the Notes to be redeemed.


 


Section 3.02          Selection
of Notes To Be Redeemed.


 


If less than all of the Notes are to be redeemed
at any time pursuant to Section 5 of the Notes, the Trustee will select Notes for redemption as follows:


 


(x)            if
the Notes are listed on a national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed; or


 






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(y)           if
the Notes are not so listed, while the Notes are in book-entry form, in accordance with the procedures of the Depository, or if
the Notes are no longer in book-entry form, on a pro rata basis, by lot or by such method as the Trustee shall deem fair
and appropriate.


 


No Notes of $2,000 or less shall be redeemed
in part.


 


Section 3.03          Notice
of Redemption.


 


At least 15 days but not more than 60 days
before a Redemption Date, the Issuer shall mail a notice of redemption by first class mail, postage prepaid, to each Holder whose
Notes are to be redeemed at its registered address (except that a notice issued in connection with a redemption referred to in
Section 8.01 may be more than 60 days before such Redemption Date). At the Issuer’s request, the Trustee shall forward
the notice of redemption in the Issuer’s name and at the Issuer’s expense. Each notice for redemption shall identify
the Notes (including the CUSIP or ISIN number) to be redeemed and shall state:


 


(1)            the
Redemption Date;


 


(2)            the
Redemption Price and the amount of accrued interest, if any, to be paid;


 


(3)            the
name and address of the Paying Agent;


 


(4)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if any;


 


(5)            that,
unless the Issuer defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after
the Redemption Date, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price upon
surrender to the Paying Agent of the Notes redeemed;


 


(6)            if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption
Date, and upon surrender and cancellation of such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed
portion thereof will be issued;


 


(7)            if
fewer than all the Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as
well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after
such partial redemption; and


 


(8)            the
Section of the Notes or the Indenture, as applicable, pursuant to which the Notes are to be redeemed.


 






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The notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give
such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not
affect the validity of the proceedings for the redemption of any other Note. Notices of redemption may not be conditional.


 


Section 3.04          Effect
of Notice of Redemption.


 


Once notice of redemption is mailed in accordance
with Section 3.03, Notes called for redemption become due and payable on the Redemption Date and at the Redemption Price plus
accrued interest, if any. Upon surrender to the Trustee or Paying Agent, such Notes called for redemption shall be paid at the
Redemption Price (which shall include accrued interest thereon to, but not including, the Redemption Date), but installments of
interest, the maturity of which is on or prior to the Redemption Date, shall be payable to Holders of record at the close of business
on the relevant Record Dates. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof called
for redemption unless the Issuer shall have not complied with its obligations pursuant to Section 3.05.


 


Section 3.05          Deposit
of Redemption Price.


 


On or before 10:00 a.m. New York time
on the Redemption Date, the Issuer shall deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Redemption Price
plus accrued and unpaid interest, if any, of all Notes to be redeemed on that date.


 


If the Issuer complies with the preceding
paragraph, then, unless the Issuer defaults in the payment of such Redemption Price plus accrued interest, if any, interest on
the Notes to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented
for payment.


 


Section 3.06          Notes
Redeemed in Part.


 


If any Note is to be redeemed in part only,
the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new
Note or Notes in principal amount equal to the unredeemed portion of the original Note or Notes shall be issued in the name of
the Holder thereof upon surrender and cancellation of the original Note or Notes.


 


ARTICLE Four


 


COVENANTS


 


Section 4.01          Payment
of Notes.


 


The Issuer shall pay the principal of, premium,
if any, and interest on the Notes in the manner provided in the Notes and this Indenture. An installment of principal of, or interest
on, the Notes shall be considered paid on the date it is due if the Trustee or Paying Agent (other than the Issuer or an Affiliate
thereof) holds on that date U.S. Legal Tender designated for and sufficient to pay the installment. Interest on the Notes will
be computed on the basis of a 360-day year comprised of twelve 30-day months.


 






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The Issuer shall pay interest on overdue
principal (including post-petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful,
at the same rate per annum borne by the Notes.


 


Section 4.02     Maintenance
of Office or Agency.


 


The Issuer shall maintain in the Borough
of Manhattan, The City of New York, the office or agency required under Section 2.03 (which may be an office of the Trustee
or an affiliate of the Trustee or Registrar). The Issuer shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the 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 address of the Trustee set forth in Section 11.02.


 


The Issuer may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations. The Issuer 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.


 


The Issuer hereby initially designates U.S.
Bank National Association, located at Two Midtown Plaza, 1349 W. Peachtree Street, NW., Suite 1050, EX-GA-ATPT, Atlanta,
Georgia 30309, Attention: Corporate Trust Department, as such office of the Issuer in accordance with Section 2.03.


 


Section 4.03     Corporate
Existence.


 


Except as otherwise permitted by Article Five,
the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and the corporate, partnership or other existence of each of its Subsidiaries in accordance with the respective organizational
documents of each such Subsidiary and the material rights (charter and statutory) and material franchises of the Issuer and each
of its Subsidiaries; provided, however, that the Issuer shall not be required to preserve any such right, franchise or
corporate existence with respect to itself or any Subsidiary if the Board of Directors shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Notes.


 


Section 4.04     Payment
of Taxes.


 


The Issuer and the Subsidiary Guarantors
shall, and shall cause each of the Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (a) all material taxes, assessments and governmental charges levied or imposed upon it or any of the Subsidiaries
or upon the income, profits or property of it or any of the Subsidiaries and (b) all lawful claims for labor, materials and
supplies which, in each case, if unpaid, might by law become a material liability or Lien upon the property of it or any of the
Subsidiaries; provided, however, that the Issuer and the Subsidiary Guarantors shall not be required to pay or discharge
or cause to be paid or discharged any such tax, assessment, charge or claim whose amount the applicability or validity is being
contested in good faith by appropriate actions and for which appropriate provision has been made.


 






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Section 4.05     Compliance
Certificate; Notice of Default.


 


(a)           The
Issuer shall deliver to the Trustee, within 90 days after the close of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Issuer and its Subsidiaries has been made under the supervision of the signing Officers
with a view to determining whether the Issuer and the Subsidiary Guarantors have kept, observed, performed and fulfilled their
obligations under this Indenture and further stating, as to each such Officer signing such certificate, that to the best of such
Officer’s knowledge, the Issuer and the Subsidiary Guarantors during such preceding fiscal year has kept, observed, performed
and fulfilled each and every such covenant and no Default occurred during such year and at the date of such certificate there
is no Default that has occurred and is continuing or, if such signers do know of such Default, the certificate shall specify such
Default and what action, if any, the Issuer is taking or proposes to take with respect thereto. The Officers’ Certificate
shall also notify the Trustee should the Issuer elect to change the manner in which it fixes the fiscal year end.


 


(b)          The
Issuer shall deliver to the Trustee promptly and in any event within five days after the Issuer becomes aware of the occurrence
of any Default an Officers’ Certificate specifying the Default and what action, if any, the Issuer is taking or proposes
to take with respect thereto.


 


Section 4.06     Waiver
of Stay, Extension or Usury Laws.


 


The Issuer and each Subsidiary Guarantor
covenants (to the extent permitted by applicable law) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive
the Issuer or such Subsidiary Guarantor from paying all or any portion of the principal of and/or interest on the Notes or the
Subsidiary Guarantee of any such Subsidiary Guarantor as contemplated herein, wherever enacted, now or at any time hereafter in
force, or which may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable law)
each 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 4.07     Limitation
on Indebtedness.


 


(a)           The
Issuer will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness (including Acquired Indebtedness)
if, immediately after giving effect to the Incurrence of such additional Indebtedness and the receipt and application of the proceeds
therefrom, the aggregate principal amount of all outstanding Indebtedness of the Issuer and its Subsidiaries on a consolidated
basis determined in conformity with GAAP is greater than 60% of Adjusted Total Assets.


 






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(b)          The
Issuer will not, and will not permit any of its Subsidiaries to, Incur any Secured Indebtedness if, immediately after giving
effect to the Incurrence of such additional Secured Indebtedness and the receipt and application of the proceeds therefrom, the
aggregate principal amount of all outstanding Secured Indebtedness of the Issuer and its Subsidiaries on a consolidated basis
determined in conformity with GAAP is greater than 40% of Adjusted Total Assets.


 


(c)          The
Issuer will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness other than the Notes issued on the
Closing Date and other Indebtedness existing on the Closing Date; provided, however, that the Issuer or any of its Subsidiaries
may Incur Indebtedness if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds
therefrom, the Interest Coverage Ratio of the Issuer and its Subsidiaries on a consolidated basis would be greater than 1.5 to
1.0.


 


(d)          Notwithstanding
any other provision of this Section 4.07, the maximum amount of Indebtedness that the Issuer or any of its Subsidiaries may
Incur pursuant to this Section 4.07 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, due
solely to the result of fluctuations in the exchange rates of currencies.


 


(e)          For
purposes of determining any particular amount of Indebtedness under this Section 4.07, Guarantees, Liens or obligations with
respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not
be included.


 


Section 4.08     Maintenance
of Total Unencumbered Assets.


 


The Issuer and its Subsidiaries will maintain
Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Indebtedness of
the Issuer and its Subsidiaries on a consolidated basis.


 


Section 4.09     Limitation
on Issuances of Guarantees by Subsidiaries.


 


The Issuer will not permit any of its Subsidiaries,
directly or indirectly, at any time after the issuance of the Notes (including following any release of a Subsidiary Guarantor
from its obligations under this Indenture) to Guarantee any unsecured Indebtedness of the Issuer (that would constitute Indebtedness
under clauses (1) or (2) of the definition thereof) in an amount at least equal to $50 million, unless such Subsidiary
simultaneously executes and delivers a supplemental indenture to this Indenture providing for a Subsidiary Guarantee by such Subsidiary.


 


Section 4.10     Reports
to Holders.


 


Whether or not the Issuer is then required
to file reports with the SEC, the Issuer shall file with the SEC all such reports and other information as it would be required
to file with the SEC pursuant to Section 13(a) or 15(d) under the Exchange Act if it was subject thereto; provided,
however, that, if filing such documents by the Issuer with the SEC is not permitted under the Exchange Act, the Issuer shall
provide such documents to the Trustee and upon written request supply copies of such documents to any prospective Holder. The
Issuer shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to each Holder, without cost to
such Holder and at the expense of the Issuer, copies of such reports and other information.


 






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ARTICLE Five


 


SUCCESSOR CORPORATION


 


Section 5.01     Consolidation,
Merger and Sale of Assets.


 


(a)            The
Issuer will not consolidate with or merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially
all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions)
to, any Person or permit any Person to merge with or into the Issuer unless:


 


(1)           the
Issuer shall be the continuing Person, or the Person (if other than the Issuer) formed by such consolidation or into which the
Issuer is merged or that acquired or leased such property and assets of the Issuer shall be a corporation, general or limited
partnership, limited liability company or other entity (other than an individual) organized and validly existing under the laws
of the United States of America or any state or jurisdiction thereof and shall expressly assume, by a supplemental indenture,
executed and delivered to the Trustee, all of the obligations of the Issuer on the Notes and under this Indenture;


 


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


 


(3)           immediately
after giving effect to such transaction on a pro forma basis the Issuer, or any Person becoming the successor obligor of
the Notes, as the case may be, could Incur at least $1.00 of Indebtedness under paragraphs (a), (b) and (c) of Section 4.07;
provided, however, that this clause (3) shall not apply to a consolidation or merger with or into a Wholly Owned Subsidiary
with a positive net worth; provided further, however, that, in connection with any such merger or consolidation,
no consideration (other than Capital Stock (other than Disqualified Stock) in the surviving Person or the Issuer) shall be issued
or distributed to the holders of Capital Stock of the Issuer; and


 


(4)           the
Issuer delivers to the Trustee an Officers’ Certificate (attaching the arithmetic computations to demonstrate compliance
with clause (3) above) and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such
supplemental indenture complies with this Section 5.01 and that all conditions precedent provided for herein relating to
such transaction have been complied with; provided, however, that clause (3) above does not apply if, in the good
faith determination of the Board of Directors of the Issuer, whose determination shall be evidenced by a Board Resolution, the
principal purpose of such transaction is to change the state of domicile of the Issuer; provided further, however, that
any such transaction shall not have as one of its purposes the evasion of the foregoing limitations.


 






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(b)           Except
as provided in Section 10.04, no Subsidiary Guarantor may consolidate with or merge with or into (whether or not such Subsidiary
Guarantor is the surviving Person) another Person, unless:


 


(1)           either
such Subsidiary Guarantor shall be the continuing Person or the Person (if other than such Subsidiary Guarantor) formed by such
consolidation or into which such Subsidiary Guarantor is merged shall be a corporation or other legal entity organized and validly
existing under the laws of the United States of America or any state or jurisdiction thereof and shall expressly assume, by a
supplemental indenture, executed and delivered to the Trustee, all of the obligations of such Subsidiary Guarantor under the Subsidiary
Guarantee of such Subsidiary Guarantor and under this Indenture; and


 


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


 


(c)           For
purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions)
of all or substantially all of the properties or assets of one or more Subsidiary Guarantors, the Capital Stock of which constitutes
all or substantially all of the properties and assets of the Issuer, will be deemed to be the transfer of all or substantially
all of the properties and assets of the Issuer.


 


(d)           Upon
any such consolidation, combination or merger of the Issuer or a Subsidiary Guarantor, or any such sale, conveyance, transfer,
lease or other disposition of all or substantially all of the assets of the Issuer in accordance with this Section 5.01,
in which the Issuer or such Subsidiary Guarantor is not the continuing obligor under the Notes or its Subsidiary Guarantee, the
surviving entity formed by such consolidation or into which the Issuer or such Subsidiary Guarantor is merged or the entity to
which the sale, conveyance, transfer, lease or other disposition is made will succeed to, and be substituted for, and may exercise
every right and power of, the Issuer or such Subsidiary Guarantor under this Indenture, the Notes and the Subsidiary Guarantees
with the same effect as if such surviving entity had been named therein as the Issuer or such Subsidiary Guarantor and, except
in the case of a lease, the Issuer or such Subsidiary Guarantor, as the case may be, will be released from the obligation to pay
the principal of and interest on the Notes or in respect of its Subsidiary Guarantee, as the case may be, and all of the Issuer’s
or such Subsidiary Guarantor’s other obligations and covenants under the Notes, this Indenture and its Subsidiary Guarantee,
if applicable.


 


(e)           Notwithstanding
the foregoing, any Subsidiary Guarantor may (i) consolidate with or merge with or into the Issuer or another Subsidiary Guarantor
or (ii) convert into a corporation, general or limited partnership, limited liability company or trust organized under the
laws of such Subsidiary Guarantor’s jurisdiction of organization or the laws of the United States of America or any state
or jurisdiction thereof.


 






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ARTICLE Six


 


DEFAULT AND REMEDIES


 


Section 6.01     Events
of Default.


 


Each of the following is an “Event
of Default”:


 


(1)           default
in the payment of principal of, or premium, if any, on any Note when they are due and payable at maturity, upon acceleration,
redemption or otherwise;


 


(2)           default
in the payment of interest on any Note when it is due and payable, and such default continues for a period of 30 days;


 


(3)           default
in the performance or breach of the provisions of this Indenture applicable to mergers, consolidations and transfers of all or
substantially all of the assets of the Issuer;


 


(4)           the
Issuer defaults in the performance of or breaches any other covenant or agreement of the Issuer in this Indenture or under the
Notes (other than a default specified in clause (1), (2) or (3) above) and such default or breach continues for the
earlier of (i) 60 consecutive days and (ii) such shorter period specified for comparable defaults under any Existing
Note Indenture (or under any indenture pursuant to which the Issuer or a Subsidiary Guarantor has issued any Indebtedness that
refinances or refunds (x) the Indebtedness under such Existing Note Indenture or (y) such refinancing or refunding Indebtedness),
after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes;


 


(5)           there
occurs with respect to any issue or issues of Indebtedness of the Issuer or any Significant Subsidiary having an outstanding principal
amount of $50 million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists or
shall hereafter be created,


 


(i)            an
event of default that has caused the Holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity
and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of
such acceleration, and/or


 


(ii)           the
failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have
been made, waived or extended within 30 days of such payment default;


 






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(6)           a
court of competent jurisdiction enters a decree or order for:


 


(i)            relief
in respect of the Issuer or any Significant Subsidiary in an involuntary case under any applicable Bankruptcy Law now or hereafter
in effect,


 


(ii)           appointment
of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or any Significant Subsidiary
or for all or substantially all of the property and assets of the Issuer or any Significant Subsidiary, or


 


(iii)          the
winding up or liquidation of the affairs of the Issuer or any Significant Subsidiary and, in each case, such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or


 


(7)           the
Issuer or any Significant Subsidiary:


 


(i)            commences
a voluntary case under any applicable Bankruptcy Law now or hereafter in effect, or consents to the entry of an order for relief
in an involuntary case under such law,


 


(ii)           consents
to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuer or such Significant Subsidiary or for all or substantially all of the property and assets of the Issuer or such
Significant Subsidiary, or


 


(iii)          effects
any general assignment for the benefit of its creditors.


 


Section 6.02     Acceleration.


 


If an Event of Default (other than an Event
of Default specified in clause (6) or (7) of Section 6.01 that occurs with respect to the Issuer) occurs and is
continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding,
by written notice to the Issuer (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request
of the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall, declare the principal of, premium,
if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal
of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration
because an Event of Default set forth in clause (5) of Section 6.01 has occurred and is continuing, such declaration
of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant
to clause (5) of Section 6.01 shall be remedied or cured by the Issuer or the relevant Significant Subsidiary or waived
by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto.


 






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If an Event or Default specified in clause
(6) or (7) of Section 6.01 occurs with respect to the Issuer, the principal of, premium, if any, and accrued interest
on the Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder. The Holders of at least a majority in principal amount of the outstanding Notes, by
written notice to the Issuer and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration
and its consequences if:


 


(x)           all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have
become due solely by such declaration of acceleration, have been cured or waived;


 


(y)           the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and


 


(z)           in
the event of a cure or waiver of a Default of the type set forth in Section 6.01(6) or (7), the Trustee shall have received
an Officers’ Certificate and an Opinion of Counsel that such Default has been cured or waived.


 


No such rescission shall affect any subsequent
Default or impair any right consequent thereto.


 


Section 6.03     Other
Remedies.


 


If a Default occurs and is continuing, the
Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or interest
on, the Notes or to enforce the performance of any provision of the Notes or this Indenture.


 


The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee
or any Holder in exercising any right or remedy accruing upon a Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent
permitted by law.


 


Section 6.04     Waiver
of Past Defaults.


 


Subject to Sections 2.09, 6.07 and 9.02,
the Holders of a majority in principal amount of the outstanding Notes (which may include consents obtained in connection with
a tender offer or exchange offer of Notes) by notice to the Trustee may waive an existing Default and its consequences, except
a Default in the payment of principal of, or interest on, any Note as specified in Section 6.01(1) or (2). The Issuer
shall deliver to the Trustee an Officers’ Certificate stating that the requisite percentage of Holders have consented to
such waiver and attaching copies of such consents. When a Default is waived, it is cured and ceases.


 


Section 6.05     Control
by Majority.


 


The Holders of at least a majority in aggregate
principal amount of the outstanding Notes may 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. Subject to Section 7.01, however, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability,
or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving
of such direction received from the Holders of Notes; provided, however, that the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with any such direction received from the Holders of the Notes.


 






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In the event the Trustee takes any action
or follows any direction pursuant to this Indenture, the Trustee shall be entitled to indemnification against any loss or expense
caused by taking such action or following such direction.


 


Section 6.06     Limitation
on Suits.


 


No Holder will have any right to institute
any proceeding with respect to this Indenture or for any remedy thereunder, unless:


 


(1)           the
Holder gives the Trustee written notice of a continuing Event of Default;


 


(2)           the
Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the Trustee to pursue the
remedy;


 


(3)           such
Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;


 


(4)           the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and


 


(5)           during
such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a
direction that is inconsistent with the request.


 


However, such limitations do not apply to
the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest on, such Note or to bring
suit for the enforcement of any such payment on or after the due date expressed in the Notes, which right shall not be impaired
or affected without the consent of the Holder.


 


A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over such other Holder.


 


Section 6.07     Rights
of Holders To Receive Payment.


 


Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of and premium, if any, and interest on, a Note, on or after
the respective due dates therefor, or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of the Holder.


 






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Section 6.08     Collection
Suit by Trustee.


 


If a Default in payment of principal or interest
specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name
and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount of principal and
accrued interest and fees remaining unpaid, together with interest on overdue principal and, to the extent that payment of such
interest is lawful, interest on overdue installments of interest, in each case at the rate per annum borne by the Notes
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.


 


Section 6.09     Trustee
May File Proofs of Claim.


 


The Trustee may file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in
any judicial proceedings relating to the Issuer, their creditors or their property and shall be entitled and empowered to collect
and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian
in any such judicial proceedings is hereby authorized by each Holder to make such payments to the Trustee and, in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts
due the Trustee under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding. The Trustee shall be entitled to participate as a member of any official committee of creditors in the matters as
it deems necessary or advisable.


 


Section 6.10     Priorities.


 


If the Trustee collects any money or property
pursuant to this Article Six, it shall pay out the money or property in the following order:


 


First: to the Trustee for
amounts due under Section 7.07;


 


Second: to Holders for interest
accrued on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes
for interest;


 


Third: to Holders for principal
amounts due and unpaid on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable
on the Notes for principal; and


 


Fourth: to the Issuer or,
if applicable, the Subsidiary Guarantors, as their respective interests may appear.


 


The Trustee, upon prior notice to the Issuer,
may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10.


 






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Section 6.11      Undertaking
for Costs.


 


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, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder
or Holders of more than 10% in principal amount of the outstanding Notes.


 


ARTICLE Seven


 


TRUSTEE


 


Section 7.01      Duties
of Trustee.


 


(a)        If
a 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 person would exercise or use under the circumstances
in the conduct of his or her own affairs.


 


(b)       Except
during the continuance of a Default:


 


(1)            The
Trustee need perform only those duties as are specifically set forth herein or in the Trust Indenture Act and no duties, covenants,
responsibilities or obligations shall be implied in this Indenture against the Trustee.


 


(2)            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 (including Officers’ Certificates) or opinions (including Opinions
of Counsel) furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine
the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.


 


(c)        Notwithstanding
anything to the contrary herein, the Trustee may not be relieved from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:


 


(1)            This
paragraph does not limit the effect of Section 7.01(b).


 








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


 


(3)       The
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05.


 


(d)       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 to take or omit to take any action under this Indenture or take any action
at the request or direction of Holders if it shall have reasonable grounds for believing that repayment of such funds is not assured
to it.


 


(e)       Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this
Section 7.01.


 


(f)        The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.


 


(g)       In
the absence of bad faith, negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible for
the application of any money by any Paying Agent other than the Trustee.


 


Section 7.02      Rights
of Trustee.


 


Subject to Section 7.01:


 


(a)       The
Trustee may rely conclusively on any resolution, certificate (including any Officers’ Certificate), statement, instrument,
opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture, or other paper or document
believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact
or matter stated in the document.


 


(b)       Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel, which shall
conform to the provisions of Section 11.05. The Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officers’ Certificate or Opinion of Counsel.


 


(c)       The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent (other
than an agent who is an employee of the Trustee) appointed with due care.


 


(d)       The
Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized
or within its rights or powers under this Indenture.


 






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(e)       The
Trustee may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full
and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.


 


(f)        The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred
therein or thereby.


 


(g)       The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate (including
any Officers’ Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction,
consent, order, bond, debenture, or other paper or document, but the Trustee, in its discretion, may 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, upon reasonable notice to the Issuer, to examine the books, records, and premises of the
Issuer, personally or by agent or attorney at the sole cost of the Issuer.


 


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


 


(i)         The
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties.


 


(j)         Except
with respect to Section 4.01 and 4.05, the Trustee shall have no duty to inquire as to the performance of the Issuer with
respect to the covenants contained in Article Four. In addition, the Trustee shall not be deemed to have knowledge of an
Event of Default except (i) any Default or Event of Default occurring pursuant to Sections 4.01, 6.01(1) or 6.01(2) or
(ii) any Default or Event of Default known to a Responsible Officer.


 


(k)       The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person
employed to act hereunder.


 


Section 7.03      Individual
Rights of Trustee.


 


The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries or its respective Affiliates
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11.


 


Section 7.04      Trustee’s
Disclaimer.


 


The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture
or any document issued in connection with the sale of Notes or any statement in the Notes other than the Trustee’s certificate
of authentication. The Trustee makes no representations with respect to the effectiveness or adequacy of this Indenture.


 






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Section 7.05      Notice
of Default.


 


If a Default occurs and is continuing and
is deemed to be known to the Trustee pursuant to Section 7.02 (j), the Trustee shall mail to each Holder notice of the uncured
Default within 30 days after such Default occurs. Except in the case of a Default in payment of principal of, or interest on,
any Note, including an accelerated payment and the failure to make a payment on a Payment Date pursuant to a Default in complying
with the provisions of Article Five, the Trustee may withhold the notice if and so long as the Board of Directors, the executive
committee, or a trust committee of directors and/or Responsible Officers, of the Trustee in good faith determines that withholding
the notice is in the interest of the Holders.


 


Section 7.06      Reports
by Trustee to Holders.


 


Within 60 days after each December 1,
beginning with December 1, 2020, the Trustee shall, to the extent that any of the events described in Trust Indenture Act
 § 313(a) occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report dated as
of such date that complies with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust Indenture Act §§
313(b), 313(c) and 313(d).


 


A copy of each report at the time of its
mailing to Holders shall be mailed to the Issuer and filed with the SEC and each securities exchange, if any, on which the Notes
are listed.


 


The Issuer shall notify the Trustee if the
Notes become listed on any securities exchange or of any delisting thereof and the Trustee shall comply with Trust Indenture Act
 § 313(d).


 


Section 7.07      Compensation
and Indemnity.


 


The Issuer shall pay to the Trustee from
time to time such compensation as the Issuer and the Trustee shall from time to time agree in writing for its services hereunder.
The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer
shall reimburse the Trustee upon request for all reasonable disbursements, expenses and advances (including reasonable fees and
expenses of counsel) incurred or made by it in addition to the compensation for its services, except any such disbursements, expenses
and advances as may be attributable to the Trustee’s negligence, bad faith or willful misconduct. Such expenses shall include
the reasonable fees and expenses of the Trustee’s agents and counsel.


 






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The Issuer shall indemnify each of the Trustee
or any predecessor Trustee and its agents for, and hold them harmless against, any and all loss, damage, claims including taxes
(other than taxes based upon, measured by or determined by the income of the Trustee), liability or expense incurred by them except
for such actions to the extent caused by any negligence, bad faith or willful misconduct on their part, arising out of or in connection
with the acceptance or administration of this trust including the reasonable costs and expenses of defending themselves against
or investigating any claim or liability in connection with the exercise or performance of any of the Trustee’s rights, powers
or duties hereunder. The Trustee shall notify the Issuer promptly of any claim asserted against the Trustee or any of its agents
for which it may seek indemnity. The Issuer may, subject to the approval of the Trustee (which approval shall not be unreasonably
withheld), defend the claim and the Trustee shall cooperate in the defense. The Trustee and its agents subject to the claim may
have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel; provided, however, that
the Issuer will not be required to pay such fees and expenses if, subject to the approval of the Trustee (which approval shall
not be unreasonably withheld), it assumes the Trustee’s defense and there is no conflict of interest between the Issuer
and the Trustee and its agents subject to the claim in connection with such defense as reasonably determined by the Trustee. The
Issuer need not pay for any settlement made without its written consent. The Issuer need not reimburse any expense or indemnify
against any loss or liability to the extent incurred by the Trustee through its negligence, bad faith or willful misconduct.


 


To secure the Issuer’s payment obligations
in this Section 7.07, the Trustee shall have a Lien prior to the Notes against all money or property held or collected by
the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal and interest on particular Notes.


 


When the Trustee incurs expenses or renders
services after a Default specified in Section 6.01(6) or 6.01 (7) occurs, such expenses and the compensation for
such services shall be paid to the extent allowed under any Bankruptcy Law.


 


Notwithstanding any other provision in this
Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge of this Indenture or
the appointment of a successor Trustee.


 


Section 7.08      Replacement
of Trustee.


 


The Trustee may resign at any time by so
notifying the Issuer in writing. The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee
by so notifying the Issuer and the Trustee and may appoint a successor Trustee. The Issuer may remove the Trustee if:


 


(1)            the
Trustee fails to comply with Section 7.10;


 


(2)            the
Trustee is adjudged a bankrupt or an insolvent;


 


(3)            a
receiver or other public officer takes charge of the Trustee or its property; or


 


(4)            the
Trustee becomes incapable of acting.


 






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If the Trustee resigns or is removed or if
a vacancy exists in the office of Trustee for any reason, the Issuer shall notify each Holder of such event and shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal
amount of the Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.


 


A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuer. Immediately after that, the retiring Trustee shall transfer,
after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor
Trustee, subject to the Lien provided in Section 7.07, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee
shall mail notice of its succession to each Holder.


 


If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10%
in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor
Trustee at the expense of the Issuer.


 


If the Trustee fails to comply with Section 7.10,
any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.


 


Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the
retiring Trustee.


 


Section 7.09      Successor
Trustee by Merger, Etc.


 


If the Trustee consolidates with, merges
or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the resulting,
surviving or transferee corporation without any further act shall, if such resulting, surviving or transferee corporation is otherwise
eligible hereunder, be the successor Trustee; provided that such corporation shall be otherwise qualified and eligible under this
Article Seven.


 


Section 7.10      Eligibility;
Disqualification.


 


This Indenture shall always have a Trustee
who satisfies the requirement of Trust Indenture Act §§ 310 (a)(1), 310(a)(2) and 310(a)(5). The Trustee shall
have a combined capital and surplus of at least $150,000,000 as set forth in its most recent published annual report of condition.
The Trustee shall comply with Trust Indenture Act § 310(b); provided, however, that there shall be excluded from the
operation of Trust Indenture Act § 310(b)(1) any indenture or indentures under which other securities, or certificates
of interest or participation in other securities, of the Issuer are outstanding, if the requirements for such exclusion set forth
in Trust Indenture Act § 310(b)(1) are met. The provisions of Trust Indenture Act § 310 shall apply to the Issuer
and any other obligor of the Notes.


 


Section 7.11      Preferential
Collection of Claims Against the Issuer.


 


The Trustee, in its capacity as Trustee hereunder,
shall comply with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act §
311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated.


 






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ARTICLE Eight


 


DISCHARGE OF INDENTURE; DEFEASANCE


 


Section 8.01      Termination
of the Issuer’s Obligations.


 


The Issuer may terminate its obligations
under the Notes and this Indenture and the obligations of the Subsidiary Guarantors under the Subsidiary Guarantees and this Indenture
and this Indenture shall cease to be of further effect, except those obligations referred to in the penultimate paragraph of this
Section 8.01, if:


 


(1)   either


 


(A)            all
the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and
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) have been delivered to the Trustee for cancellation; or


 


(B)            all
Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due
and payable within one year, or are to be called for redemption within one year, under arrangements reasonably satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer
has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire
Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest
on the Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Issuer
directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; provided that
with respect to any redemption that requires the payment of the Applicable Premium (as defined in the form of Note in Exhibit A),
the amount deposited shall be sufficient for purposes of this paragraph to the extent that an amount is deposited with the Trustee
equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of the
redemption only required to be deposited with the Trustee on or prior to the date of the redemption;


 






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(2)            the
Issuer has paid all sums payable by the Issuer under this Indenture, and


 


(3)            the
Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.


 


In the case of clause (B) of this Section 8.01,
and subject to the next sentence and notwithstanding the foregoing paragraph, the Issuer’s obligations in Sections 2.05,
2.06, 2.07, 2.08, 4.01, 4.02, 4.03 (as to legal existence of the Issuer only), 7.07, 8.05 and 8.06 shall survive until the Notes
are no longer outstanding pursuant to the last paragraph of Section 2.08. After the Notes are no longer outstanding, the
Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive.


 


After such delivery or irrevocable deposit,
the Trustee upon request shall acknowledge in writing the discharge of the Issuer’s obligations under the Notes and this
Indenture except for those surviving obligations specified above.


 


Section 8.02      Legal
Defeasance and Covenant Defeasance.


 


(a)       The
Issuer may, at its option and at any time, elect to have either paragraph (b) or (c) below applied to all outstanding
Notes upon compliance with the conditions set forth in Section 8.03.


 


(b)       Upon
the Issuer’s exercise under Section 8.02(a) hereof of the option applicable to this Section 8.02(b), the
Issuer and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed
to have been discharged from their obligations with respect to all outstanding Notes on the date the conditions set forth below
are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and
the Subsidiary Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes
and Subsidiary Guarantees, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.04
hereof and the other Sections of this Indenture referred to in (i) and (ii) below, and to have satisfied all its other
obligations under such Notes and this Indenture and the Subsidiary Guarantors shall be deemed to have satisfied all of their obligations
under the Subsidiary Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated
or discharged hereunder:


 


(i)            the
rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.04, and as more fully
set forth in such Section 8.04, payments in respect of the principal of, premium, if any, and interest on such Notes when
such payments are due;


 


(ii)            the
Issuer’s obligations with respect to such Notes under Article Two and Section 4.02 hereof;


 






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(iii)            the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith;
and


 


(iv)            the
provisions of this Article Eight applicable to Legal Defeasance.


 


Subject to compliance with this Article Eight,
the Issuer may exercise its option under this Section 8.02 (b) notwithstanding the prior exercise of its option under
Section 8.02(c).


 


(c)       Upon
the Issuer’s exercise under paragraph (a) hereof of the option applicable to this paragraph (c), the Issuer and the
Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be released from their
respective obligations under the covenants contained in Sections 4.03 (other than with respect to the legal existence of the Issuer),
4.04, 4.07, 4.08, 4.09 and 4.10 and clause (3) of Section 5.01(a) with respect to the outstanding Notes on and
after the date the conditions set forth in Section 8.03 are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer and the Subsidiary Guarantors
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute an
Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall
be unaffected thereby. In addition, upon the Issuer’s exercise under paragraph (a) hereof of the option applicable
to this paragraph (c), subject to the satisfaction of the conditions set forth in Section 8.03, clauses (3), (4), and (5) of
Section 6.01 shall not constitute Events of Default.


 


Section 8.03     Conditions
to Legal Defeasance or Covenant Defeasance.


 


The following shall be the conditions to
the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:


 


(1)            the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, U.S. Legal Tender, U.S. Government
Obligations or a combination thereof, in such amounts as will be sufficient (without reinvestment), in the opinion of a nationally
recognized firm of independent public accountants selected by the Issuer, to pay the principal of and interest and premium, if
any, on the Notes on the stated date for payment or on the redemption date Notes;


 


(2)            in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that:


 






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(a)            the
Issuer has received from, or there has been published by the Internal Revenue Service, a ruling, or


 


(b)            since
the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect
that, and based thereon the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of
such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Legal Defeasance had not occurred;


 


(3)            in
the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Covenant Defeasance had not occurred;


 


(4)            no
Default shall have occurred and be continuing on the date of such deposit (other than a Default resulting from the borrowing of
funds to be applied to such deposit);


 


(5)            the
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a Default under this Indenture
or a default under any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by
which the Issuer or any of its Subsidiaries is bound (other than any such Default or default resulting solely from the borrowing
of funds to be applied to such deposit);


 


(6)            the
Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by it with the
intent of preferring the Holders over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or
defrauding any other of its creditors; and


 


(7)            the
Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the conditions
provided for in, in the case of the Officers’ Certificate, clauses (1) through (6), as applicable, and, in the case
of the Opinion of Counsel, clauses (2), if applicable, and/or (3) and (5) of this Section 8.03 have been complied
with.


 


Section 8.04      Application
of Trust Money.


 


The Trustee or Paying Agent shall hold in
trust U.S. Legal Tender and U.S. Government Obligations deposited with it pursuant to this Article Eight, and shall apply
the deposited U.S. Legal Tender and the money from U.S. Government Obligations in accordance with this Indenture to the payment
of the principal of and the interest on the Notes. The Trustee shall be under no obligation to invest said U.S. Legal Tender and
U.S. Government Obligations, except as it may agree with the Issuer.


 






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The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender and U.S. Government Obligations deposited
pursuant to Section 8.03 or the principal and interest received in respect thereof, other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.


 


Anything in this Article Eight to the
contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the Issuer’s request any
U.S. Legal Tender and U.S. Government Obligations held by it as provided in Section 8.03 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.


 


Section 8.05         Repayment
to the Issuer.


 


The Trustee and the 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;
provided, however, that the Trustee or such Paying Agent, before being required to make any payment, may at the expense
of the Issuer cause to be published once in a newspaper of general circulation in the City of New York or mail 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
30 days from the date of such publication or mailing any unclaimed balance of such money then remaining will be repaid to the
Issuer. After payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as general creditors unless
an applicable law designates another Person.


 


Section 8.06         Reinstatement.


 


If the Trustee or Paying Agent is unable
to apply any U.S. Legal Tender and U.S. Government Obligations in accordance with this Article Eight by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, or if the funds deposited with the Trustee to effect Covenant Defeasance are insufficient to pay the principal
of, and interest on, the Notes when due, the Issuer’s obligations under this Indenture, and the Notes and the Subsidiary
Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article Eight until such time
as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender and U.S. Government Obligations in accordance
with this Article Eight; provided that if the Issuer has made any payment of interest on, or principal of, any Notes because
of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the U.S. Legal Tender and U.S. Government Obligations held by the Trustee or Paying Agent.


 






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ARTICLE Nine


 


AMENDMENTS, SUPPLEMENTS AND WAIVERS


 


Section 9.01          Without
Consent of Holders.


 


(a)            The
Issuer, the Subsidiary Guarantors and the Trustee, together, may amend or supplement this Indenture, the Notes or the Subsidiary
Guarantees without notice to or consent of any Holder:


 


(1)            to
cure any ambiguity, defect or inconsistency in this Indenture, the Notes or the Subsidiary Guarantees;


 


(2)            to
provide for uncertificated Notes in addition to or in place of certificated Notes;


 


(3)            to
provide for the assumption of the Issuer’s or a Subsidiary Guarantor’s obligations to the Holders of the Notes in
the case of a merger, consolidation or sale of all or substantially all of the assets, in accordance with Article Five;


 


(4)            to
add any additional Subsidiary Guarantee by any additional Subsidiary Guarantor (which supplemental indenture need not be executed
by existing Subsidiary Guarantors);


 


(5)            to
release any Subsidiary Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture (to the extent permitted
by this Indenture);


 


(6)            to
make any change that would not materially adversely affect the rights of any Holder;


 


(7)            to
make any change to conform this Indenture, the Notes or the Subsidiary Guarantees to the “Description of the Notes”
section of the Prospectus Supplement of the Issuer relating to the Notes dated October 7, 2020;


 


(8)            to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act; or


 


(9)            to
evidence and provide for the acceptance of an appointment by a successor trustee;


 


provided, however, that the Issuer has delivered to
the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that such amendment or supplement complies
with the provisions of this Section 9.01.


 






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Section 9.02         With
Consent of Holders.


 


(a)            Subject
to Section 6.07, the Issuer, the Subsidiary Guarantors and the Trustee, together, with the written consent of the Holder
or Holders of a majority in aggregate principal amount of the outstanding Notes may amend or supplement this Indenture, the Notes
or the Subsidiary Guarantees, without notice to any other Holders. Subject to Sections 6.07, the Holder or Holders of a majority
in aggregate principal amount of the outstanding Notes may waive compliance with any provision of this Indenture, the Notes or
the Subsidiary Guarantees without notice to any other Holders.


 


(b)            Notwithstanding
Section 9.02(a), without the consent of each Holder affected, no amendment or waiver may:


 


(1)            change
the Stated Maturity of the principal of, or any installment of interest on, any Note;


 


(2)            reduce
the principal amount of, or premium, if any, or interest on, any Note;


 


(3)            change
the place of payment of principal of, or premium, if any, or interest on, any Note;


 


(4)            impair
the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of a redemption,
on or after the Redemption Date) of any Note;


 


(5)            reduce
the above-stated percentages of outstanding Notes the consent of whose Holders is necessary to modify or amend this Indenture;


 


(6)            waive
a default in the payment of principal of, premium, if any, or interest on the Notes;


 


(7)            voluntarily
release a Subsidiary Guarantor of the Notes, except as permitted by this Indenture;


 


(8)            reduce
the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver of compliance
with Sections 6.02 and 6.04; or


 


(9)            modify
or change any provisions of this Indenture affecting the ranking of the Notes or the Subsidiary Guarantees in any manner adverse
to the Holders of the Notes.


 


(c)            It
shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment,
supplement or waiver but it shall be sufficient if such consent approves the substance thereof.


 






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(d)          A
consent to any amendment, supplement or waiver under this Indenture by any Holder given in connection with an exchange (in the
case of an exchange offer) or a tender (in the case of a tender offer) of such Holder’s Notes will not be rendered invalid
by such tender or exchange.


 


(e)          After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall mail to the Holders affected
thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.


 


Section 9.03         Compliance
with the Trust Indenture Act.


 


From the date on which this Indenture is
qualified under the Trust Indenture Act, every amendment, waiver or supplement of this Indenture, the Notes or the Subsidiary
Guarantees shall comply with the Trust Indenture Act as then in effect.


 


Section 9.04         Revocation
and Effect of Consents.


 


Until an amendment, waiver or supplement
becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made
on any Note. However, any such Holder or subsequent Holder may revoke the consent as to his Note or portion of his Note by notice
to the Trustee or the Issuer received before the date on which the Trustee receives an Officers’ Certificate certifying
that the Holders of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the amendment,
supplement or waiver.


 


The Issuer may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which
record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding
the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.
The Issuer shall inform the Trustee in writing of the fixed record date if applicable.


 


After an amendment, supplement or waiver
becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (8) of
Section 9.02(b), in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented
to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s
Note; provided, however, that any such waiver shall not impair or affect the right of any Holder to receive payment of
principal of, and interest on, a Note, on or after the respective due dates therefor, or to bring suit for the enforcement of
any such payment on or after such respective dates without the consent of such Holder.


 






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Section 9.05         Notation
on or Exchange of Notes.


 


If an amendment, supplement or waiver changes
the terms of a Note, the Issuer may require the Holder of the Note to deliver it to the Trustee. The Issuer shall provide the
Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the
Issuer’s expense. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue,
and the Trustee shall authenticate, a new Note that reflects the changed terms. Failure to make the appropriate notation or issue
a new Note shall not affect the validity and effect of such amendment, supplement or waiver.


 


Section 9.06         Trustee
To Sign Amendments, Etc.


 


The Trustee shall execute any amendment,
supplement or waiver authorized pursuant to this Article Nine; provided, however, that the Trustee may, but shall
not be obligated to, execute any such amendment, supplement or waiver which affects the Trustee’s own rights, duties or
immunities under this Indenture. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion
of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement or waiver authorized
pursuant to this Article Nine is authorized or permitted by this Indenture and constitutes legal, valid and binding obligations
of the Issuer enforceable in accordance with its terms. Such Opinion of Counsel shall be at the expense of the Issuer.


 


ARTICLE Ten


 


SUBSIDIARY GUARANTEE


 


Section 10.01       Guarantee.


 


Subject to this Article Ten, each of
the Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (a) the principal of and interest
on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest
on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders
or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that
same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed
for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same immediately. Each Subsidiary
Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.


 






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The Subsidiary Guarantors hereby agree that
their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or
this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Subsidiary Guarantor
hereby waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice
and all demands whatsoever and covenant that this Note Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture.


 


If any Holder or the Trustee is required
by any court or otherwise to return to the Issuer, the Subsidiary Guarantors or any custodian, trustee, liquidator or other similar
official acting in relation to either the Issuer or the Subsidiary Guarantors, any amount paid by either to the Trustee or such
Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.


 


Each Subsidiary Guarantor agrees that it
shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the Subsidiary
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article Six hereof for the purposes of this Subsidiary Guarantee, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in
the event of any declaration of acceleration of such obligations as provided in Article Six hereof, such obligations (whether
or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary
Guarantee.


 


Section 10.02       Limitation
on Subsidiary Guarantor Liability.


 


Each Subsidiary Guarantor, and by its acceptance
of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary
Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee.
To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that the
obligations of such Subsidiary Guarantor will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other
Subsidiary Guarantor under this Article Ten, result in the obligations of such Subsidiary Guarantor under its Subsidiary
Guarantee not constituting a fraudulent transfer or conveyance. Each Subsidiary Guarantor that makes a payment for distribution
under its Subsidiary Guarantee is entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount
based on the adjusted net assets of each Subsidiary Guarantor.


 






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Section 10.03       Execution
and Delivery of Subsidiary Guarantee.


 


To evidence its Subsidiary Guarantee set
forth in Section 10.01, each Subsidiary Guarantor hereby agrees that a notation of such Subsidiary Guarantee substantially
in the form included in Exhibit C shall be endorsed by an Officer of such Subsidiary Guarantor on each Note authenticated
and delivered by the Trustee and that this Indenture shall be executed on behalf of such Subsidiary Guarantor by an Officer.


 


Each Subsidiary Guarantor hereby agrees that
its Subsidiary Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure to
endorse on each Note a notation of such Subsidiary Guarantee.


 


If an Officer whose signature is on this
Indenture or on the Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a
Subsidiary Guarantee is endorsed, the Subsidiary Guarantee shall be valid nevertheless.


 


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


 


Section 10.04       Release
of a Subsidiary Guarantor.


 


A Subsidiary Guarantor shall be automatically
and unconditionally released from its obligations under its Note Guarantee and its obligations under this Indenture:


 


(1)            upon
any sale, exchange or transfer to a Person not an Affiliate of the Issuer of all of the Capital Stock held by the Issuer and its
Subsidiaries in, or all or substantially all of the assets of, such Subsidiary Guarantor;


 


(2)            upon
the liquidation or dissolution of such Subsidiary Guarantor; provided that no Default or Event of Default shall occur as a result
thereof;


 


(3)            if
the Issuer exercises its Legal Defeasance option under Section 8.02(b) or its Covenant Defeasance option under Section 8.02(c),
or if the Issuer’s obligations under this Indenture are discharged in accordance with Section 8.01; or


 


(4)            if
a Subsidiary Guarantor ceases to guarantee the obligations of the Issuer under any such unsecured Indebtedness of the Issuer that
would constitute Indebtedness under clauses (1) or (2) under the definition thereof in an amount at least equal to $50
million;


 


provided, however, that in the case of clauses (1) and
(2) above, (x) such sale or other disposition is made to a Person other than the Issuer or any of its Subsidiaries and
(y) such sale or disposition is otherwise permitted by this Indenture. Upon any such occurrence specified in this Section 10.04,
at the Issuer’s request, and upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent under the Indenture relating to such release have been complied with, the Trustee shall
execute any documents reasonably requested by the Issuer evidencing such release. A Person that has been released pursuant to
this Section 10.04 shall cease to be a Subsidiary Guarantor for all purposes under this Indenture from and after the date
of such release unless and until such Person again becomes a Subsidiary Guarantor pursuant to Section 4.09.


 






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Nothing contained in this Indenture or in
any of the Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with or into the Issuer (in which case such
Subsidiary Guarantor shall no longer be a Subsidiary Guarantor) or another Subsidiary Guarantor or shall prevent any sale or conveyance
of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety to the Issuer or another Subsidiary Guarantor.


 


ARTICLE Eleven


 


MISCELLANEOUS


 


Section 11.01
      Trust Indenture Act Controls.


 


If any provision of this Indenture limits,
qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the Trust Indenture
Act, such required or deemed provision shall control.


 


Section 11.02       Notices.


 


Any notices or other communications required
or permitted hereunder shall be in writing (provided that any communication sent to the Trustee hereunder must be in the form
of a document that is signed manually or by way of a digital signature provided by DocuSign, or such other digital signature provider
as specified in writing to the Trustee by an Officer of the Issuer), and shall be sufficiently given if made by hand delivery,
by nationally recognized overnight courier service, by fax or by registered or certified mail, postage prepaid, return receipt
requested, addressed as follows:


 


if to the Issuer or a Subsidiary Guarantor:


 


c/o Omega Healthcare Investors, Inc.

303 International Circle, Suite 200

Hunt Valley, Maryland 21030

Attention: Chief Financial Officer


 


Telephone:        (410)
427-1700

Facsimile:           (410) 427-8800


 






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with a copy to:


 


Bryan Cave Leighton Paisner LLP

One Atlantic Center

Fourteenth Floor

1201 W. Peachtree Street, NW

Atlanta, Georgia 30309-3471

Attention: Eliot Robinson


 


Telephone:        (404)
572-6600

Facsimile:           (404) 572-6999


 


if to the Trustee:


 


U.S. Bank National Association

Two Midtown Plaza

1349 W. Peachtree Street, NW., Suite 1050

EX-GA-ATPT

Atlanta, Georgia 30309

Attention: Corporate Trust Department


 


Telephone:        (404)
965-7218

Facsimile:           (404) 365-7946


 


Each of the Issuer and the Trustee by written
notice to each other such Person may designate additional or different addresses for notices to such Person. Any notice or communication
to the Issuer or the Trustee shall be deemed to have been given or made as of the date so delivered, if personally delivered;
when receipt is acknowledged, if faxed; when actually received by the addressee if sent by registered or certified mail, postage
prepaid; and next Business Day if by nationally recognized overnight courier service.


 


Any notice or communication mailed to a Holder
shall be sent by first class mail or other equivalent means to such Holder’s address as it appears on the registration books
of the Registrar and shall be sufficiently given if so mailed within the time prescribed.


 


Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the addressee receives it. The Issuer agrees to assume all
risks arising out of the use of digital signatures and electronic methods to submit communications to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.


 


Section 11.03       Communications
by Holders with Other Holders.


 


Holders may communicate pursuant to Trust
Indenture Act § 312(b) with other Holders with respect to their rights under this Indenture, the Notes or the Subsidiary
Guarantees. The Issuer, the Trustee, the Registrar and any other Person shall have the protection of Trust Indenture Act §
312(c).


 






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Section 11.04       Certificate
and Opinion as to Conditions Precedent.


 


Upon any request or application by the Issuer
to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:


 


(1)            an
Officers’ Certificate, in form and substance satisfactory to the Trustee, stating that, in the opinion of the signers, all
conditions precedent to be performed or effected by the Issuer, if any, provided for in this Indenture relating to the proposed
action have been complied with; and


 


(2)            an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.


 


Section 11.05       Statements
Required in Certificate or Opinion.


 


Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture, other than the Officers’ Certificate required
by Section 4.05, 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 statements or opinions contained
in such certificate or opinion are based;


 


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


 


(4)            a
statement as to whether or not, in the opinion of each 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 11.06
      Rules by Paying Agent or Registrar.


 


The Paying Agent or Registrar may make reasonable
rules and set reasonable requirements for their functions.


 


Section 11.07       Legal
Holidays.


 


If a payment date is not a Business Day,
payment may be made on the next succeeding day that is a Business Day.


 









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Section 11.08        Governing
Law.



 


This Indenture, the Notes and the Subsidiary
Guarantees will be governed by and construed in accordance with the laws of the State of New York.


 


Section 11.09        No
Adverse Interpretation of Other Agreements.


 


This Indenture may not be used to interpret
another indenture, loan or debt agreement of any of the Issuer or any of its Subsidiaries. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.


 


Section 11.10        No
Recourse Against Others.


 


No director, officer, employee, incorporator,
stockholder, member or manager or controlling person of the Issuer or any Subsidiary Guarantor shall have any liability for any
obligations of the Issuer under the Notes or this Indenture or of any Subsidiary Guarantor under its Subsidiary Guarantee or the
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for issuance of
the Notes.


 


Section 11.11        Successors.


 


All agreements of the Issuer and the Subsidiary
Guarantors in this Indenture, the Notes and the Note Guarantees shall bind their respective successors. All agreements of the Trustee
in this Indenture shall bind its successor.


 


Section 11.12        Duplicate
Originals.


 


All parties may sign any number of copies
of this Indenture. Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement.


 


Section 11.13        Severability.


 


To the extent permitted by applicable law,
in case any one or more of the provisions in this Indenture, in the Notes or in the Subsidiary Guarantees shall be held invalid,
illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all
of the provisions hereof shall be enforceable to the full extent permitted by law.


 









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


 


	 	OMEGA HEALTHCARE INVESTORS, INC., as Issuer
	 	 
	 	By: 	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer, Treasurer and Assistant
Secretary



 


[Signature Page to Indenture]


 






    


     


    

 


	 	OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP, as a Subsidiary Guarantor
	 	 
	 	By: 	Omega Healthcare Investors, Inc., as its sole general
partner
	 	 
	 	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer, Treasurer and Assistant
Secretary



 


[Signature Page to Indenture]


 









    


     


    

 



	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ David Ferrell
	 	Name: David Ferrell
	 	Title: Vice President



 


[Signature Page to Indenture]


 









    


     


    

 


EXHIBIT A


 


[Insert the Global Note Legend, if applicable pursuant
to the provisions of the Indenture]


 


OMEGA HEALTHCARE INVESTORS, INC.

3.375% Senior Notes due 2031


 


	 	CUSIP No.
	No. []	$


 


OMEGA HEALTHCARE
INVESTORS, INC., a Maryland corporation (the “Issuer”), for value received promises to pay to Cede &
Co., or its registered assigns, the principal sum of [     ]
DOLLARS [or such other amount as is provided in a schedule attached hereto]a on February 1, 2031.


 


Interest Payment Dates: February 1 and
August 1, commencing February 1, 2021. Record Dates: January 15 and July 15.


 


Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.


 


 






 


a This language should be included only if the Note
is issued in global form. b This schedule should be included only if the Note is issued in global form.


 






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IN WITNESS WHEREOF, the Issuer has caused
this Note to be signed manually or by facsimile by its duly authorized officer.


 


Dated:


 


	 	OMEGA HEALTHCARE INVESTORS, INC., as Issuer
	 	 
	 	By:	      
	 	 	Name:
	 	 	Title:



 






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[FORM OF] TRUSTEE’S CERTIFICATE
OF AUTHENTICATION


 


This is one of the 3.375% Senior Notes due
2031 described in the within-mentioned Indenture.


 


Dated:


 


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



 






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(Reverse of Note)


 


3.375% Senior Notes due 2031


 


Capitalized terms used herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.


 


SECTION 1.          Interest.
Omega Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), promises to pay interest on the
principal amount of this Note at 3.375% per annum from October 9, 2020 until maturity. The Issuer will pay interest
semi-annually on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”), commencing February 1, 2021. Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from October 9, 2020. The
Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time on demand to the extent lawful at the interest rate applicable to the Notes; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard
to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on
the basis of a 360-day year of twelve 30-day months.


 


SECTION 2.          Method
of Payment. The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business
on January 15 or July 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record
date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Issuer shall
pay principal, premium, if any, and interest on the Notes in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). Principal of, premium,
if any, and interest on the Notes will be payable at the office or agency of the Issuer maintained for such purpose except that,
at the option of the Issuer, the payment of interest may be made by check mailed to the Holders of the Notes at their respective
addresses set forth in the register of Holders of Notes. Until otherwise designated by the Issuer, the Issuer’s office or
agency in New York will be the office of the Trustee maintained for such purpose.


 


SECTION 3.          Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. Except as provided in the Indenture,
the Issuer or any of their Subsidiaries may act in any such capacity.


 


SECTION 4.          Indenture.
The Issuer issued the Notes under an Indenture dated as of October 9, 2020 (“Indenture”) by and among the
Issuer, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the
 “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and
the Trust Indenture Act for a statement of such terms.


 


SECTION 5.          Optional
Redemption. The Notes will be redeemable at the option of the Issuer, in whole or in part, at any time, and from time to time,
upon not less than 15 days’ nor more than 60 days’ notice. If the Notes are redeemed prior to the Par Call Date, the
Redemption Price will be equal to the greater of:


 






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(a)            100%
of the principal amount of the Notes to be redeemed, and


 


(b)            the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive
of interest accrued to the applicable Redemption Date) assuming that such Notes matured, and that interest on such Notes was payable,
on the Par Call Date, discounted to such Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day
months, at the Treasury Rate plus 45 basis points (the “Applicable Premium”),


 


plus, in each case of clauses (a) and (b) above, accrued
and unpaid interest thereon to, but not including, the applicable Redemption Date; provided, however, that if the Redemption
Date falls after the Record Date and on or prior to the corresponding Interest Payment Date, the Issuer will pay the full amount
of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of Notes at the close of business on the corresponding
Record Date (instead of the holder surrendering its Notes for redemption).


 


If the Notes are redeemed on or after the
Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed, plus accrued and
unpaid interest thereon to, but not including, such Redemption Date.


 


“Treasury Rate” means (1) the
yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life of the Notes, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release)
is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the applicable Redemption
Date. The Treasury Rate shall be calculated on the third Business Day preceding the date of the applicable notice of redemption.


 


“Comparable Treasury Issue”
means, with respect to any Redemption Date for the Notes, the United States Treasury security selected by the Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming for
this purpose that such Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Notes to be redeemed.


 


“Comparable Treasury Price”
means, with respect to any Redemption Date for the Notes:


 


(i)            the
average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or


 






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(ii)           if
the Issuer obtains fewer than five but more than one such Reference Treasury Dealer Quotations for such Redemption Date, the average
of all such quotations, or


 


(iii)          if
the Issuer obtains only one such Reference Treasury Dealer Quotation for such Redemption Date, that Reference Treasury Dealer Quotation.


 


“Independent Investment Banker”
means, with respect to any Redemption Date for the Notes, an independent investment banking institution of national standing appointed
by the Issuer with respect to such Redemption Date.


 


“Par Call Date” means November 1,
2030.


 


“Reference Treasury Dealer”
means (1) J.P. Morgan Securities LLC, BofA Securities, Inc., Credit Agricole Securities (USA) Inc. and Wells Fargo Securities,
LLC, and (2) any one other Primary Treasury Dealer selected by the Issuer; provided, however, that if any Reference
Treasury Dealers referred to in clause (1) above ceases to be a primary U.S. Government securities dealer (a “Primary
Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer.


 


“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the
Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business
Day preceding the date of the applicable notice of redemption.


 


SECTION 6.          [Reserved].


 


SECTION 7.          Notice
of Redemption. Notice of redemption will be mailed by first class mail at least 15 days but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at its registered address. Notes in denominations larger than $2,000 may
be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state
the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the Redemption Date interest
ceases to accrue on Notes or portions thereof called for redemption.


 


SECTION 8.          Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption payments with respect to the Notes.


 


SECTION 9.          Additional
Notes. The Issuer may, from time to time, without the consent of the Holders of the Notes, create and issue additional notes
(the “Additional Notes”) ranking pari passu with the Initial Notes in all respects (or in all respects except
for the public offering price of the Additional Notes, the issue date thereof, the payment of interest accruing on the Additional
Notes prior to the issue date thereof or except for the first payment of interest on the Additional Notes following the issue date
thereof). The Additional Notes shall be treated as a single class with the Initial Notes and have the same terms as to status,
redemption or otherwise as the Initial Notes, provided that if such Additional Notes are not fungible with the Initial Notes for
U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP or ISIN number.


 






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SECTION 10.     Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer and the Registrar are
not required to transfer or exchange any Note selected for redemption. Also, the Issuer and the Registrar are not required to transfer
or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed.


 


SECTION 11.     Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.


 


SECTION 12.     Amendment,
Supplement and Waiver. Subject to certain exceptions set forth in the Indenture, the Indenture, the Notes and the Subsidiary
Guarantees may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal
amount of the Notes then outstanding, and any existing Default or compliance with any provision may be waived with the consent
of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any Holder,
the parties thereto may also amend or supplement the Indenture, the Notes and the Subsidiary Guarantees under the limited circumstances
provided in the Indenture.


 


SECTION 13.     Defaults
and Remedies. If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
then outstanding Notes generally may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in
the case of a Default arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the
Issuer, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce
the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal
amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default if it determines that withholding notice is in their interest. The Holders
of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders
of all of the Notes waive any existing Default and its consequences under the Indenture except a continuing Default in the payment
of interest on, or the principal of, or the premium on, the Notes.


 


SECTION 14.     Restrictive
Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Issuer and its Subsidiaries
to incur indebtedness or to consolidate, merge or sell all or substantially all of its assets, and require the Issuer and its Subsidiaries,
on a consolidated basis, to maintain a minimum ratio of Total Unencumbered Assets to Unsecured Indebtedness. The limitations are
subject to a number of important qualifications and exceptions. The Issuer must annually report to the Trustee on compliance with
such limitations and other provisions in the Indenture.


 


SECTION 15.     No
Recourse Against Others. No director, officer, employee, incorporator, stockholder, member or manager or controlling person
of the Issuer or any Subsidiary Guarantor shall have any liability for any obligations of the Issuer under the Notes or the Indenture,
or of any Subsidiary Guarantor under its Subsidiary Guarantee or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.


 






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SECTION 16.     Subsidiary
Guarantees. This Note will be entitled to the benefits of certain Subsidiary Guarantees made for the benefit of the Holders.
Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations
thereunder of the Subsidiary Guarantors, the Trustee and the Holders.


 


SECTION 17.     Trustee
Dealings with the Issuer. Subject to certain terms, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with the Issuer, their Subsidiaries or their respective Affiliates
as if it were not the Trustee.


 


SECTION 18.     Authentication.
This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.


 


SECTION 19.     Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).


 


SECTION 20.     CUSIP
and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN numbers in notices
of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.


 


SECTION 21.     Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York.


 


The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture.


 






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ASSIGNMENT FORM


 


I or we assign and transfer this Note to


 


 


(Print or type name, address and zip code of assignee
or transferee)


 


(Insert Social Security or other identifying number of
assignee or transferee)


 


and irrevocably appoint_________________ agent to transfer this
Note on the books of the Issuer. The agent may substitute another to act for him.


 


	Dated: 	 	Signed: 	 
	 	 	(Sign exactly as name appears on the other side of this Note)


 


	Signature Guarantee:	
        

	 	Participant in a recognized Signature Guarantee Medallion Program
        (or other signature guarantor program reasonably acceptable to the Trustee)


 






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SCHEDULE OF PRINCIPAL AMOUNTb


 


The initial
principal amount at maturity of this Global Note shall be $     .
The following decreases/increases in the principal amount at maturity of this Global Note have been made:


 


	Date of 

Decrease/Increase	 	 	Amount of 

decrease
 in Principal 

Amount
 of this Global Note	 	Amount of

 increase in
 Principal Amount

 of
 this Global Note	 	Principal Amount

 of
 this Global Note
 following such
 decrease (or

 increase)	 	Signature of
 authorized officer 

of
 Trustee or Note
 Custodian
	 	 	 	 	 	 	 	 	 	 






 





 



b            This
schedule should be included only if the Note is issued in global form.


 






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EXHIBIT B


 


FORM OF LEGENDS


 


Each Global Note authenticated and delivered
hereunder shall bear the following legend:


 


THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR
DEPOSITORY IN CUSTODY FOR THE BENEFICIAL OWNERS HEREOF.


 


THIS NOTE IS NOT TRANSFERABLE TO ANY PERSON
UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE OR THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.02 OF THE INDENTURE, (B) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.15(b) OF THE INDENTURE, (C) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(b) OF THE INDENTURE,
THIS GLOBAL NOTE MAY BE TRANSFERRED IN WHOLE, BUT NOT IN PART, ONLY (X) BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY,
(Y) BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR (Z) BY THE DEPOSITORY OR
ANY NOMINEE TO A SUCCESSOR DEPOSITORY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITORY, AND (D) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.


 


UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 






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EXHIBIT C


 


SUBSIDIARY GUARANTEE


 


For value received, each of the undersigned
(including any successor Person under the Indenture) hereby unconditionally guarantees, jointly and severally, to the extent set
forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any, and interest on
this Note in the amounts and at the times when due and interest on the overdue principal, premium, if any, and interest, if any,
of this Note when due, if lawful, and, to the extent permitted by law, the payment or performance of all other obligations of the
Issuer under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to the
terms and limitations of this Note, the Indenture, including Article Ten thereof, and this Subsidiary Guarantee. This Subsidiary
Guarantee will become effective in accordance with Article Ten of the Indenture and its terms shall be evidenced therein.
The validity and enforceability of any Subsidiary Guarantee shall not be affected by the fact that it is not affixed to any particular
Note.


 


Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Indenture dated as of October 9, 2020, among Omega Healthcare Investors, Inc.,
a Maryland corporation (the “Issuer”), the Subsidiary Guarantors named therein and U.S. Bank National Association,
as trustee (the “Trustee”), as amended or supplemented (the “Indenture”).


 


The obligations of the undersigned to the
Holders of Notes and to the Trustee pursuant to this Subsidiary Guarantee and the Indenture are expressly set forth in Article Ten
of the Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee and all of the
other provisions of the Indenture to which this Subsidiary Guarantee relates.


 


No director, officer, employee, incorporator,
stockholder, member or manager or controlling person of any Subsidiary Guarantor, as such, shall have any liability for any obligations
of such Subsidiary Guarantor under such Subsidiary Guarantor’s Subsidiary Guarantee or the Indenture or for any claim based
on, in respect of, or by reason of, such obligation or its creation.


 


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


 


This Subsidiary Guarantee is subject to release
upon the terms set forth in the Indenture.


 






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IN WITNESS WHEREOF, each Subsidiary Guarantor
has caused its Subsidiary Guarantee to be duly executed.


 


Date:


 


	 	[                        ]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 






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