Document:

Exhibit 4.6

 

ANNALY CAPITAL MANAGEMENT, INC.,

Issuer

 

to

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Trustee

 

 

 

INDENTURE

 

 

 

Dated as of ·
2013

 

Debt Securities

 

 

    	 

    

CROSS-REFERENCE TABLE*

 

	Trust Indenture Act Section	Indenture Section
	 	 	 
	310(a)(1)	 	607
	(a)(2)	 	607
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(a)(5)	 	607
	(b)	 	608
	(c)	 	N.A.
	311(a)	 	604
	(b)	 	604
	(c)	 	N.A.
	312(a)	 	701, 702
	(b)	 	702
	(c)	 	702
	313(a)	 	703
	(b)	 	1601
	(c)	 	703
	(d)	 	703
	314(a)	 	704, 1007
	(b)	 	N.A.
	(c)(1)	 	102
	(c)(2)	 	102
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	101
	(f)	 	N.A.
	315(a)	 	601
	(b)	 	602
	(c)	 	503
	(d)	 	601
	(e)	 	515
	316(a)(1)(A)	 	502, 512
	(a)(1)(B)	 	513
	(a)(2)	 	N.A.
	(b)	 	508
	(c)	 	N.A.
	317(a)(1)	 	503
	(a)(2)	 	504
	(b)	 	1003
	318(a)	 	108

 

 

 

N.A. means not applicable.

* This Cross-Reference Table is not part of the Indenture.

    	 

    	 

    

TABLE OF CONTENTS

 

	 	 	Page
	Article One
	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 
	Section 101.	Definitions.	1
	 	 	 
	Section 102.	Compliance Certificates and Opinions.	10
	 	 	 
	Section 103.	Form of Documents Delivered to Trustee.	10
	 	 	 
	Section 104.	Acts of Holders.	11
	 	 	 
	Section 105.	Notices, etc., to Trustee and Company.	12
	 	 	 
	Section 106.	Notice to Holders of Securities; Waiver.	13
	 	 	 
	Section 107.	Language of Notices.	14
	 	 	 
	Section 108.	Conflict with Trust Indenture Act.	14
	 	 	 
	Section 109.	Effect of Headings and Table of Contents.	14
	 	 	 
	Section 110.	Successors and Assigns.	14
	 	 	 
	Section 111.	Separability Clause.	14
	 	 	 
	Section 112.	Benefits of Indenture.	15
	 	 	 
	Section 113.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.	15
	 	 	 
	Section 114.	Legal Holidays.	16
	 	 	 
	Section 115.	Counterparts.	16
	 	 	 
	Section 116.	Judgment Currency.	16
	 	 	 
	Section 117.	Extension of Payment Dates.	17
	 	 	 
	Section 118.	Immunity of Shareholders, Directors, Officers and Agents of the Company.	17
	 	 	 
	Section 119.	Force Majeure.	17
	 	 	 
	Section 120.	U.S.A. Patriot Act.	18

    	i

    	 

    

	Article Two
	 
	SECURITIES FORMS
	 
	Section 201.	Forms Generally.	18
	 	 	 
	Section 202.	Form of Trustee’s Certificate of Authentication.	18
	 	 	 
	Section 203.	Securities in Global Form.	19
	 	 	 
	Article Three
	 
	THE SECURITIES
	 
	Section 301.	Amount Unlimited; Issuable in Series.	20
	 	 	 
	Section 302.	Currency; Denominations.	24
	 	 	 
	Section 303.	Execution, Authentication, Delivery and Dating.	24
	 	 	 
	Section 304.	Temporary Securities.	26
	 	 	 
	Section 305.	Registration, Transfer and Exchange.	27
	 	 	 
	Section 306.	Mutilated, Destroyed, Lost and Stolen Securities.	31
	 	 	 
	Section 307.	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved.	32
	 	 	 
	Section 308.	Persons Deemed Owners.	33
	 	 	 
	Section 309.	Cancellation.	34
	 	 	 
	Section 310.	Computation of Interest.	34
	 	 	 
	Section 311.	CUSIP Numbers.	34
	 	 	 
	Article Four
	 
	SATISFACTION AND DISCHARGE OF INDENTURE
	 
	Section 401.	Satisfaction and Discharge.	35
	 	 	 
	Section 402.	Defeasance and Covenant Defeasance.	37
	 	 	 
	Section 403.	Application of Trust Money.	41
	 	 	 
	Section 404.	Reinstatement.	41

    	ii

    	 

    

	Article Five
	 
	REMEDIES
	 
	Section 501.	Events of Default.	42
	 	 	 
	Section 502.	Acceleration of Maturity; Rescission and Annulment.	44
	 	 	 
	Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee.	45
	 	 	 
	Section 504.	Trustee May File Proofs of Claim.	46
	 	 	 
	Section 505.	Trustee May Enforce Claims without Possession of Securities or Coupons.	47
	 	 	 
	Section 506.	Application of Money Collected.	47
	 	 	 
	Section 507.	Limitations on Suits.	48
	 	 	 
	Section 508.	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts.	48
	 	 	 
	Section 509.	Restoration of Rights and Remedies.	49
	 	 	 
	Section 510.	Rights and Remedies Cumulative.	49
	 	 	 
	Section 511.	Delay or Omission Not Waiver.	49
	 	 	 
	Section 512.	Control by Holders of Securities.	49
	 	 	 
	Section 513.	Waiver of Past Defaults.	50
	 	 	 
	Section 514.	Waiver of Usury, Stay or Extension Laws.	50
	 	 	 
	Section 515.	Undertaking for Costs.	50
	 	 	 
	Article Six
	 
	THE TRUSTEE
	 
	Section 601.	Certain Rights of Trustee.	51
	 	 	 
	Section 602.	Notice of Defaults.	53
	 	 	 
	Section 603.	Not Responsible for Recitals or Issuance of Securities.	53
	 	 	 
	Section 604.	May Hold Securities.	53
	 	 	 
	Section 605.	Money Held in Trust.	54

    	iii

    	 

    
	Section 606.	Compensation and Reimbursement.	54
	 	 	 
	Section 607.	Corporate Trustee Required; Eligibility.	55
	 	 	 
	Section 608.	Resignation and Removal; Appointment of Successor.	55
	 	 	 
	Section 609.	Acceptance of Appointment by Successor.	57
	 	 	 
	Section 610.	Merger, Conversion, Consolidation or Succession to Business.	58
	 	 	 
	Section 611.	Appointment of Authenticating Agent.	58
	 	 	 
	Article Seven
	 
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 
	Section 701.	Company to Furnish Trustee Names and Addresses of Holders.	60
	 	 	 
	Section 702.	Preservation of Information; Communications to Holders.	60
	 	 	 
	Section 703.	Reports by Trustee.	61
	 	 	 
	Section 704.	Reports by Company.	61
	 	 	 
	Article Eight
	 
	CONSOLIDATION, MERGER AND SALES
	 
	Section 801.	Company May Consolidate, Etc., Only on Certain Terms.	62
	 	 	 
	Section 802.	Successor Person Substituted for Company.	62
	 	 	 
	Article Nine
	 
	SUPPLEMENTAL INDENTURES
	 
	Section 901.	Supplemental Indentures without Consent of Holders.	63
	 	 	 
	Section 902.	Supplemental Indentures with Consent of Holders.	65
	 	 	 
	Section 903.	Execution of Supplemental Indentures.	66
	 	 	 
	Section 904.	Effect of Supplemental Indentures.	66
	 	 	 
	Section 905.	Reference in Securities to Supplemental Indentures.	66
	 	 	 
	Section 906.	Conformity with Trust Indenture Act.	67

    	iv

    	 

    

	Article Ten
	 
	COVENANTS
	 
	Section 1001.	Payment of Principal, Premium, Interest and Additional Amounts.	67
	 	 	 
	Section 1002.	Maintenance of Office or Agency.	67
	 	 	 
	Section 1003.	Money for Securities Payments to Be Held in Trust.	68
	 	 	 
	Section 1004.	Additional Amounts.	70
	 	 	 
	Section 1005.	Legal Existence.	70
	 	 	 
	Section 1006.	Waiver of Certain Covenants.	70
	 	 	 
	Section 1007.	Company Statement as to Compliance.	70
	 	 	 
	Section 1008.	Calculation of Original Issue Discount.	71
	 	 	 
	Article Eleven
	 
	REDEMPTION OF SECURITIES
	 
	Section 1101.	Applicability of Article.	71
	 	 	 
	Section 1102.	Election to Redeem; Notice to Trustee.	71
	 	 	 
	Section 1103.	Selection by Trustee of Securities to be Redeemed.	71
	 	 	 
	Section 1104.	Notice of Redemption.	72
	 	 	 
	Section 1105.	Deposit of Redemption Price.	74
	 	 	 
	Section 1106.	Securities Payable on Redemption Date.	74
	 	 	 
	Section 1107.	Securities Redeemed in Part.	75
	 	 	 
	Article Twelve
	 
	SINKING FUNDS
	 
	Section 1201.	Applicability of Article.	76
	 	 	 
	Section 1202.	Satisfaction of Sinking Fund Payments with Securities.	76
	 	 	 
	Section 1203.	Redemption of Securities for Sinking Fund.	76

    	v

    	 

    

	Article Thirteen
	 
	REPAYMENT AT THE OPTION OF HOLDERS
	 
	Section 1301.	Applicability of Article.	77
	 	 	 
	Article Fourteen
	 
	SECURITIES IN FOREIGN CURRENCIES
	 
	Section 1401.	Applicability of Article.	77
	 	 	 
	Article Fifteen
	 
	MEETINGS OF HOLDERS OF SECURITIES
	 
	Section 1501.	Purposes for Which Meetings May Be Called.	78
	 	 	 
	Section 1502.	Call, Notice and Place of Meetings.	78
	 	 	 
	Section 1503.	Persons Entitled to Vote at Meetings.	79
	 	 	 
	Section 1504.	Quorum; Action.	79
	 	 	 
	Section 1505.	Determination of Voting Rights; Conduct and Adjournment of Meetings.	80
	 	 	 
	Section 1506.	Counting Votes and Recording Action of Meetings.	80
	 	 	 
	Article Sixteen
	 
	SECURITY
	 
	Section 1601.	Security.	81

    	vi

    	 

    

INDENTURE, dated as of ·,
2013 the (“Indenture”), between Annaly Capital Management, Inc., a Maryland corporation (hereinafter called the “Company”),
having its principal executive office located at 1211 Avenue of the Americas, Suite 2902, New York, New York 10036, and Wells Fargo
Bank, National Association, a national banking association duly organized and existing under the laws of the United States of America
(hereinafter called the “Trustee”).

 

RECITALS

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of senior unsecured and secured debentures,
notes or other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount, to
bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions
as shall be fixed as hereinafter provided.

 

The Company has duly authorized the execution
and delivery of this Indenture.  All things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done.

 

This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

    	1

    	 

    

Article
One

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

		Section 101.	Definitions.

 

Except as otherwise expressly provided in
or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture:

 

(1) the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the
singular;

 

(2) all
other terms used herein which are defined in the Trust Indenture Act either directly or by reference therein, have the
meanings assigned to them therein;

 

(3) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

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

 

(5) the
word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or
both”, not “either A or B but not both”);

 

(6) provisions
apply to successive events and transactions;

 

(7) the
term “merger” includes a statutory share exchange and the terms “merge” and “merged” have
correlative meanings;

 

(8) the
masculine gender includes the feminine and the neuter; and

 

(9) references
to agreements and other instruments include subsequent amendments and supplements thereto.

 

Certain terms used principally in certain
Articles hereof are defined in those Articles.

 

Except as otherwise expressly provided in
or pursuant to this Indenture or the context otherwise requires, for all purposes of this Indenture, references to the conversion
or exchange of any Securities for or into other securities (other than Securities of the same series) or property shall not include
the exchange of Securities of any series for other Securities of the same series.

 

“Act”, when used with respect
to any Holders, has the meaning specified in Section 104.

 

“Additional Amounts” means any
additional amounts which are required by this Indenture or by any Security, or by the terms of any Security established pursuant
to Section 301, under circumstances specified herein or therein, to be paid by the Company in respect of certain

    	1

    	 

    

taxes,
duties, levies, imposts, assessments or other governmental charges imposed on Holders specified herein or therein.

 

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

 

“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 611 to act on behalf of the Trustee to authenticate Securities of one
or more series.

 

“Authorized Newspaper” means
a newspaper, in an official language of the place of publication or in the English language, customarily published on each day
that is a Business Day in the place of publication, whether or not published on days that are not Business Days in the place of
publication, and of general circulation in each place in connection with which the term is used or in the financial community of
each such place.  Where successive publications are required to be made in Authorized Newspapers, the successive publications
may be made in the same or in different newspapers in the same place meeting the foregoing requirements and in each case on any
day that is a Business Day in the place of publication.

 

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

 

“Bearer Security” means any
Security in the form established pursuant to Section 201 which is payable to bearer.

 

“Board of Directors” means the
board of directors of the Company or any committee of that board duly authorized to act generally or in any particular respect
for the Company hereunder.  The term “board of directors” means the board of directors of the Company and does
not include committees of the board of directors.

 

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

 

“Business Day” means, unless
otherwise specified with respect to the Securities of any series pursuant to Section 301, any day other than a Saturday, Sunday
or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive
order to close; provided that such term shall mean, when used with respect to any payment of principal of, or premium or interest,
if any, on, or Additional Amounts with respect to, the Securities of any series to be made at any Place of Payment for such Securities,
unless otherwise specified pursuant to Section 301 with respect to such Securities, any day other than a Saturday, Sunday or other
day on which banking institutions in such Place of Payment are authorized or obligated by law, regulation or executive order to
close.

    	2

    	 

    

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

 

“Common Shares” means the common
shares of the Company as such common shares exist on the date of this Indenture or shares of any class or classes resulting from
any reclassification or reclassifications thereof and which have no preference in respect of dividends or similar distributions
or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which
are not subject to redemption by the Company; provided that, solely in the case of any Securities that are convertible into Common
Shares, unless otherwise provided pursuant to Section 301 with respect to the Securities of such series, if at any time there shall
be more than one such resulting class, the shares of each such class then so issuable on conversion of such Securities shall be
substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears
to the total number of shares of all such classes resulting from all such reclassifications.

 

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

 

“Company Request” and “Company
Order” mean, respectively, a written request or order, as the case may be, signed in the name of the Company by the Chairman,
the Chief Executive Officer, the President, the Chief Financial Officer or a Vice President and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

 

“Conversion Event” means (i) with
respect to any Foreign Currency other than the Euro, the cessation of use of such Foreign Currency both by the government of the
country or the confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other
public institutions of or within the international banking community or (ii) in the case of the Euro, the cessation of use
of the Euro both within the European Monetary System and for the settlement of transactions by public institutions of or within
the European Union.

 

“Corporate Trust Office” means
the designated corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered,
which office at the date of this Indenture is located at 150 East 42nd Street, 40th Floor, New York, New
York 10017, Attention: Corporate Trust Services, Administrator - Annaly Capital Management, Inc.

 

The term “Corporation” includes
corporations, partnerships, associations, limited liability companies and other companies, and business trusts.  The term
“corporation” means a corporation and does not include partnerships, associations, limited liability companies or other
companies or business trusts.

    	3

    	 

    

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

 

“Currency”, with respect to
any payment, deposit or other transfer in respect of the principal of or any premium or interest on or any Additional Amounts with
respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer
is required to be made by or pursuant to the terms hereof or such Security and, with respect to any other payment, deposit or transfer
pursuant to or contemplated by the terms hereof or such Security, means Dollars.

 

“CUSIP number” means the alphanumeric
designation assigned to a Security by Standard & Poor’s, CUSIP Service Bureau.

 

“Defaulted Interest” has the
meaning specified in Section 307.

 

“Depository” means, with respect
to any Security issuable or issued in the form of one or more global Securities, the Person designated as depository by the Company
in or pursuant to this Indenture, and, unless otherwise provided with respect to any Security, any successor to such Person. 
If at any time there is more than one such Person, “Depository” shall mean, with respect to any Securities, the depository
which has been appointed with respect to such Securities.

 

“Dollars” or “$”
means a dollar or other equivalent unit of legal tender for payment of public or private debts in the United States of America.

 

“Euro” means the currency introduced
at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing European Community,
as amended by the Treaty on European Union.

 

“European Monetary System” means
the European Monetary System established by the Resolution of December 5, 1978 of the Council of the European Community.

 

“European Union” means the participating
member states that adopt a single currency in accordance with the Treaty establishing the European Community, as amended by the
Treaty on European Union.

 

“Event of Default” has the meaning
specified in Section 501.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor thereto, in each case as amended from time to time.

 

“Foreign Currency” means any
currency, currency unit or composite currency, including, without limitation, the Euro, issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such government.

 

“GAAP” and “generally
accepted accounting principles” mean, unless otherwise specified with respect to any series of Securities pursuant to Section
301, such accounting principles as are generally accepted in the United States of America as of the date or time of any computation
required hereunder.

    	4

    	 

    

“Government Obligations” means
securities which are (i) direct obligations of the United States of America or the other government or governments in the
confederation which issued the Foreign Currency in which the principal of or any premium or interest on the relevant Security or
any Additional Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder are supported
by the full faith and credit of such government or governments or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case
where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United
States of America or such other government or governments, and which, in the case of (i) or (ii), are not callable or redeemable
at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment of interest on or principal of or other amount with
respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment
of interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository receipt.

 

“Holder”, in the case of any
Registered Security, means the Person in whose name such Security is registered in the Security Register and, in the case of any
Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof.

 

“Indenture” means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such
Security and any Coupon appertaining thereto established pursuant to Section 301 (as such terms and provisions may be amended pursuant
to the applicable provisions hereof), provided, however, that, if at any time more than one Person is acting as Trustee under this
instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee,
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall include the terms of those particular series of Securities
for which such Person is Trustee established pursuant to Section 301, exclusive, however, of any provisions or terms which relate
solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted.

 

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

 

“Interest”, with respect to
any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

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

    	5

    	 

    

“Judgment Currency” has the
meaning specified in Section 116.

 

“Maturity”, with respect to
any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as
provided in or pursuant to this Indenture or such Security, whether at the Stated Maturity or by declaration of acceleration, upon
redemption at the option of the Company, upon repurchase or repayment at the option of the Holder or otherwise, and includes a
Redemption Date for such Security and a date fixed for the repurchase or repayment of such Security at the option of the Holder.

 

“New York Banking Day” has the
meaning specified in Section 116.

 

“Non-recourse Debt” means any
indebtedness the terms of which provide that the claim for repayment of such indebtedness by the holder thereof is limited solely
to a claim against the property or assets (including, without limitation, securities or interests in securities) that secure such
indebtedness; provided, however, that any obligations or liabilities of the debtor or obligor or any other person solely for indemnities,
covenants or breaches of warranties, representations or covenants or similar matters in respect of any indebtedness will not prevent
such indebtedness from constituting Non-recourse Debt.

 

“Office” or “Agency”,
with respect to any Securities, means an office or agency of the Company maintained or designated in a Place of Payment for such
Securities pursuant to Section 1002 or any other office or agency of the Company maintained or designated for such Securities pursuant
to Section 1002 or, to the extent designated or required by Section 1002 in lieu of such office or agency, the Corporate Trust
Office of the Trustee.

 

“Officers’ Certificate”
means a certificate signed by the Chairman, the Chief Executive Officer, the President, the Chief Financial Officer or a Vice President
and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, that complies with the requirements
of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee.

 

“Opinion of Counsel” means a
written opinion of counsel, who may be an employee of or counsel for the Company or other counsel who shall be reasonably acceptable
to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the
Trust Indenture Act.

 

“Original Issue Discount Security”
means a Security issued pursuant to this Indenture which provides for an amount less than the principal face amount thereof to
be due and payable upon declaration of acceleration pursuant to Section 502.

 

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

 

		(a)	any such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security
Registrar for cancellation;

    	6

    	 

    

		(b)	any such Security for whose payment at the Maturity thereof money in the necessary amount (or, to the extent that such Security
is payable at such Maturity in Common Shares or other securities or property, Common Shares or such other securities or property
in the necessary amount, together with, if applicable, cash in lieu of fractional shares or securities) has been theretofore deposited
pursuant hereto (other than pursuant to Section 402) with the Trustee or any Paying Agent (other than the Company) in trust or
set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities
and any Coupons appertaining thereto, provided that, if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

		(c)	any such Security with respect to which the Company has effected defeasance or covenant defeasance pursuant to Section 402,
except to the extent provided in Section 402;

 

		(d)	any such Security which has been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have
been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory
to it that such Security is held by a bona fide purchaser in whose hands such Security is a valid obligation of the Company; and

 

		(e)	any such Security converted or exchanged as contemplated by this Indenture into Common Shares or other securities or property,
if the terms of such Security provide for such conversion or exchange pursuant to Section 301;

 

provided, however, that in determining whether the Holders
of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the principal amount of
an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding
for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount
Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant
to Section 502 at the time of such determination, and (ii) the principal amount of any Indexed Security that may be counted
in making such determination and that shall be deemed Outstanding for such purpose shall be equal to the principal face amount
of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture, and (iii) the principal
amount of a Security denominated in a Foreign Currency that may be counted in making such determination and that shall be deemed
Outstanding for such purposes shall be the Dollar equivalent, determined on the date of original issuance of such Security, of
the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance
of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities owned by the
Company

    	7

    	 

    

or any other obligor upon the Securities, or any Affiliate of
the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded.  Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities and
(B) that the pledgee is not the Company or any other obligor upon the Securities or any Coupons appertaining thereto or an
Affiliate (other than a Trust) of the Company or such other obligor.

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of, or any premium or interest on, or any Additional Amounts with respect to, any
Security or any Coupon on behalf of the Company.

 

“Person” and “person”
mean any individual, Corporation, joint venture, joint-stock company, trust, unincorporated organization or government or any agency
or political subdivision thereof.

 

“Place of Payment”, with respect
to any Security, means the place or places where the principal of, or any premium or interest on, or any Additional Amounts with
respect to such Security are payable as provided in or pursuant to this Indenture or such Security.

 

“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same indebtedness as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange
for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a mutilated, destroyed, lost or stolen
Coupon appertains shall be deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security or the
Security to which a mutilated, destroyed, lost or stolen Coupon appertains.

 

“Redemption Date”, with respect
to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture or
such Security.

 

“Redemption Price”, with respect
to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to
this Indenture or such Security.

 

“Registered Security” means
any Security established pursuant to Section 201 which is registered in the Security Register.

 

“Regular Record Date” for the
interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant
to this Indenture or such Security as the record date for the payment of such interest.

 

“Required Currency” has the
meaning specified in Section 116.

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“Responsible Officer” shall
mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president, trust officer or assistant trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

 

“Securities Act” means the Securities
Act of 1933, as amended, or any successor thereto, in each case as amended from time to time.

 

“Security” or “Securities”
means any note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, authenticated
and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under
this Indenture, “Securities”, with respect to any such Person, shall mean Securities authenticated and delivered under
this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 305.

 

“Significant Subsidiary” means,
as of any date of determination, a Subsidiary of the Company that would constitute a “significant subsidiary,” as such
term is defined under Rule 1-02(w) of Regulation S-X of the Commission as in effect on the date of this Indenture.

 

“Special Record Date” for the
payment of any Defaulted Interest on any Registered Security means a date fixed by the Trustee pursuant to Section 307.

 

“Stated Maturity”, with respect
to any Security or any installment of principal thereof or interest thereon or any Additional Amounts with respect thereto, means
the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security
or such installment of principal or interest is, or such Additional Amounts are, due and payable.

 

“Subsidiary” means, with respect
to any Person, (i) any corporation, association or other business entity of which more than 50% of the total voting power
of shares of capital stock or other equity interests entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of such Person (or a combination thereof) and (ii) any partnership (a) the sole
general partner or managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general
partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof).

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof
shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to
time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision, as
the case may be.

    	9

    	 

    

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

 

“United States”, means the United
States of America (including the states thereof and the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction; and the term “United States of America” means the United States of America.

 

“United States Alien”, except
as otherwise provided in or pursuant to this Indenture or any Security, means any Person who, for United States Federal income
tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or
trust, or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign
corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.

 

“Vice President”, when used
with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title “Vice President”.

 

		Section 102.	Compliance
                                                                                                                                                          Certificates
                                                                                                                                                          and
                                                                                                                                                          Opinions.

 

Except as otherwise expressly provided in
or pursuant to this Indenture, upon any application or request by the Company to the Trustee to take any action under or in connection
with any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing of such documents or any of them is specifically
required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion
need be furnished.

 

		Section 103.	Form of Documents Delivered to Trustee.

 

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

 

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

    	10

    	 

    

officers
of the Company, a governmental official or officers or any other Person or Persons stating that the information with respect to
such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate, opinion or representations with respect to such matters are erroneous.

 

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

 

		Section 104.	Acts of Holders.

 

(1)
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this
Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in writing.  If, but only if, Securities of a series
are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided
in or pursuant to this Indenture to be made, given or taken by Holders of Securities of such series may, alternatively, be embodied
in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies
duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the
provisions of Article Fifteen, or a combination of such instruments and any such record.  Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee
and, where it is hereby expressly required, to the Company.  Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments or so voting at any such meeting.  Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture
and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company and any agent
of the Trustee or the Company, if made in the manner provided in this Section 104.  The record of any meeting of Holders
of Securities shall be proved in the manner provided in Section 1506.

 

Without limiting the generality of this
Section 104, unless otherwise provided in or pursuant to this Indenture, a Holder, including a Depository that is a Holder of a
global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture or the Securities to be made, given or
taken by Holders, and a Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners
of interests in any such global Security through such Depository’s standing instructions and customary practices.

 

(2) The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which
the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee
may in any instance require further proof with respect to any of the matters referred to in this Section 104.

    	11

    	 

    

(3)
The ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement
and the date of the termination of holding the same, shall be proved by the Security Register.

 

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

 

(5)
If the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution fix in advance a record
date for the determination of Holders of Registered Securities entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but only the Holders of Registered Securities of record
at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such
record date; provided that no such authorization, agreement or consent by the Holders of Registered Securities shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record
date.

 

(6)
Any request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security.

 

		Section 105.	Notices,
                                                                                                                                                                            etc.,
                                                                                                                                                                            to
                                                                                                                                                                            Trustee
                                                                                                                                                                            and
                                                                                                                                                                            Company.

    	12

    	 

    

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

 

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

 

(2) the
Company by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Chief Financial Officer
at the address of the Company’s principal office specified in the first paragraph of this instrument or at any other address
previously furnished in writing to the Trustee by the Company.

 

		Section 106.	Notice to Holders of Securities; Waiver.

 

Except as otherwise expressly provided in
or pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event,

 

(1) such
notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to
each Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice; and

 

(2) such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper in The City
of New York and, if such Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper
in such city as the Company shall advise the Trustee that such stock exchange so requires, on a Business Day at least twice, the
first such publication to be not earlier than the earliest date and the second such publication not later than the latest date
prescribed for the giving of such notice.

 

In any case where notice to Holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities
or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice which is mailed in the manner
herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

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

    	13

    	 

    

shall
affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above.

 

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

 

Anything herein to the contrary notwithstanding,
unless otherwise expressly stated in this Indenture or pursuant to Section 301 with respect to the Securities of any series, if
a Depository or its nominee is the Holder of any Security, then any notice given to such Depository or its nominee, as the case
may be, in respect of such Security may be given by the Company or the Trustee electronically in accordance with the procedures
of such Depository as in effect from time to time in lieu of giving notice to such Depository or such nominee, as the case may
be, by mail and all references in this Indenture to the mailing of any such notice shall be deemed to mean, solely as concerns
the notice given by the Company or the Trustee to such Depository or its nominee, as the case may be, the electronic transmission
of such notice as aforesaid, mutatis mutandis.

 

		Section 107.	Language of Notices.

 

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

 

		Section 108.	Conflict with Trust Indenture Act.

 

If any provision hereof limits, qualifies
or conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof,
such required provision shall control.

 

		Section 109.	Effect of Headings and Table of Contents.

 

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

 

		Section 110.	Successors and Assigns.

 

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

 

		Section 111.	Separability Clause.

 

In case any provision in this Indenture,
any Security or any Coupon shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not, to the fullest extent permitted by law, in any way be affected or impaired thereby.

    	14

    	 

    

		Section 112.	Benefits of Indenture.

 

Nothing in this Indenture, any Security or
any Coupon, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent
and their successors hereunder and the Holders of Securities or Coupons, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

 

		Section 113.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction
and Service.

 

This Indenture, the Securities and any Coupons
shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said State, without regard to conflicts of laws or principles thereof.

 

EACH OF THE COMPANY
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES, THE COUPONS OR THE TRANSACTION CONTEMPLATED
HEREBY.

 

To the fullest extent permitted by applicable
law, the Company hereby irrevocably submits to the jurisdiction of any federal or state court located in the Borough of Manhattan
in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating to this Indenture or
any Securities and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court.
The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue
of any such suit, action or proceeding brought in an inconvenient forum. The Company agrees that final judgment in any such suit,
action or proceeding brought in such a court shall be conclusive and binding upon the Company, and may be enforced in any courts
to the jurisdiction of which the Company is subject by a suit upon such judgment, provided, that service of process is effected
upon the Company in the manner specified herein or as otherwise permitted by law. The Company hereby irrevocably designates and
appoints [______________] (the “Process Agent”) as its authorized agent for purposes of this section, it being understood
that the designation and appointment of the Process Agent as such authorized agent shall become effective immediately without any
further action on the part of the Company. The Company further agrees that service of process upon the Process Agent and written
notice of said service to the Company, mailed by prepaid registered first class mail or delivered to the Process Agent at its principal
office, shall be deemed in every respect effective service of process upon the Company, in any such suit or proceeding. The Company
further agrees to take any and all action, including the execution and filing of any and all such documents and instruments as
may be necessary, to continue such designation and appointment of the Process Agent in full force and effect so long as the Company,
has any outstanding obligations under this Indenture. To the extent the Company has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment
in aid of execution, executor or otherwise) with respect to itself or its property, the

    	15

    	 

    

Company
hereby irrevocably waives such immunity in respect of its obligations under this Indenture to the extent permitted by law.

 

		Section 114.	Legal Holidays.

 

Unless otherwise specified in or pursuant
to this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of, or any other
day on which a payment is due with respect to, any Security shall be a day which is not a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture, any Security or any Coupon other than a provision in any Security
or Coupon or in the Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms of any Security
that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such
date, but such payment may be made on the next succeeding day that is a Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date, at the Stated Maturity or Maturity or on any such other payment date, as the
case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such
Interest Payment Date, Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day.

 

		Section 115.	Counterparts.

 

This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. The exchange
of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery
of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

		Section 116.	Judgment Currency.

 

The Company agrees, to the fullest extent
that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment against it in any court,
it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, or Additional Amounts on
the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding that
on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency
(i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance
with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result
in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency
the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be
payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of
the foregoing, “New

    	16

    	 

    

York
Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking
institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed. The provisions
of this Section 116 shall not be applicable with respect to any payment due on a Security which is payable in Dollars.

 

		Section 117.	Extension of Payment Dates.

 

In the event that (i) the terms of any Security
or Coupon appertaining thereto established in or pursuant to this Indenture permit the Company or any Holder thereof to extend
the date on which any payment of principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if any, with
respect to such Security or Coupon is due and payable and (ii) the due date for any such payment shall have been so extended, then
all references herein to the Stated Maturity of such payment (and all references of like import) shall be deemed to refer to the
date as so extended.

 

		Section 118.	Immunity of Shareholders, Directors, Officers and Agents
of the Company.

 

No recourse under or upon any obligation,
covenant or agreement contained in this Indenture or in any Security, or because of any indebtedness evidenced thereby, or for
any claim based thereon or otherwise in respect thereof, shall be had against any past, present or future shareholder, incorporator,
employee, officer or director, as such, of the Company or any predecessor or successor to the Company, either directly or through
the Company or any such predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released
by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities; it being expressly
understood that, without limitation to the foregoing, this Indenture and the Securities and the obligations created hereunder and
thereunder are solely corporate, limited liability company, partnership, limited partnership or similar obligations, as the case
may be, of the Company and that no such personal liability whatever shall attach to, or is or shall be incurred by, any past, present
or future shareholder, incorporator, employee, officer or director, as such, of the Company or any of its predecessors or successors,
or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants
or agreements contained in this Indenture or in any Security or implied herefrom or therefrom and that any and all such personal
liability of every type and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights
and claims against, every such past, present or future shareholder, incorporator, employee, officer or director, as such, because
of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained
in this Indenture or in any Security or implied herefrom or therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of the Securities. As used in this Section 118,
all references to “shareholders” shall be deemed to mean, with respect to any Person, any past, present or future holder
or owner of an equity interest in such Person, including, without limitation, owners or holders of capital stock, limited or general
partnership interests and limited liability company interests.

 

		Section 119.	Force Majeure.

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In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

		Section 120.	U.S.A. Patriot Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding
of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot
Act.

 

Article
Two

SECURITIES FORMS

 

		Section 201.	Forms Generally.

 

Each Registered Security, Bearer Security,
Coupon and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or pursuant
to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto,
shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant
to this Indenture or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be determined by any officer of the Company executing
such Security or Coupon as evidenced by the execution of such Security or Coupon.

 

Unless otherwise provided in or pursuant
to this Indenture or any Securities, the Securities shall be issuable in registered form without Coupons.

 

Definitive Securities and definitive Coupons
shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel
engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities
or Coupons, as evidenced by their execution of such Securities or Coupons.

 

		Section 202.	Form of Trustee’s Certificate of Authentication.

 

Subject to Section 611, the Trustee’s
certificate of authentication shall be in substantially the following form:

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

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

		Section 203.	Securities in Global Form.

 

Unless otherwise provided in or
pursuant to this Indenture or any Securities, the Securities shall not be issuable in global form. If Securities of a series
shall be issuable in temporary or permanent global form, any such Security may provide that it or any number of such
Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is
permitted by the terms thereof) from time to time endorsed thereon or reflected on the books and records of the Trustee and
may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased
or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount, or any increase or
decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in
such manner and by such Person or Persons as shall be specified therein or pursuant to Section 301 with respect to such
Security or in the Company Order to be delivered pursuant to Section 303 or Section 304 with respect thereto. Subject to the
provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in global
form in the manner and upon instructions given by the Person or Persons specified therein or pursuant to Section 301 with
respect to such Security or in the applicable Company Order. If a Company Order pursuant to Section 303 or Section 304 has
been, or simultaneously is, delivered, any instructions by the Company with respect to a Security in global form shall be in
writing but need not be accompanied by or contained in an Officers’ Certificate and need not be accompanied by an
Opinion of Counsel. Notwithstanding the foregoing provisions of this paragraph, in the event a global Security is
exchangeable for definitive Securities as provided in Section 305, then, unless otherwise provided in or pursuant to this
Indenture with respect to the Securities of such series, the Trustee shall deliver and redeliver such global Security to the
extent necessary to effect such exchanges, shall endorse such global Security to reflect any decrease in the principal amount
thereto resulting from such exchanges and shall take such other actions, all as contemplated by Section 305.

 

Notwithstanding the provisions of Section
307, unless otherwise specified in or pursuant to this Indenture or any Securities, payment of principal of, any premium and interest
on, and any Additional Amounts in respect of, any Security in temporary or permanent global form shall be made to the Person or
Persons specified therein.

 

Notwithstanding the provisions of Section
308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a global Security

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(i) in
the case of a global Security in registered form, the Holder of such global Security in registered form, or (ii) in the case of
a global Security in bearer form, the Person or Persons specified pursuant to Section 301.

 

Article
Three

THE SECURITIES

 

		Section 301.	Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series.

 

With respect to any Securities to be authenticated
and delivered hereunder, there shall be established in or pursuant to one or more Board Resolutions and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of any Securities of a series,

 

(1) the
title of the Securities of such series;

 

(2) any
limit upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of such series pursuant to Section 304, Section 305, Section 306, Section 905 or Section 1107, upon repayment
in part of any Security of such series pursuant to Article Thirteen or upon surrender in part of any Security for conversion or
exchange into Common Shares or other securities or property pursuant to its terms), and if such series may not be reopened from
time to time for the issuance of additional Securities of such series;

 

(3) if
such Securities are to be issuable as Registered Securities, as Bearer Securities or alternatively as Bearer Securities and Registered
Securities, and whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable
to the offer, sale or delivery of the Bearer Securities and the terms, if any, upon which Bearer Securities may be exchanged for
Registered Securities and vice versa;

 

(4) if
any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and (i)
whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests
in any such global Security may exchange such interests for Securities of the same series and of like tenor and of any authorized
form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in
Section 305, (iii) the name of the Depository with respect to any such global Security and (iv) if applicable and in addition to
the Persons specified in Section 305, the Person or Persons who shall be entitled to make any endorsements on any such global Security
and to give the instructions and take the other actions with respect to such global Security contemplated by the first paragraph
of Section 203;

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(5) if
any of such Securities are to be issuable as Bearer Securities, the date as of which any such Bearer Security shall be dated (if
other than the date of original issuance of the first of such Securities to be issued);

 

(6) if
any of such Securities are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary Bearer
Security in global form payable in respect of an Interest Payment Date therefor prior to the exchange, if any, of such temporary
Bearer Security for definitive Securities shall be paid to any clearing organization with respect to the portion of such temporary
Bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon
which any such interest payment received by a clearing organization will be credited to the Persons entitled to interest payable
on such Interest Payment Date;

 

(7) the
date or dates, or the method or methods, if any, by which such date or dates shall be determined, on which the principal and premium,
if any, of such Securities is payable;

 

(8) the
rate or rates at which such Securities shall bear interest, if any, or the method or methods, if any, by which such rate or rates
are to be determined, the date or dates, if any, from which such interest shall begin to accrue or the method or methods, if any,
by which such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable and
the Regular Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, the notice, if
any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the
basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

(9) if
in addition to or other than the place where the Corporate Trust Office of the Trustee may from time to time be located, the place
or places where the principal of, premium, if any, and interest, if any, on, and Additional Amounts, if any, with respect to, such
Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration of transfer
or exchange, any of such Securities may be surrendered for conversion or exchange and notices or demands to or upon the Company
in respect of such Securities and this Indenture may be served;

 

(10) whether
any of such Securities are to be redeemable at the option of the Company and, if so, the date or dates on which, the period or
periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed,
in whole or in part, at the option of the Company;

 

(11) if
the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or analogous provision or at
the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices
at which and the other terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant
to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased;

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(12) the
denominations in which any of such Securities that are Registered Securities shall be issuable if other than denominations of $1,000
and any integral multiples thereof, and the denominations in which any of such Securities that are Bearer Securities shall be issuable
if other than the denomination of $5,000;

 

(13) whether
the Securities of the series will be convertible into and/or exchangeable for Common Shares or other securities or property, and
if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications
or additions to this Indenture to permit or to facilitate the issuance of such convertible or exchangeable Securities or the administration
thereof;

 

(14) if
other than the principal amount thereof, the portion of the principal amount of any of such Securities that shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion is to be determined;

 

(15) if
other than Dollars, the Foreign Currency in which payment of the principal of, any premium or interest on or any Additional Amounts
with respect to any of such Securities shall be payable;

 

(16) if
the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities are to be
payable, at the election of the Company or a Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that
in which such Securities are stated to be payable, the date or dates on which, the period or periods within which, and the
other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate
between the Currency in which such Securities are stated to be payable and the Currency in which such Securities or any of
them are to be paid pursuant to such election, and any deletions from or modifications of or additions to the terms of this
Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company
or a Holder thereof or otherwise, in a Foreign Currency;

 

(17) if
the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to such Securities may
be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be
based, without limitation, on one or more Currencies, commodities, equity indices or other indices), and, if so, the terms and
conditions upon which and the method by which such amounts shall be determined and paid or payable;

 

(18) any
deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to such Securities
(whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein), and,
if any additional covenants not contained in this Indenture as of its date shall be applicable with respect to such Securities,
whether Section 1006 shall be applicable with respect to any such additional covenants;

 

(19) if
any one or more of Section 401 relating to satisfaction and discharge, Section 402(2) relating to defeasance or Section 402(3)
relating to covenant defeasance shall not be applicable to the Securities of such series, and any covenants in addition to or other
than those

    	22

    	 

    

covenants,
if any, specified in Section 402(3) relating to the Securities of such series which shall be subject to covenant defeasance, and,
if the Securities of such series are subject to repurchase or repayment at the option of the Holders thereof pursuant to Article
Thirteen, if the Company’s obligation to repurchase or repay such Securities will not be subject to satisfaction and discharge
pursuant to Section 401 or to defeasance pursuant to Section 402, and, if the Holders of such Securities have the right to convert
or exchange such Securities into Common Shares or other securities or property, if the right to effect such conversion or exchange
will be subject to satisfaction and discharge pursuant to Section 401 or to defeasance or covenant defeasance pursuant to Section
402, and any deletions from, or modifications or additions to, the provisions of Article Four in respect of the Securities of
such series;

 

(20) if
any of such Securities are to be issuable upon the exercise of warrants, and the time, manner and place for such Securities to
be authenticated and delivered;

 

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

 

(22) whether
and under what circumstances the Company will pay Additional Amounts on such Securities to any Holder who is a United States Alien
in respect of specified taxes, assessments or other government charges and, if so, whether the Company will have the option to
redeem such Securities rather than pay such Additional Amounts;

 

(23) if
there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying
Agent or Authenticating Agent with respect to such Securities;

 

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

 

(25) whether
the Securities of such series are to be secured by any property, assets or other collateral and, if so, the applicable
collateral, any deletions from, or modifications or additions to, the provisions of Article Sixteen hereof or any other
provisions of this Indenture in connection therewith or in connection with any other instrument or agreement entered into in
connection therewith; and

 

(26) any
other terms of such Securities (whether or not such other terms are consistent or inconsistent with any other terms of this Indenture)
and any deletions from or modifications or additions to this Indenture in respect of such Securities.

    	23

    	 

    

All Securities of any one series and all
Coupons, if any, appertaining to Bearer Securities of such series shall be substantially identical except as to Currency of payments
due thereunder, denomination and the rate of interest, or method of determining the rate of interest, if any, Maturity, and the
date from which interest, if any, shall accrue and except as may otherwise be provided by the Company in or pursuant to the Board
Resolution and set forth in the Officers’ Certificate or in any indenture or indentures supplemental hereto pertaining to
such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities shall
be authenticated and delivered by the Trustee on original issue from time to time upon written or (if acceptable to the Trustee)
oral order of persons designated in the Board Resolution, Officers’ Certificate or supplemental indenture, as the case may
be, pertaining to such series of Securities (telephonic instructions to be promptly confirmed in writing by such person) and that
such persons are authorized to determine, consistent with such Board Resolution, Officers’ Certificate or supplemental indenture,
such terms and conditions of the Securities of such series as are specified in such Board Resolution, Officers’ Certificate
or supplemental indenture. All Securities of any one series need not be issued at the same time and, unless otherwise provided
by the Company as contemplated by this Section 301, a series may be reopened from time to time without the consent of any Holders
for issuances of additional Securities of such series.

 

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

 

		Section 302.	Currency; Denominations.

 

Unless otherwise provided in or pursuant
to this Indenture, the principal of, any premium and interest on and any Additional Amounts with respect to the Securities shall
be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars
shall be issuable in registered form without Coupons in denominations of $1,000 and any integral multiples thereof, and the Bearer
Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall
be issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture.

 

		Section 303.	Execution, Authentication, Delivery and Dating.

 

Securities shall be executed on behalf of
the Company by its Chairman, its Chief Executive Officer, its President or one of its Vice Presidents and by its Treasurer, one
of its Assistant Treasurers, its Secretary or one of its Assistant Secretaries and may (but need not) have its corporate or other
seal or a facsimile thereof reproduced thereon. Coupons shall be executed on behalf of the Company by its Chairman, its Chief Executive
Officer, its President or any of its Vice Presidents. The signature of any of these officers on the Securities or any Coupons appertaining
thereto may be manual or facsimile.

 

Securities and any Coupons appertaining thereto
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall, to the

    	24

    	 

    

fullest
extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices
prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or Coupons.

 

At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver Securities, together with any Coupons
appertaining thereto, executed by the Company, to the Trustee for authentication and, provided that the Board Resolution and
Officers’ Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section
301 and a Company Order for the authentication and delivery of such Securities have been delivered to the Trustee, the
Trustee in accordance with the Company Order and subject to the provisions hereof and of such Securities shall authenticate
and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities and any Coupons appertaining thereto, the Trustee shall receive, and (subject to the
applicable provisions of Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in conclusively
relying upon, an Opinion of Counsel to the following effect, which Opinion of Counsel may contain such assumptions,
qualifications and limitations as such counsel shall deem appropriate:

 

(a)
the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with Section 201
and Section 301 of this Indenture; and

 

(b) all
conditions precedent set forth in Section 201, Section 301 and Section 303 of this Indenture to the authentication and delivery
of such Securities and Coupons, if any, appertaining thereto have been complied with and that such Securities, and Coupons, when
completed by appropriate insertions (if applicable), executed by duly authorized officers of the Company, delivered by duly authorized
officers of the Company to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee
and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as enforcement thereof
may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, arrangement, fraudulent conveyance, fraudulent
transfer or other similar laws relating to or affecting creditors’ rights generally, and subject to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

If all the Securities of any series are not
to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel at the time of issuance of each Security,
but such opinion, with such modifications as counsel shall deem appropriate, shall be delivered at or before the time of issuance
of the first Security of such series. After any such first delivery, any separate request by the Company that the Trustee authenticate
Securities of such series for original issue will be deemed to be a certification by the Company that all conditions precedent
provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied with.

 

The Trustee shall not be required to authenticate
or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will
affect the

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Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable
to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken.

 

Each Registered Security shall be dated the
date of its authentication. Each Bearer Security and any Bearer Security in global form shall be dated as of the date specified
in or pursuant to this Indenture.

 

No Security or Coupon appertaining thereto
shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security
a certificate of authentication substantially in the form provided for in Section 202 or Section 611 executed by or on behalf of
the Trustee or by the Authenticating Agent by the manual signature of one of its authorized signatories. Such certificate upon
any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder. Except as permitted by Section 306 or Section 307 or as may otherwise be provided in or pursuant to this Indenture,
the Trustee shall not authenticate and deliver any Bearer Security unless all Coupons appertaining thereto then matured have been
detached and cancelled.

 

		Section 304.	Temporary Securities.

 

Pending the preparation of definitive Securities,
the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the
manner provided in Section 303, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer form with one or more Coupons
or without Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company
executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities
may be in global form.

 

Except in the case of temporary Securities
in global form, which shall be exchanged in accordance with the provisions set forth in this Indenture or the provisions established
pursuant to Section 301, if temporary Securities are issued, the Company shall cause definitive Securities to be prepared without
unreasonable delay. Except as otherwise provided in or pursuant to this Indenture, after the preparation of definitive Securities
of the same series and containing terms and provisions that are identical to those of any temporary Securities, such temporary
Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency
for such Securities, without charge to any Holder thereof. Except as otherwise provided in or pursuant to this Indenture, upon
surrender for cancellation of any one or more temporary Securities (accompanied by any unmatured Coupons appertaining thereto),
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series and containing identical terms and provisions; provided, however, that
no definitive Bearer Security, except as provided in or pursuant to this Indenture, shall be delivered in exchange for a temporary
Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer
Security only in compliance with the conditions set forth in or pursuant to this Indenture. Unless otherwise provided in or pursuant
to this Indenture

    	26

    	 

    

with
respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled
to the same benefits under this Indenture as definitive Securities of such series.

 

		Section 305.	Registration, Transfer and Exchange.

 

With respect to the Registered Securities
of each series, if any, the Company shall cause to be kept a register (each such register being herein sometimes referred to as
the “Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of the Registered Securities of such series and of transfers of
the Registered Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series of
Securities. Unless otherwise specified in or pursuant to this Indenture or the Securities, the initial Security Registrar for each
series of Securities shall be as specified in the last paragraph of Section 1002. The Company shall have the right to remove and
replace from time to time the Security Registrar for any series of Securities; provided that no such removal or replacement shall
be effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Company
and shall have accepted such appointment. In the event that the Trustee shall not be or shall cease to be Security Registrar with
respect to a series of Securities, it shall have the right to examine the Security Register for such series at all reasonable times.
There shall be only one Security Register for each series of Securities.

 

Except as otherwise provided in or pursuant
to this Indenture, upon surrender for registration of transfer of any Registered Security of any series at any Office or Agency
for such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Registered Securities of the same series denominated as authorized in or pursuant to this Indenture,
of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 

Except as otherwise provided in or
pursuant to this Indenture, at the option of the Holder, Registered Securities of any series may be exchanged for other
Registered Securities of the same series containing identical terms and provisions, in any authorized denominations, and of a
like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series.
Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.

 

If provided in or pursuant to this Indenture,
with respect to Securities of any series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered
Securities of such series containing identical terms, denominated as authorized in or pursuant to this Indenture and in the same
aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any Office or Agency for such series, with
all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer
Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount
of such

    	27

    	 

    

missing
Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there
is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless from
and against any and all loss, liability or expense. If thereafter the Holder of such Bearer Security shall surrender to any
Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be entitled
to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest
represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or Agency for such
series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is
surrendered at any such Office or Agency for such series in exchange for a Registered Security of such series and like tenor
after the close of business at such Office or Agency on (i) any Regular Record Date and before the opening of business at
such Office or Agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of
business at such Office or Agency on the related date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment, as the case may be (or, if
such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the Person so surrendering the
Bearer Security), and interest or Defaulted Interest, as the case may be, shall not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but shall be payable only to the Holder of such Coupon when due in accordance with the provisions of this
Indenture.

 

If provided in or pursuant to this Indenture
with respect to Securities of any series, at the option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture with respect to such series.

 

Whenever any Securities are surrendered for
exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as
otherwise provided in or pursuant to this Indenture, the global Securities of any series shall be exchangeable for definitive certificated
Securities of such series only if (i) the Depository for such global Securities notifies the Company that it is unwilling or unable
to continue as a Depository for such global Securities or at any time the Depository for such global Securities ceases to be a
clearing agency registered as such under the Exchange Act, if so required by applicable law or regulation, and no successor Depository
for such Securities shall have been appointed within 90 days of such notification or of the Company becoming aware of the Depository’s
ceasing to be so registered, as the case may be, (ii) the Company, in its sole discretion, determines that the Securities of such
series shall no longer be represented by one or more global Securities and executes and delivers to the Trustee a Company Order
to the effect that such global Securities shall be so exchangeable, or (iii) an Event of Default has occurred and is continuing
with respect to such Securities.

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If the beneficial owners of interests
in a global Security are entitled to exchange such interests for definitive Securities as the result of an event described in
clause (i), (ii) or (iii) of the preceding paragraph, then without unnecessary delay but in any event not later than the
earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities in
such form and denominations as are required by or pursuant to this Indenture, and of the same series, containing identical
terms and in aggregate principal amount equal to the principal amount of such global Security, executed by the Company. On or
after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to
time by the Depository (or its custodian) as shall be specified in the Company Order with respect thereto (which the Company
agrees to deliver), and in accordance with instructions given to the Trustee and the Depository (which instructions shall be
in writing but need not be contained in or accompanied by an Officers’ Certificate or be accompanied by an Opinion of
Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for
such purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee
shall authenticate and make available for delivery, in exchange for each portion of such surrendered global Security, a like
aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the
portion of such global Security to be exchanged, which (unless such Securities are not issuable both as Bearer Securities and
as Registered Securities, in which case the definitive Securities exchanged for the global Security shall be issuable only in
the form in which the Securities are issuable, as provided in or pursuant to this Indenture) shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, and which shall be in such denominations and, in the case of
Registered Securities, registered in such names, as shall be specified by the Depository, but subject to the satisfaction of
any certification or other requirements to the issuance of Bearer Securities; provided, however, that no such exchanges may
occur during a period beginning at the opening of business 15 days before any selection of Securities of the same series to
be redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise provided in or pursuant
to this Indenture) no Bearer Security delivered in exchange for a portion of a global Security shall be mailed or
otherwise delivered to any location in the United States. Promptly following any such exchange in part, such global Security
shall be returned by the Trustee to such Depository (or its custodian) or such other Depository (or its custodian) referred
to above in accordance with the instructions of the Company referred to above, and the Trustee shall endorse such global
Security to reflect the decrease in the principal amount thereof resulting from such exchange. If a Registered Security is
issued in exchange for any portion of a global Security after the close of business at the Office or Agency for such Security
where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business at
such Office or Agency on the next Interest Payment Date, or (ii) any Special Record Date for such Security and before the
opening of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as
the case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may
be, in respect of such Registered Security, but shall be payable on such Interest Payment Date or proposed date for payment,
as the case may be, only to the Person to whom interest in respect of such portion of such global Security shall be payable
in accordance with the provisions of this Indenture.

 

All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt and entitling the
Holders thereof

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to the
same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange.

 

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

 

No service charge shall be made for any registration
of transfer or exchange of Securities, or any redemption or repayment of Securities, or any conversion or exchange of Securities
for other types of securities or property, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant
to Section 304, Section 905 or Section 1107, upon repayment or repurchase in part of any Registered Security pursuant to Article
Thirteen, or upon surrender in part of any Registered Security for conversion or exchange into Common Shares or other securities
or property pursuant to its terms, in each case not involving any transfer.

 

Except as otherwise provided in or
pursuant to this Indenture, the Company shall not be required (i) to issue, register the transfer of or exchange any
Securities during a period beginning at the opening of business 15 days before the day of the mailing of notice of redemption
of Securities of like tenor and terms and of the same series under Section 1103 and ending at the close of business on the
day of such mailing, or (ii) to register the transfer of or exchange any Registered Security, or portion thereof, so selected
for redemption, except in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed,
or (iii) to exchange any Bearer Security so selected for redemption except, to the extent provided with respect to such
Bearer Security, that such Bearer Security may be exchanged for a Registered Security of like tenor and terms and of the same
series, provided that such Registered Security shall be simultaneously surrendered for redemption with written instruction
for payment consistent with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any
Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder pursuant to
Article Thirteen and not withdrawn, except the portion, if any, of such Security not to be so repaid.

 

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 Security (including any transfers between or among
Depository participants or beneficial owners of interests in any global Security) 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.

 

Neither the Trustee nor any agent shall have
any responsibility for any actions taken or not taken by the Depository.

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		Section 306.	Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security or a Security with
a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of this Section 306, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining
thereto corresponding to the Coupons, if any, appertaining to the surrendered Security.

 

If there be delivered to the Company and
to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless from and against any and
all loss, liability or expense, then, in the absence of notice to the Company or the Trustee that such Security or Coupon has been
acquired by a bona fide purchaser, the Company shall execute and, upon the Company’s request the Trustee shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security or in exchange for the Security
to which a destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not destroyed, lost or stolen, a new Security
of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding,
with Coupons corresponding to the Coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to
which such destroyed, lost or stolen Coupon appertains.

 

Notwithstanding the foregoing provisions
of this Section 306, in case any mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon; provided, however,
that payment of principal of, any premium or interest on or any Additional Amounts with respect to any Bearer Securities shall,
except as otherwise provided in Section 1002, be payable only at an Office or Agency for such Securities located outside the United
States and, unless otherwise provided in or pursuant to this Indenture, any interest on Bearer Securities and any Additional Amounts
with respect to such interest shall be payable only upon presentation and surrender of the Coupons appertaining thereto.

 

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

 

Every new Security, with any Coupons appertaining
thereto issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which
a destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Company, whether or not the destroyed,
lost or stolen Security and Coupons appertaining thereto or the destroyed, lost or stolen Coupon shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of such series and any Coupons, if any, duly issued hereunder.

 

The provisions of this Section, as amended
or supplemented pursuant to this Indenture with respect to particular Securities or generally, shall (to the extent lawful) be
exclusive and

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shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or Coupons.

 

		Section 307.	Payment of Interest and Certain Additional Amounts; Rights
to Interest and Certain Additional Amounts Preserved.

 

Unless otherwise provided in or pursuant
to this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall be payable, and
are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security
(or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date for such interest.
Unless otherwise provided in or pursuant to this Indenture, in case a Bearer Security is surrendered in exchange for a Registered
Security after the close of business at an Office or Agency for such Security on any Regular Record Date therefor and before the
opening of business at such Office or Agency on the next succeeding Interest Payment Date therefor, such Bearer Security shall
be surrendered without the Coupon relating to such Interest Payment Date and interest shall not be payable on such Interest Payment
Date in respect of the Registered Security issued in exchange for such Bearer Security, but shall be payable only to the Holder
of such Coupon when due in accordance with the provisions of this Indenture.

 

Unless otherwise provided in or pursuant
to this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall be payable, but
shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having
been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1)
or (2) below:

 

(1) The
Company may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor
Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on such Registered Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money
when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in this Clause provided.
Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in
the name and at the expense of the Company shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security
thereof) at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. The Trustee
may, in its discretion, in the name and at the expense of the Company cause a similar

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notice
to be published at least once in an Authorized Newspaper of general circulation in the Borough of Manhattan, The City of New York,
but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). In case
a Bearer Security is surrendered at the Office or Agency for such Security in exchange for a Registered Security after the close
of business at such Office or Agency on any Special Record Date and before the opening of business at such Office or Agency on
the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating
to such Defaulted Interest and Defaulted Interest shall not be payable on such proposed date of payment in respect of the Registered
Security issued in exchange for such Bearer Security, but shall be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture.

 

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

 

Unless otherwise provided in or pursuant
to this Indenture or the Securities of any particular series, at the option of the Company, interest on Registered Securities that
bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address shall appear in the
Security Register or by transfer to an account maintained by the payee with a bank located in the United States of America.

 

Subject to the foregoing provisions of this
Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security.

 

		Section 308.	Persons Deemed Owners.

 

Prior to due presentment of a Registered
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name such Registered Security is registered in the Security Register as the owner of such Registered Security for the
purpose of receiving payment of principal of, any premium and (subject to Section 305 and Section 307) interest on and any Additional
Amounts with respect to such Registered Security and for all other purposes whatsoever, whether or not any payment with respect
to such Registered Security shall be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall
be affected by notice to the contrary.

 

The Company, the Trustee and any agent of
the Company or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon as the absolute owner of such
Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other

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purposes
whatsoever, whether or not any payment with respect to such Security or Coupon shall be overdue, and none of the Company, the
Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

No holder of any beneficial interest in any
global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such global Security,
and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such
global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

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

 

		Section 309.	Cancellation.

 

All Securities and Coupons surrendered for
payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and Coupons, as well as
Securities and Coupons surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The
Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled promptly by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by or pursuant to this Indenture. All cancelled Securities and Coupons held by the Trustee shall
be disposed of by the Trustee in accordance with its customary procedures.

 

		Section 310.	Computation of Interest.

 

Except as otherwise provided in or pursuant
to this Indenture or in the Securities of any series, interest on the Securities shall be computed on the basis of a 360-day year
of twelve 30-day months.

 

		Section 311.	CUSIP Numbers.

 

The Company in issuing the Securities may
use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
or “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected

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by any
defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP”
or “ISIN” numbers.

 

Article
Four

SATISFACTION AND DISCHARGE OF INDENTURE

 

		Section 401.	Satisfaction and Discharge.

 

Unless, pursuant to Section 301, the provisions
of this Section 401 shall not be applicable with respect to the Securities of any series, upon the direction of the Company by
a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in such
Company Order and any Coupons appertaining thereto, and the Trustee, on receipt of a Company Order, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when

 

(1) either

 

(a)
all Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons
appertaining to Bearer Securities of such series surrendered in exchange for Registered Securities of such series and maturing
after such exchange whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and Coupons
of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii)
Coupons appertaining to Securities of such series called for redemption and maturing after the relevant Redemption Date whose
surrender has been waived as provided in Section 1106, and (iv) Securities and Coupons of such series for whose payment money
has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 1103) have been delivered to the Trustee for cancellation; or

 

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

 

(i)
have become due and payable, or

 

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

 

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

 

and the Company, in the case of (i), (ii) or (iii) above, has
deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which such

    	35

    	 

    

Securities are payable in an amount sufficient to pay and discharge the entire indebtedness on such
Securities and any Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal
of, any premium and interest on, and, to the extent that the Securities of such series provide for the payment of Additional Amounts
thereon and the amount of any such Additional Amounts which are or will be payable with respect to the Securities of such series
is at the time of deposit reasonably determinable by the Company (in the exercise by the Company of its sole and absolute discretion),
any Additional Amounts with respect to, such Securities and any Coupons appertaining thereto, to the date of such deposit (in the
case of Securities which have become due and payable) or to the Maturity thereof, as the case may be;

 

(2) the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Securities
of such series and any Coupons appertaining thereto; and

 

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

 

In the event there are Securities of two
or more series Outstanding hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge
of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other
conditions thereto are met.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under Section 606 and,
if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the respective obligations
of the Company and the Trustee with respect to the Securities of such series under Section 305, Section 306, Section 403, Section
404, Section 1102 and Section 1103, any rights of Holders of the Securities of such series (unless otherwise provided pursuant
to Section 301 with respect to the Securities of such series) to convert or exchange, and the obligations of the Company to convert
or exchange, such Securities into Common Shares or other securities or property, and, if expressly provided pursuant to Section
301 with respect to the Securities of such series, any rights of Holders of the Securities of such series to require the Company
to repurchase or repay, and the obligations of the Company to repurchase or repay, such Securities at the option of such Holders
as contemplated by Article Thirteen hereof, shall survive, and, if the Securities of such series provide for the payment of Additional
Amounts pursuant to Section 1104, the Company will remain obligated, following satisfaction and discharge of this Indenture with
respect to the Securities of such series, to pay Additional Amounts with respect to such Securities as contemplated by Section
1104, to the extent (and only to the extent) that the Additional Amounts payable with respect to such Securities exceed the amount
deposited in respect of such Additional Amounts pursuant to subclause (b) of clause (1) of this Section.

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		Section 402.	Defeasance and Covenant Defeasance.

 

(1) Unless,
pursuant to Section 301, either or both of (i) defeasance of the Securities of or within a series under clause (2) of this Section
402 or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this Section 402 shall not be applicable
with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 402 (with
such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to
such Securities and any Coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with
respect to the Securities of or within such series and any Coupons appertaining thereto, elect to have Section 402(2) or Section
402(3) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth
below in this Section 402. Unless otherwise specified pursuant to Section 301 with respect to the Securities of any series, defeasance
under clause (2) of this Section 402 and covenant defeasance under clause (3) of this Section 402 may be effected with respect
to any or all of the Outstanding Securities of any series. To the extent that the terms of any Security or Coupon appertaining
thereto established in or pursuant to this Indenture permit the Company or any Holder thereof to extend the date on which any payment
of principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if any, with respect to such Security or Coupon
is due and payable, then unless otherwise provided pursuant to Section 301, the right to extend such date shall terminate upon
defeasance or covenant defeasance, as the case may be.

 

(2) Upon
the Company’s exercise of the above option applicable to this Section 402(2) with respect to any Securities of or within
a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities
and any Coupons appertaining thereto on the date the conditions set forth in clause (4) of this Section 402 are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by such Outstanding Securities and any Coupons appertaining thereto, which shall thereafter
be deemed to be “Outstanding” only for the purposes of clause (5) of this Section 402 and the other Sections of this
Indenture referred to in clauses (i) through (iv) of this paragraph, and shall be deemed to have satisfied all of its other obligations
under such Securities and any Coupons appertaining thereto and this Indenture insofar as such Securities and any Coupons appertaining
thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same),
except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such
Outstanding Securities and any Coupons appertaining thereto to receive, solely (except as provided in clause (ii) below) from the
trust fund described in clause (4)(a) of this Section 402 and as more fully set forth in this Section 402 and Section 403, payments
in respect of the principal of (and premium, if any) and interest, if any, on, and Additional Amounts, if any, with respect to,
such Securities and any Coupons appertaining thereto when such payments are due, (ii) the obligations of the Company and the Trustee
with respect to such Securities under Section 305, Section 306, Section 1002 and Section 1003 and, if applicable to the Securities
of such series, any rights of Holders
of such Securities (unless otherwise provided pursuant to Section 301 with respect to the Securities of such series) to convert
or exchange, and the obligations of the Company to convert or exchange, such Securities into Common Shares or other securities
or property, and, if expressly provided pursuant to Section 301 with respect to the Securities of such series, any rights of

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Holders
of the Securities of such series to require the Company to repurchase or repay, and the obligations of the Company to repurchase
or repay, such Securities at the option of such Holders as contemplated by Article Thirteen hereof, and, if the Securities of
such series provide for the payment of Additional Amounts pursuant to Section 1004, the Company will remain obligated, following
defeasance of this Indenture with respect to the Securities of such series, to pay Additional Amounts with respect to such Securities
as contemplated by Section 1004, to the extent (and only to the extent) that the Additional Amounts payable with respect to such
Securities exceed the amount deposited in respect of such Additional Amounts pursuant to clause 4(a) of this Section 402, (iii)
the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 402 and Section 403 and Section
404. The Company may exercise its option under this Section 402(2) notwithstanding the prior exercise of its option under Section
402(3) with respect to such Securities and any Coupons appertaining thereto.

 

(3) Upon the Company’s
exercise of the above option applicable to this Section 402(3) with respect to any Securities of or within a series, the
Company shall be released from its obligations under any covenants applicable to such Securities which are specified pursuant
to Section 301 as being subject to covenant defeasance on and after the date the conditions set forth in clause (4) of this
Section 402 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any Coupons appertaining
thereto shall thereafter be deemed to be 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 any such covenant, but shall continue
to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that
with respect to such Outstanding Securities and any Coupons appertaining thereto, the Company may omit to comply with, and
shall have no liability in respect of, any term, condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference
in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply
shall not constitute a default or an Event of Default under Section 501(5) or Section 501(11) or otherwise, as the case may
be, but, except as specified above, the remainder of this Indenture and such Securities and Coupons appertaining thereto
shall be unaffected thereby.

 

(4) The
following shall be the conditions to application of clause (2) or (3) of this Section 402 to any Outstanding Securities of or within
a series and any Coupons appertaining thereto:

 

(a) The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 607 who shall agree to comply with the provisions of this Section 402 applicable to it) as trust funds in trust for
the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the
Holders of such Securities and any Coupons appertaining thereto, (1) an amount in Dollars or in such Foreign Currency in which
such Securities and
any Coupons appertaining thereto are then specified as payable at Stated Maturity or, if such defeasance or covenant defeasance
is to be effected in compliance with subsection (f) below, on the relevant Redemption Date, as the case may be, or (2) Government
Obligations applicable to such Securities and Coupons appertaining thereto (determined on the basis of the Currency in which such
Securities 

    	38

    	 

    

and Coupons appertaining thereto are then specified as payable at Stated Maturity or, if such defeasance or covenant
defeasance is to be effected in compliance with subsection (f) below, on the relevant Redemption Date, as the case may be) which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities
and any Coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient,
without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall
be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest,
if any, on, and, to the extent that such Securities provide for the payment of Additional Amounts thereon and the amount of any
such Additional Amounts which are or will be payable with respect to the Securities of such series is at the time of deposit reasonably
determinable by the Company (in the exercise by the Company of its sole and absolute discretion), any Additional Amounts with
respect to, such Outstanding Securities and any Coupons appertaining thereto on the Stated Maturity of such principal or installment
of principal or interest or the applicable Redemption Date, as the case may be, and (z) any mandatory sinking fund payments or
analogous payments applicable to such Outstanding Securities and any Coupons appertaining thereto on the day on which such payments
are due and payable in accordance with the terms of this Indenture and of such Securities and any Coupons appertaining thereto.

 

(b) Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture.

 

(c) No
Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities
and any Coupons appertaining thereto shall have occurred and be continuing on the date of such deposit, and, solely in the case
of defeasance under Section 402(2), no Event of Default with respect to the Company under clauses (8), (9) or (10) of Section 501
with respect to such Securities and any Coupons appertaining thereto or event which with notice or lapse of time or both would
become an Event of Default with respect to the Company under clauses (8), (9) or (10) of Section 501 with respect to such Securities
and any Coupons appertaining thereto shall have occurred and be continuing at any time during the period ending on and including
the 91st day after the date of such deposit (it being understood that this condition to defeasance under Section 402(2) shall not
be deemed satisfied until the expiration of such period).

 

(d) In
the case of defeasance pursuant to Section 402(2), the Company shall have delivered to the Trustee an opinion of independent counsel
reasonably acceptable to the Trustee stating that (x) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (y) since the date of this Indenture there has been a change in applicable U.S. federal income tax
law, in either case to the effect that, and based thereon such opinion of independent counsel shall confirm that, the Holders and
beneficial owners of such Outstanding Securities and any Coupons appertaining

    	39

    	 

    

thereto
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such 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 defeasance
had not occurred; or, in the case of covenant defeasance pursuant to Section 402(3), the Company shall have delivered to the Trustee
an opinion of independent counsel reasonably acceptable to the Trustee to the effect that the Holders and beneficial owners of
such Outstanding Securities and any Coupons appertaining thereto 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.

 

(e) The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance or covenant defeasance, as the case may be, under this Indenture have been complied with.

 

(f) If
the monies or Government Obligations or combination thereof, as the case may be, deposited under clause (a) above are sufficient
to pay the principal of, and premium, if any, and interest, if any, on and, to the extent provided in such clause (a), Additional
Amounts with respect to, such Securities provided such Securities are redeemed on a particular Redemption Date, the Company shall
have given the Trustee irrevocable instructions to redeem such Securities on such date and to provide notice of such redemption
to Holders as provided in or pursuant to this Indenture.

 

(g) Notwithstanding
any other provisions of this Section 402(4), such defeasance or covenant defeasance shall be effected in compliance with any additional
or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section
301.

 

(5) Subject
to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided
pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee—collectively
for purposes of this Section 402(5) and Section 403, the “Trustee”) pursuant to clause (4)(a) of Section 402 in respect
of any Outstanding Securities of any series and any Coupons appertaining thereto shall be held in trust and applied by the Trustee,
in accordance with the provisions of such Securities and any Coupons appertaining thereto and this Indenture, to the payment, either
directly or through any Paying Agent (other than the Company or any Subsidiary or Affiliate of the Company acting as Paying Agent)
as the Trustee may determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums due and to become
due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if any, but such money need not
be segregated from other funds except to the extent required by law.

 

Unless otherwise specified in or pursuant
to this Indenture or any Securities, if, after a deposit referred to in Section 402(4)(a) has been made, (a) the Holder of a Security
in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of such Security
to receive payment in a Currency other than that in which the deposit pursuant

    	40

    	 

    

to
Section 402(4)(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign
Currency in which the deposit pursuant to Section 402(4)(a) has been made, the indebtedness represented by such Security and
any Coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the
payment of the principal of (and premium, if any), and interest, if any, on, and Additional Amounts, if any, with respect to,
such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the
case of any such election) the amount or other property deposited in respect of such Security into the Currency in which such
Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant
to clause (a) above, the applicable market exchange rate for such Currency in effect on the second Business Day prior to each
payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign Currency in
effect (as nearly as feasible) at the time of the Conversion Event.

 

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

 

Anything in this Section 402 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4)(a) of this Section 402 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 which would then be required to be deposited to effect a defeasance or covenant
defeasance, as applicable, in accordance with this Section 402.

 

		Section 403.	Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 1003, all money and Government Obligations deposited with the Trustee pursuant to Section 401 or Section 402 shall be
held in trust and applied by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal, premium, interest and Additional Amounts for whose payment such money has or
Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need not
be segregated from other funds except to the extent required by law.

 

		Section 404.	Reinstatement.

 

If the Trustee (or other qualifying trustee
appointed pursuant to Section 402(4)(a)) or any Paying Agent is unable to apply any moneys or Government Obligations deposited
pursuant to Section 401(1) or Section 402(4)(a) to pay any principal of or premium, if any, or interest, if any, on or Additional
Amounts, if any, with respect to the Securities of the applicable series by reason of any legal proceeding or any order or judgment
of any court or governmental authority

    	41

    	 

    

enjoining,
restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Securities
of such series shall be revived and reinstated as though no such deposit had occurred, until such time as the Trustee (or other
qualifying trustee) or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal of and
premium, if any, and interest, if any, on and Additional Amounts, if any, in respect of the Securities of such series as contemplated
by Section 401 or Section 402 as the case may be, and Section 403; provided, however, that if the Company makes any payment of
the principal of or premium, if any, or interest if any, on or Additional Amounts, if any, in respect of the Securities of such
series following the reinstatement of its obligations as aforesaid, the Company shall be subrogated to the rights of the Holders
of such Securities to receive such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent.

 

Article
Five

REMEDIES

 

		Section 501.	Events of Default.

 

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

 

(1) default
in the payment of any interest, if any, on, or any Additional Amounts, if any, payable in respect of any interest, if any, on,
any of the Securities of such series or any Coupon appertaining thereto when such interest or such Additional Amounts, as the case
may be, become due and payable, and continuance of such default for a period of 30 days; or

 

(2) default
in the payment of any principal of or premium, if any, on, or any Additional Amounts, if any, payable in respect of any principal
of or premium, if any, on, any of the Securities of such series when due (whether at Maturity or otherwise and whether payable
in cash or in Common Shares or other securities or property); or

 

(3) default
in the deposit of any sinking fund payment or payment under any analogous provision when due with respect to any of the Securities
of such series; or

 

(4) default
in the delivery when due of any securities, cash or other property (including, without limitation, any Common Shares) when required
to be delivered upon conversion of any convertible Security of such series or upon the exchange of any Security of such series
which is exchangeable for Common Shares or other securities or property (other than an exchange of Securities of such series for
other Securities of the same series); or

 

(5) default
in the performance, or breach, of any covenant or warranty applicable to the Company in this Indenture or any Security of such
series (other than a covenant or warranty

    	42

    	 

    

for
which the consequences of breach or nonperformance are addressed elsewhere in this Section 501 or a covenant or warranty which
has expressly been included in this Indenture, whether or not by means of a supplemental indenture, solely for the benefit of
Securities of a series other than such series), and continuance of such default or breach (without such default or breach having
been cured or waived in accordance of the provisions of this Indenture) for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in
aggregate principal amount of the Outstanding Securities of such series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(6) default
after the expiration of any applicable grace period in the payment of principal when due, or resulting in acceleration of, other
indebtedness (other than Non-recourse Debt) of the Company or any Significant Subsidiary of the Company for borrowed money where
the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $60,0 million and such indebtedness
has not been discharged, or such default in payment or acceleration has not been cured or rescinded, prior to written notice of
acceleration of the Outstanding Securities of such series; or

 

(7) failure
by the Company or any of its Subsidiaries to pay final judgments or decree entered by a court or courts of competent jurisdiction
aggregating in excess of $60.0 million, which judgments are not paid, discharged or stayed for a period of 30 days after such judgments
become final and non-appealable; or

 

(8) the
Company or any Significant Subsidiary of the Company pursuant to or under or within the meaning of any Bankruptcy Law:

 

(i) commences
a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to it or its debts or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property;
or

 

(ii) consents
to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against it; or

 

(iii) consents
to the appointment of a custodian of it or for all or substantially all of its property; or

 

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

 

(9) an
involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary of the Company seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of
it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed
for a period of 60 days; or

    	43

    	 

    

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

 

(i) is
for relief against the Company or any Significant Subsidiary of the Company in an involuntary case or proceeding; or

 

(ii) appoints
a trustee, receiver, liquidator, custodian or other similar official of the Company or any Significant Subsidiary of the Company
or any substantial part of their respective properties; or

 

(iii) orders
the liquidation of the Company or any Significant Subsidiary of the Company;

 

and, in each case in this clause (11), the order or decree remains
unstayed and in effect for 60 days; or

 

(11) any
other Event of Default provided in or pursuant to this Indenture with respect to Securities of such series.

 

		Section 502.	Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default (other than an Event
of Default specified in clauses (8), (9) or (10) of Section 501 with respect to the Company) occurs and is continuing with respect
to Securities of any series, then either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of such series may declare the principal of all the Securities of such series, or such lesser amount as may be provided
for in the Securities of such series, and accrued and unpaid interest, if any, thereon to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or
such lesser amount, as the case may be, and such accrued and unpaid interest shall become immediately due and payable. If an Event
of Default specified in clause (8), (9) or (10) of Section 501 with respect to the Company occurs with respect to the Securities
of any series, then the principal of all of the Securities of such series, or such lesser amount as may be provided for in the
Securities of such series, and accrued an unpaid interest, if any, thereon shall ipso facto become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder of the Securities of such series.
For purposes of clarity, the parties hereto agree that references in this Indenture to an Event of Default specified in clauses
(8), (9) or (10) of Section 501 with respect to the Company shall not include any Event of Default specified in clauses (8), (9)
or (10) of Section 501 with respect to any Significant Subsidiary of the Company.

 

At any time after Securities of any series
have been accelerated (whether by declaration of the Trustee or the Holders or automatically) and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than
a majority in aggregate principal amount of the Outstanding Securities of such series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if

    	44

    	 

    

(1) the
Company has paid or deposited with the Trustee a sum of money sufficient to pay (or, to the extent that the terms of the Securities
of such series established pursuant to Section 301 expressly provide for payment to be made in Common Shares or other securities
or property, Common Shares or other securities or property, together with cash in lieu of fractional shares or securities to the
extent required pursuant to the terms of such Securities, sufficient to pay)

 

(a) all
overdue installments of any interest on any Securities of such series and any Coupons appertaining thereto which have become due
otherwise than by such declaration of acceleration and any Additional Amounts with respect thereto,

 

(b) the
principal of and any premium on any Securities of such series which have become due otherwise than by such declaration of acceleration
and any Additional Amounts with respect thereto and, to the extent permitted by applicable law, interest thereon at the rate or
respective rates, as the case may be, provided for in or with respect to such Securities, or, if no such rate or rates are so provided,
at the rate or respective rates, as the case may be, of interest borne by such Securities,

 

(c) to
the extent permitted by applicable law, interest upon installments of any interest, if any, which have become due otherwise than
by such declaration of acceleration and any Additional Amounts with respect thereto at the rate or respective rates, as the case
may be, provided for in or with respect to such Securities, or, if no such rate or rates are so provided, at the rate or respective
rates, as the case may be, of interest borne by such Securities, and

 

(d) all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, fees and expenses, disbursements and advances of
the Trustee, its agents and counsel and all other amounts due the Trustee under Section 606; and

 

(2) all
Events of Default with respect to Securities of such series other than the non-payment of the principal of, any premium and interest
on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration
of acceleration, shall have been cured or waived as provided in Section 513.

 

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

 

		Section 503.	Collection of Indebtedness and Suits for Enforcement by
Trustee.

 

The Company covenants that if:

 

(1) default
is made in the payment of any interest on, or any Additional Amounts payable in respect of any interest on, any Security or any
Coupon appertaining thereto when such interest or Additional Amounts, as the case may be, shall have become due and payable and
such default continues for a period of 30 days, or

 

(2) default
is made in the payment of any principal of or premium, if any, on, or any Additional Amounts payable in respect of any principal
of or premium, if any, on, any Security at its Maturity, or

    	45

    	 

    

(3) default
is made in the deposit of any sinking fund payment when due, then the Company shall, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of such Securities and any Coupons appertaining thereto, the whole amount of money then due and
payable with respect to such Securities and any Coupons appertaining thereto, with interest upon the overdue principal, any premium
and, to the extent permitted by applicable law, upon any overdue installments of interest and Additional Amounts at the rate or
respective rates, as the case may be, provided for or with respect to such Securities or, if no such rate or rates are so provided,
at the rate or respective rates, as the case may be, of interest borne by such Securities, and, in addition thereto, such further
amount of money 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 and all other amounts due to the Trustee under Section 606.

 

If the Company fails to pay the money
it is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so
due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company
or any other obligor upon such Securities and any Coupons appertaining thereto and collect the monies adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities and any
Coupons appertaining thereto, wherever situated.

 

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

 

		Section 504.	Trustee May File Proofs of Claim.

 

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

 

(1) to
file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of
the principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining
thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses,

    	46

    	 

    

disbursements
and advances of the Trustee, its agents or counsel) and of the Holders of Securities or any Coupons allowed in such judicial proceeding,
and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities or any
Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly
to the Holders of Securities or any Coupons, to pay to the Trustee any amount due to it for the reasonable compensation, fees and
expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section
606.

 

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

 

		Section 505.	Trustee May Enforce Claims without Possession of Securities
or Coupons.

 

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

 

		Section 506.	Application of Money Collected.

 

Any money collected by the Trustee pursuant
to this Article with respect to the Securities of any series shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money on account of principal, or any
premium, interest or Additional Amounts, upon presentation of such Securities or the Coupons, if any, appertaining thereto, or
both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts
due the Trustee (acting in any capacity hereunder or in connection herewith), its agents and counsel and any predecessor Trustee
under Section 606;

 

SECOND: To the payment of the amounts
then due and unpaid upon the Securities and any Coupons for principal and any premium, interest and Additional Amounts in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts

    	47

    	 

    

due
and payable on such Securities and Coupons for principal and any premium, interest and Additional Amounts;

 

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

 

		Section 507.	Limitations on Suits.

 

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

 

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

 

(2) the
Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3) such
Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, fees and expenses
and liabilities which might be incurred in compliance with such request;

 

(4) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(5) no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of such series;

 

it being understood and intended and being expressly covenanted
by the taker and holder of every Security, with every other taker and holder with the Trustee that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to
affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or
to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such Holders (it being understood that the Trustee does not have an
affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).

 

		Section 508.	Unconditional Right of Holders to Receive Principal and
any Premium, Interest and Additional Amounts.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security or Coupon shall have the right, which is absolute and unconditional, to receive payment of
the principal of, any premium, if any, and (subject to Section 305 and Section 307) interest, if any, on and any Additional Amounts
with respect to such Security or such Coupon, as the case may be, on the respective Stated Maturity or Maturities therefor specified
in such Security or Coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment pursuant to

    	48

    	 

    

Article
Thirteen hereof at the option of such Holder if provided in or pursuant to this Indenture, on the date such repayment is due) and, in the case of any Security
which is convertible into or exchangeable for other securities or property, to convert or exchange, as the case may be, such Security
in accordance with its terms, and to institute suit for the enforcement of any such payment and any such right to convert or exchange,
and such right shall not be impaired without the consent of such Holder.

 

		Section 509.	Restoration of Rights and Remedies.

 

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

 

		Section 510.	Rights and Remedies Cumulative.

 

To the extent permitted by applicable law
and except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities
or Coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to each
and every Holder of a Security or a Coupon is intended to be exclusive of any other right or remedy, and every right and remedy,
to the extent permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not,
to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

		Section 511.	Delay or Omission Not Waiver.

 

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

 

		Section 512.	Control by Holders of Securities.

 

The Holders of a majority in aggregate principal
amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the
Securities of such series and any Coupons appertaining thereto, provided that

 

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

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

 

(3) such
direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not joining in such action.

 

		Section 513.	Waiver of Past Defaults.

 

The Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series
and any Coupons appertaining thereto may waive any past default hereunder with respect to such series and its consequences, except

 

(1) a
default in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security
of such series or any Coupons appertaining thereto, or

 

(2) in
the case of any Securities which are convertible into or exchangeable for Common Shares or other securities or property, a default
in any such conversion or exchange, or

 

(3) a
default in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected.

 

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

 

		Section 514.	Waiver of Usury, Stay or Extension Laws.

 

The Company covenants that (to the extent
that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay or extension law or any usury law or any other law wherever enacted, now or at any time hereafter in
force, which would prohibit or forgive the Company from paying all or any portion of the principal of or premium, if any, or interest,
if any, on or Additional Amounts, if any, with respect to any Securities as contemplated herein and therein or which may affect
the covenants or the performance of this Indenture or the Securities; and the Company (to the extent that it may lawfully do so)
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 or the Holders, but will suffer and permit the execution of every such power as though
no such law had been enacted.

 

		Section 515.	Undertaking for Costs.

 

All parties to this Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted to be taken by it as Trustee, the filing by any party litigant in such

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suit of any undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and
disbursements, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 515 shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of Outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest, if any, on or Additional Amounts, if any, with respect to any Security on or after the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment
at the option of the Holder pursuant to Article Thirteen hereof, on or after the date for repayment) or for the enforcement of
the right, if any, to convert or exchange any Security into Common Shares or other securities in accordance with its terms.

 

Article
Six

THE TRUSTEE

		Section 601.	Certain Rights of Trustee.

 

Subject to Sections 315(a) through 315(d)
of the Trust Indenture Act:

 

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

 

(2) any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (in
each case, other than delivery of any Security, together with any Coupons appertaining thereto, to the Trustee for authentication
and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution;

 

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

 

(4) the
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

 

(5) the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the
request or direction of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture,
unless

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such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the
costs, fees and expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(6) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon 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 to examine, during business
hours and upon reasonable notice, the books, records and premises of the Company, personally or by agent or attorney;

 

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

 

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

 

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

 

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

 

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

 

(12)in no event
shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action;

 

(13)the Trustee
shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Securities and this Indenture;

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(14)the rights,
privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder;

 

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

 

(16)the Trustee may request that
the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture.

 

		Section 602.	Notice of Defaults.

 

Within 90 days after the occurrence of any
default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities
of such series entitled to receive reports pursuant to Section 703(3), notice of such default hereunder known to the Trustee, unless
such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal
of (or premium, if any), or interest, if any, on, or Additional Amounts or any sinking fund installment with respect to, any Security
of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the best interest of the Holders of Securities and Coupons of such series; and provided, further, that in
the case of any default of the character specified in Section 501(5) or Section 501(11) with respect to Securities of such series,
no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section,
the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default
with respect to Securities of such series.

 

		Section 603.	Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificate of authentication, and in any Coupons shall be taken as the statements of the
Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Securities or the Coupons, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations
hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate,
subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of the Securities or the proceeds thereof.

 

		Section 604.	May Hold Securities.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual
or any other capacity, may become the owner or pledgee of Securities or Coupons and, subject to

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Sections 310(b) and 311 of the
Trust Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Security Registrar or such other Person.

 

		Section 605.	Money Held in Trust.

 

Except as provided in Section 403 and Section
1003, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law
and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except
as otherwise agreed in writing with the Company.

 

		Section 606.	Compensation and Reimbursement.

 

The Company agrees:

 

(1) to
pay to the Trustee (acting in any capacity herunder) from time to time such compensation as shall be agreed in writing between
the Company and the Trustee for all services rendered by the Trustee hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust);

 

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

 

(3) to
indemnify each of the Trustee (acting in any capacity hereunder), or any predecessor Trustee, and its agents for, and to hold them
harmless against, any and all loss, liability, damage, claim or reasonable expense (including, without limitation, the reasonable
fees and disbursements of the Trustee’s agents, legal counsel, accountants and experts) incurred without negligence or willful
misconduct on their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder
(whether asserted by the Company, a Holder or any other Person), including the reasonable costs and expenses of defending themselves
against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder, except
to the extent that any such loss, liability or expense was due to the Trustee’s negligence or willful misconduct.

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of, or premium or interest on
or any Additional Amounts with respect to Securities or any Coupons appertaining thereto.

 

Any compensation or expense incurred by the
Trustee after a default specified by Section 501(8), (9) or(10) is intended to constitute an expense of administration under any
then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 606 shall include any predecessor
Trustee but the negligence or willful misconduct of any Trustee shall not

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affect the rights of any other Trustee under
this Section 606. The provisions of this Section 606 shall, to the extent permitted by law, survive any termination of this Indenture
(including, without limitation, termination pursuant to any Bankruptcy Laws) and the resignation or removal of the Trustee.

 

		Section 607.	Corporate Trustee Required; Eligibility.

 

(1) There
shall at all times be a Trustee hereunder that is a Corporation, organized and doing business under the laws of the United States
of America, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as
trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance
with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by federal or
state authority. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.

 

(2) [The
following indenture shall be considered specifically described herein for purposes of clause (i) of the proviso contained in Section
310(b)(1) of the Trust Indenture Act: Indenture dated as of [________] among [______], [______] and [_______]., as trustee; and,
pursuant to Section 310(b)(1)(C)(i) of the Trust Indenture Act, unless otherwise ordered by the Commission, an Event of Default
or default by the Company under this Indenture will not disqualify the Trustee under this Indenture because it is a trustee under
such other indenture.]

 

		Section 608.	Resignation and Removal; Appointment of Successor.

 

(1) No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee pursuant to Section 609.

 

(2) The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any
court of competent jurisdiction for the appointment of a successor Trustee with respect to such series.

 

(3) The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and the Company. If an instrument of acceptance by
a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 30 days after the giving of such
notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee with respect to such series.

 

(4) If
at any time:

 

(a) the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect
to Securities of any series after

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written request therefor
by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at
least six months, or

 

(b) the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or
any such Holder, or

 

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

 

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

 

(5) If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements
of Section 609. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 609, become
the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company
or the Holders of Securities and accepted appointment in the manner required by Section 609, any Holder of a Security who has been
a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.

 

(6) The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by
first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses
appear in the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such
event once in an Authorized Newspaper in each Place of Payment located outside the United States. Each notice shall include the
name of the

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successor Trustee with respect to
the Securities of such series and the address of its Corporate Trust Office.

 

		Section 609.	Acceptance of Appointment by Successor.

 

(1) Upon
the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the
Company or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 1003,
shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder,
subject nevertheless to its claim, if any, provided for in Section 606. Trustee shall have no responsibility or liability for the
action or inaction of any successor Trustee.

 

(2) Upon
the appointment hereunder of any successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer
and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as
to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any notice given
to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery
of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance
of the duties and obligations vested in the Trustee under this Indenture with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but,
on request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities
of that or those series to which the appointment of such successor relates and subject to Section 1003 shall duly assign, transfer
and deliver to such successor Trustee, to

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the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 606.

 

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

 

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

 

		Section 610.	Merger, Conversion, Consolidation or Succession to Business.

 

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

 

		Section 611.	Appointment of Authenticating Agent.

 

The Trustee may appoint one or more Authenticating
Agents acceptable to the Company with respect to one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer,
partial redemption, partial repayment, partial conversion or exchange for Common Shares or other securities or property, or pursuant
to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent.

 

Each Authenticating Agent shall be acceptable
to the Company and, except as provided in or pursuant to this Indenture, shall at all times be a Corporation that would be permitted
by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable
law and by its charter to act as an Authenticating Agent and has a

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combined capital and surplus (computed in
accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect specified in this Section.

 

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

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and
shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities,
if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security
Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least once
in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office is located
outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay each Authenticating
Agent from time to time reasonable compensation for its services under this Section.

 

The provisions of Section 308, Section 603
and Section 604 shall be applicable to each Authenticating Agent.

 

If an Authenticating Agent is appointed with
respect to one or more series of Securities pursuant to this Section, the Securities of such series may have endorsed thereon,
in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially
the following form:

 

This is one of the Securities of the series
designated herein referred to in the within-mentioned Indenture.

 

	 	WELLS FARGO BANK, NATIONAL

 ASSOCIATION,
	 	As Trustee

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	 	By:	[Name of Authenticating Agent]
	 	 	As Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

If all of the Securities of any series may
not be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested in writing (which writing need not be accompanied by or contained in an Officers’ Certificate
of the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated
by the Company with respect to such series of Securities.

 

Article
Seven

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

		Section 701.	Company to Furnish Trustee Names and Addresses of Holders.

 

In accordance with Section 312(a) of the
Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee

 

(1) semi-annually
with respect to Securities of each series not later than 15 days after each Regular Record Date or upon such other dates as are
set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case
in such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date, and

 

(2) at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,

 

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

 

		Section 702.	Preservation of Information; Communications to Holders.

 

The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

Every Holder of Securities or Coupons, by
receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee, any Paying Agent
or any

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Security Registrar shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with
Section 312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee
shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture
Act.

 

		Section 703.	Reports by Trustee.

 

(1) Within
60 days after May 15 of each year commencing with the first May 15 following the first issuance of Securities pursuant to Section
301, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust
Indenture Act, a brief report dated as of such May 15 with respect to any of the events specified in said Sections 313(a) and 313(b)(2)
which may have occurred since the later of the immediately preceding May 15 and the date of this Indenture.

 

(2) The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

(3) Reports
pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and 313(d) of the Trust
Indenture Act.

 

(4) A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange,
if any, upon which the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee
in writing when the Securities are listed on any stock exchange and of any delisting thereof.

 

		Section 704.	Reports by Company.

 

The Company, pursuant to Section 314(a) of
the Trust Indenture Act, shall:

 

(1) file
with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section
13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant
to either of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as
may be prescribed from time to time in such rules and regulations;

 

(2) file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and

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(3) transmit
within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

(4) Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers’ Certificates).

 

Article
Eight

CONSOLIDATION, MERGER AND SALES

 

		Section 801.	Company May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not, in any transaction
or series of related transactions, consolidate with, or sell, lease or convey all or substantially all of its property and assets
to, or merge with or into, any Person unless:

 

(1) either
(A) the Company shall be the continuing Person (in the case of a merger) or (B) the successor Person (if other than the Company)
formed by or resulting from the consolidation or merger or which shall have received the transfer of assets shall be an entity
organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and shall
expressly assume the due and punctual payment of the principal of, premium, if any, and interest, if any, on, and Additional Amounts,
if any, with respect to, all Securities Outstanding under this Indenture and the due and punctual performance and observance of
all covenants and conditions in such Outstanding Securities and this Indenture to be performed or satisfied by the Company (including,
without limitation, the obligation to convert or exchange any Securities that are convertible into or exchangeable for other securities
or property in accordance with the provisions of such Securities and this Indenture) by a supplemental indenture reasonably satisfactory
in form to the Trustee;

 

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

 

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

 

		Section 802.	Successor Person Substituted for Company.

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In the case of any such consolidation, sale,
lease, conveyance or merger in which the Company is not the continuing entity and upon execution and delivery by the successor
Person of the supplemental indenture described in Section 801, such successor Person shall succeed to, and be substituted for,
the Company and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and the predecessor Company shall be automatically released and discharged from all
obligations and covenants under this Indenture, the Securities and the Coupons.

 

Article
Nine

 

SUPPLEMENTAL INDENTURES

 

		Section 901.	Supplemental Indentures without Consent of Holders.

 

Without the consent of any Holders of Securities
or Coupons, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time,
may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following
purposes:

 

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

 

(2) to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (as shall be specified in
such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company with respect to
all or any series of Securities issued under this Indenture (as shall be specified in such supplemental indenture or indentures);
or

 

(3) to
add to or change any of the provisions of this Indenture to facilitate the issuance of Bearer Securities, to provide that Bearer
Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of, any premium
or interest on or any Additional Amounts with respect to Securities, to permit Bearer Securities to be issued in exchange for Registered
Securities, to permit Bearer Securities to be exchanged for Bearer Securities of other authorized denominations or to permit or
facilitate the issuance of Securities in uncertificated or global form, provided any such action shall not adversely affect the
interests of the Holders of Securities of any series then Outstanding or any Coupons appertaining thereto; or

 

(4) to
establish the form or terms of Securities of any series and any Coupons appertaining thereto as permitted by Section 201 and Section
301, including, without limitation, any conversion or exchange provisions applicable to Securities which are convertible into or
exchangeable for other securities or property, and to make any deletions from or additions or changes to this Indenture in connection
with any matters referred to in this clause (4) (provided that any such deletions, additions and changes shall not be applicable
to any other series of Securities then Outstanding); or

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(5) to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 609; or

 

(6) to
cure any ambiguity or to correct or supplement any provision herein which may be defective or which may be inconsistent with any
other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which
shall not adversely affect the interests of the Holders of Securities of any series then Outstanding or any Coupons appertaining
thereto in any material respect; or

 

(7) to
add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental
indenture); or

 

(8) to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance,
covenant defeasance and/or satisfaction and discharge of any series of Securities pursuant to Article Four, provided that any such
action shall not adversely affect the interests of any Holder of a Security of such series and any Coupons appertaining thereto
or any other Security or Coupon in any material respect; or

 

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

 

(10) to
make any change in this Indenture, or Supplemental Indenture, or any Securities to conform the terms thereof to any provision of
the description of a series of any Securities in any prospectus, prospectus supplement, offering memorandum or similar offering
document used in connection with the initial offering or sale of any Securities to the extent that such provision in such description
was intended to be a substantially verbatim recitation of a provision of the indenture or the notes; or

 

(11) in
the case of any series of Securities which are convertible into or exchangeable for Common Shares or other securities or property,
to safeguard or provide for the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification
or change of outstanding Common Shares (or any other securities of the Company into which such Securities are convertible or for
which such Securities are exchangeable), or in the event of any merger, consolidation, statutory share exchange or combination
of the Company with or into another Person or any sale, lease, assignment, transfer, disposition or other conveyance of all or
substantially all of the properties and assets of the Company to any other Person or other similar transactions, if expressly required
by the terms of such series of Securities established pursuant to Section 301; or

 

(12) to
secure the Securities; or

 

(13) to
amend or supplement any provision contained herein, in any supplemental indenture or in any Securities (which amendment or supplement
may apply to one or more series of Securities or to one or more Securities within any series as specified in such supplemental
indenture), provided that such amendment or supplement does not apply to any Outstanding

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Security issued prior to the date
of such supplemental indenture and entitled to the benefits of such provision.

 

		Section 902.	Supplemental Indentures with Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a Board Resolution) and
the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of the Securities of such series or of modifying in any
manner the rights of the Holders of Securities of such series under this Indenture; provided, that no such supplemental indenture,
without the consent of the Holder of each Outstanding Security affected thereby, shall

 

(1) change
the Stated Maturity of the principal of, or premium, if any, or any installment of interest, if any, on, or any Additional Amounts,
if any, with respect to, any Security, or reduce the principal amount thereof or the premium, if any, thereon or the rate (or modify
the calculation of such rate) of interest thereon, or reduce the amount payable upon redemption thereof, whether such redemption
is mandatory or at the option of the Company, or upon repayment thereof at the option of the Holder, or reduce any Additional Amounts
payable with respect thereto, or change the obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except
as contemplated by Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of any Original Issue
Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section
502 or the amount thereof provable in bankruptcy pursuant to Section 504, or adversely affect the right of repayment at the option
of any Holder as contemplated by Article Thirteen, or change the Place of Payment where or the Currency in which the principal
of, any premium or interest on, or any Additional Amounts with respect to any Security is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after
the Redemption Date or, in the case of repayment pursuant to Article Thirteen at the option of the Holder, on or after the date
for repayment) in each case as such Stated Maturity, Redemption Date or date for repayment may, if applicable, be extended in accordance
with the terms of such Security or any Coupon appertaining thereto, or in the case of any Security which is convertible into or
exchangeable for other securities or property, impair the right to institute suit to enforce the right to convert or exchange such
Security in accordance with its terms, or

 

(2) reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in Section 513 or Section 1106 of this Indenture,
or reduce the requirements of Section 1504 for quorum or voting, or

 

(3) make
any change that adversely affects the right, if any, to convert or exchange any Security for Common Shares or other securities
or property in accordance with its terms, or

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(4) modify
any of the provisions of this Section, Section 513 or Section 1006, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby.

 

A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which shall have been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any
other series.

 

Anything in this Indenture to the contrary
notwithstanding, if more than one series of Securities is Outstanding, the Company shall be entitled to enter into a supplemental
indenture under this Section 902 with respect to any one or more series of Outstanding Securities without entering into a supplemental
indenture with respect to any other series of Outstanding Securities.

 

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

 

		Section 903.	Execution of Supplemental Indentures.

 

As a condition to executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust
created by this Indenture, the Trustee shall receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act)
shall be fully protected in conclusively relying upon, an Officers’ Certificate and Opinion of Counsel to the effect that
the execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture
has been duly authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, the Company, subject
to customary exceptions. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

		Section 904.	Effect of Supplemental Indentures.

 

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

 

		Section 905.	Reference in Securities to Supplemental Indentures.

 

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

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may be prepared and executed by the Company
and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

 

		Section 906.	Conformity with Trust Indenture Act.

 

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

 

Article
Ten

 

COVENANTS

 

		Section 1001.	Payment of Principal, Premium, Interest and Additional
Amounts.

 

The Company covenants and agrees for the
benefit of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any premium and
interest on and any Additional Amounts with respect to the Securities of such series, whether payable in cash, Common Shares or
other securities or property, in accordance with the terms thereof, any Coupons appertaining thereto and this Indenture. Any interest
due on any Bearer Security on or before the Maturity thereof, and any Additional Amounts payable with respect to such interest,
shall be payable only upon presentation and surrender of the Coupons appertaining thereto for such interest as they severally mature.

 

		Section 1002.	Maintenance of Office or Agency.

 

The Company shall maintain in each Place
of Payment for any series of Securities an Office or Agency where Securities of such series (but not Bearer Securities, except
as otherwise provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered
for payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such
series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands to or
upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served. If Securities of
a series are issuable as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto,
an Office or Agency in a Place of Payment for such series which is located outside the United States where Securities of such series
and any Coupons appertaining thereto may be presented and surrendered for payment; provided, however, that if the Securities of
such series are listed on any stock exchange located outside the United States and such stock exchange shall so require, the Company
shall maintain a Paying Agent in a city located outside the United States required by such stock exchange, so long as the Securities
of such series are listed on such exchange. The Company will 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 Company shall fail to maintain any such required Office or
Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of such series and any Coupons appertaining
thereto may be presented and surrendered for payment at the place specified for the purpose with respect to

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such Securities as provided in or pursuant
to this Indenture, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices
and demands.

 

Except as otherwise provided in or pursuant
to this Indenture, no payment of principal, premium, interest or Additional Amounts with respect to Bearer Securities shall be
made at any Office or Agency in the United States or by check mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; provided, however, if amounts owing with respect to any Bearer Securities
shall be payable in Dollars, payment of principal of, any premium or interest on and any Additional Amounts with respect to any
such Security may be made at the Corporate Trust Office of the Trustee or any Office or Agency designated by the Company in the
United States designated for such purpose, if (but only if) payment of the full amount of such principal, premium, interest or
Additional Amounts at all offices outside the United States maintained for such purpose by the Company in accordance with this
Indenture is illegal or effectively precluded by exchange controls or other similar restrictions (in which case the Company shall
so notify the Trustee in writing).

 

The Company may also from time to time designate
one or more other Offices or Agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligations to maintain an Office or Agency in each Place of Payment for Securities of
any series for such purposes. The Company shall 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.

 

Unless otherwise provided in or pursuant
to this Indenture (including, without limitation, pursuant to Section 301 with respect to the Securities of any series), the Company
hereby designates the place where the Trustee shall from time to time maintain its Corporate Trust Office as the Company’s
Office or Agency for such purpose and initially appoints the Trustee as the Security Registrar for each series of Securities and,
if the Securities of any series are convertible into or exchangeable for Common Shares or other securities or property, initially
appoints the Trustee as conversion or exchange agent, as the case may be, for the Securities of such series. The Company may subsequently
appoint a different or additional Office or Agency and, as provided in Section 305, may remove and replace from time to time the
Security Registrar.

 

		Section 1003.	Money for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium
or interest on, or any Additional Amounts with respect to any of the Securities of such series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum in the Currency or Currencies in which the Securities of such series are payable
sufficient to pay the principal, any premium, interest and Additional Amounts, as the case may be, so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action
or failure so to act.

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

 

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

 

(1) hold
all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to Securities
of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise
disposed of as provided in or pursuant to this Indenture;

 

(2) give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making of any
payment of principal, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and

 

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

 

To the extent that the terms of any Securities established pursuant
to Section 301 provide that any principal of, or premium or interest, if any, on or any Additional Amounts with respect to any
such Securities is or may be payable in Common Shares or other securities or property, then the provisions of this Section 1003
shall apply, mutatis mutandis, to such Common Shares or other securities or property.

 

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

 

Except as otherwise provided herein or pursuant
hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of, any premium or interest on or any Additional Amounts with respect to any Security of any series or any Coupon appertaining
thereto and remaining unclaimed for two years after such principal or such premium or interest or Additional Amount shall have
become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security or any Coupon appertaining thereto shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money,

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and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may, not later than 30 days after the Company’s request for such repayment, at the expense of the Company cause
to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be mailed to Holders of Registered
Securities of such series, or both, notice that such money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such publication or mailing nor shall it be earlier than two years after such principal
and any premium or interest or Additional Amounts shall have become due and payable, any unclaimed balance of such money then
remaining will be repaid to the Company.

 

		Section 1004.	Additional Amounts.

 

If any Securities of a series provide for
the payment of Additional Amounts by the Company, the Company agrees to pay to the Holder of any such Security or any Coupon appertaining
thereto Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there is
mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any
series or any Coupon, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms
of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would
be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable)
in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention
is not made.

 

		Section 1005.	Legal Existence.

 

Subject to Article Eight, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence as any type of Corporation
(it being understood that nothing in this Section 1005 shall prohibit the Company from changing its legal form from one type of
Corporation to another type of Corporation).

 

		Section 1006.	Waiver of Certain Covenants.

 

The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Section 801, Section 802, Section 1002, Section 1003 or Section 1005
with respect to the Securities of any series and, if expressly provided pursuant to Section 301 with respect to the Securities
of such series, any additional covenants applicable to the Securities of such series if before the time for such compliance the
Holders of at least a majority in principal amount of the Outstanding Securities of such series, by Act of such Holders, either
shall waive such compliance in such instance or generally shall have waived compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision
or condition shall remain in full force and effect.

 

		Section 1007.	Company Statement as to Compliance.

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The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year, a written statement (which need not be contained in or accompanied by an Officers’
Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer of
the Company, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to notice requirements or periods of grace) and
if the Company shall be in default, specifying all such defaults and the nature and status thereof of which he or she may have
knowledge.

 

		Section 1008.	Calculation of Original Issue Discount.

 

The Company shall file with the Trustee
promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily
rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information
relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time
to time.

 

Article
Eleven

 

REDEMPTION OF SECURITIES

 

		Section 1101.	Applicability of Article.

 

Redemption of Securities of any series at
the option of the Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of
such Securities and (except as otherwise provided herein or pursuant hereto) this Article.

 

		Section 1102.	Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of
less than all of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal
amount of Securities of such series to be redeemed and, in the event that the Company shall determine that the Securities of any
series to be redeemed shall be selected from Securities of such series having the same issue date, interest rate or interest rate
formula, Stated Maturity and other terms (the “Equivalent Terms”), the Company shall notify the Trustee of such Equivalent
Terms.

 

In the case of any redemption of Securities
(A) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture or (B) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate evidencing compliance with
such restriction or condition.

 

		Section 1103.	Selection by Trustee of Securities to be Redeemed.

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

 

The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

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

 

Unless otherwise specified in or pursuant
to this Indenture or the Securities of any series or in a notice of redemption, if any Security selected for partial redemption
is converted or exchanged for Common Shares or other securities or property in part before termination of the conversion or exchange
right with respect to the portion of the Security so selected, the converted or exchanged portion of such Security shall be deemed
(so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection
of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection.

 

		Section 1104.	Notice of Redemption.

 

Notice of redemption shall be given in the
manner provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is
specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the
manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect
in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or
portions thereof.

 

Any notice that is mailed to the Holder of
any Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not
such Holder receives the notice. In the event Trustee is either selecting notes or delivering notice, it shall receive notice from
the Company 5 Business Days before such selection or delivery.

 

All notices of redemption shall state:

 

(1) the
Redemption Date,

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(2) the
Redemption Price or, if applicable, the manner in which the Redemption Price will be determined,

 

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

 

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

 

(5) that,
on the Redemption Date, the Redemption Price shall become due and payable upon each such Security or portion thereof to be redeemed,
together (if applicable) with accrued and unpaid interest, if any, thereon (subject, if applicable, to the provisos to the first
paragraph of Section 1106), and, if applicable, that interest thereon shall cease to accrue on and after said date,

 

(6) the
place or places where such Securities, together (in the case of Bearer Securities) with all Coupons appertaining thereto, if any,
maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and any accrued interest and Additional
Amounts pertaining thereto,

 

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

 

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

 

(9) if
Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if
such Bearer Securities may be exchanged for Registered Securities not subject to redemption on the Redemption Date pursuant to
Section 305 or otherwise, the last date, as determined by the Company, on which such exchanges may be made,

 

(10) in
the case of Securities of any series that are convertible or exchangeable into Common Shares or other securities or property, the
then current conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of
the Securities of such series to be redeemed will commence or terminate, as applicable, and the place or places where and the Persons
to whom such Securities may be surrendered for conversion or exchange,

 

(11) the
CUSIP number of such Securities, if any, and

 

(12) if
the Redemption Price or any portion thereof shall be payable, at the option of the Company, in cash or in Common Shares or other
securities or property (or a combination thereof), a statement as to whether the Company has elected to pay the Redemption Price
in cash

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or Common Shares or other securities
or property or a combination thereof and, if applicable, the portion of the Redemption Price that is to be paid in cash, Common
Shares or other securities or property.

 

A notice of redemption published as contemplated
by Section 106 need not identify particular Registered Securities to be redeemed.

 

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

 

		Section 1105.	Deposit of Redemption Price.

 

On or prior to 10:00a.m., New York City time,
on any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for redemption pursuant
to Section 1104, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money in the applicable Currency or, if the Redemption Price shall be payable
in cash, securities and/or other property, an amount of money in the applicable Currency, securities and/or other property, as
the case may be, sufficient to pay the Redemption Price of, and (unless otherwise specified pursuant to Section 301 with respect
to the Securities of such series) any accrued interest on, all such Securities or portions thereof which are to be redeemed on
that date, except that, if the Securities of such series are convertible or exchangeable into Common Shares or other securities
or property, no such deposit shall be required (unless otherwise specified pursuant to Section 301 with respect to the Securities
of such series) with respect to any such Securities (or portions thereof) which have been converted or exchanged prior to such
Redemption Date.

 

		Section 1106.	Securities Payable on Redemption Date.

 

Notice of redemption having been given as
aforesaid, the Securities so to be redeemed (except, in the case of Securities which are convertible or exchangeable into Common
Shares or other securities or property, any such Securities which shall have been so converted or exchanged prior to the applicable
Redemption Date) shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, together with
(unless otherwise provided with respect to the Securities of such series pursuant to Section 301) accrued and unpaid interest,
if any, thereon and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued
interest, if any) such Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities
so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance
with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall
be paid by the Company at the Redemption Price, together with, unless otherwise provided in or pursuant to this Indenture, any
accrued and unpaid interest thereon and Additional Amounts with respect thereto to but excluding the Redemption Date; provided,
however, that, except as otherwise provided in or pursuant to this Indenture or the Bearer Securities of such series, installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation
and surrender of Coupons for such interest (at an Office or Agency located outside the United States

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except as otherwise provided in Section
1002), and provided, further, that, except as otherwise specified in or pursuant to this Indenture or the Registered Securities
of such series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the Regular Record Dates therefor according to their terms and the provisions of Section 307.

 

If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price or, at the option of the Company, after payment to the Trustee for the benefit of the Company of, an
amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon or Coupons may be waived by
the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and
any Paying Agent harmless from and against any and all loss, liability or expense. If thereafter the Holder of such Security shall
surrender to the Trustee or any Paying Agent any such missing Coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that any interest or
Additional Amounts represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or
Agency for such Security located outside of the United States except as otherwise provided in Section 1002.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall bear interest from the Redemption
Date at the rate prescribed therefor in the Security or, if no rate is prescribed therefor in the Security, at the rate of interest,
if any, borne by such Security.

 

		Section 1107.	Securities Redeemed in Part.

 

Any Registered Security which is to be redeemed
only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver
to the Holder of such Security without service charge, a new Registered Security or Securities of the same series, containing identical
terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form is so surrendered,
the Company shall execute, and the Trustee shall authenticate and deliver to the Depository for such Security in global form as
shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form
in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered.

 

Article
Twelve

 

SINKING FUNDS

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		Section 1201.	Applicability of Article.

 

The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or required in or pursuant to this
Indenture or any Security of such series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture.

 

		Section 1202.	Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or
any part of any sinking fund payment with respect to the Securities of any series to be made pursuant to the terms of such Securities
(1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of
such Securities in respect of which cash shall have been released to the Company), together in the case of any Bearer Securities
of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit Securities of such series which have
been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, provided that such Securities have not been
previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly. If as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant
to this Section 1202, the principal amount of Securities of such series to be redeemed in order to exhaust the aforesaid cash payment
shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company Request, and
such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and deliver to the
Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities
of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released to
the Company.

 

		Section 1203.	Redemption of Securities for Sinking Fund.

 

Not less than 75 days prior to each sinking
fund payment date for any series of Securities, the Company shall deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting of Securities of that series pursuant to

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Section 1202, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities
to be so credited and not theretofore delivered. If such Officers’ Certificate shall specify an optional amount to be added
in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein
specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner stated in Section 1106 and Section 1107.

 

Article
Thirteen

 

REPAYMENT AT THE OPTION OF HOLDERS

 

		Section 1301.	Applicability of Article.

 

Securities of any series which are repayable
at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities
of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 309, shall not operate as a payment, redemption or satisfaction
of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the
same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Section 1301, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an
agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the applicable repayment date an amount not less than the repayment price payable by the Company on repayment
of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged
to the extent such payment is so paid by such purchasers.

 

Unless otherwise expressly stated in this
Indenture or pursuant to Section 301 with respect to the Securities of any series or unless the context otherwise requires, all
references in this Indenture to the repayment of Securities at the option of the Holders thereof (and all references of like import)
shall be deemed to include a reference to the repurchase or redemption of Securities at the option of the Holders thereof.

 

Article
Fourteen

 

SECURITIES IN FOREIGN CURRENCIES

 

		Section 1401.	Applicability of Article.

 

Whenever this Indenture provides for (i)
any action by, or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities
are denominated

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in the same Currency or (ii) any distribution
to Holders of Securities of any series in which not all of such Securities are denominated in the same Currency, in the absence
of any provision to the contrary in or pursuant to this Indenture or the Securities of such series, any amount in respect of any
Security denominated in a Currency other than Dollars shall be treated for any such action, determination or distribution as that
amount of Dollars that could be obtained for such amount on such reasonable basis of exchange and as of the record date with respect
to Registered Securities of such series (if any) for such action, determination or distribution (or, if there shall be no applicable
record date, such other date reasonably proximate to the date of such distribution) as the Company may specify in a written notice
to the Trustee.

 

Article
Fifteen

 

MEETINGS OF HOLDERS OF SECURITIES

 

		Section 1501.	Purposes for Which Meetings May Be Called.

 

Unless otherwise provided pursuant to Section
301 with respect to the Securities of any series, the provisions of this Article Fifteen shall be applicable to a series of Securities
if (and only if) the terms of such Securities established pursuant to Section 301 provide that the Securities of such series shall
be issued or issuable, in whole or in part, as Bearer Securities. A meeting of Holders of Securities of any series issued or issuable,
in whole or in part, as Bearer Securities may be called at any time and from time to time pursuant to this Article to make, give
or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture to be made,
given or taken by Holders of Securities of such series.

 

		Section 1502.	Call, Notice and Place of Meetings.

 

(1) The
Trustee may at any time call a meeting of Holders of Securities of any series issued or issuable, in whole or in part, as Bearer
Securities, for any purpose specified in Section 1501, to be held at such time and at such place in the Borough of Manhattan, The
City of New York, or in London or in such place outside the United States as the Company shall determine. Notice of every meeting
of Holders of Securities of any such series, setting forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in Section 106, not less than 21 nor more than 180
days prior to the date fixed for the meeting.

 

(2) In
case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 331/3 % in principal amount of the
Outstanding Securities of any series issued or issuable, in whole or in part, as Bearer Securities, shall have requested the Trustee
to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made
the first publication of the notice of such meeting within 21 days after receipt of such request (whichever shall be required pursuant
to Section 106) or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders
of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in London
for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (1) of this Section.

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		Section 1503.	Persons Entitled to Vote at Meetings.

 

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

 

		Section 1504.	Quorum; Action.

 

The Persons entitled to vote a majority in
principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting or duly reconvened meeting of
Holders of Securities of such series; provided, however, that if any action is to be taken at such meeting with respect to any
request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may
be given by the Holders of a greater percentage in principal amount of the Outstanding Securities of a series, the Persons entitled
to at least such greater percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum.
In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum
at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 1502(1), except that such notice need be given only once not less than five days prior to
the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute
a quorum.

 

Except as limited by the proviso to Section
902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be
adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than or more than a majority, in principal amount of the Outstanding Securities of a series
may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative
vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series.

 

Any resolution passed or decision taken at
any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders
of Securities

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of such series and the Coupons appertaining
thereto, whether or not such Holders were present or represented at the meeting.

 

		Section 1505.	Determination of Voting Rights; Conduct and Adjournment
of Meetings.

 

(1) Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of
proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature
of the person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify
to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 104 or other proof.

 

(2) The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 1502(2), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series represented at the meeting.

 

(3) At
any meeting, each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. If the Securities
of such series are issuable in minimum denominations of less than $1,000, then a Holder of such a Security in a principal amount
of less than $1,000 shall be entitled to a fraction of one vote which is equal to the fraction that the principal amount of such
Security bears to $1,000. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series
or proxy.

 

(4) Any
meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting; and the meeting may be held as so adjourned without further notice.

 

		Section 1506.	Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to
any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the
Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial

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numbers of the Outstanding Securities of
such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached
to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given
as provided in Section 1502 and, if applicable, Section 1504. Each copy shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee
to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and
verified shall be conclusive evidence of the matters therein stated.

 

Article
Sixteen

 

SECURITY

 

		Section 1601.	Security.

 

If so provided pursuant to Section 301 with
respect to the Securities of any series, the Securities of such series may be secured by such property, assets or other collateral
as may be specified in or pursuant to Section 301. Any and all terms and provisions applicable to the security for the Securities
of such series shall also be provided in or pursuant to Section 301, which may include, without limitation, provisions for the
execution and delivery of such security agreements, pledge agreements, collateral agreements and other similar or related agreements
as the Company may elect or is necessary to secure the Securities and create and perfect any lien for the benefit of the holders
(and collateral agent) and which may provide for the Trustee to act as collateral agent or in a similar or other capacity. The
Trustee shall comply with Sections 313(a)(5) and (6) and 313(b)(1) of the Trust Indenture Act and the Company shall comply with
Sections 314(b), 314(c) and 314(d) of the Trust Indenture Act, in each case in respect of any secured Securities that may be outstanding
hereunder from time to time.

 

*     *     *     *     *

    	81

    	 

    

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

 

	 	ANNALY CAPITAL MANAMGEMENT, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	 
	 	as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    	1DNR - 2013.02.05 - EX 4.1

Exhibit 4.1

DENBURY RESOURCES INC.,

Issuer

4 5/8% Senior Subordinated Notes Due 2023

_________________________

INDENTURE

Dated as of February 5, 2013

________________________

WELLS FARGO BANK, NATIONAL ASSOCIATION

Trustee

CROSS-REFERENCE TABLE
	
				
	TIA
Section
	 
	Indenture
Section

	310
	(a)(1)
	

	7.10

	 
	(a)(2)
	 
	7.10

	 
	(a)(3)
	 
	N.A.

	 
	(a)(4)
	 
	N.A.

	 
	(a)(5)
	 
	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)
	 
	13.03

	 
	(c)
	 
	13.03

	313
	(a)
	 
	7.06

	 
	(b)(1)
	 
	7.06

	 
	(b)(2)
	 
	7.06

	 
	(c)
	 
	13.02

	 
	(d)
	 
	7.06

	314
	(a)
	 
	4.02; 4.11; 13.02

	 
	(b)
	 
	N.A.

	 
	(c)(1)
	 
	2.02; 13.04

	 
	(c)(2)
	 
	2.02; 13.04

	 
	(c)(3)
	 
	N.A.

	 
	(d)
	 
	N.A.

	 
	(e)
	 
	13.05

	 
	(f)
	 
	N.A.

	315
	(a)
	 
	7.01

	 
	(b)
	 
	7.05; 13.02

	 
	(c)
	 
	7.01

	 
	(d)
	 
	7.01

	 
	(e)
	 
	6.11

	316
	(a)(last sentence)
	 
	13.06

	

	(a)(1)(A)
	 
	6.05

	 
	(a)(1)(B)
	 
	6.04

	 
	(a)(2)
	 
	N.A.

	 
	(b)
	 
	6.07

	 
	(c)
	 
	N.A.

	317
	(a)(1)
	 
	6.08

	 
	(a)(2)
	 
	6.09

	 
	(b)
	 
	2.04

	318
	(a)
	 
	13.01

	 
	(b)
	 
	N.A.

	 
	(c)
	

	N.A.

N.A. means Not Applicable.

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

TABLE OF CONTENTS

Page

ARTICLE 1

Definitions and Incorporation by Reference
	
				
	Section 1.01.
	Definitions
	1
	

	Section 1.02.
	Other Definitions
	16
	

	Section 1.03.
	Incorporation by Reference of Trust Indenture Act
	17
	

	Section 1.04.
	Rules of Construction
	17
	

ARTICLE 2

The Securities
	
				
	Section 2.01.
	Form and Dating
	17
	

	Section 2.02.
	Execution and Authentication
	18
	

	Section 2.03.
	Registrar and Paying Agent
	18
	

	Section 2.04.
	Paying Agent To Hold Money in Trust
	18
	

	Section 2.05.
	Securityholder Lists
	18
	

	Section 2.06.
	Transfer and Exchange
	19
	

	Section 2.07.
	Replacement Securities
	19
	

	Section 2.08.
	Outstanding Securities
	19
	

	Section 2.09.
	Temporary Securities
	19
	

	Section 2.10.
	Cancellation
	19
	

	Section 2.11.
	Defaulted Interest
	19
	

	Section 2.12.
	CUSIP Numbers
	20
	

	Section 2.13.
	Issuance of Additional Securities
	20
	

ARTICLE 3

Redemption
	
				
	Section 3.01.
	Notices to Trustee
	20
	

	Section 3.02.
	Selection of Securities To Be Redeemed
	20
	

	Section 3.03.
	Notice of Redemption
	20
	

	Section 3.04.
	Effect of Notice of Redemption
	21
	

	Section 3.05.
	Deposit of Redemption Price
	21
	

	Section 3.06.
	Securities Redeemed in Part
	21
	

i

ARTICLE 4

Covenants
	
				
	Section 4.01.
	Payment of Securities
	21
	

	Section 4.02.
	SEC Reports
	21
	

	Section 4.03.
	Limitation on Indebtedness
	21
	

	Section 4.04.
	Incurrence of Layered Indebtedness
	23
	

	Section 4.05.
	Limitation on Restricted Payments
	23
	

	Section 4.06.
	Limitation on Restrictions on Distributions from Restricted Subsidiaries
	24
	

	Section 4.07.
	Limitation on Sales of Assets and Subsidiary Stock
	25
	

	Section 4.08.
	Limitation on Affiliate Transactions
	26
	

	Section 4.09.
	Change of Control
	27
	

	Section 4.10.
	Limitation on Liens
	27
	

	Section 4.11.
	Compliance Certificate
	28
	

	Section 4.12.
	Further Instruments and Acts
	28
	

	Section 4.13.
	Future Subsidiary Guarantors
	28
	

	Section 4.14.
	Suspension of Certain Covenants
	28
	

ARTICLE 5

Successor Company
	
				
	Section 5.01.
	When Company May Merge or Transfer Assets
	28
	

	Section 5.02.
	When Subsidiary Guarantors May Merge or Transfer Assets
	29
	

ARTICLE 6

Defaults and Remedies
	
				
	Section 6.01.
	Events of Default
	29
	

	Section 6.02.
	Acceleration
	31
	

	Section 6.03.
	Other Remedies
	31
	

	Section 6.04.
	Waiver of Past Defaults
	31
	

	Section 6.05.
	Control by Majority
	31
	

	Section 6.06.
	Limitation on Suits
	32
	

	Section 6.07.
	Rights of Holders To Receive Payment
	32
	

	Section 6.08.
	Collection Suit by Trustee
	32
	

	Section 6.09.
	Trustee May File Proofs of Claim
	32
	

	Section 6.10.
	Priorities
	32
	

	Section 6.11.
	Undertaking for Costs
	33
	

	Section 6.12.
	Waiver of Stay or Extension Laws
	33
	

ii

ARTICLE 7

Trustee
	
				
	Section 7.01.
	Duties of Trustee
	33
	

	Section 7.02.
	Rights of Trustee
	34
	

	Section 7.03.
	Individual Rights of Trustee
	34
	

	Section 7.04.
	Trustee's Disclaimer
	34
	

	Section 7.05.
	Notice of Defaults
	34
	

	Section 7.06.
	Reports by Trustee to Holders
	35
	

	Section 7.07.
	Compensation and Indemnity
	35
	

	Section 7.08.
	Replacement of Trustee
	35
	

	Section 7.09.
	Successor Trustee by Merger
	36
	

	Section 7.10.
	Eligibility; Disqualification
	36
	

	Section 7.11.
	Preferential Collection of Claims Against Company
	36
	

ARTICLE 8

Discharge of Indenture; Defeasance
	
				
	Section 8.01.
	Discharge of Liability on Securities; Defeasance
	36
	

	Section 8.02.
	Conditions to Defeasance
	37
	

	Section 8.03.
	Application of Trust Money
	38
	

	Section 8.04.
	Repayment to Company
	38
	

	Section 8.05.
	Indemnity for Government Obligations
	38
	

	Section 8.06.
	Reinstatement
	38
	

ARTICLE 9

Amendments
	
				
	Section 9.01.
	Without Consent of Holders
	38
	

	Section 9.02.
	With Consent of Holders
	39
	

	Section 9.03.
	Compliance with Trust Indenture Act
	39
	

	Section 9.04.
	Revocation and Effect of Consents and Waivers
	40
	

	Section 9.05.
	Notation on or Exchange of Securities
	40
	

	Section 9.06.
	Trustee To Sign Amendments
	40
	

	Section 9.07.
	Payment for Consent
	40
	

iii

ARTICLE 10

Subordination of the Securities
	
				
	Section 10.01.
	Agreement To Subordinate
	40
	

	Section 10.02.
	Liquidation, Dissolution, Bankruptcy
	40
	

	Section 10.03.
	Default on Designated Senior Indebtedness
	41
	

	Section 10.04.
	Acceleration of Payment of Securities
	41
	

	Section 10.05.
	When Distribution Must Be Paid Over
	41
	

	Section 10.06.
	Subrogation
	41
	

	Section 10.07.
	Relative Rights
	41
	

	Section 10.08.
	Subordination May Not Be Impaired by Company
	42
	

	Section 10.09.
	Rights of Trustee and Paying Agent
	42
	

	Section 10.10.
	Distribution or Notice to Representative
	42
	

	Section 10.11.
	Article 10 Not To Prevent Events of Default or Limit Right To Accelerate
	42
	

	Section 10.12.
	Trust Moneys Not Subordinated
	42
	

	Section 10.13.
	Trustee Entitled To Rely
	42
	

	Section 10.14.
	Trustee To Effectuate Subordination
	42
	

	Section 10.15.
	Trustee Not Fiduciary for Holders of Senior Indebtedness of the Company
	43
	

	Section 10.16.
	Reliance by Holders of Senior Indebtedness of the Company on Subordination Provisions
	43
	

ARTICLE 11

Subsidiary Guarantees
	
				
	Section 11.01.
	Subsidiary Guarantees
	43
	

	Section 11.02.
	Limitation on Liability
	44
	

	Section 11.03.
	Successors and Assigns
	44
	

	Section 11.04.
	No Waiver
	44
	

	Section 11.05.
	Modification
	44
	

	Section 11.06.
	Release of Subsidiary Guarantor
	45
	

iv

ARTICLE 12

Subordination of Subsidiary Guarantees
	
				
	Section 12.01.
	Agreement To Subordinate
	45
	

	Section 12.02.
	Liquidation, Dissolution, Bankruptcy
	45
	

	Section 12.03.
	Default on Designated Senior Indebtedness of Subsidiary Guarantor
	45
	

	Section 12.04.
	Demand for Payment
	46
	

	Section 12.05.
	When Distribution Must Be Paid Over
	46
	

	Section 12.06.
	Subrogation
	46
	

	Section 12.07.
	Relative Rights
	46
	

	Section 12.08.
	Subordination May Not Be Impaired by Subsidiary Guarantor
	46
	

	Section 12.09.
	Rights of Trustee and Paying Agent
	46
	

	Section 12.10.
	Distribution or Notice to Representative
	47
	

	Section 12.11.
	Article 12 Not To Prevent Defaults Under a Subsidiary Guarantee or Limit Right To Demand Payment
	47
	

	Section 12.12.
	Trustee Entitled To Rely
	47
	

	Section 12.13.
	Trustee To Effectuate Subordination
	47
	

	Section 12.14.
	Trustee Not Fiduciary for Holders of Senior Indebtedness of Subsidiary Guarantor
	47
	

	Section 12.15.
	Reliance by Holders of Senior Indebtedness on Subordination Provisions
	47
	

ARTICLE 13

Miscellaneous
	
				
	Section 13.01.
	Trust Indenture Act Controls
	47
	

	Section 13.02.
	Notices
	48
	

	Section 13.03.
	Communication by Holders with Other Holders
	48
	

	Section 13.04.
	Certificate and Opinion as to Conditions Precedent
	48
	

	Section 13.05.
	Statements Required in Certificate or Opinion
	48
	

	Section 13.06.
	When Securities Disregarded
	49
	

	Section 13.07.
	Rules by Trustee, Paying Agent and Registrar
	49
	

	Section 13.08.
	Legal Holidays
	49
	

	Section 13.09.
	Governing Law
	49
	

	Section 13.10.
	No Recourse Against Others
	49
	

	Section 13.11.
	Successors
	49
	

	Section 13.12.
	Multiple Originals
	49
	

	Section 13.13.
	Table of Contents; Headings
	49
	

	Section 13.14.
	Severability
	49
	

	
			
	Exhibit 1
	Form of Supplemental Indenture
	 

	 
	 
	 

	Exhibit A
	Form of Security
	 

v

INDENTURE dated as of February 5, 2013, among DENBURY RESOURCES INC., a Delaware corporation (the “Company”), certain of the Company's subsidiaries signatory hereto (each, a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Trustee”).

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Company's $1,200,000,000 aggregate principal amount of 4 5/8% Senior Subordinated Notes due 2023 issued on the Issue Date (the “Securities”):

ARTICLE 1

Definitions and Incorporation by Reference
Section 1.01    Definitions.

“Additional Assets” means (i) any property or assets (other than Indebtedness and Capital Stock) in the Oil and Gas Business; (ii) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company or another Restricted Subsidiary; or (iii) Capital Stock constituting a non-controlling interest in any Person that at such time is a Restricted Subsidiary; provided, however, that any such Restricted Subsidiary described in clauses (ii) or (iii) above is primarily engaged in the Oil and Gas Business.

“Additional Securities” means, subject to the Company's compliance with Section 4.03, 4 5/8% Senior Subordinated Notes due 2023 issued from time to time after the Issue Date under the terms of this Indenture (other than pursuant to Section 2.06, 2.07, 2.09, 3.06 or 9.05 of this Indenture).

“Adjusted Consolidated Net Tangible Assets” or “ACNTA” means (without duplication), as of the date of determination, (a) the sum of (i) the discounted future net revenue from proved crude oil, natural gas and helium reserves of the Company and its Restricted Subsidiaries calculated in accordance with SEC guidelines before any state or federal income taxes, as estimated in a reserve report prepared as of the end of the Company's most recently completed fiscal year, which reserve report is prepared or reviewed by independent petroleum engineers, as increased by, as of the date of determination, the discounted future net revenue of (A) estimated proved crude oil, natural gas and helium reserves of the Company and its Restricted Subsidiaries attributable to acquisitions consummated since the date of such year-end reserve report, and (B) estimated crude oil, natural gas and helium reserves of the Company and its Restricted Subsidiaries attributable to extensions, discoveries and other additions and upward determinations of estimates of proved crude oil, natural gas and helium reserves (including previously estimated development costs incurred during the period and the accretion of discount since the prior year end) due to exploration, development or exploitation, production or other activities which reserves were not reflected in such year-end reserve report which would, in the case of determinations made pursuant to clauses (A) and (B), in accordance with standard industry practice, result in such determinations, in each case calculated in accordance with SEC guidelines (utilizing the prices utilized in such year-end reserve report), and decreased by, as of the date of determination, the discounted future net revenue attributable to (C) estimated proved crude oil, natural gas and helium reserves of the Company and its Restricted Subsidiaries reflected in such year-end reserve report produced or disposed of since the date of such year-end reserve report and (D) reductions in the estimated crude oil, natural gas and helium reserves of the Company and its Restricted Subsidiaries reflected in such year-end reserve report since the date of such year-end reserve report attributable to downward determinations of estimates of proved crude oil, natural gas and helium reserves due to exploration, development or exploitation, production or other activities conducted or otherwise occurring since the date of such year-end reserve report which would, in the case of determinations made pursuant to clauses (C) and (D), in accordance with standard industry practice, result in such determinations, in each case calculated in accordance with SEC guidelines (utilizing the prices utilized in such year-end reserve report); provided, however, that, in the case of each of the determinations made pursuant to clauses (A) through (D), such increases and decreases shall be as estimated by the Company's engineers, except that if as a result of such acquisitions, dispositions, discoveries, extensions or revisions, there is a Material Change which is an increase, then such increases and decreases in the discounted future net revenue shall be confirmed in writing by an independent petroleum engineer, (ii) the capitalized costs that are attributable to crude oil, natural gas and helium properties of the Company and its Restricted Subsidiaries to which no proved crude oil, natural gas and helium reserves are attributed, based on the Company's books and records as of a date no earlier than the date of the Company's latest annual or quarterly financial statements, (iii) the Net Working Capital on a date no earlier than the date of the Company's latest annual or quarterly financial statements and (iv) the greater of (I) the net book value on a date no earlier than the date of the Company's latest annual or quarterly financial statements and (II) the appraised value, as estimated by independent appraisers, of other tangible assets of the Company and its 

- 1 -

Restricted Subsidiaries as of a date no earlier than the date of the Company's latest audited financial statements (provided that the Company shall not be required to obtain such an appraisal of such assets if no such appraisal has been performed), minus (b) to the extent not otherwise taken into account in the immediately preceding clause (a), the sum of (i) noncontrolling interests, (ii) any natural gas balancing liabilities of the Company and its Restricted Subsidiaries reflected in the Company's latest audited financial statements, (iii) the discounted future net revenue, calculated in accordance with SEC guidelines (utilizing the same prices utilized in the Company's year-end reserve report), attributable to reserves subject to participation interests, overriding royalty interests or other interests of third parties, pursuant to participation, partnership, vendor financing or other agreements then in effect, or which otherwise are required to be delivered to third parties, (iv) the discounted future net revenue, calculated in accordance with SEC guidelines (utilizing the same prices utilized in the Company's year-end reserve report), attributable to reserves that are required to be delivered to third parties to fully satisfy the obligations of the Company and its Restricted Subsidiaries with respect to Volumetric Production Payments on the schedules specified with respect thereto and (v) the discounted future net revenue, calculated in accordance with SEC guidelines, attributable to reserves subject to Dollar-Denominated Production Payments that, based on the estimates of production included in determining the discounted future net revenue specified in the immediately preceding clause (a)(i) (utilizing the same prices utilized in the Company's year-end reserve report), would be necessary to satisfy fully the obligations of the Company and its Restricted Subsidiaries with respect to Dollar-Denominated Production Payments on the schedules specified with respect thereto.

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person.  For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.  For purposes of Sections 4.05, 4.07 and 4.08 only, “Affiliate” shall also mean any beneficial owner of Capital Stock representing 10% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or of rights or warrants to purchase such Capital Stock (whether or not currently exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to the first sentence hereof.

“Asset Disposition” means any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or dispositions) by the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this definition as a “disposition”), of (i) any shares of Capital Stock of a Restricted Subsidiary (other than directors' qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary), (ii) all or substantially all the assets of any division or line of business of the Company or any Restricted Subsidiary or (iii) any other assets of the Company or any Restricted Subsidiary outside of the ordinary course of business of the Company or such Restricted Subsidiary.  Notwithstanding the foregoing, none of the following shall be deemed to be an Asset Disposition:  (1) a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Wholly Owned Subsidiary, (2) for purposes of Section 4.07 only, a disposition that constitutes a Restricted Payment permitted by Section 4.05, a disposition of all or substantially all the assets of the Company in compliance with Section 5.01 or a disposition that constitutes a Change of Control pursuant to clause (iii) of the definition thereof, (3) the sale or transfer (whether or not in the ordinary course of business) of crude oil and natural gas properties or direct or indirect interests in real property; provided, however, that at the time of such sale or transfer such properties do not have associated with them any proved reserves, (4) the abandonment, farm-out, lease or sublease of developed or undeveloped crude oil and natural gas properties in the ordinary course of business, (5) the trade or exchange by the Company or any Restricted Subsidiary of any crude oil and natural gas property owned or held by the Company or such Restricted Subsidiary for any crude oil and natural gas property owned or held by another Person, (6) the sale or transfer of hydrocarbons or other mineral products or surplus or obsolete equipment or (7) a single transaction or series of related transactions that involve the disposition of assets with a fair market value of less than $20.0 million, in each case in the ordinary course of business.

“Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate implicit in the Sale/Leaseback Transaction, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended).

“Average Life” means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (i) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by (ii) the sum of all such payments.

- 2 -

“Board of Directors” means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board.

“Business Day” means each day which is not a Legal Holiday.

“Capital Lease Obligation” means an obligation that is required to be classified and accounted for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty.

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests (however designated) in equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.

“Change of Control” means the occurrence of any of the following events:

(i)any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (i) such person shall be deemed to have “beneficial ownership” of all shares that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 40% of the total voting power of the Voting Stock of the Company (for the purposes of this clause (i), such person shall be deemed to beneficially own any Voting Stock of a specified corporation held by a parent corporation, if such person is the beneficial owner (as defined in this clause (i)), directly or indirectly, of more than 40% of the voting power of the Voting Stock of such parent corporation);

(ii)during any period of two consecutive years from and after the Issue Date, individuals who at the beginning of such period constituted the Board of Directors of the Company (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; 

(iii)the shareholders of the Company shall have approved any plan of liquidation or dissolution of the Company; or

(iv)the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company, or the sale, lease, conveyance or transfer of all or substantially all the assets of the Company and its Restricted Subsidiaries, taken as a whole, to another Person, and, in the case of any such merger or consolidation, the securities of the Company that are outstanding immediately prior to such transaction and which represent 100% of the aggregate voting power of the Voting Stock of the Company are changed into or exchanged for cash, securities or property, unless pursuant to such transaction such securities are changed into or exchanged for, in addition to any other consideration, securities of the surviving corporation that represent immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving corporation.

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

“Company” means the party named as such in the preamble to this Indenture until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the indenture securities.

“Consolidated Coverage Ratio” as of any date of determination means the ratio of (i) the aggregate amount of EBITDA for the period of the most recent four consecutive fiscal quarters ending at least 45 days prior to the date of such determination to (ii) Consolidated Interest Expense for such four fiscal quarters; provided, however, that (1) if the Company or 

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any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that remains outstanding or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness, or both, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period, (2) if the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged on the date of the transaction giving rise to the need to calculate the Consolidated Coverage Ratio, EBITDA and Consolidated Interest Expense for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such period and as if the Company or such Restricted Subsidiary had not earned the interest income actually earned during such period in respect of cash or Temporary Cash Investments used to repay, repurchase, defease or otherwise discharge such Indebtedness, (3) if since the beginning of such period the Company or any Restricted Subsidiary shall have made any Asset Disposition (other than an Asset Disposition involving assets having a fair market value of less than the greater of two and one-half percent (2.5%) of Adjusted Consolidated Net Tangible Assets as of the end of the Company's then most recently completed fiscal year and $3.0 million), then EBITDA for such period shall be reduced by an amount equal to EBITDA (if positive) directly attributable to the assets which are the subject of such Asset Disposition for such period, or increased by an amount equal to EBITDA (if negative) directly attributable thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Company and its continuing Restricted Subsidiaries in connection with such Asset Disposition for such period (or, if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale), (4) if since the beginning of such period the Company or any Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition (including by way of lease) of assets, including any acquisition of assets occurring in connection with a transaction requiring a calculation to be made hereunder, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first day of such period and (5) if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition, any Investment or acquisition of assets that would have required an adjustment pursuant to clause (3) or (4) above if made by the Company or a Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Disposition, Investment or acquisition occurred on the first day of such period.  For purposes of this definition, whenever pro forma effect is to be given to an acquisition of assets, the amount of income or earnings relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness Incurred in connection therewith, the pro forma calculations shall be determined in good faith by a responsible financial or accounting Officer of the Company.  If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (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).

“Consolidated Interest Expense” means, for any period, the total interest expense of the Company and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, plus, to the extent not included in such total interest expense, and to the extent incurred by the Company or its Restricted Subsidiaries, without duplication, (i) interest expense attributable to Capital Lease Obligations and imputed interest with respect to Attributable Debt, (ii) capitalized interest, (iii) non-cash interest expense, (iv) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing, (v) net costs (including amortization of fees and up-front payments) associated with interest rate caps and other interest rate and currency options that, at the time entered into, resulted in the Company and its Restricted Subsidiaries being net payees as to future payouts under such caps or options, and interest rate and currency swaps and forwards for which the Company or any of its Restricted Subsidiaries has paid a premium, (vi) dividends (excluding dividends paid in shares of Capital Stock which is not Disqualified Stock) in respect of all Disqualified Stock held by Persons other than the Company or a Wholly Owned Subsidiary and (vii) interest accruing on any Indebtedness of any other Person to the extent such Indebtedness is Guaranteed by the Company or any Restricted Subsidiary or secured by a Lien on assets of the Company or any Restricted Subsidiary to the extent such Indebtedness constitutes Indebtedness of the Company or any Restricted Subsidiary (whether or not such Guarantee or Lien is called upon); provided, however, “Consolidated Interest 

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Expense” shall not include any (x) amortization of costs relating to original debt issuances other than the amortization of debt discount related to the issuance of zero coupon securities or other securities with an original issue price of not more than 90% of the principal thereof, (y) Consolidated Interest Expense with respect to any Indebtedness Incurred pursuant to Section 4.03(b)(8) and (z) noncash interest expense Incurred in connection with interest rate caps and other interest rate and currency options that, at the time entered into, resulted in the Company and its Restricted Subsidiaries being either neutral or net payors as to future payouts under such caps or options.

“Consolidated Net Income” means, for any period, the net income of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP; provided, however, that there shall not be included in such Consolidated Net Income:  (i) any net income of any Person (other than the Company) if such Person is not a Restricted Subsidiary, except that (A) subject to the exclusion contained in clause (iv) below, the Company's equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations contained in clause (iii) below) and (B) the Company's equity in a net loss of any such Person for such period shall be included in determining such Consolidated Net Income; (ii) any net income (or loss) of any Person acquired by the Company or a Subsidiary in a pooling of interests transaction for any period prior to the date of such acquisition; (iii) any net income of any Restricted Subsidiary (other than a Subsidiary Guarantor) if such Restricted Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that (A) subject to the exclusion contained in clause (iv) below, the Company's equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause) and (B) the Company's equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining such Consolidated Net Income; (iv) any gain or loss realized upon the sale or other disposition of any assets of the Company or its Subsidiaries (including pursuant to any sale-and-leaseback arrangement) which is not sold or otherwise disposed of in the ordinary course of business and any gain or loss realized upon the sale or other disposition of any Capital Stock of any Person; (v) extraordinary gains or losses; (vi) any non-cash compensation expense realized for grants of performance shares, stock options or stock awards to officers, directors and employees of the Company or any of its Restricted Subsidiaries; (vii) any write-downs of non-current assets; provided, however, that any ceiling limitation write-downs under SEC guidelines shall be treated as capitalized costs, as if such write-downs had not occurred; and (viii) the cumulative effect of a change in accounting principles.  Notwithstanding the foregoing, for the purposes of Section 4.05 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries to the Company or a Restricted Subsidiary to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under Section 4.05(a)(3)(E).

“Consolidated Net Worth” means the total of the amounts shown on the balance sheet of the Company and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, as of the end of the most recent fiscal quarter of the Company ending at least 45 days prior to the taking of any action for the purpose of which the determination is being made, as (i) the par or stated value of all outstanding Capital Stock of the Company plus (ii) paid-in capital or capital surplus relating to such Capital Stock plus (iii) any retained earnings or earned surplus less (A) any accumulated deficit and (B) any amounts attributable to Disqualified Stock.

“Credit Agreement” means the Credit Agreement among the Company, as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, and certain other financial institutions, dated March 9, 2010, as amended (or any successor thereto or replacement thereof), including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced, refinanced or increased in whole or in part, from time to time.

“Credit Facilities” means, with respect to the Company or any Restricted Subsidiary, one or more debt facilities (including the Credit Agreement) or commercial paper facilities with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.

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“Currency Agreement” means in respect of a Person any foreign exchange contract, currency swap agreement or other similar agreement to which such Person is a party or a beneficiary.

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

“Designated Senior Indebtedness” in respect of a Person means (i) all the obligations of such Person under any Credit Facilities (including the Credit Agreement) and (ii) any other Senior Indebtedness of such Person which, at the date of determination, has an aggregate principal amount outstanding of, or under which, at the date of determination, the holders thereof are committed to lend up to, at least $20.0 million and is specifically designated by such Person in the instrument evidencing or governing such Senior Indebtedness as “Designated Senior Indebtedness” for purposes of this Indenture.

“Disqualified Stock” means, with respect to any Person, any Capital Stock that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event, (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (ii) is convertible or exchangeable for Indebtedness or Disqualified Stock or (iii) is redeemable, in whole or in part, at the option of the holder thereof, in each case described in the immediately preceding clauses (i), (ii) or (iii), on or prior to the Stated Maturity of the Securities; provided, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the Stated Maturity of the Securities shall not constitute Disqualified Stock if (x) the “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the provisions of Sections 4.07 and 4.09 and (y) any such requirement only becomes operative after compliance with such corresponding terms applicable to the Securities, including the purchase of any Securities tendered pursuant thereto.  The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to this Indenture; provided, however, that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price shall be the book value of such Disqualified Stock as reflected in the most recent financial statements of such Person.

“Dollar-Denominated Production Payments” means production payment obligations recorded as liabilities in accordance with GAAP, together with all undertakings and obligations in connection therewith.

“DTC” means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depository institution hereinafter appointed by the Company.

“EBITDA” for any period means the sum of Consolidated Net Income, plus Consolidated Interest Expense plus the following to the extent deducted in calculating such Consolidated Net Income:  (a) provision for taxes based on income or profits, (b) depletion and depreciation expense, (c) amortization expense, (d) exploration expense (if applicable to the Company after the Issue Date), (e) unrealized foreign exchange losses and (f) all other non-cash charges, including non-cash charges taken pursuant to the “Derivatives and Hedging” topic of the FASC (excluding any such non-cash charge to the extent that it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period except such amounts as the Company determines in good faith are nonrecurring), and less, to the extent included in calculating such Consolidated Net Income and in excess of any costs or expenses attributable thereto and deducted in calculating such Consolidated Net Income, the sum of (w) the amount of deferred revenues that are amortized during such period and are attributable to reserves that are subject to Volumetric Production Payments, (x) amounts recorded in accordance with GAAP as repayments of principal and interest pursuant to Dollar-Denominated Production Payments, (y) unrealized foreign exchange gains and (z) all other non-cash unrealized gains, including non-cash unrealized gains taken pursuant to the “Derivatives and Hedging” topic of the FASC.  Notwithstanding the foregoing, the provision for taxes based on the income or profits of, and the depletion, depreciation, amortization and exploration and other non-cash charges of, a Restricted Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion) that the net income of such Restricted Subsidiary was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Restricted Subsidiary or its stockholders.

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

“Existing Senior Subordinated Notes” means the Company's 71⁄2% Senior Subordinated Notes due 2015 issued under an indenture dated as of December 7, 2005, the subsequent issue of the Company's 71⁄2% Senior Subordinated Notes Due 2015 under the indenture dated as of December 7, 2005, as supplemented by the first supplemental indenture dated as of April 3, 2007, and the Company's 71⁄2% Senior Subordinated Notes Due 2013 issued under an indenture dated as of March 25, 2003, the Company's 6.25% Senior Subordinated Notes due 2014 issued under an indenture dated as of April 2, 2004, the Company's 6.0% Senior Subordinated Notes due 2015 issued under an indenture dated as of July 13, 2005, the Company's 9.75% Senior Subordinated Notes due 2016 issued under an indenture dated as of February 13, 2009, the Company's 9.5% Senior Subordinated Notes due 2016 issued under an indenture dated as of November 23, 2005, the Company's 7.25% Senior Subordinated Notes due 2017 issued under an indenture dated as of November 23, 2005, and the Company's 8 1/4% Senior Subordinated Notes due 2020 issued under an indenture dated as of February 10, 2010. 

“FASC” means Financial Accounting Standards Codification issued by the Financial Accounting Standards Board.

“Fitch” means Fitch Ratings Ltd. and any successor to its rating business.

“GAAP” means generally accepted accounting principles in the United States of America as in effect on the Issue Date, including those set forth in (i) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, (ii) statements and pronouncements of the Financial Accounting Standards Board, (iii) such other statements by such other entity as approved by a significant segment of the accounting profession, and (iv) the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC.

“Guarantee” means, without duplication, any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose 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.

“Guarantee Agreement” means a supplemental indenture, substantially in the form attached hereto as Exhibit 1, pursuant to which a Subsidiary Guarantor or any other Person becomes subject to the applicable terms and conditions of this Indenture.

“Hedging Obligations” of any Person means the obligations of such Person pursuant to any Oil and Gas Hedging Contract, Interest Rate Agreement or Currency Agreement.

“Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar's books. 

“Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary.  The term “Incurrence” when used as a noun shall have a correlative meaning.  The accretion of principal of a non-interest bearing or other discount security shall not be deemed the Incurrence of Indebtedness.

“Indebtedness” means, with respect to any Person on any date of determination (without duplication), (i) the principal of and premium (if any) in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale/Leaseback Transactions entered into by such Person; (iii) all obligations of such Person issued or assumed as the deferred purchase price of property (which purchase price is due more than six months after the date of taking delivery of title to such property), including all obligations of such 

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Person for the deferred purchase price of property under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker's acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit); (v) the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock (but excluding any accrued dividends); (vi) all obligations of the type referred to in clauses (i) through (v) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; and (vii) all obligations of the type referred to in clauses (i) through (vi) of other Persons secured by any Lien on any property or asset of such first-mentioned Person (whether or not such obligation is assumed by such first-mentioned Person), the amount of such obligation being deemed to be the lesser of the value of such property or assets or the amount of the obligation so secured.  The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability, assuming the contingency giving rise to the obligation was to have occurred on such date, of any Guarantees outstanding at such date.

None of the following shall constitute Indebtedness:  (i) indebtedness arising from agreements providing for indemnification or adjustment of purchase price or from guarantees securing any obligations of the Company or any of its Subsidiaries pursuant to such agreements, incurred or assumed in connection with the disposition of any business, assets or Subsidiary of the Company, other than guarantees or similar credit support by the Company or any of its Subsidiaries of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; (ii) any trade payables or other similar liabilities to trade creditors and other accrued current liabilities incurred in the ordinary course of business as the deferred purchase price of property; (iii) any liability for Federal, state, local or other taxes owed or owing by such Person; (iv) amounts due in the ordinary course of business to other royalty and working interest owners; (v) obligations arising from guarantees to suppliers, lessors, licensees, contractors, franchisees or customers incurred in the ordinary course of business; (vi) obligations (other than express Guarantees of indebtedness for borrowed money) in respect of Indebtedness of other Persons arising in connection with (A) the sale or discount of accounts receivable, (B) trade acceptances and (C) endorsements of instruments for deposit in the ordinary course of business; (vii) obligations in respect of performance bonds provided by the Company or its Subsidiaries in the ordinary course of business and refinancing thereof; (viii) obligations arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such obligation is extinguished within two Business Days of its Incurrence; (ix) obligations in respect of any obligations under workers' compensation laws and similar legislation; (x) any obligation in respect of any Oil and Gas Hedging Contract; (xi) any unrealized losses or charges in respect of Hedging Obligations (including those resulting from the application of the “Derivatives and Hedging” topic of the FASC); and (xii) any obligations relating to any Production Payments.

“Indenture” means this Indenture as amended or supplemented from time to time, including the provisions of the TIA that are deemed to be a part of and govern this Indenture and any supplemental indenture, respectively.

“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement designed to protect the Company or any Restricted Subsidiary against fluctuations in interest rates.

“Investment” in any Person means any direct or indirect advance, loan (other than advances to customers or joint interest partners or drilling partnerships sponsored by the Company or any Restricted Subsidiary in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such Person.  Except as otherwise provided for herein, the amount of an Investment shall be its fair value at the time the Investment is made and without giving effect to subsequent changes in value.  For purposes of the definition of “Unrestricted Subsidiary”, the definition of “Restricted Payment” and Section 4.05, (i) “Investment” shall include the portion (proportionate to the Company's equity interest in such Subsidiary) of the fair market value of the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to 

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(x) the Company's “Investment” in such Subsidiary at the time of such redesignation less (y) the portion (proportionate to the Company's equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and (ii) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Board of Directors.

“Investment Grade Rating” means for Moody's, a rating equal to or higher than Baa3 (or equivalent), for S&P, a rating equal to or higher than BBB- (or equivalent) and for any other Rating Agency the equivalent to the foregoing.

“Issue Date” means February 5, 2013.

“Leverage Ratio” means, with respect to any Person as of any date of determination, the ratio of (x) the total consolidated Indebtedness of such Person and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available, which would be reflected as a liability on a consolidated balance sheet of such Person and its Restricted Subsidiaries prepared as of such date in accordance with GAAP, to (y) the EBITDA of such Person for the then most recent four fiscal quarters for which internal financial statements are available, in each case with such pro forma adjustments to the amount of consolidated Indebtedness and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Coverage Ratio.

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof).

“Material Change” means an increase or decrease (excluding changes that result solely from changes in prices and changes resulting from the Incurrence of previously estimated future development costs) of more than 25% during a fiscal quarter in the discounted future net revenues from proved crude oil and natural gas reserves of the Company and its Restricted Subsidiaries, calculated in accordance with clause (a)(i) of the definition of Adjusted Consolidated Net Tangible Assets; provided, however, that the following shall be excluded from the calculation of Material Change:  (i) any acquisitions during the fiscal quarter of oil and gas reserves that have been estimated by independent petroleum engineers and with respect to which a report or reports of such engineers exist and (ii) any disposition of properties existing at the beginning of such fiscal quarter that have been disposed of in compliance with Section 4.07.

“Moody's” means Moody's Investors Service, Inc. and its successors.

“Net Available Cash” from an Asset Disposition means cash payments received therefrom (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other noncash form) in each case net of (i) all legal, title and recording tax expenses, commissions and other fees (including financial and other advisory fees) and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Disposition, (ii) all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition, (iii) all distributions and other payments required to be made to noncontrolling interest holders in Subsidiaries or joint ventures as a result of such Asset Disposition and (iv) the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed in such Asset Disposition and retained by the Company or any Restricted Subsidiary after such Asset Disposition.

“Net Cash Proceeds” means, with respect to any issuance or sale of Capital Stock, the cash proceeds of such issuance or sale net of attorneys' fees, accountants' fees, underwriters' or placement agents' fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof.

“Net Present Value” means, with respect to any proved hydrocarbon reserves, the discounted future net cash flows associated with such reserves, determined in accordance with the rules and regulations (including interpretations thereof) of the SEC in effect on the Issue Date.

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“Net Working Capital” means (a) all current assets of the Company and its Restricted Subsidiaries minus (b) all current liabilities of the Company and its Restricted Subsidiaries, except current liabilities included in Indebtedness, determined in accordance with GAAP.

“Non-recourse Purchase Money Indebtedness” means Indebtedness (other than Capital Lease Obligations) of the Company or any Subsidiary Guarantor incurred in connection with the acquisition by the Company or such Subsidiary Guarantor in the ordinary course of business of fixed assets used in the Oil and Gas Business (including office buildings and other real property used by the Company or such Subsidiary Guarantor in conducting its operations) with respect to which (i) the holders of such Indebtedness agree that they shall look solely to the fixed assets so acquired which secure such Indebtedness, and neither the Company nor any Restricted Subsidiary (a) is directly or indirectly liable for such Indebtedness or (b) provides credit support, including any undertaking, Guarantee, agreement or instrument that would constitute Indebtedness (other than the grant of a Lien on such acquired fixed assets), and (ii) no default or event of default with respect to such Indebtedness would cause, or permit (after notice or passage of time or otherwise), any holder of any other Indebtedness of the Company or a Subsidiary Guarantor to declare a default or event of default on such other Indebtedness or cause the payment, repurchase, redemption, defeasance or other acquisition or retirement for value thereof to be accelerated or payable prior to any scheduled principal payment, scheduled sinking fund payment or maturity.

“Obligations” means with respect to any Indebtedness all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements, and other amounts payable pursuant to the documentation governing such Indebtedness.

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, any Vice Chairman of the Board, Vice President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person.

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

“Oil and Gas Business” means the business of the exploration for, and exploitation, development, acquisition, production, processing (but not refining), marketing, storage and transportation of, hydrocarbons, and other related energy and natural resource businesses (including oil and gas services businesses related to the foregoing).

“Oil and Gas Hedging Contract” means any oil and gas purchase or hedging agreement, and other agreement or arrangement, in each case, that is designed to provide protection against oil and gas price fluctuations.

“Oil and Gas Liens” means (i) Liens on any specific property or any interest therein, construction thereon or improvement thereto to secure all or any part of the costs incurred for surveying, exploration, drilling, extraction, development, operation, production, construction, alteration, repair or improvement of, in, under or on such property and the plugging and abandonment of wells located thereon (it being understood that, in the case of oil and gas producing properties, or any interest therein, costs incurred for “development” shall include costs incurred for all facilities relating to such properties or to projects, ventures or other arrangements of which such properties form a part or which relate to such properties or interests); (ii) Liens on an oil or gas producing property to secure obligations Incurred or guarantees of obligations Incurred in connection with or necessarily incidental to commitments for the purchase or sale of, or the transportation or distribution of, the products derived from such property; (iii) Liens arising under partnership agreements, oil and gas leases, overriding royalty agreements, net profits agreements, production payment agreements, royalty trust agreements, incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists and other providers of technical services to the Company or a Restricted Subsidiary, master limited partnership agreements, farm-out agreements, farm-in agreements, division orders, contracts for the sale, purchase, exchange, transportation, gathering or processing of oil, gas or other hydrocarbons, unitizations and pooling designations, declarations, orders and agreements, development agreements, operating agreements, production sales contracts, area of mutual interest agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, and other agreements which are customary in the Oil and Gas Business; provided, however, that in all instances such Liens are limited to the assets that are the subject of the relevant agreement, program, order or contract; (iv) Liens arising in connection with Production Payments; and (v) Liens on pipelines or pipeline facilities that arise by operation of law.

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

“Permitted Business Investment” means any investment made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business, including investments or expenditures for actively exploiting, exploring for, acquiring, developing, producing, processing, gathering, marketing or transporting oil and gas through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of Oil and Gas Business jointly with third parties, including (i) ownership interests in oil and gas properties, processing facilities, gathering systems, pipelines or ancillary real property interests and (ii) Investments in the form of or pursuant to operating agreements, processing agreements, farm-in agreements, farm-out agreements, development agreements, area of mutual interest agreements, unitization agreements, pooling agreements, joint bidding agreements, service contracts, joint venture agreements, partnership agreements (whether general or limited), subscription agreements, stock purchase agreements and other similar agreements (including for limited liability companies), excluding, however, Investments in corporations other than Restricted Subsidiaries.

“Permitted Investment” means an Investment by the Company or any Restricted Subsidiary in (i) a Restricted Subsidiary or a Person that shall, upon the making of such Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Restricted Subsidiary is an Oil and Gas Business; (ii) another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; provided, however, that such Person's primary business is an Oil and Gas Business; (iii) Temporary Cash Investments; (iv) receivables owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances; (v) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; (vi) loans or advances to employees made in the ordinary course of business; (vii) stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments; (viii) any Person to the extent such Investment represents the non-cash portion of the consideration received for an Asset Disposition as permitted pursuant to Section 4.07; (ix) Permitted Business Investments; (x) Investments intended to promote the Company's strategic objectives in the Oil and Gas Business in an aggregate amount not to exceed 5.0% of ACNTA (determined as of the date of the making of any such Investment) at any one time outstanding (which Investments shall be deemed to be no longer outstanding only upon and to the extent of the return of capital thereof); and (xi) Investments made pursuant to Hedging Obligations of the Company and the Restricted Subsidiaries.

“Permitted Liens” means, with respect to any Person, (a) Liens existing as of the Issue Date; (b) Liens securing the Securities, any Subsidiary Guarantee and other obligations arising under this Indenture; (c) any Lien existing on any property of a Person at the time such Person is merged or consolidated with or into the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary (and not incurred in anticipation of or in connection with such transaction), provided that such Liens are not extended to other property of the Company or the Restricted Subsidiaries; (d) any Lien existing on any property at the time of the acquisition thereof (and not incurred in anticipation of or in connection with such transaction), provided that such Liens are not extended to other property of the Company or the Restricted Subsidiaries; (e) any Lien incurred in the ordinary course of business incidental to the conduct of the business of the Company or the Restricted Subsidiaries or the ownership of their property (including (i) easements, rights of way and similar encumbrances, (ii) rights or title of lessors under leases (other than Capital Lease Obligations), (iii) rights of collecting banks having rights of setoff, revocation, refund or chargeback with respect to money or instruments of the Company or the Restricted Subsidiaries on deposit with or in the possession of such banks, (iv) Liens imposed by law, including Liens under workers' compensation or similar legislation and mechanics', carriers', warehousemen's, materialmen's, suppliers' and vendors' Liens, (v) Liens incurred to secure performance of obligations with respect to statutory or regulatory requirements, performance or return-of-money bonds, surety bonds or other obligations of a like nature and incurred in a manner consistent with industry practice and (vi) Oil and Gas Liens, in each case which are not incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property (other than trade accounts payable arising in the ordinary course of business)); (f) Liens for taxes, assessments and governmental charges not yet due or the validity of which are being contested in good faith by appropriate proceedings, promptly instituted and diligently conducted, and for which adequate reserves have been established to the extent required by GAAP as in effect at such time; (g) Liens incurred to secure appeal bonds and judgment and attachment Liens, in each case in connection with litigation or legal proceedings that are being contested in good faith by appropriate proceedings, 

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so long as reserves have been established to the extent required by GAAP as in effect at such time and so long as such Liens do not encumber assets by an aggregate amount (together with the amount of any unstayed judgments against the Company or any Restricted Subsidiary but excluding any such Liens to the extent securing insured or indemnified judgments or orders) in excess of $10.0 million; (h) Liens securing Hedging Obligations of the Company and its Restricted Subsidiaries; (i) Liens securing purchase money Indebtedness or Capital Lease Obligations, provided that such Liens attach only to the property acquired with the proceeds of such purchase money Indebtedness or the property which is the subject of such Capital Lease Obligations; (j) Liens securing Non-recourse Purchase Money Indebtedness granted in connection with the acquisition by the Company or any Restricted Subsidiary in the ordinary course of business of fixed assets used in the Oil and Gas Business (including the office buildings and other real property used by the Company or such Restricted Subsidiary in conducting its operations), provided that (i) such Liens attach only to the fixed assets acquired with the proceeds of such Non-recourse Purchase Money Indebtedness and (ii) such Non-recourse Purchase Money Indebtedness is not in excess of the purchase price of such fixed assets; (k) Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of decreasing or legally defeasing Indebtedness of the Company or any Restricted Subsidiary so long as such deposit of funds is permitted under Section 4.05; (l) Liens resulting from a pledge of Capital Stock of a Person that is not a Restricted Subsidiary to secure obligations of such Person and any refinancing thereof; (m) Liens to secure any permitted extension, renewal, refinancing, refunding or exchange (or successive extensions, renewals, refinancing, refunding or exchanges), in whole or in part, of or for any Indebtedness secured by Liens referred to in clauses (a), (b), (c), (d), (i) and (j) above; provided, however, that (i) such new Lien shall be limited to all or part of the same property (including future improvements thereon and accessions thereto) subject to the original Lien and (ii) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, the committed amount of the Indebtedness secured by such original Lien immediately prior to such extension, renewal, refinancing, refunding or exchange and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; and (n) Liens in favor of the Company or a Restricted Subsidiary.  Notwithstanding anything in this definition to the contrary, the term “Permitted Liens” shall not include Liens resulting from the creation, Incurrence, issuance, assumption or Guarantee of any Production Payments other than (i) any such Liens existing as of the Issue Date, (ii) Production Payments in connection with the acquisition of any property after the Issue Date; provided that any such Lien created in connection therewith is created, incurred, issued, assumed or Guaranteed in connection with the financing of, and within 60 days after the acquisition of, such property and (iii) Production Payments other than those described in clauses (i) and (ii) of this sentence, to the extent such Production Payments constitute Asset Dispositions made pursuant to and in compliance with Section 4.07 and (iv) incentive compensation programs for geologists, geophysicists and other providers of technical services to the Company and any Restricted Subsidiary; provided, however, that, in the case of the immediately foregoing clauses (i), (ii), (iii) and (iv), any Lien created in connection with any such Production Payments shall be limited to the property that is the subject of such Production Payments.

“Permitted Marketing Obligations” means Indebtedness of the Company or any Restricted Subsidiary under letter of credit or borrowed money obligations, or in lieu of or in addition to such letters of credit or borrowed money, guarantees of such Indebtedness or other obligations of the Company or any Restricted Subsidiary by any other Restricted Subsidiary, as applicable, related to the purchase by the Company or any Restricted Subsidiary of hydrocarbons for which the Company or such Restricted Subsidiary has contracts to sell; provided, however, that in the event that such Indebtedness or obligations are guaranteed by the Company or any Restricted Subsidiary, then either (i) the Person with which the Company or such Restricted Subsidiary has contracts to sell has an investment grade credit rating from S&P or Moody's, or in lieu thereof, a Person guaranteeing the payment of such obligated Person has an investment grade credit rating from S&P or Moody's, or (ii) such Person posts, or has posted for it, a letter of credit in favor of the Company or such Restricted Subsidiary with respect to all such Person's obligations to the Company or such Restricted Subsidiary under such contracts.

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

“Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

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The term “principal” of a Security means the principal of the Security plus the premium, if any, payable on the Security which is due or overdue or is to become due at the relevant time.

“Production Payments” means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments.

“Rating Agency” means (1) each of Moody's and S&P and (2) if Moody's or S&P ceases to rate the Notes for reasons outside of the Company's control, Fitch, unless at such time Fitch ceases to rate the Notes for reasons outside of the Company's control, in which case another “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a replacement agency for Moody's, S&P or Fitch, as the case may be.

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness.  “Refinanced” and “Refinancing” shall have correlative meanings.

“Refinancing Indebtedness” means Indebtedness that Refinances any Indebtedness of the Company or any Restricted Subsidiary existing on the Issue Date or Incurred in compliance with the Indenture including Indebtedness that Refinances Refinancing Indebtedness; provided, however, that (i) such Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being Refinanced, (ii) such Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being Refinanced, (iii) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding or committed (plus fees and expenses, including any premium and defeasance costs) under the Indebtedness being Refinanced and (iv) if the Indebtedness being Refinanced is Non-recourse Purchase Money Indebtedness, such Refinancing Indebtedness satisfies clauses (i) and (ii) of the definition of “Non-recourse Purchase Money Indebtedness;” provided, further, however, that Refinancing Indebtedness shall not include (x) Indebtedness of a Subsidiary that Refinances Indebtedness of the Company or (y) Indebtedness of the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary.

“Representative” means any trustee, agent or representative (if any) for an issue of Senior Indebtedness of the Company or of a Subsidiary Guarantor.

“Restricted Payment” with respect to any Person means (i) the declaration or payment of any dividends or any other distributions of any sort in respect of its Capital Stock (including any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect holders of its Capital Stock (other than (x) dividends or distributions payable solely in its Capital Stock (other than Disqualified Stock), (y) dividends or distributions payable solely to the Company or a Restricted Subsidiary, and (z) pro rata dividends or other distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to minority stockholders (or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation)), (ii) the purchase, redemption or other acquisition or retirement for value of any Capital Stock of the Company held by any Person or of any Capital Stock of a Restricted Subsidiary held by any Affiliate of the Company (other than a Restricted Subsidiary), including the exercise of any option to exchange any Capital Stock (other than into Capital Stock of the Company that is not Disqualified Stock), (iii) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of any Subordinated Obligations of such Person (other than the purchase, repurchase or other acquisition of Subordinated Obligations of such Person purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of acquisition) or (iv) the making of any Investment (other than a Permitted Investment) in any Person.

“Restricted Subsidiary” means any Subsidiary of the Company that is not an Unrestricted Subsidiary.

“S&P” means Standard & Poor's Ratings Services, a division of The McGraw-Hill Company, Inc., and its successors.

“Sale/Leaseback Transaction” means an arrangement relating to property owned on the Issue Date or thereafter acquired whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Restricted 

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Subsidiary leases it from such Person; provided that the fair market value of such property (as reasonably determined by the Board of Directors acting in good faith) is $10.0 million or more.

“SEC” means the Securities and Exchange Commission.

“Secured Indebtedness” means any Indebtedness of the Company secured by a Lien.

“Senior Indebtedness” means with respect to any Person (i) Indebtedness of such Person, and all obligations of such Person under any Credit Facility, whether outstanding on the Issue Date or thereafter Incurred and (ii) accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating such Person to the extent post-filing interest is allowed in such proceeding) in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable unless, with respect to obligations described in the immediately preceding clause (i) or (ii), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to the Securities or the applicable Subsidiary Guarantee; provided, however, that Senior Indebtedness shall not include (1) any obligation of such Person to any Subsidiary of such Person, (2) any liability for Federal, state, local or other taxes owed or owing by such Person, (3) any accounts payable or other liability to trade creditors arising in the ordinary course of business (including guarantees thereof or instruments evidencing such liabilities), (4) any Indebtedness of such Person (and any accrued and unpaid interest in respect thereof) which is subordinate or junior in any respect to any other Indebtedness or other obligation of such Person or (5) that portion of any Indebtedness which at the time of Incurrence is Incurred in violation of this Indenture (other than, in the case of the Company or any Subsidiary Guarantor that Guarantees any Credit Facility, Indebtedness under any Credit Facility that is Incurred on the basis of a representation by the Company or the applicable Subsidiary Guarantor to the applicable lenders that such Person is permitted to Incur such Indebtedness under this Indenture).

“Senior Subordinated Indebtedness” means (i) with respect to the Company, the Securities, the Existing Senior Subordinated Notes and any other Indebtedness of the Company that specifically provides that such Indebtedness is to rank pari passu with the Securities in right of payment and is not subordinated by its terms in right of payment to any Indebtedness or other obligation of the Company which is not Senior Indebtedness of the Company, and (ii) with respect to each Subsidiary Guarantor, its Subsidiary Guarantee of the Securities and the Existing Senior Subordinated Notes and any other Indebtedness of such Person that specifically provides that such Indebtedness rank pari passu with its applicable Subsidiary Guarantee in right of payment and is not subordinated by its terms in right of payment to any Indebtedness or other obligation of such Person which is not Senior Indebtedness of such Person.

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC.

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred).

“Stock Offering” means a primary offering, whether public or private, of shares of common stock of the Company.

“Subordinated Obligation” means any Indebtedness of the Company or any Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or junior in right of payment to, in the case of the Company, the Securities or, in the case of a Subsidiary Guarantor, its Subsidiary Guarantee pursuant to a written agreement to that effect.

“Subsidiary” means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person.

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“Subsidiary Guarantor” means each Subsidiary designated as such on the signature pages hereto and any other Subsidiary that has issued a Subsidiary Guarantee.

“Subsidiary Guarantee” means a Guarantee by a Subsidiary Guarantor of the Company's obligations with respect to the Securities.

“Temporary Cash Investments” means any of the following:  (i) any investment in direct obligations of the United States of America or any agency thereof or obligations guaranteed by the United States of America or any agency thereof, (ii) investments in time deposit accounts, certificates of deposit and money market deposits maturing within one year of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $200.0 million (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized credit rating organization (as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a registered broker dealer or mutual fund distributor whose assets consist of obligations of the types described in clauses (i), (ii), (iii), (iv) and (v) hereof, (iii) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (i) above entered into with a bank meeting the qualifications described in clause (ii) above, (iv) investments in commercial paper, maturing not more than 180 days after the date of acquisition, issued by a Person (other than an Affiliate of the Company) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of “P-2” (or higher) according to Moody's or “A-2” (or higher) according to S&P or “R-1” (or higher) by Dominion Bond Rating Service Limited or Canadian Bond Rating Service, Inc. (in the case of a Canadian issuer), (v) investments in securities with maturities of six months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or “A” by Moody's and (vi) investments in asset-backed securities maturing within one year of the date of acquisition thereof with a long-term rating at the time as of which any investment therein is made of “A3” (or higher) by Dominion Bond Rating Service Limited or Canadian Bond Rating Service, Inc. (in the case of a Canadian issuer). 

“TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb), as in effect on the date of this Indenture except as provided in Section 9.03; provided, however, that, in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendments, the Trust Indenture Act of 1939 as so amended.

“Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it and, thereafter, means the successor.

“Trust Officer” means the Chairman of the Board, the President or any other officer or assistant officer of the Trustee assigned by the Trustee to administer this Indenture.

“Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.

“Unrestricted Subsidiary” means (i) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below, and (ii) any Subsidiary of an Unrestricted Subsidiary.  The Board of Directors may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that either (A) the Subsidiary to be so designated has total assets of $1,000 or less or (B) if such Subsidiary has assets greater than $1,000, such designation would be permitted under Section 4.05.  The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation (x) the Company could Incur $1.00 of additional Indebtedness under Section 4.03(a) and (y) no Default shall have occurred and be continuing.  Any such designation by the Board of Directors shall be evidenced by the Company to the Trustee by promptly filing with the Trustee a copy of the board resolution giving effect to such designation and an Officers' Certificate certifying that such designation complied with the foregoing provisions.

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“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable at the issuer's option.

“Volumetric Production Payments” means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all undertakings and obligations in connection therewith.

“Voting Stock” of a Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

“Wholly Owned Subsidiary” means a Restricted Subsidiary all the Capital Stock of which (other than directors' qualifying shares and shares held by other Persons to the extent such shares are required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary) is owned by the Company or one or more Wholly Owned Subsidiaries.

Section 1.02    Other Definitions.
	
					
	Term
	 
	Defined in
Section

	 
	 
	 
	 
	 

	“Affiliate Transaction”
	 
	 
	4.08(a)
	 

	“Bankruptcy Law”
	 
	 
	6.01
	 

	“Blockage Notice”
	 
	 
	10.03
	 

	“Company Order”
	 
	 
	2.02
	 

	“covenant defeasance option”
	 
	 
	8.01(b)
	 

	“Covenant Suspension Event”
	 
	 
	4.14(a)
	 

	“Custodian”
	 
	 
	6.01
	 

	“Event of Default”
	 
	 
	6.01
	 

	“Excess Proceeds”
	 
	 
	4.07(a)
	 

	“Excess Proceeds Offer”
	 
	 
	4.07(b)(i)
	 

	“Excess Proceeds Payment”
	 
	 
	4.07(b)(i)
	 

	“Excess Proceeds Payment Date”
	 
	 
	4.07(b)(ii)
	 

	“Guaranteed Obligations”
	 
	 
	11.01
	 

	“legal defeasance option”
	 
	 
	8.01(b)
	 

	“Legal Holiday”
	 
	 
	13.08
	 

	“pay the Securities”
	 
	 
	10.03
	 

	“Paying Agent”
	 
	 
	2.03
	 

	“Payment Blockage Period”
	 
	 
	10.03
	 

	“Registrar”
	 
	 
	2.03
	 

	“Reversion Date”
	 
	 
	4.14(b)
	 

	“Subsidiary Guarantor Blockage Notice”
	 
	 
	12.03
	 

	“Subsidiary Guarantor Payment Blockage Period”
	 
	 
	12.03
	 

	“Successor Company”
	 
	 
	5.01
	 

	“Suspended Covenants”
	 
	 
	4.14(a)
	 

	“Suspension Period”
	 
	 
	4.14(c)
	 

	“Unrestricted Affiliate”
	 
	 
	4.08(b)
	 

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Section 1.03.    Incorporation by Reference of Trust Indenture Act

This Indenture is subject to the mandatory provisions of the TIA which are incorporated by reference in and made a part of this Indenture.  The following TIA terms have the following meanings:

“Commission” means the SEC.

“indenture securities” means the Securities.

“indenture security holder” means a Securityholder.

“indenture to be qualified” means this Indenture.

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

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities.

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions.

Section 1.04    Rules of Construction.  Unless the context otherwise requires:

(1)a term has the meaning assigned to it;

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

(3)“or” is not exclusive;

(4)“including” means including without limitation;

(5)words in the singular include the plural and words in the plural include the singular;

(6)unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness;

(7)the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Company dated such date prepared in accordance with GAAP; and

(8)the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater.

ARTICLE 2

The Securities

Section 2.01.    Form and Dating.  The Securities and the Trustee's certificate of authentication shall be substantially in the form of Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture.  The Securities may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or depository procedure or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company).  Each Security shall be dated the date of its authentication.  The terms of the Securities set forth in Exhibit A are part of the terms of this Indenture.

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Section 2.02.    Execution and Authentication.  Two Officers shall sign the Securities for the Company by manual signature.

If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless.

A Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security.  The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

On the Issue Date, upon receipt of a written order of the Company signed by two Officers of the Company (a “Company Order”), the Trustee shall authenticate and deliver $1,200,000,000 of 4 5/8% Senior Subordinated Notes due 2023 and, at any time and from time to time thereafter, the Trustee shall, upon receipt of a Company Order, authenticate and deliver Securities for original issue in an aggregate principal amount specified in such Company Order; provided that, in each case, the Trustee shall be entitled to receive an Officers' Certificate and an Opinion of Counsel of the Company that it may reasonably request in connection with such authentication of Securities.  Such Company Order shall specify the amount of Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and, in the case of an issuance of Additional Securities pursuant to Section 2.13 after the Issue Date, shall certify that such issuance is in compliance with Section 4.03.

The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities.  Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities 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 any Registrar, Paying Agent or agent for service of notices and demands.

Section 2.03.    Registrar and Paying Agent.  The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange, which office shall maintain the names and addresses of Securityholders (the “Registrar”), and an office or agency where Securities may be presented for payment (the “Paying Agent”).  The Registrar shall keep a register of the Securities and of their transfer and exchange.  The Company may have one or more co-registrars and one or more additional paying agents.  The term “Paying Agent” includes any additional paying agent.

The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA.  The agreement shall implement the provisions of this Indenture that relate to such agent.  The Company shall notify the Trustee of the name and address of any such agent.  If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07.  The Company or any Wholly Owned Subsidiary incorporated or organized within the United States of America may act as Paying Agent, Registrar, co-registrar or transfer agent.

The Company initially appoints the Trustee as Registrar and Paying Agent in connection with the Securities.

Section 2.04.    Paying Agent To Hold Money in Trust.  Prior to 11:00 a.m., New York City time, on each due date of the principal and interest on any Security, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due.  The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Securityholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any default by the Company in making any such payment.  If the Company or a Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent.  Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee.

Section 2.05.    Securityholder 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 Securityholders.  If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at least five Business Days before 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 Securityholders.

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Section 2.06.    Transfer and Exchange.  The Securities shall be issued in registered form and shall be transferable only upon the surrender of a Security for registration of transfer.  When a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of the Uniform Commercial Code are met. 

When Securities are presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met.

Section 2.07.    Replacement Securities.  If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate and deliver a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee.  If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Security is replaced.  The Company and the Trustee may charge the Holder for their expenses in replacing a Security.

Every replacement Security is an additional obligation of the Company.

Section 2.08.    Outstanding Securities.  Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding.  A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a bona fide purchaser.

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Securityholders on that date pursuant to the terms of this Indenture, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

Section 2.09.    Temporary Securities.  Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate and deliver temporary Securities.  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities.

Section 2.10.    Cancellation.  The Company at any time may deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange, payment or cancellation.  The Trustee and no one else shall cancel and destroy (subject to the record retention requirements of the Exchange Act) all Securities surrendered for registration of transfer, exchange, payment or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Trustee to deliver canceled Securities to the Company.  The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation.

Section 2.11.    Defaulted Interest.  If the Company defaults in a payment of interest on the Securities, the Company shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner.  The Company may pay the defaulted interest to the Persons who are Securityholders on a subsequent special record date as provided in the Securities and in Section 4.01 hereof.  The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Securityholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

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Section 2.12.    CUSIP Numbers.  The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP”, numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.

Section 2.13.    Issuance of Additional Securities.  The Company shall be entitled, subject to its compliance with Section 4.03, to issue Additional Securities under this Indenture which shall have identical terms as the Securities issued on the Issue Date, other than with respect to the date of issuance and issue price; provided that such Additional Securities are fungible with the Securities for federal income tax purposes or are issued under a separate CUSIP number.  The Securities issued on the Issue Date and any Additional Securities shall be treated as a single class for all purposes under this Indenture.

With respect to any Additional Securities, the Company shall set forth in a resolution of the Board of Directors and an Officers' Certificate, a copy of each which shall be delivered to the Trustee, the following information:

(1)the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this Indenture; and
(2)the issue price, the issue date and the CUSIP number of such Additional Securities; provided, however, that no Additional Securities may be issued at a price that would cause such Additional Securities to have “original issue discount” within the meaning of Section 1273 of the Code.

ARTICLE 3

Redemption

Section 3.01.    Notices to Trustee.  If the Company elects to redeem Securities pursuant to paragraph 5 of the Securities, it shall notify the Trustee in writing of the redemption date, the principal amount of Securities to be redeemed and the paragraph of the Securities pursuant to which the redemption shall occur.

The Company shall give each notice to the Trustee provided for in this Section at least 45 days before the redemption date unless the Trustee consents to a shorter period.  Such notice shall be accompanied by an Officers' Certificate and an Opinion of Counsel from the Company to the effect that such redemption shall comply with the conditions herein.

Section 3.02.    Selection of Securities To Be Redeemed.  If fewer than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed pro rata or by lot or by a method that complies with applicable legal and securities exchange requirements, if any, and that the Trustee in its sole discretion considers fair and appropriate.  The Trustee shall make the selection from outstanding Securities not previously called for redemption.  The Trustee may select for redemption portions of the principal of Securities that have denominations larger than $2,000.  Securities and portions of them the Trustee selects shall be in amounts of $2,000 or a whole multiple of $2,000 in excess thereof.  Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.  The Trustee shall notify the Company, the Registrar and each Paying Agent promptly of the Securities or portions of Securities to be redeemed.

Section 3.03.    Notice of Redemption.  At least 30 days but not more than 60 days before a date for redemption of Securities, the Company shall mail a notice of redemption by first-class mail to each Holder of Securities to be redeemed.

The notice shall identify the Securities to be redeemed and shall state:

(1)the redemption date;

(2)the redemption price;

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

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(4)that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price;

(5)if fewer than all the outstanding Securities are to be redeemed, the identification and principal amounts of the particular Securities to be redeemed;

(6)that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Securities (or portions thereof) called for redemption ceases to accrue on and after the redemption date; and

(7)that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.

At the Company's request, the Trustee shall give the notice of redemption in the Company's name and at the Company's expense.  In such event, the Company shall provide the Trustee with the information required by this Section.

Section 3.04.    Effect of Notice of Redemption.  Once notice of redemption is mailed, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, subject to any condition or contingency stated therein.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued and unpaid interest to the redemption date.  Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

Section 3.05.    Deposit of Redemption Price.  Prior to the redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued and unpaid interest on all Securities to be redeemed on that date other than Securities or portions of Securities called for redemption which have been delivered by the Company to the Trustee for cancellation.

Section 3.06.    Securities Redeemed in Part.  Upon surrender of a Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate and deliver to the Holder (at the Company's expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered.

ARTICLE 4

Covenants

Section 4.01.    Payment of Securities.  The Company shall promptly pay the principal of and interest on the Securities on the dates and in the manner provided in the Securities and in this Indenture.  Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Securityholders on that date pursuant to the terms of this Indenture.

The Company shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

Section 4.02.    SEC Reports.  Notwithstanding that the Company may not at any time be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file with the SEC and provide the Trustee and Securityholders with such annual reports and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such information, documents and other reports to be so filed and provided at the times specified for the filing of such information, documents and reports under such Sections.  The Company also shall comply with the other provisions of TIA § 314(a).

Section 4.03.    Limitation on Indebtedness.  (a)  The Company shall not, and shall not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided, however, that the Company or a Restricted Subsidiary may Incur Indebtedness if, on the date of such Incurrence and after giving effect thereto, the Consolidated Coverage Ratio equals or exceeds 2.25 to 1.0.

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(b)Notwithstanding Section 4.03(a), the Company and any Restricted Subsidiary may Incur the following Indebtedness:

(1)Indebtedness Incurred pursuant to any Credit Facility, so long as the aggregate amount of all Indebtedness outstanding under all Credit Facilities does not, at any one time, exceed the aggregate amount of borrowing availability as of such date under all Credit Facilities that determine availability on the basis of a borrowing base or other asset-based calculation; provided, however, that in no event shall such amount exceed the greater of (x) $500.0 million and (y) 75% of ACNTA as of the date of such Incurrence;

(2)Indebtedness owed to and held by the Company or any Restricted Subsidiary; provided, however, that any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to the Company or another Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the issuer thereof; 

(3)Indebtedness of the Company represented by the Securities (other than any Additional Securities); 

(4)Indebtedness outstanding on the Issue Date (other than Indebtedness described in paragraph (b)(1), (2) or (3) of this Section 4.03);

(5)Indebtedness of (A) a Restricted Subsidiary Incurred and outstanding on or prior to the date on which such Restricted Subsidiary was acquired by the Company (other than Indebtedness Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company) and (B) the Company or a Restricted Subsidiary Incurred for the purpose of financing all or any part of the cost of acquiring oil and gas properties, another Person (other than a Person that was, immediately prior to such acquisition, a Subsidiary of the Company) engaged in the Oil and Gas Business or all or substantially all the assets of such a Person; provided, however, that in the case of each of clause (A) and clause (B) above, on the date of such Incurrence and after giving effect thereto, the Consolidated Coverage Ratio equals or exceeds 2.0 to 1.0; 

(6)Refinancing Indebtedness in respect of Indebtedness Incurred pursuant to Section 4.03(a) or Section 4.03(b)(3), (4) or (5), this clause (6) or clause (7) below; provided, however, that to the extent such Refinancing Indebtedness directly or indirectly Refinances Indebtedness or Preferred Stock of a Restricted Subsidiary described in Section 4.03(b)(5), such Refinancing Indebtedness shall be Incurred only by such Restricted Subsidiary or the Company; 

(7)Non-recourse Purchase Money Indebtedness; 

(8)Indebtedness consisting of the Subsidiary Guarantees and any Guarantee by a Subsidiary Guarantor of Indebtedness Incurred by the Company pursuant to paragraphs (b)(1) and (3) of this Section 4.03;

(9)Indebtedness consisting of Interest Rate Agreements directly related to Indebtedness permitted to be Incurred by the Company and its Restricted Subsidiaries pursuant to this Indenture;

(10)Indebtedness under Oil and Gas Hedging Contracts and Currency Agreements entered into in the ordinary course of business for the purpose of limiting risks that arise in the ordinary course of business of the Company and its Restricted Subsidiaries; 

(11)Indebtedness in respect of bid, performance or surety obligations issued by or for the account of the Company or any Restricted Subsidiary in the ordinary course of business, including Guarantees and letters of credit functioning as or supporting such bid, performance or surety obligations (in each case other than for an obligation for money borrowed); 

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(12)Indebtedness of the Company or a Restricted Subsidiary Incurred to finance capital expenditures and Refinancing Indebtedness Incurred in respect thereof in an aggregate amount which, when taken together with the amount of all other Indebtedness Incurred pursuant to this clause (12) since the Issue Date and then outstanding, does not exceed $20.0 million;

(13)Permitted Marketing Obligations; 

(14)In-kind obligations relating to oil and gas balancing positions arising in the ordinary course of business; and 

(15)Indebtedness in an aggregate amount which, together with the amount of all other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the date of such Incurrence (other than Indebtedness permitted by Section 4.03(a) or Section 4.03(b)(1)-(14)) does not exceed $100.0 million.

(c)Notwithstanding the foregoing, the Company shall not, and shall not permit any Subsidiary Guarantor to, Incur any Indebtedness pursuant to Section 4.03(b) if the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated Obligations unless such Indebtedness shall be subordinated to the Securities or the relevant Subsidiary Guarantee, as the case may be, to at least the same extent as such Subordinated Obligations. 

(d)For purposes of determining compliance with this Section 4.03, (i) in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described in this Section 4.03, the Company, in its sole discretion, shall classify such item of Indebtedness at the time of Incurrence and only be required to include the amount and type of such Indebtedness in one of the above clauses of this Section 4.03; provided that items of Indebtedness outstanding under the Credit Agreement on the Issue Date shall be treated as Incurred on the Issue Date under Section 4.03(b)(1); and (ii) an item of Indebtedness may be divided and classified in more than one of the types of Indebtedness described in this Section 4.03.

Section 4.04.    Incurrence of Layered Indebtedness.  Notwithstanding paragraphs (a) and (b) of Section 4.03 above, the Company shall not, and the Company shall not permit any Subsidiary Guarantor to, Incur any Indebtedness if such Indebtedness is subordinate or junior in ranking in any respect to any Senior Indebtedness of the Company or such Subsidiary Guarantor, as applicable, unless such Indebtedness is Senior Subordinated Indebtedness or is expressly subordinated in right of payment to Senior Subordinated Indebtedness of such Person.

Section 4.05.    Limitation on Restricted Payments.  (a)  The Company shall not, and shall not permit any Restricted Subsidiary, directly or indirectly, to make a Restricted Payment if at the time the Company or such Restricted Subsidiary makes such Restricted Payment:  (1) a Default shall have occurred and be continuing (or would result therefrom); (2) the Company is not able to Incur an additional $1.00 of Indebtedness pursuant to Section 4.03(a); or (3) the aggregate amount of such Restricted Payment and all other Restricted Payments since the Issue Date would exceed the sum of (without duplication):  (A) 50% of the aggregate Consolidated Net Income of the Company accrued on a cumulative basis commencing on December 31, 2002, and ending on the last day of the fiscal quarter ending on or immediately preceding the date of such proposed Restricted Payment (or, if such aggregate Consolidated Net Income shall be a deficit, minus 100% of such deficit); (B) the aggregate Net Cash Proceeds received by the Company from the issuance or sale of its Capital Stock (other than Disqualified Stock) subsequent to December 31, 2005 (other than an issuance or sale to a Subsidiary of the Company and other than an issuance or sale to an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees); (C) the aggregate Net Cash Proceeds received by the Company from the issue or sale subsequent to December 31, 2005 of its Capital Stock (other than Disqualified Stock) to an employee stock ownership plan; provided, however, that if such employee stock ownership plan incurs any Indebtedness with respect thereto, such aggregate amount shall be limited to an amount equal to any increase in the Consolidated Net Worth of the Company resulting from principal repayments made by such employee stock ownership plan with respect to such Indebtedness; (D) the amount by which Indebtedness of the Company is reduced on the Company's balance sheet upon the conversion or exchange (other than by a Subsidiary of the Company) subsequent to December 31, 2005, of any Indebtedness of the Company convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash, or the fair value of any other property, distributed by the Company upon such conversion or exchange); and (E) an amount equal to the sum of (i) the net reduction in Investments made subsequent to December 31, 2005 by the Company or any Restricted Subsidiary in any Person resulting from dividends, repayments of loans or advances or other transfers of assets, in each case to the Company or any Restricted Subsidiary from such Person, and (ii) the portion (proportionate to the Company's equity interest in such Subsidiary) of the fair market value of 

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the net assets of an Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary; provided, however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments previously made (and treated as a Restricted Payment) by the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary.

(b)The provisions of Section 4.05(a) shall not prohibit:  (i) dividends paid within 60 days after the date of declaration thereof if at such date of declaration such dividend would have complied with this Section 4.05; provided, however, that at the time of payment of such dividend, no other Default shall have occurred and be continuing (or result therefrom); provided, further, however, that such dividend shall be included in the calculation of the amount of Restricted Payments; (ii) any purchase or redemption of Capital Stock or Subordinated Obligations of the Company made by exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary of the Company or an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees); provided, however, that (A) such purchase or redemption shall be excluded in the calculation of the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale shall be excluded from the calculation of amounts under Section 4.05(a)(3)(B) (but only to the extent that such Net Cash Proceeds were used to purchase or redeem such Capital Stock as provided in this clause (ii)); (iii) any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Obligations of the Company made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations of the Company; provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments; (iv) the repurchase of shares of, or options to purchase shares of, common stock of the Company or any of its Subsidiaries from employees, former employees, directors or former directors of the Company or any of its Subsidiaries (or permitted transferees of such employees, former employees, directors or former directors), pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of Directors under which such individuals purchase or sell or are granted the option to purchase or sell, shares of such common stock; provided, however, that the aggregate amount of such repurchases shall not exceed $25.0 million in any calendar year (with any unused amounts in any calendar year being carried over to succeeding calendar years); provided, further, however, that such repurchases shall be excluded in the calculation of the amount of Restricted Payments; (v) loans made to officers, directors or employees of the Company or any Restricted Subsidiary approved by the Board of Directors (or a duly authorized officer), the net cash proceeds of which are used solely (A) to purchase common stock of the Company in connection with a restricted stock or employee stock purchase plan, or to exercise stock options received pursuant to an employee or director stock option plan or other incentive plan, in a principal amount not to exceed the exercise price of such stock options or (B) to refinance loans, together with accrued interest thereon, made pursuant to item (A) of this clause (v); provided, however, that such loans shall be excluded in the calculation of the amount of Restricted Payments; (vi) any Restricted Payment so long as on the date of such Restricted Payment, after giving pro forma effect thereto and to any related transactions as if the same had occurred at the beginning of the Company's most recently ended four full fiscal quarters for which internal financial statements are available, the Company's Leverage Ratio would not have exceeded 2.5 to 1; provided, however, that such Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments; or (vii) other Restricted Payments in an aggregate amount not to exceed $40.0 million; provided, however, that such Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments.

Section 4.06.    Limitation on Restrictions on Distributions from Restricted Subsidiaries.  The Company shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary (a) to pay dividends or make any other distributions on its Capital Stock or pay any Indebtedness owed to the Company or a Restricted Subsidiary, (b) to make any loans or advances to the Company or a Restricted Subsidiary or (c) to transfer any of its property or assets to the Company or a Restricted Subsidiary, except: (i) any encumbrance or restriction in the Credit Agreement on the Issue Date or pursuant to any other agreement in effect on the Issue Date; (ii) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Indebtedness Incurred by such Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by the Company (other than Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company) and outstanding on such date; (iii) any encumbrance or restriction pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an agreement referred to in clause (i) or (ii) of this covenant or this clause (iii) or contained in any amendment to an agreement referred to in clause (i) or (ii) of this covenant or this clause (iii); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment are no less favorable to 

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the Securityholders than encumbrances and restrictions with respect to such Restricted Subsidiary contained in such agreements; (iv) any such encumbrance or restriction consisting of customary nonassignment provisions in leases governing leasehold interests to the extent such provisions restrict the transfer of the lease or the property leased thereunder; (v) in the case of clause (c) above, restrictions contained in security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such restrictions restrict the transfer of the property subject to such security agreements or mortgages; and (vi) any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition.

Section 4.07.    Limitation on Sales of Assets and Subsidiary Stock.  (a)  The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Disposition unless (1) the Company or such Restricted Subsidiary receives consideration at least equal to the fair market value (such fair market value to be determined in advance in good faith by an Officer or an officer of such Restricted Subsidiary with responsibility for such transaction, or the Board of Directors if the Asset Disposition exceeds $50.0 million, which determination shall be conclusive evidence of compliance with this provision), of the equity and assets subject to such Asset Disposition; (2) (A) at least 75% of the consideration received by the Company or such Restricted Subsidiary is in the form of cash or cash equivalents, Additional Assets or any combination thereof (collectively, the “Cash Consideration”) or (B) the fair market value of all forms of such consideration other than Cash Consideration since the date of this Indenture does not exceed in the aggregate 10% of the ACNTA at the time of the applicable Asset Disposition; and (3) an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied by the Company (or such Restricted Subsidiary, as the case may be) (A) first, to the extent the Company elects (or is required by the terms of any Indebtedness), to prepay, repay, redeem or purchase Senior Indebtedness of the Company or any Subsidiary Guarantor or Indebtedness (other than any Disqualified Stock) of a Wholly Owned Subsidiary that is not a Subsidiary Guarantor (in each case other than Indebtedness owed to the Company or an Affiliate of the Company) within 540 days from the later of the date of such Asset Disposition or the receipt of such Net Available Cash, provided such prepayment, repayment, redemption or purchase permanently retires, or reduces the related loan commitment (if any) for, such Indebtedness in an amount equal to the principal amount so prepaid, repaid, redeemed or purchased; (B) second, to the extent of the balance of such Net Available Cash after application in accordance with clause (A), to the extent the Company elects, to acquire Additional Assets or to make capital expenditures in the Oil and Gas Business within 540 days from the later of the date of such Asset Disposition or the receipt of such Net Available Cash; and (C) third, to the extent of the balance of such Net Available Cash after application in accordance with clauses (A) and (B), to make an offer to the holders of the Securities (and to holders of other Senior Subordinated Indebtedness of the Company designated by the Company) to purchase Securities (and such other Senior Subordinated Indebtedness of the Company) pursuant to and subject to the conditions contained in this Indenture, which purchase permanently reduces the outstanding amount of such Securities (and such other Senior Subordinated Indebtedness) in an amount equal to the principal amount purchased.

Pending application of Net Available Cash pursuant to this covenant, such Net Available Cash shall be invested in Temporary Cash Investments or applied to temporarily reduce revolving credit Indebtedness
 
Notwithstanding Section 4.07(a), the Company and the Restricted Subsidiaries shall not be required to apply any Net Available Cash in accordance with Section 4.07(a) except to the extent that the aggregate Net Available Cash from all Asset Dispositions, which is not applied in accordance with Section 4.07(a), exceeds $40.0 million during any calendar year. 

For the purposes of Section 4.07(a), the following are deemed to be cash or cash equivalents (i)  any liabilities, as shown on the Company's or such Restricted Subsidiary's most recent balance sheet, of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Securities or any Subsidiary Guaranty) that are assumed by the transferee of any such Asset Disposition pursuant to (A) a customary novation agreement that releases the Company or such Restricted Subsidiary from further liability or (B) an assignment agreement that includes, in lieu of such a release, the agreement of the transferee or its parent company to indemnify and hold harmless the Company or such Restricted Subsidiary from and against any loss, liability or cost in respect of such assumed liability or (ii)  any non-Cash Consideration received by the Company or any Restricted Subsidiary from the transferee that is converted, monetized, sold or exchanged by the Company or such Restricted Subsidiary into cash or cash equivalents within 120 days of receipt.  Notwithstanding the foregoing, the 75% limitation referred to in Section 4.07(a)(2) above shall be deemed satisfied with respect to any Asset Disposition in which the cash or cash equivalents portion of the consideration received therefrom, determined in accordance with the foregoing provision on an after-tax basis, is equal to or greater than what the after-tax proceeds would have been had such Asset Disposition complied with the aforementioned 75% limitation.  The requirement of Section 4.07(a)(3)(B) above shall be deemed to be satisfied if an agreement (including a lease, whether a capital lease or an 

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operating lease) committing to make the acquisitions or expenditures referred to therein is entered into by the Company or its Restricted Subsidiary within the time period specified in such clause and such Net Available Cash is subsequently applied in accordance with such agreement within six months following such agreement.
 
(b)In the event of an Asset Disposition that requires the purchase of Securities (and other Senior Subordinated Indebtedness of the Company) pursuant to Section 4.07(a)(3)(C), the Company shall make such offer to purchase Securities (an “Offer”) on or before the 541st day after the later of the date of such Asset Disposition or the receipt of such Net Available Cash, and shall purchase Securities tendered pursuant to an offer by the Company for the Securities (and such other Senior Subordinated Indebtedness of the Company) at a purchase price of 100% of their principal amount (or, in the event such other Senior Subordinated Indebtedness of the Company was issued with original issue discount greater than 2.5%, 100% of the accreted value thereof) without premium, plus accrued but unpaid interest (or, in respect of such other Senior Subordinated Indebtedness of the Company, such lesser price, if any, as may be provided for by the terms of such Senior Subordinated Indebtedness of the Company) in accordance with the procedures (including prorating in the event of oversubscription) set forth in Section 3.02. If the aggregate purchase price of the securities tendered exceeds the Net Available Cash allotted to their purchase, the Company shall select the securities to be purchased on a pro rata basis but in round denominations, which in the case of the Securities shall be denominations of $2,000 principal amount and whole multiples of $1,000 in excess thereof. The Company shall not be required to make such an offer to purchase Securities (and other Senior Subordinated Indebtedness of the Company) pursuant to this covenant if the Net Available Cash not applied or invested as provided in Section 4.07(a)(3)(A) or (B) is less than $20.0 million (which lesser amount shall be carried forward for purposes of determining whether such an offer is required with respect to the Net Available Cash from any subsequent Asset Disposition). Upon completion of such an offer to purchase, Net Available Cash shall be deemed to be reduced by the aggregate amount of such offer.

(c) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Securities pursuant to Section 4.07(b). To the extent that the provisions of any securities laws or regulations conflict with provisions of Section 4.07(b), the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under Section 4.07(b) by virtue of its compliance with such securities laws or regulations.

Section 4.08.    Limitation on Affiliate Transactions.  (a)  The Company shall not, and shall not permit any Restricted Subsidiary to, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property, employee compensation arrangements or the rendering of any service) with any Affiliate of the Company (an “Affiliate Transaction”) unless the terms thereof (1) are no less favorable to the Company or such Restricted Subsidiary than those that could be obtained at the time of such transaction in arm's-length dealings with a Person who is not such an Affiliate, (2) if such Affiliate Transaction involves an amount in excess of $15.0 million, are set forth in writing and have been approved by the Board of Directors, including a majority of the members of the Board of Directors having no personal stake in such Affiliate Transaction, and (3) if such Affiliate Transaction involves an amount in excess of $25.0 million, have been determined by a nationally recognized investment banking firm or other qualified independent appraiser to be fair, from a financial standpoint, to the Company and its Restricted Subsidiaries.

(b)The provisions of Section 4.08(a) shall not prohibit (i) any sale of hydrocarbons or other mineral products to an Affiliate of the Company or the entering into or performance of Oil and Gas Hedging Contracts, gas gathering, transportation or processing contracts or oil or natural gas marketing or exchange contracts with an Affiliate of the Company, in each case, in the ordinary course of business, so long as the terms of any such transaction are approved by a majority of the members of the Board of Directors who are disinterested with respect to such transaction, (ii) the sale to an Affiliate of the Company of Capital Stock of the Company that does not constitute Disqualified Stock, and the sale to an Affiliate of the Company of Indebtedness (including Disqualified Stock) of the Company in connection with an offering of such Indebtedness in a market transaction and on terms substantially identical to those of other purchasers in such market transaction, (iii) transactions contemplated by any employment agreement or other compensation plan or arrangement existing on the Issue Date or thereafter entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business, (iv) the payment of reasonable fees to directors of the Company and its Restricted Subsidiaries who are not employees of the Company or any Restricted Subsidiary, (v) transactions between or among the Company and its Restricted Subsidiaries, (vi) transactions between the Company or any of its Restricted Subsidiaries and Persons that are controlled (as defined in the definition of “Affiliate”) by the Company (an “Unrestricted Affiliate”); provided that no other Person that controls (as so defined) or is under common control with the Company holds any Investments in such Unrestricted Affiliate; (vii) Restricted Payments that are permitted by the provisions of 

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Section 4.05; and (viii) loans or advances to employees in the ordinary course of business and approved by the Company's Board of Directors in an aggregate principal amount not to exceed $2.5 million outstanding at any one time.

Section 4.09.    Change of Control.  (a)  Upon the occurrence of a Change of Control, each Holder shall have the right to require that the Company purchase such Holder's Securities at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date), in accordance with the terms contemplated in Section 4.09(b).  In the event that at the time of such Change of Control the terms of the Indebtedness under the Credit Agreement restrict or prohibit the repurchase of Securities pursuant to this Section, then prior to the mailing of the notice to Holders provided for in Section 4.09(b) below, but in any event within 30 days following any Change of Control, the Company shall (i) repay in full the Indebtedness under the Credit Agreement or (ii) obtain the requisite consent under the agreements governing the Indebtedness under the Credit Agreement to permit the purchase of the Securities as provided for in Section 4.09(b).

(b)Within 30 days following a Change of Control, the Company shall mail a notice to each Holder with a copy to the Trustee stating:  (1) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder's Securities at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date); (2) the circumstances and relevant facts regarding such Change of Control (including information with respect to pro forma historical income, cash flow and capitalization, in each case after giving effect to such Change of Control); (3) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and (4) the instructions determined by the Company, consistent with this Section 4.09, that a Holder must follow in order to have its Securities purchased.

(c)Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date.  Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased.

(d)On the purchase date, all Securities purchased by the Company under this Section shall be delivered to the Trustee for cancelation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto.

(e)The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the purchase of Securities pursuant to this Section 4.09.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.09, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.09 by virtue thereof.

(f)The Company shall not be required to make an offer to purchase Securities as a result of a Change of Control pursuant to this Section 4.09 if a third party (i) makes such offer in the manner, at the times and otherwise in compliance with the requirements set forth in Section 4.09(b) and (ii) purchases all Securities validly tendered and not withdrawn under such an offer.

Section 4.10.    Limitation on Liens.  The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, enter into, create, incur, assume or suffer to exist any Lien on or with respect to any property of the Company or such Restricted Subsidiary, whether owned on the Issue Date or acquired after the Issue Date, or any interest therein or any income or profits therefrom, unless the Securities or any Subsidiary Guarantee of such Restricted Subsidiary, as applicable, are secured equally and ratably with (or prior to) any and all other Indebtedness secured by such Lien, except that the Company and its Restricted Subsidiaries may enter into, create, incur, assume or suffer to exist Permitted Liens and Liens securing Senior Indebtedness.

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Section 4.11.    Compliance Certificate.  The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers' Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such fiscal year.  If they do, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with respect thereto.  The Company also shall comply with TIA § 314(a)(4).

Section 4.12.    Further Instruments and Acts.  Upon request of the Trustee, the Company shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

Section 4.13.    Future Subsidiary Guarantors.  The Company shall cause each Restricted Subsidiary that represents at least 10% of the book assets of, or 10% of the ACNTA of the Company and its Restricted Subsidiaries, taken as a whole, and that has an aggregate of $15.0 million or more of Indebtedness and Preferred Stock outstanding at any time to promptly Guarantee the Securities pursuant to a Supplemental Indenture substantially in the form attached hereto as Exhibit 1.

Section 4.14.    Suspension of Certain Covenants.  (a)  If at any time after the Issue Date: (i) the Securities have Investment Grade Ratings from both Rating Agencies and (ii) no Event of Default has occurred and is continuing under this Indenture at such time (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), then until the end of the Suspension Period (as defined in Section 4.14(c)) the Company and the Restricted Subsidiaries shall not be subject to the provisions under Sections 4.03, 4.04, 4.05 (provided that no Restricted Subsidiary may be designated as an Unrestricted Subsidiary during the Suspension Period), 4.06, 4.07, 4.08, and paragraph (iii) of Section 5.01 (collectively, the “Suspended Covenants”).

(b)In the event that the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or downgrades the rating assigned to the Securities below an Investment Grade Rating, then the Company and the Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events. Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default shall be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the period of time between the Covenant Suspension Event and the Reversion Date (the “Suspension Period”), or upon termination of the Suspension Period or after that time based on any actions taken by the Company or its Restricted Subsidiaries during the Suspension Period. On the Reversion Date, all Indebtedness incurred or Preferred Stock issued during the Suspension Period shall be classified as having been incurred or issued pursuant to Section 4.03(a) or Section 4.03(b) (to the extent such Indebtedness or Preferred Stock would be permitted to be incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Preferred Stock would not be so permitted to be incurred or issued pursuant to Section 4.03(a) or Section 4.03(b), such Indebtedness or Preferred Stock shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(4). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.05 shall be made as though the covenant described under Section 4.05 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as Restricted Payments under Section 4.05(a)(3) except to the extent that such Restricted Payments were permitted to have been made and are treated as having been made pursuant to Section 4.05(b).

ARTICLE 5

Successor Company

Section 5.01    When Company May Merge or Transfer Assets.  The Company shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of related transactions, all or substantially all the assets of the Company and its Restricted Subsidiaries, taken as a whole, to, any Person, unless:

(i) (A) the resulting, surviving or transferee Person (the “Successor Company”) shall be a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and (B) the Successor Company (if not the Company) shall expressly assume, by an indenture supplemental hereto, 

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executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Securities and this Indenture;

(ii)immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by such Successor Company or such Subsidiary at the time of such transaction), no Default shall have occurred and be continuing;

(iii)immediately after giving effect to such transaction, the Successor Company would be able to Incur an additional $1.00 of Indebtedness pursuant to Section 4.03(a);

(iv)immediately after giving effect to such transaction, the Successor Company shall have Adjusted Consolidated Net Tangible Assets that are not less than the Adjusted Consolidated Net Tangible Assets prior to such transaction;

(v)in the case of a conveyance, transfer or lease of all or substantially all the assets of the Company and its Restricted Subsidiaries, taken as a whole, such assets shall have been so conveyed, transferred or leased as an entirety or virtually as an entirety to one Person; and

(vi)the Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture;

provided, however, that clauses (iii) and (iv) shall not be applicable to any such transaction solely between the Company and any Restricted Subsidiary.

The Successor Company shall be the successor to the Company and shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, and the predecessor Company, except in the case of a lease, shall be released from the obligation to pay the principal of and interest on the Securities.

Section 5.02.    When Subsidiary Guarantors May Merge or Transfer Assets.  The Company shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of transactions, all or substantially all of its assets to any Person unless: (i) the resulting, surviving or transferee Person (if not such Subsidiary) shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any State thereof or the District of Columbia, and, if such Person is not the Company or a Subsidiary Guarantor, such Person shall expressly assume, by executing a Guarantee Agreement, all the obligations of such Subsidiary, if any, under its Subsidiary Guarantee; (ii) immediately after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness which becomes an obligation of the resulting, surviving or transferee Person as a result of such transaction as having been issued by such Person at the time of such transaction), no Default shall have occurred and be continuing; (iii) in the case of a conveyance, transfer or lease of all or substantially all the assets of a Subsidiary Guarantor, such assets shall have been so conveyed, transferred or leased as an entirety or virtually as an entirety to one Person; and (iv) the Company delivers to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such Guarantee Agreement, if any, complies with this Indenture.  The provisions of clauses (i) and (ii) above shall not apply to any one or more transactions which constitute an Asset Disposition if the Company has complied with the applicable provisions of Section 4.07.

ARTICLE 6

Defaults and Remedies

Section 6.01.    Events of Default.  An “Event of Default” occurs if:
(1)the Company defaults in any payment of interest on any Security when the same becomes due and payable, whether or not such payment shall be prohibited by Article 10, and such default continues for a period of 30 consecutive days;

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(2)the Company (i) defaults in the payment of the principal of any Security when the same becomes due and payable at its Stated Maturity, upon optional redemption, upon required purchase, upon declaration of acceleration or otherwise, whether or not such payment shall be prohibited by Article 10 or (ii) fails to redeem or purchase Securities when required pursuant to this Indenture or the Securities, whether or not such redemption or purchase shall be prohibited by Article 10;

(3)the Company fails to comply with Section 5.01;

(4)the Company fails to comply with Section 4.02, 4.03, 4.04, 4.05, 4.06, 4.07 (other than a failure to purchase Securities when required under Section 4.07), 4.08, 4.09 (other than a failure to purchase Securities when required under Section 4.09), 4.10, 4.11 or 4.13 and such failure continues for 30 consecutive days after the notice specified below;

(5)the Company fails to comply with any of its agreements contained in the Securities or in this Indenture (other than those referred to in (1), (2), (3) or (4) above) and such failure continues for 60 consecutive days after the notice specified below;

(6)Indebtedness of the Company (other than Non-recourse Purchase Money Indebtedness) is not paid within any applicable grace period after final maturity or the maturity of such Indebtedness is accelerated by the holders thereof because of a default (and such acceleration is not rescinded or annulled) and the total amount of such Indebtedness unpaid or accelerated exceeds $20.0 million;

(7)the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:
(A)commences a voluntary case;

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

(C)consents to the appointment of a Custodian of it or for any substantial part of its property; or

(D)makes a general assignment for the benefit of its creditors;

or takes any comparable action under any foreign laws relating to insolvency;

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

(A)is for relief against the Company or any Significant Subsidiary in an involuntary case;

(B)appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or

(C)orders the winding up or liquidation of the Company or any Significant Subsidiary;
or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days;

(9)any judgment or decree for the payment of money in an uninsured or unindemnified amount in excess of $20.0 million or its foreign currency equivalent at the time is rendered against the Company or a Significant Subsidiary and is not discharged and either (A) an enforcement proceeding has been commenced by any creditor upon such judgment or decree or (B) there is a period of 60 days following the entry of such judgment or decree during which such judgment or decree is not discharged, waived, bonded or the execution thereof stayed, in either case 10 days after the notice specified below; or

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(10)any Subsidiary Guarantee ceases or otherwise fails to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantee) or any Subsidiary Guarantor denies or disaffirms its obligations under its Subsidiary Guarantee if such default continues for a period of 10 days after the notice specified below.

The foregoing shall constitute “Events of Default” whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

A Default under clause (4), (5), (9) or (10) is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the Securities notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice.  Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default”.

The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice, in the form of an Officers' Certificate, of any Event of Default under clause (3) or (6) and any event which with the giving of notice or the lapse of time would become an Event of Default under clause (4), (5), (9) or (10), describing its status and what action the Company is taking or proposes to take with respect thereto.  The Trustee shall not be deemed to have knowledge of any Default or Event of Default unless one of its Trust Officers receives written notice thereof from the Company or any of the Holders.

Section 6.02.    Acceleration.  If an Event of Default (other than an Event of Default specified in Section 6.01(7) or (8) with respect to the Company) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of at least 25% in principal amount of the outstanding Securities by written notice to the Company and the Trustee, may declare the principal of and accrued but unpaid interest on all the Securities to be due and payable.  Upon such a declaration, such principal and interest shall be due and payable immediately.  If an Event of Default specified in Section 6.01(7) or (8) with respect to the Company occurs and is continuing, the principal of and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders.  The Holders of a majority in principal amount of the outstanding Securities by written notice to the Trustee may rescind any such acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration.  No such rescission shall affect any subsequent Default or impair any right consequent thereto.

Section 6.03.    Other Remedies.  If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture.

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

Section 6.04.    Waiver of Past Defaults.  The Holders of a majority in principal amount of the Securities by written notice to the Trustee may waive an existing or past Default and its consequences except (i) a Default in the payment of the principal of or interest on a Security or (ii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Securityholder affected.  When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

Section 6.05.    Control by Majority.  The Holders of a majority in principal amount of the outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee.  The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Securityholders 

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or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.  Prior to taking any action hereunder, the Trustee shall be entitled to be furnished with indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

Section 6.06.    Limitation on Suits.  A Securityholder may not pursue any remedy with respect to this Indenture or the Securities unless:

(1)the Holder gives to the Trustee written notice stating that an Event of Default is continuing;

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

(3)such Holder or Holders furnish, if required by the Trustee, to the Trustee reasonable security or indemnity against any loss, liability or expense;

(4)the Trustee does not comply with the request within 60 days after receipt of the request and the furnishing of the required security or indemnity; and

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

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

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, premium (if any) or interest on the Securities held by such Holder, on or after the respective due dates expressed in the Securities, 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 such Holder.

Section 6.08.    Collection Suit by Trustee.  If an Event of Default 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 Company and the Subsidiary Guarantors for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07.

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 and the Securityholders allowed in any judicial proceedings relative to the Company or any Subsidiary Guarantor their respective creditors or their respective property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make 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 it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07.

Section 6.10.    Priorities.  If the Trustee collects any money or property pursuant to this Article 6, 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 of Senior Indebtedness to the extent required by Article 10 or 12;

THIRD:  to Securityholders for amounts due and unpaid on the Securities for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and

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FOURTH:  to the Company.

The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section.  At least 15 days before such record date, the Company shall mail to each Securityholder and the Trustee a notice that states the record date, the payment date and amount to be paid.

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, 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 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than an aggregate of 10% in principal amount of the outstanding Securities.

Section 6.12.    Waiver of Stay or Extension Laws.  The Company (to the extent it may lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted.

ARTICLE 7

Trustee

Section 7.01.    Duties of Trustee.  (a)  If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 such Person's own affairs.

(b)Except during the continuance of an Event of Default:

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

(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 or opinions furnished to the Trustee and conforming to the requirements of this Indenture.  However, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

(c)The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that:

(1)this paragraph does not limit the effect of paragraph (b) of this Section;

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

(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)Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section.

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(e)The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

(f)Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

(g)No provision of this Indenture shall require the Trustee to advance, expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers.  The Trustee, however, may so advance or expend its own funds if, in its own reasonable judgment, the Trustee believes that repayment of such funds or adequate indemnity against such risk or liability has been reasonably assured to it.

(h)Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA.

(i)Notwithstanding anything to the contrary herein, the Trustee shall have no duty to review the reports and information documents required to be provided by Section 4.02 for the purposes of determining compliance with any provisions of this Indenture.

Section 7.02.    Rights of Trustee.  (a)  The Trustee may rely on any 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 or an Opinion of Counsel.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers' Certificate or Opinion of Counsel.

(c)The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent 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 believes to be authorized or within its rights or powers; provided, however, that the Trustee's conduct does not constitute wilful misconduct or negligence.

(e)The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect to 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 not be charged with knowledge of any Default or Event of Default unless either (1) a Trust Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or any other obligor on such Securities or by any Holder of the Securities.

Section 7.03.    Individual Rights of Trustee.  The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.  Any Paying Agent, Registrar, co-registrar or co-paying 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 Securities, it shall not be accountable for the Company's use of the proceeds from the Securities, and it shall not be responsible for any statement of the Company in the Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee's certificate of authentication.

Section 7.05.    Notice of Defaults.  If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to each Securityholder notice of the Default within 90 days after it occurs.  Except in the case of a Default in payment of principal of or interest on any Security (including payments pursuant to the mandatory redemption provisions of 

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such Security, if any), the Trustee may withhold the notice if and so long as the Trust Officer responsible for administering this Indenture and the Securities in good faith determines that withholding notice is not opposed to the interests of Securityholders.

Section 7.06.    Reports by Trustee to Holders.  Within sixty (60) days after February 13 of each year, beginning with February 13, 2013, the Trustee shall mail to each Securityholder a brief report dated as of February 13 of such year, that complies with TIA § 313(a).  The Trustee also shall comply with TIA § 313(b).

A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed.  The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof.

Section 7.07.    Compensation and Indemnity.  The Company shall pay to the Trustee from time to time reasonable compensation for its services, including extraordinary services such as default administration.  The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee's agents, counsel, accountants and experts.  The Company shall indemnify the Trustee against any and all loss, liability or expense (including attorneys' fees) arising out of its acceptance of this trust or incurred by it in connection with the administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture against the Company (including under Section 7.07).  The Trustee shall notify the Company promptly of any claim (whether asserted by any Securityholder or the Company) for which it may seek indemnity.  Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder.  The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel.  The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee's own wilful misconduct, negligence or bad faith.

To secure the Company's payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities.

The Company's payment obligations pursuant to this Section shall survive the resignation or removal of the Trustee and the discharge of this Indenture.  When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(7) or (8) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law.

Section 7.08.    Replacement of Trustee.  The Trustee may resign at any time by so notifying the Company.  The Holders of a majority in principal amount outstanding of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee.  A Holder may petition a court of competent jurisdiction to remove the Trustee in the manner and under the circumstances contemplated by TIA § 310(b)(iii).  The Company shall remove the Trustee if:

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

(2)the Trustee is adjudged bankrupt or insolvent;

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

(4)the Trustee otherwise becomes incapable of acting.

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount outstanding of the Securities and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the 

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rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of its succession to Securityholders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07.

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

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

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

Section 7.09.    Successor Trustee by Merger.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

Section 7.10.    Eligibility; Disqualification.  The Trustee shall at all times satisfy the requirements of TIA § 310(a).  The Trustee shall have a combined capital and surplus of at least $50.0 million as set forth in its most recent annual report of condition.  The Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

Section 7.11.    Preferential Collection of Claims Against Company.  The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

ARTICLE 8

Discharge of Indenture; Defeasance

Section 8.01.    Discharge of Liability on Securities; Defeasance.  (a)  When (i) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.07) for cancelation or (ii) all outstanding Securities have become due and payable, whether at maturity or as a result of the mailing of a notice of redemption pursuant to Article 3 hereof and the Company irrevocably deposits with the Trustee funds sufficient to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such redemption date (other than Securities replaced pursuant to Section 2.07), and if in either case the Company pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect.  The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers' Certificate and an Opinion of Counsel and at the cost and expense of the Company.

(b)Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (i) all its obligations under the Securities and this Indenture (“legal defeasance option”) or (ii) its obligations under Sections 4.02, 4.03, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11 and 4.13 and the operation of Sections 6.01(4), 6.01(6), 6.01(7) (but only with respect to Significant Subsidiaries), 6.01(8) (but only with respect to Significant Subsidiaries), 6.01(9) and 6.01(10) and its obligations under 

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Sections 5.01(iii), (iv) and (v) and under Section 5.02 (“covenant defeasance option”).  The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

If the Company exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default.  If the Company exercises its covenant defeasance option, payment of the Securities may not be accelerated because of an Event of Default specified in Section 6.01(4), 6.01(6), 6.01(7) (but only with respect to Significant Subsidiaries), 6.01(8) (but only with respect to Significant Subsidiaries), 6.01(9) or 6.01(10) or because of the failure of the Company to comply with Section 5.01(iii), (iv) or (v) or with Section 5.02.  If the Company exercises its legal defeasance option or its covenant defeasance option, each Subsidiary Guarantor shall be released from all its obligations with respect to its Subsidiary Guarantee.

Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates.

(c)Notwithstanding clauses (a) and (b) above, the Company's obligations in Sections 2.03, 2.04, 2.05, 2.07, 7.07, 7.08 and this Article 8 shall survive until the Securities have been paid in full.  Thereafter, the Company's obligations in Sections 7.07, 8.04 and 8.05 shall survive.

Section 8.02.    Conditions to Defeasance.  The Company may exercise its legal defeasance option or its covenant defeasance option only if:

(1)the Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to maturity or redemption, as the case may be;

(2)the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing its opinion that the payments of principal of and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment shall provide cash at such times and in such amounts as shall be sufficient to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be;

(3)123 days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(7) or (8) with respect to the Company occurs which is continuing at the end of the period;

(4)the deposit does not constitute a default under any other agreement binding on the Company and is not prohibited by Article 10;

(5)the Company delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 

(6)in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Securityholders shall not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and shall be subject to 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;

(7)in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Securityholders shall not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and shall be subject to 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; and

(8)the Company delivers to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities as contemplated by this Article 8 have been complied with.

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Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article 3.

Section 8.03.    Application of Trust Money.  The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8.  It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.  Money and securities so held in trust are not subject to Article 10.

Section 8.04.    Repayment to Company.  The Trustee and the Paying Agent shall promptly turn over to the Company upon request any money or securities held by them at any time 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 for the Company to exercise its legal defeasance option or its covenant defeasance option pursuant to this Article 8.

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Securityholders entitled to the money must look solely to the Company for payment as general creditors.

Section 8.05.    Indemnity for Government Obligations.  The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations.

Section 8.06.    Reinstatement.  If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article 8 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, the Company's obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of interest on or principal of any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent.

ARTICLE 9

Amendments

Section 9.01.    Without Consent of Holders.  The Company, the Subsidiary Guarantors and the Trustee may amend this Indenture or the Securities without notice to or consent of any Securityholder:

(1)to cure any ambiguity, omission, defect or inconsistency;

(2)to provide for the assumption by a successor corporation of the obligations of the Company or the Subsidiary Guarantor under this Indenture as provided in Article 5;

(3)to provide for uncertificated Securities in addition to or in place of certificated Securities; provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code;

(4)to make any change in Article 10 or 12 that would limit or terminate the benefits available to any holder of Senior Indebtedness of the Company or any Subsidiary Guarantor (or Representatives therefor) under Article 10 or 12;

(5)to add guarantees with respect to the Securities (including any Subsidiary Guarantee) or to secure the Securities; 

(6)to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred upon the Company or the Subsidiary Guarantors;

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(7)to comply with any requirements of the SEC in connection with qualifying this Indenture under the TIA; or 

(8)to make any change that does not adversely affect the rights of any Securityholder.

An amendment under this Section may not make any change that adversely affects the rights under Article 10 or 12 of any holder of Senior Indebtedness of the Company or of a Subsidiary Guarantor then outstanding unless the holders of such Senior Indebtedness (or their Representative) consent to such change.

After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment.  The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section.

Section 9.02.    With Consent of Holders.  The Company, the Subsidiary Guarantors and the Trustee may amend this Indenture or the Securities without notice to any Securityholder but with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities.  Without the consent of each Securityholder affected, however, an amendment may not:

(1)reduce the amount of Securities whose Holders must consent to an amendment;

(2)reduce the rate of or extend the time for payment of interest on any Security;

(3)reduce the principal of or extend the Stated Maturity of any Security;

(4)reduce the premium payable upon a required purchase (to the extent the Company has at the time become obligated by the terms of this Indenture to effect a required purchase) or the redemption of any Security or change the date on which any Security may be redeemed in accordance with Article 3 and paragraph 5 of the Securities (except, in any case, for the redemption notice period);

(5)make any Security payable in money other than that stated in the Security;

(6)impair the right of any Securityholder to receive payment of principal of and interest on such Securityholder's Security on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Securityholder's Security;

(7)make any change in Article 10 or 12 or that adversely affects the rights of any Securityholder under Article 10 or 12; 

(8)make any change in Section 6.04 or 6.07 or the second sentence of this Section; or

(9)make any change in any Subsidiary Guarantee that could adversely affect the Securityholders.

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

An amendment under this Section may not make any change that adversely affects the rights under Article 10 or 12 of any holder of Senior Indebtedness then outstanding unless the holders of such Senior Indebtedness (or any group or representative thereof authorized to give a consent) consent to such change.

After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment.  The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section.

Section 9.03.    Compliance with Trust Indenture Act.  Every amendment to this Indenture or the Securities shall comply with the TIA as then in effect.

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Section 9.04.    Revocation and Effect of Consents and Waivers.  A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent or waiver is not made on the Security.  However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder's Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.  After an amendment or waiver becomes effective, it shall bind every Securityholder.

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture.  If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date.  No such consent shall be valid or effective for more than 120 days after such record date.

Section 9.05.    Notation on or Exchange of Securities.  If an amendment changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee.  The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder.  Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms.  Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment.

Section 9.06.    Trustee To Sign Amendments.  The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee.  If it does, the Trustee may but need not sign it.  In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers' Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture.

Section 9.07.    Payment for Consent.  Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to be paid or agreed to be paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement.

ARTICLE 10

Subordination of the Securities

Section 10.01.    Agreement To Subordinate.  The Company agrees, and each Securityholder by accepting a Security agrees, that the Indebtedness evidenced by the Securities are senior unsecured, general obligations of the Company, subordinated in right of payment, to the extent and in the manner provided in this Article 10, to the prior payment of all Senior Indebtedness of the Company, whether outstanding on the Issue Date or thereafter incurred, including the Company's obligations under the Credit Agreement, and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness.  The Securities shall in all respects rank pari passu with all other Senior Subordinated Indebtedness of the Company, and only Indebtedness of the Company which is Senior Indebtedness shall rank senior to the Securities in accordance with the provisions set forth herein.  All provisions of this Article 10 shall be subject to Section 10.12.

Section 10.02.    Liquidation, Dissolution, Bankruptcy.  Upon any payment or distribution of the assets of the Company upon a total or partial liquidation or a total or partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property:
(1)subject to the provisions of Section 10.12, holders of Senior Indebtedness of the Company shall be entitled to receive payment in full of such Senior Indebtedness before Securityholders shall be entitled to receive any payment of principal of or interest on the Securities; and

(2)until the Senior Indebtedness of the Company is paid in full, any payment or distribution to which Securityholders would be entitled but for this Article 10 shall be made to holders of such Senior Indebtedness as their interests 

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may appear, except that Securityholders may receive shares of stock and any debt securities that are subordinated to such Senior Indebtedness to at least the same extent as the Securities.

Section 10.03.    Default on Designated Senior Indebtedness.  The Company may not pay the principal of, premium (if any) or interest on the Securities or make any deposit pursuant to Section 8.01 and may not repurchase, redeem or otherwise retire any Securities (collectively, “pay the Securities”) if (i) any Designated Senior Indebtedness of the Company is not paid when due or (ii) any other default on Designated Senior Indebtedness of the Company occurs and the maturity of such Designated Senior Indebtedness is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Indebtedness has been paid in full; provided, however, that the Company may pay the Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of the Designated Senior Indebtedness with respect to which either of the events set forth in clause (i) or (ii) of this sentence has occurred and is continuing.  During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company may not pay the Securities for a period (a “Payment Blockage Period”) commencing upon the receipt by the Trustee (with a copy to the Company) of written notice (a “Blockage Notice”) of such default from the Representative of the holders of such Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice, (ii) because the default giving rise to such Blockage Notice is no longer continuing or (iii) because such Designated Senior Indebtedness has been repaid in full).  Notwithstanding the provisions described in the immediately preceding sentence, unless the holders of such Designated Senior Indebtedness giving such Blockage Notice or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness, the Company shall resume payments on the Securities after the end of such Payment Blockage Period.  The Securities shall not be subject to more than one Payment Blockage Period in any period of 360 consecutive days, irrespective of the number of defaults with respect to Designated Senior Indebtedness of the Company during such period.  For purposes of this Section, no default or event of default which existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Designated Senior Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days.

Section 10.04.    Acceleration of Payment of Securities.  If payment of the Securities is accelerated because of an Event of Default, the Company or the Trustee (upon receipt of the requisite information from the Company) shall promptly notify the holders of Designated Senior Indebtedness (or their Representatives) of the Company of the acceleration.

Section 10.05.    When Distribution Must Be Paid Over.  If a distribution is made to Securityholders that because of this Article 10 should not have been made to them, the Securityholders who receive the distribution shall hold it in trust for holders of Senior Indebtedness of the Company and pay it over to them as their interests may appear.

Section 10.06.    Subrogation.  After all Senior Indebtedness of the Company is paid in full and until the Securities are paid in full, Securityholders shall be subrogated to the rights of holders of such Senior Indebtedness to receive distributions applicable to such Senior Indebtedness.  A distribution made under this Article 10 to holders of Senior Indebtedness of the Company which otherwise would have been made to Securityholders is not, as between the Company and Securityholders, a payment by the Company on such Senior Indebtedness.

Section 10.07.    Relative Rights.  This Article 10 defines the relative rights of Securityholders and holders of Senior Indebtedness of the Company.  Nothing in this Indenture shall:

(1)impair, as between the Company and Securityholders, the obligation of the Company, which is absolute and unconditional, to pay principal of and interest on the Securities in accordance with their terms; or

(2)prevent the Trustee or any Securityholder from exercising its available remedies upon a Default, subject to the rights of holders of Senior Indebtedness of the Company to receive distributions otherwise payable to Securityholders.

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Section 10.08.    Subordination May Not Be Impaired by Company.  No right of any holder of Senior Indebtedness of the Company to enforce the subordination of the Indebtedness evidenced by the Securities shall be impaired by any act or failure to act by the Company or by its failure to comply with this Indenture.

Section 10.09.    Rights of Trustee and Paying Agent.  Notwithstanding Section 10.03, the Trustee or Paying Agent may continue to make payments on the Securities and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, a Trust Officer of the Trustee receives notice satisfactory to it that payments may not be made under this Article 10.  The Company, the Registrar or co-registrar, the Paying Agent, a Representative or a holder of Senior Indebtedness may give the notice; provided, however, that, if an issue of Senior Indebtedness of the Company has a Representative, only the Representative may give the notice.

The Trustee in its individual or any other capacity may hold Senior Indebtedness of the Company with the same rights it would have if it were not Trustee.  The Registrar and co-registrar and the Paying Agent may do the same with like rights.  The Trustee shall be entitled to all the rights set forth in this Article 10 with respect to any such Senior Indebtedness which may at any time be held by it, to the same extent as any other holder of such Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of any of its rights as such holder.  Nothing in this Article 10 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07.

Section 10.10.    Distribution or Notice to Representative.  Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness of the Company, the distribution may be made and the notice given to their Representative (if any).

Section 10.11.    Article 10 Not To Prevent Events of Default or Limit Right To Accelerate.  The failure to make a payment pursuant to the Securities by reason of any provision in this Article 10 shall not be construed as preventing the occurrence of a Default.  Nothing in this Article 10 shall have any effect on the right of the Securityholders or the Trustee to accelerate the maturity of the Securities.

Section 10.12.    Trust Moneys Not Subordinated.  Notwithstanding anything contained herein to the contrary, payment from the money or the proceeds of U.S. Government Obligations deposited in trust with the Trustee in accordance with the provisions of Article 8 for the payment of principal of and interest on the Securities shall not be subordinated to the prior payment of any Senior Indebtedness of the Company or subject to the restrictions set forth in this Article 10, and none of the Securityholders shall be obligated to pay over any such amount to the Company or any holder of such Senior Indebtedness of the Company or any other creditor of the Company.

Section 10.13.    Trustee Entitled To Rely.  Upon any payment or distribution pursuant to this Article 10, the Trustee and the Securityholders shall be entitled to rely (i) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 10.02 are pending, (ii) upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to the Securityholders or (iii) upon the Representatives for the holders of Senior Indebtedness of the Company for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of such Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 10.  In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of the Company to participate in any payment or distribution pursuant to this Article 10, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person under this Article 10, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.  The provisions of Sections 7.01 and 7.02 shall be applicable to all actions or omissions of actions by the Trustee pursuant to this Article 10.

Section 10.14.    Trustee To Effectuate Subordination.  Each Securityholder by accepting a Security authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Securityholders and the holders of Senior Indebtedness of the Company as provided in this Article 10 and appoints the Trustee as attorney-in-fact for any and all such purposes.

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Section 10.15.    Trustee Not Fiduciary for Holders of Senior Indebtedness of the Company.  The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Company.  The Trustee undertakes to perform or to observe only such of the covenants and obligations as are specifically set forth in this Article 10, and no implied covenants or obligations with respect to such holders of such Senior Indebtedness shall be implied in this Indenture against the Trustee.

Section 10.16.    Reliance by Holders of Senior Indebtedness of the Company on Subordination Provisions.  Each Securityholder by accepting a Security acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of the Company, whether such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of such Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness.

ARTICLE 11

Subsidiary Guarantees

Section 11.01.    Subsidiary Guarantees.  Each Subsidiary Guarantor, jointly and severally, as primary obligor and not merely as surety, hereby irrevocably, fully and unconditionally Guarantees on a senior subordinated basis to each Holder and to the Trustee and its successors and assigns (a) the full and punctual payment of principal of and interest on the Securities when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under this Indenture and the Securities and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company under this Indenture and the Securities (all the foregoing obligations hereinafter collectively called the “Guaranteed Obligations”).  Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from such Subsidiary Guarantor, and that such Subsidiary Guarantor shall remain bound under this Article 11 notwithstanding any extension or renewal of any such Guaranteed Obligation.

Each Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment.  Each Subsidiary Guarantor waives notice of any default under the Securities or the Guaranteed Obligations.  The obligations of each Subsidiary Guarantor hereunder shall not be affected by (a) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (d) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (e) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (f) except as provided in Section 11.06, any change in the ownership of such  Subsidiary Guarantor.

Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a Guarantee of payment, performance and compliance when due (and not a Guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations.

Each Subsidiary Guarantee is, to the extent and manner set forth in Article 12, subordinated and subject in right of payment to the prior payment in full in cash or cash equivalents of all Senior Indebtedness of the Subsidiary Guarantor giving such Subsidiary Guarantee and each Subsidiary Guarantee is hereby made subject to such provisions of this Indenture.

Except as expressly set forth in Sections 8.01(b), 11.02 and 11.06, the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise.  Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, wilful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or 

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thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Subsidiary Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity.

Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Subsidiary Guarantor shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (iii) all other monetary Guaranteed Obligations of the Company to the Holders and the Trustee.

Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations and all obligations to which the Guaranteed Obligations are subordinated as provided in Article 12.  Each Subsidiary Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the Guaranteed Obligations Guaranteed hereby may be accelerated as provided in Article 6 for the purposes of such Subsidiary Guarantor's Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations Guaranteed hereby, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for the purposes of this Section.

Each Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Trustee or any Holder in enforcing any rights under this Section.

Section 11.02.    Limitation on Liability.  Any term or provision of this Indenture to the contrary notwithstanding, the maximum, aggregate amount of the obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Section 11.03.    Successors and Assigns.  This Article 11 shall be binding upon each Subsidiary Guarantor and its successors and assigns and shall ensure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

Section 11.04.    No Waiver.  Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article 11 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege.  The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 11 at law, in equity, by statute or otherwise.

Section 11.05.    Modification.  No modification, amendment or waiver of any provision of this Article 11, nor the consent to any departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or demand in the same, similar or other circumstances.

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Section 11.06.    Release of Subsidiary Guarantor.  This Subsidiary Guarantee as to any Subsidiary Guarantor shall terminate and be of no further force or effect (i) upon the sale (including any sale pursuant to any exercise of remedies by a holder of Senior Indebtedness of such Subsidiary Guarantor) or other disposition (including by way of consolidation or merger) of such Subsidiary Guarantor or (ii) upon the sale or disposition of all or substantially all of the assets of such Subsidiary Guarantor, in each case other than to the Company or an Affiliate of the Company; provided, however, that such sale or transfer shall be deemed to constitute an Asset Disposition and the Company shall comply with all applicable provisions of Section 4.07 with respect to such Asset Disposition.

ARTICLE 12

Subordination of Subsidiary Guarantees

Section 12.01.    Agreement To Subordinate.  Each Subsidiary Guarantor agrees, and each Securityholder by accepting a Security agrees, that the Obligations of such Subsidiary Guarantor under its Subsidiary Guarantee are subordinated in right of payment, to the extent and in the manner provided in this Article 12, to the prior payment in full in cash or cash equivalents of all Senior Indebtedness of such Subsidiary Guarantor and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness.  The Obligations of each Subsidiary Guarantor under its Subsidiary Guarantee shall in all respects rank pari passu with all other Senior Subordinated Indebtedness of such Subsidiary Guarantor and only Senior Indebtedness of such Subsidiary Guarantor (including such Subsidiary Guarantor's Guarantees of Senior Indebtedness of the Company) shall rank senior to the Subsidiary Guarantee of such Subsidiary Guarantor in accordance with the provisions set forth herein.

Section 12.02.    Liquidation, Dissolution, Bankruptcy.  Upon any payment or distribution of the assets of any Subsidiary Guarantor to creditors upon a total or partial liquidation or a total or partial dissolution of such Subsidiary Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to such Subsidiary Guarantor or its property:

(1)holders of Senior Indebtedness of such Subsidiary Guarantor shall be entitled to receive payment in full of such Senior Indebtedness in cash or cash equivalents before Securityholders shall be entitled to receive any payment pursuant to the Subsidiary Guarantee of such Subsidiary Guarantor; and

(2)until the Senior Indebtedness of such Subsidiary Guarantor is paid in full in cash or cash equivalents, any distribution to which Securityholders would be entitled but for this Article 12 shall be made to holders of such Senior Indebtedness as their interests may appear, except that Securityholders may receive shares of stock and any debt securities of such Subsidiary Guarantor that are subordinated to Senior Indebtedness, and to any debt securities received by holders of Senior Indebtedness, of such Subsidiary Guarantor to at least the same extent as the Subsidiary Guarantee of such Subsidiary Guarantor are subordinated to Senior Indebtedness of such Subsidiary Guarantor.

Section 12.03.    Default on Designated Senior Indebtedness of Subsidiary Guarantor.  No Subsidiary Guarantor may make any payment pursuant to its Subsidiary Guarantee or repurchase, redeem or otherwise retire or defease any Securities or other Obligations (collectively, “pay its Subsidiary Guarantee”) if (i) any Designated Senior Indebtedness of such Subsidiary Guarantor is not paid when due or (ii) any other default on Designated Senior Indebtedness of such Subsidiary Guarantor occurs and the maturity of such Designated Senior Indebtedness is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such acceleration has been rescinded or (y) such Designated Senior Indebtedness has been paid in full; provided, however, that such Subsidiary Guarantor may pay its Subsidiary Guarantee without regard to the foregoing if such Subsidiary Guarantor and the Trustee receive written notice approving such payment from the Representative of the Designated Senior Indebtedness with respect to which either of the events set forth in clause (i) or (ii) of this sentence has occurred and is continuing.  During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Indebtedness of such Subsidiary Guarantor pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, such Subsidiary Guarantor may not pay its Guarantee for a period (a “Subsidiary Guarantor Payment Blockage Period”) commencing upon the receipt by the Trustee (with a copy to such Subsidiary Guarantor) of written notice (a “Subsidiary Guarantor Blockage Notice”) of such default from the Representative of the holders of such Designated Senior Indebtedness specifying an election to effect a Subsidiary Guarantor Payment Blockage Period and ending 179 days thereafter (or earlier if such Subsidiary Guarantor Payment Blockage 

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Period is terminated (i) by written notice to the Trustee and such Subsidiary Guarantor from the Person or Persons who gave such Subsidiary Guarantor Blockage Notice, (ii) because the default giving rise to such Subsidiary Guarantor Blockage Notice is no longer continuing or (iii) because such Designated Senior Indebtedness has been repaid in full).  Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section), unless the holders of Designated Senior Indebtedness giving such Subsidiary Guarantor Blockage Notice or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness, such Subsidiary Guarantor shall resume payments pursuant to its Subsidiary Guarantee after the end of such Subsidiary Guarantor Payment Blockage Period.  A Subsidiary Guarantee shall not be subject to more than one Subsidiary Guarantor Payment Blockage Period in any period of 360 consecutive days, irrespective of the number of defaults with respect to Designated Senior Indebtedness of such Subsidiary Guarantor during such period.  For purposes of this Section, no default or event of default which existed or was continuing on the date of the commencement of any Subsidiary Guarantor Payment Blockage Period with respect to the Designated Senior Indebtedness initiating such Subsidiary Guarantor Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Subsidiary Guarantor Payment Blockage Period by the Representative of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days.

Section 12.04.    Demand for Payment.  If a demand for payment is made on a Subsidiary Guarantor pursuant to Article 11, the Trustee shall promptly notify the holders of the Designated Senior Indebtedness (or their Representatives) of such Subsidiary Guarantor of such demand.

Section 12.05.    When Distribution Must Be Paid Over.  If a distribution is made to Securityholders that because of this Article 12 should not have been made to them, the Securityholders who receive the distribution shall hold it in trust for holders of the relevant Senior Indebtedness and pay it over to them or their Representative as their interests may appear.

Section 12.06.    Subrogation.  After all Senior Indebtedness of a Subsidiary Guarantor is paid in full and until the Securities are paid in full, Securityholders shall be subrogated to the rights of holders of such Senior Indebtedness to receive distributions applicable to Senior Indebtedness.  A distribution made under this Article 12 to holders of such Senior Indebtedness which otherwise would have been made to Securityholders is not, as between the relevant Subsidiary Guarantor and Securityholders, a payment by such Subsidiary Guarantor on such Senior Indebtedness.

Section 12.07.    Relative Rights.  This Article 12 defines the relative rights of Securityholders and holders of Senior Indebtedness of a Subsidiary Guarantor.  Nothing in this Indenture shall:

(1)impair, as between such Subsidiary Guarantor and Securityholders, the obligation of such Subsidiary Guarantor, which is absolute and unconditional, to pay the Obligations to the extent set forth in Article 11; or

(2)prevent the Trustee or any Securityholder from exercising its available remedies upon a default by such Subsidiary Guarantor under its Subsidiary Guarantee, subject to the rights of holders of Senior Indebtedness of such Subsidiary Guarantor to receive distributions otherwise payable to Securityholders.

Section 12.08.    Subordination May Not Be Impaired by Subsidiary Guarantor.  No right of any holder of Senior Indebtedness of any Subsidiary Guarantor to enforce the subordination of the Obligations of such Subsidiary Guarantor shall be impaired by any act or failure to act by such Subsidiary Guarantor or by its failure to comply with this Indenture.

Section 12.09.    Rights of Trustee and Paying Agent.  Notwithstanding Section 12.03, the Trustee or Paying Agent may continue to make payments pursuant to any Subsidiary Guarantee and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, a Trust Officer of the Trustee receives written notice satisfactory to it that payments may not be made under this Article 12.  The Company, such Subsidiary Guarantor, the Registrar or co-registrar, the Paying Agent, a Representative or a holder of Senior Indebtedness of such Subsidiary Guarantor may give the notice; provided, however, that, if an issue of Senior Indebtedness of such Subsidiary Guarantor has a Representative, only the Representative may give the notice.

The Trustee in its individual or any other capacity may hold Senior Indebtedness of any Subsidiary Guarantor with the same rights it would have if it were not Trustee.  The Registrar and co-registrar and the Paying Agent may do the same with like rights.  The Trustee shall be entitled to all the rights set forth in this Article 12 with respect to any Senior Indebtedness of any 

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Subsidiary Guarantor which may at any time be held by it, to the same extent as any other holder of such Senior Indebtedness of such Subsidiary Guarantor; and nothing in Article 7 shall deprive the Trustee of any of its rights as such holder.  Nothing in this Article 12 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07.

Section 12.10.    Distribution or Notice to Representative.  Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness of any Subsidiary Guarantor, the distribution may be made and the notice given to their Representative (if any).

Section 12.11.    Article 12 Not To Prevent Defaults Under a Subsidiary Guarantee or Limit Right To Demand Payment.  The failure to make a payment pursuant to a Subsidiary Guarantee by reason of any provision in this Article 12 shall not be construed as preventing the occurrence of a default under such Subsidiary Guarantee.  Nothing in this Article 12 shall have any effect on the right of the Securityholders or the Trustee to make a demand for payment on any Subsidiary Guarantor pursuant to its Subsidiary Guarantee.

Section 12.12.    Trustee Entitled To Rely.  Upon any payment or distribution pursuant to this Article 12, the Trustee and the Securityholders shall be entitled to rely (i) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 12.02 are pending, (ii) upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to the Securityholders or (iii) upon the Representative for the holders of Senior Indebtedness of any Subsidiary Guarantor for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of such Senior Indebtedness and other Indebtedness of such Subsidiary Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 12.  In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of such Subsidiary Guarantor to participate in any payment or distribution pursuant to this Article 12, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of such Subsidiary Guarantor held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person under this Article 12, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.  The provisions of Sections 7.01 and 7.02 shall be applicable to all actions or omissions of actions by the Trustee pursuant to this Article 12.

Section 12.13.    Trustee To Effectuate Subordination.  Each Securityholder by accepting a Security authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Securityholders and the holders of Senior Indebtedness of any Subsidiary Guarantor as provided in this Article 12 and appoints the Trustee as attorney-in-fact for any and all such purposes.

Section 12.14.    Trustee Not Fiduciary for Holders of Senior Indebtedness of Subsidiary Guarantor.  The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of any Subsidiary Guarantor and shall not be liable to any such holders if it shall mistakenly pay over or distribute to Securityholders or the Company or any other Person, money or assets to which any holders of such Senior Indebtedness shall be entitled by virtue of this Article 12 or otherwise.

Section 12.15.    Reliance by Holders of Senior Indebtedness on Subordination Provisions.  Each Securityholder by accepting a Security acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of any Subsidiary Guarantor, whether such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness.

ARTICLE 13

Miscellaneous

Section 13.01.    Trust Indenture Act Controls.  If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control.

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Section 13.02.    Notices.  Any notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed as follows:

if to the Company or any Subsidiary Guarantor:

Denbury Resources Inc.
5320 Legacy Drive
Plano, Texas 75024

Attention of Corporate Secretary

if to the Trustee:

Wells Fargo Bank, National Association
750 N. Saint Paul Place, Suite 1750
Dallas, TX 75201

Attention:  Corporate Trust Services

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

Any notice or communication mailed to a Securityholder shall be mailed to the Securityholder at the Securityholder'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 Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders.  If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

Section 13.03.    Communication by Holders with Other Holders.  Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders with respect to their rights under this Indenture or the Securities.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

Section 13.04.    Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee:

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

(2)an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

Section 13.05.    Statements Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:
(1)a statement that the individual 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 individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

- 48 -

(4)a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

Any Officers' Certificate may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless any such Officer knows or in the exercise of reasonable care should have known that such Opinion of Counsel is erroneous.  Any Opinion of Counsel may be based, insofar as it relates to factual matters or information with respect to which is in possession of the Company, upon an Officers' Certificate, unless such counsel knows or in the exercise of reasonable care should have known that such Officers' Certificate is erroneous.

Section 13.06.    When Securities Disregarded.  In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee actually knows are so owned shall be so disregarded.  Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination.

Section 13.07.    Rules by Trustee, Paying Agent and Registrar.  The Trustee may make reasonable rules for action by or a meeting of Securityholders.  The Registrar and the Paying Agent may make reasonable rules for their functions.

Section 13.08.    Legal Holidays.  A “Legal Holiday” is a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of New York or in the State of Texas.  If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue with respect to such payment for the intervening period.  If a regular record date is a Legal Holiday, the record date shall not be affected.

Section 13.09.    Governing Law.  This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York.

Section 13.10.    No Recourse Against Others.  A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  By accepting a Security, each Securityholder shall waive and release all such liability.  The waiver and release shall be part of the consideration for the issue of the Securities.

Section 13.11.    Successors.  All agreements of the Company in this Indenture and the Securities shall bind its successors.  All agreements of the Trustee in this Indenture shall bind its successors.

Section 13.12.    Multiple Originals.  The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Indenture.

Section 13.13.    Table of Contents; Headings.  The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

Section 13.14.    Severability.  If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

- 49 -

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

	
			
	 
	DENBURY RESOURCES INC.

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	SUBSIDIARY GUARANTORS:

	 
	 

	 
	DENBURY AIR, LLC

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	DENBURY GATHERING & MARKETING, INC.

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	DENBURY GREEN PIPELINE – TEXAS, LLC

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	DENBURY GULF COAST PIPELINES, LLC

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	DENBURY HOLDINGS, INC.

	 
	 
	 

	 
	By:
	Denbury Operating Company, its sole member

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

[Signature Page to Indenture]

	
			
	 
	DENBURY ONSHORE, LLC

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	DENBURY OPERATING COMPANY

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	DENBURY PIPELINE HOLDINGS, LLC

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
			
	 
	GREENCORE PIPELINE COMPANY, LLC

	 
	 
	 

	 
	By:
	/s/ Mark C. Allen

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

[Signature Page to Indenture]

	
			
	 
	TRUSTEE:

	 
	 

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	 
	 
	 

	 
	By:
	/s/ Patrick Giordano

	 
	Name:
	Patrick Giordano

	 
	Title:
	Vice President – Senior Relationship Manager

[Signature Page to Indenture]

EXHIBIT 1

FORM OF SUPPLEMENTAL INDENTURE

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of     , among [SUBSIDIARY GUARANTOR] (the “New Subsidiary Guarantor”), a subsidiary of Denbury Resources Inc. (or its successor) (the “Company”), DENBURY RESOURCES INC., a Delaware corporation, on behalf of itself and the Subsidiary Guarantors (the “Existing Subsidiary Guarantors”) under the Indenture referred to below, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee under the indenture referred to below (the “Trustee”).

W I T N E S S E T H :

WHEREAS the Company has heretofore executed and delivered to the Trustee an Indenture (the “Indenture”) dated as of February 5, 2013, providing for the issuance of 4 5/8% Senior Subordinated Notes due 2023 (the “Securities”);

WHEREAS Section 4.13 of the Indenture provides that under certain circumstances the Company is required to cause the New Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all of the Company's obligations under the Securities pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein; and

WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Company and Existing Subsidiary Guarantors are authorized to execute and deliver this Supplemental Indenture;

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, the Company, the Existing Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Securities as follows:

1.Definitions.  (a)  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

(b)    For all purposes of this Supplement, except as otherwise herein expressly provided or unless the context otherwise requires:  (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplement refer to this Supplement as a whole and not to any particular section hereof.

2.Agreement to Guarantee.  The New Subsidiary Guarantor hereby agrees, jointly and severally with all other Subsidiary Guarantors, to guarantee the Company's obligations under the Securities on the terms and subject to the conditions set forth in Article 11 of the Indenture and to be bound by all other applicable provisions of the Indenture.

3.Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby.

4.Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

5.Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

6.Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

7.Effect of Headings.  The Section headings herein are for convenience only and shall not effect the construction thereof.

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

	
			
	 
	[NEW SUBSIDIARY GUARANTOR],

	 
	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	
			
	 
	DENBURY RESOURCES INC., on behalf of itself and the Existing Subsidiary Guarantors,

	 
	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee,

	 
	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

EXHIBIT A

[FORM OF FACE OF SECURITY]

[Global Securities Legend]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

CUSIP No. [24823U AH1]
ISIN No. [US24823UAH14]

No. [•]    $[•]

4 5/8% Senior Subordinated Notes Due 2023

Denbury Resources Inc., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of $ ________ Dollars on July 15, 2023.

Interest Payment Dates:  January 15 and July 15.

Record Dates:  January 1 and July 1.

Additional provisions of this Security are set forth on the other side of this Security.

Dated:
	
			
	 
	DENBURY RESOURCES INC.

	 
	 
	 

	 
	By:
	 

	 
	Name:
	Phil Rykhoek

	 
	Title:
	Chief Executive Officer

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	Name:
	Mark C. Allen

	 
	Title:
	Senior Vice President and Chief Financial Officer

	
		
	TRUSTEE'S CERTIFICATION OF AUTHENTICATION

	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 

	as Trustee, certifies

	 
	that this is one of 

	 
	the Securities referred

	 
	to in the Indenture.

	 
	 

	By:
	 

	 
	Authorized Signatory

FORM OF REVERSE SIDE OF SECURITY

4 5/8% Senior Subordinated Notes Due 2023

		
	1.
	Interest

Denbury Resources Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above.  The Company shall pay interest semiannually on January 15 and July 15 of each year, commencing July 15, 2013.  Interest on the Securities shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from February 5, 2013.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.  The Company shall pay interest on overdue principal at the rate borne by the Securities plus 1% per annum, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

		
	2.
	Method of Payment

The Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered holders of Securities at the close of business on the January 1 and July 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date.  Holders must surrender Securities to a Paying Agent to collect principal payments.  The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.  Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company.  The Company shall make all payments in respect of a certificated Security (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated Security shall be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

		
	3.
	Paying Agent and Registrar

Initially, Wells Fargo Bank, National Association (the “Trustee”), shall act as Paying Agent and Registrar.  The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice.  The Company or any Wholly Owned Subsidiary may act as Paying Agent, Registrar or co-registrar.

		
	4.
	Indenture

The Company issued the Securities under an Indenture dated as of February 5, 2013 (“Indenture”), among the Company, the Subsidiary Guarantors and the Trustee.  The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”).  Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture.  The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the Act for a statement of those terms.

The Securities are general unsecured obligations of the Company.  The Company shall be entitled, subject to its compliance with Section 4.03 of the Indenture, to issue Additional Securities pursuant to Section 2.13 of the Indenture.  The Securities issued on the Issue Date and any Additional Securities shall be treated as a single class for all purposes under the Indenture.  The Indenture contains covenants that limit the ability of the Company and its subsidiaries to incur additional indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock; make investments; engage in transactions with affiliates; transfer or sell assets; guarantee indebtedness; restrict dividends or other payments of subsidiaries; and consolidate, merge or transfer all or substantially all of its assets and the assets of its subsidiaries.  These covenants are subject to important exceptions and qualifications.

		
	5.
	Optional Redemption

(a)Optional Redemption.  Except as set forth below, the Company shall not be entitled to redeem the Securities prior to January 15, 2018.  On and after January 15, 2018, the Company shall be entitled at its option to redeem all or a portion of the Securities upon not less than 30 nor more than 60 days' notice, at the redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on January 15 of the years set forth below:
	
				
	Period
	 
	Redemption Price

	2018
	 
	102.313
	%

	2019
	 
	101.542
	%

	2020
	 
	100.771
	%

	2021 and thereafter
	 
	100.000
	%

(b)Optional Redemption Upon Equity Offerings. Prior to January 15, 2016, the Company may at its option on one or more occasions redeem Securities (which includes Additional Securities, if any) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Securities (which includes Additional Securities, if any) originally issued at a redemption price (expressed as a percentage of principal amount) of 104.625%, plus accrued and unpaid interest to the redemption date, with the net cash proceeds from one or more Stock Offerings; provided, however, that

(1)at least 65% of such aggregate principal amount of Securities (which includes Additional Securities, if any) remains outstanding immediately after the occurrence of each such redemption (excluding Securities held, directly or indirectly, by the Company or its Affiliates); and

(2)each such redemption occurs within 60 days after the date of the related Stock Offering.

(c)Make-Whole Redemption.  At any time prior to January 15, 2018, upon not less than 30 nor more than 60 days' prior notice mailed by first-class mail to each Holder's registered address, the Company may redeem Securities, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

“Applicable Premium” means, with respect to a Security on any date of redemption, the greater of (1) 1.0% of the principal amount of such Security and (2) the excess, if any, of (a) the present value as of such date of redemption of (i) the redemption price of such Security on January 15, 2018 plus (ii) all required interest payments due on such Security through January 15, 2018 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury Rate as of such date of redemption plus 50 basis points, over (b) the then-outstanding principal of such Security.

“Treasury Rate” means as of any date of redemption of Securities the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source or similar market data)) most nearly equal to the period from the redemption date to January 15, 2018; provided, however, that if the period from the redemption date to January 15, 2018 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to January 15, 2018 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

		
	6.
	Notice of Redemption

Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address.  Securities in denominations larger than $2,000 principal amount may be redeemed in part but only in whole multiples of $1,000 in excess thereof.  If money sufficient to pay the redemption price of and accrued interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption.

		
	7.
	Put Provisions 

Upon a Change of Control, any Holder of Securities shall have the right to cause the Company to repurchase all or any part of the Securities of such Holder at a purchase price equal to 101% of the principal amount of the Securities to be repurchased on the date of purchase plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) as provided in, and subject to the terms of, the Indenture.

		
	8.
	Subordination

The Securities are subordinated to Senior Indebtedness of the Company, as defined in the Indenture.  To the extent provided in the Indenture, Senior Indebtedness of the Company must be paid in full in cash before the Securities may be paid.  The Company agrees, and each Securityholder by accepting a Security agrees, to the subordination provisions contained in the Indenture and authorizes the Trustee to give it effect and appoints the Trustee as attorney-in-fact for such purpose.

		
	9.
	Guaranties

The payment by the Company of the principal of, and premium (if any) and interest on, the Securities is fully and unconditionally guaranteed on a joint and several senior subordinated basis by each of the Subsidiary Guarantors on the terms set forth in the Indenture.

		
	10.
	Denominations; Transfer; Exchange

The Securities are in registered form without coupons in denominations of $2,000 principal amount and whole multiples of $1,000.  A Holder may transfer or exchange Securities in accordance with the Indenture.  The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.  The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities for a period of 15 days before a selection of Securities to be redeemed or 15 days before an interest payment date.

		
	11.
	Persons Deemed Owners

The registered Holder of this Security may be treated as the owner of it for all purposes.

		
	12.
	Unclaimed Money

If money for the payment of principal, premium (if any) or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person.  After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment.

		
	13.
	Discharge and Defeasance

Subject to certain conditions, the Company at any time shall be entitled to terminate some or all of its obligations under the Securities and the Indenture, including the Subsidiary Guarantees, if the Company deposits with the Trustee money 

or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity, as the case may be.

		
	14.
	Amendment, Waiver

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding and (ii) any default or noncompliance with any provisions may be waived with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding.  Subject to certain exceptions set forth in the Indenture, without notice to or the consent of any Securityholder, the Company, the Subsidiary Guarantors and the Trustee may amend the Indenture or the Securities to cure any ambiguity, omission, defect or inconsistency, or to comply with Article 5 of the Indenture, or to provide for uncertificated Securities in addition to or in place of certificated Securities (provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code), or to make any change to the subordination provisions of the Indenture that would limit or terminate the benefits available to any holder of Senior Indebtedness (or its Representative) of the Company or any Subsidiary Guarantor, or to add guarantees (including Subsidiary Guarantees) with respect to the Securities, or to secure the Securities, or to add to the covenants of the Company for the benefit of the Holders, or to surrender any right or power conferred on the Company or any Subsidiary Guarantor, or to make any change that does not adversely affect the rights of any Securityholder, or to comply with any requirement of the SEC in connection with qualifying the Indenture under the Act.  No amendment may be made to the subordination provisions of the Indenture that adversely affects the rights of any holder of Senior Indebtedness of the Company or of any Subsidiary Guarantor then outstanding unless the holders of such Senior Indebtedness (or their Representative) consent to such change.

		
	15.
	Defaults and Remedies

Under the Indenture, Events of Default include (i) default for 30 days in payment of interest on the Securities when due; (ii) default in payment of principal on the Securities at maturity, upon redemption pursuant to paragraph 5 of the Securities, upon declaration or acceleration or otherwise, or failure by the Company to redeem or purchase Securities when required; (iii) failure by the Company to comply with its obligations under certain covenants; (iv) failure by the Company to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse of time; (v) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Company or any Significant Subsidiary (other than Nonrecourse Purchase Money Indebtedness) if the amount accelerated (or so unpaid) exceeds $20.0 million; (vi) certain events of bankruptcy, insolvency or reorganization with respect to the Company or a Significant Subsidiary; (vii) any judgment or decree for the payment of money in excess of $20.0 million is rendered against the Company or a Significant Subsidiary, remains outstanding for a period of 60 days following such judgment or decree and is not discharged, waived or stayed within 10 days after notice; or (viii) any Subsidiary Guarantee ceases or otherwise fails to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantee) or any Subsidiary Guarantor denies or disaffirms its obligations under its Subsidiary Guarantee if such default continues for a period of 10 days after notice thereof to the Company.  If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities may declare the principal of and accrued but unpaid interest on all the Securities to be due and payable immediately.  Certain events of bankruptcy, insolvency or reorganization are Events of Default which shall result in the Securities being due and payable immediately upon the occurrence of such Events of Default.  A default under clauses (iv), (v), (vii) or (viii) shall not constitute an Event of Default until the Trustee or the Holders of 25% in principal amount of the outstanding Securities notifies the Company of the default and the Company does not cure such default within the time specified after receipt of such notice.

Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee may refuse to enforce the Indenture or the Securities unless it receives reasonable indemnity or security.  Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders.

		
	16.
	Trustee Dealings with the Company

Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the 

Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

		
	17.
	No Recourse Against Others

A director, officer, employee, stockholder, incorporator, or member, as such, of the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company or any Subsidiary Guarantor under the Securities, any Subsidiary Guarantee, or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  By accepting a Security, each Securityholder waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.

		
	18.
	Authentication

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security.

		
	19.
	Abbreviations

Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

		
	20.
	CUSIP Numbers

The Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders.  No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

22.    Governing Law

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

The Company shall furnish to any Securityholder upon written request and without charge to the Securityholder a copy of the Indenture which has in it the text of this Security in larger type.  Requests may be made to:

Denbury Resources Inc.
5320 Legacy Drive
Plano, Texas 75024
Attention of Chief Financial Officer

ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

(Print or type assignee's name, address and zip code)

(Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint _________________ agent to transfer this Security on the books of the Company.  The agent may substitute another to act for him.

Date: ____________________________ Your Signature: ____________________________________

Sign exactly as your name appears on the other side of this Security.

[TO BE ATTACHED TO GLOBAL SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

The following increases or decreases in this Global Security have been made:
	
					
	Date of
Exchange
	Amount of decrease in Principal amount of this Global Security
	Amount of increase in Principal amount of this Global Security
	Principal amount of this Global Security following such decrease or increase)
	Signature of authorized officer of Trustee or Securities Custodian

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Security purchased by the Company pursuant to Section 4.07 or 4.09 of the Indenture, check the box:

 ̈

If you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.07 or 4.09 of the Indenture, state the amount in principal amount ($2,000 and any whole multiples of $1,000 in excess thereof):  $________.

	
		
	Dated: ___________________
	Your Signature: _____________________________
Sign exactly as your name appears on the other side of this Security.)

	 
	 

	Signature Guarantee: ________________________________________________
(Signature must be guaranteed)

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

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