Document:

Exhibit 10.1

 

EXECUTION VERSION 

 

 

 

CREDIT AGREEMENT

 

dated as of January 21, 2022 among

 

NABORS INDUSTRIES, INC.,

as Borrower,

 

NABORS INDUSTRIES LTD.,

as Holdings,

 

THE OTHER GUARANTORS PARTY HERETO,

THE LENDERS PARTY HERETO,

 

and

 

CITIBANK, N.A.,

as Administrative Agent for the Lenders

 

 

 

CITIBANK, N.A. and WELLS FARGO SECURITIES,
LLC,

as Joint Lead Arrangers and Joint Bookrunners

 

     

     

    

 

TABLE OF CONTENTS

 

	Article I DEFINITIONS	1
	Section 1.01 	Defined Terms	1
	Section 1.02 	Classification of Loans and Borrowings	44
	Section 1.03 	Terms Generally	44
	Section 1.04 	Accounting Terms; GAAP	44
	Section 1.05 	Resolution of Drafting Ambiguities	45
	Section 1.06 	Divisions	45
	Section 1.07 	Rates	45
	Section 1.08 	Illustrative Purposes	45
	Article II THE CREDITS	46
	Section 2.01 	Commitments	46
	Section 2.02 	Loans	46
	Section 2.03 	Borrowing Procedure	48
	Section 2.04 	Evidence of Debt; Repayment of Loans	48
	Section 2.05 	Fees	49
	Section 2.06  	Interest on Loans	50
	Section 2.07 	[Reserved]	51
	Section 2.08 	Termination and Reduction of Commitments	51
	Section 2.09 	Interest Elections	51
	Section 2.10	Optional and Mandatory Prepayments of Loans	53
	Section 2.11 	Alternate Rate of Interest	54
	Section 2.12 	Benchmark Replacement Setting	54
	Section 2.13 	Yield Protection	56
	Section 2.14 	[Reserved]	57
	Section 2.15 	[Reserved]	57
	Section 2.16 	Breakage Payments	57
	Section 2.17 	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	58
	Section 2.18 	Taxes	60
	Section 2.19 	Mitigation Obligations; Replacement of Lenders	64
	Section 2.20 	[Reserved]	65
	Section 2.21 	Defaulting Lenders	65
	Section 2.22 	Letters of Credit	68

	Section 2.23  	Incremental Facilities	75

 

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	Article III REPRESENTATIONS AND WARRANTIES OF HOLDINGS AND BORROWER	77
	Section 3.01 	Organization and Good Standing	77
	Section 3.02 	Due Authorization	77
	Section 3.03 	No Conflicts	77
	Section 3.04 	Consents	78
	Section 3.05 	Enforceable Obligations	78
	Section 3.06 	Financial Condition	78
	Section 3.07 	No Default	78
	Section 3.08 	Litigation	78
	Section 3.09	Taxes	79
	Section 3.10  	Compliance with Law	79
	Section 3.11 	ERISA	79
	Section 3.12 	Use of Proceeds; Margin Stock	80
	Section 3.13 	Investment Company Act	80
	Section 3.14 	Solvency	80
	Section 3.15 	Disclosure	80
	Section 3.16	Environmental Matters	81
	Section 3.17  	Insurance	81
	Section 3.18 	Anti-Terrorism and Anti-Corruption Laws	81
	Section 3.19 	Properties; Collateral Rigs	81
	Section 3.20 	Security Documents	82
	Article IV CONDITIONS TO LOANS	83
	Section 4.01 	Conditions to Initial Loan and Initial Letter of Credit	83
	Section 4.02 	Conditions to All Loans and Letters of Credit	84
	Article V AFFIRMATIVE COVENANTS OF HOLDINGS AND BORROWER	86
	Section 5.01 	Information Covenants	86
	Section 5.02 	Financial Covenants	89
	Section 5.03 	Preservation of Existence and Franchises	89
	Section 5.04 	Books and Records	89
	Section 5.05 	Compliance with Law	89
	Section 5.06 	Payment of Taxes and Other Indebtedness	90
	Section 5.07 	Insurance	90

	Section 5.08 	Use of Proceeds	90
	Section 5.09 	Audits/Inspections	90
	Section 5.10 	Further Assurances; Collateral Coverage	91
	Section 5.11 	Operation of Collateral Rigs	93

 

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	Article VI NEGATIVE COVENANTS OF BORROWER, HOLDINGS AND OTHER GUARANTORS	94
	Section 6.01 	Nature of Business	94
	Section 6.02	Fundamental Changes	94
	Section 6.03	Affiliate Transactions	96
	Section 6.04	Liens	96
	Section 6.05 	Burdensome Agreements	98
	Section 6.06 	Subsidiary Indebtedness	100
	Section 6.07 	Restricted Payments and Repurchases of Debt	102
	Section 6.08 	Sale and Lease-Back Transactions	103
	Section 6.09 	Compliance with Anti-Terrorism Laws	104
	Section 6.10 	Transfers of Assets	104
	Section 6.11 	Dispositions	104
	Article VII GUARANTEE	104
	Section 7.01	The Guarantee	104
	Section 7.02 	Obligations Unconditional	105
	Section 7.03 	Reinstatement	107
	Section 7.04 	Subrogation	107
	Section 7.05 	Remedies	108
	Section 7.06 	Instrument for the Payment of Money	108
	Section 7.07 	Continuing Guarantee	108
	Section 7.08 	General Limitation on Guarantee Obligations	108
	Section 7.09 	Release of Guarantor	108
	Article VIII EVENTS OF DEFAULT	109
	Section 8.01	Events of Default	109
	Section 8.02 	[Reserved]	111
	Section 8.03 	Acceleration; Remedies	111
	Section 8.04 	Allocation of Payments After Event of Default	112
	Section 8.05 	Right to Cure	114
	Article IX THE AGENTS	115
	Section 9.01 	Appointment and Authority	115

 

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	Section 9.02 	Administrative Agent Individually	116
	Section 9.03 	Duties of Administrative Agent; Exculpatory Provisions	117
	Section 9.04 	Reliance by Administrative Agent	118
	Section 9.05 	Delegation of Duties	119
	Section 9.06 	Resignation of Administrative Agent	119
	Section 9.07 	Non-Reliance on Administrative Agent and Other Lenders	120
	Section 9.08 	Withholding Tax	121
	Section 9.09 	No Other Duties, etc	121
	Section 9.10 	Enforcement	122
	Section 9.11	Guaranteed Cash Management
Agreements and Guaranteed Hedge Agreements	122
	Section 9.12 	Credit Bidding	122
	Section 9.13 	Erroneous Payments	123
	Article X MISCELLANEOUS	126
	Section 10.01 	Notices, Communications and Treatment of Information	126
	Section 10.02 	Waivers; Amendment	131
	Section 10.03	Expenses; Indemnity; Damage Waiver	133
	Section 10.04	Successors and Assigns	136
	Section 10.05	Payments Set Aside	139
	Section 10.06 	Survival of Agreement	140
	Section 10.07	Counterparts; Integration; Effectiveness	140
	Section 10.08	Severability	140
	Section 10.09 	Right of Setoff	141
	Section 10.10	Governing Law; Jurisdiction; Consent to Service of Process	141
	Section 10.11 	Waiver of Jury Trial	142
	Section 10.12 	Headings	143
	Section 10.13 	Treatment of Certain Information; Confidentiality	143
	Section 10.14 	USA PATRIOT ACT Notice and Customer Verification	143
	Section 10.15 	Interest Rate Limitation	144
	Section 10.16 	Obligations Absolute	144
	Section 10.17 	Judgment Currency	145
	Section 10.18 	No Advisory or Fiduciary Responsibility	145
	Section 10.19 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	146
	Section 10.20 	Acknowledgement Regarding
Any Supported QFCs	146

 

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	ANNEXES
	 
	Annex I 	Applicable Margin
	Annex II	Debt Incurrence Examples
	 
	SCHEDULES
	 
	Schedule I	Collateral Rigs
	Schedule II	Lender Commitments
	Schedule III	Permitted Guaranteed Bilateral Letter of Credit Facilities
	Schedule IV	Existing Roll-Over Letters of Credit
	Schedule V	Letters of Credit Maximum Amounts
	 
	 
	EXHIBITS
	 
	Exhibit A	Form of Subordination Agreement
	Exhibit B	Form of Assignment and Assumption
	Exhibit C	Form of Borrowing Request
	Exhibit D 	Form of L/C Issuance Request
	Exhibit E	Form of Interest Election Request
	Exhibit F	Form of Revolving Note
	Exhibit G 	Form of Officer’s Certificate
	Exhibit H	Form of Foreign Lender Certificate
	Exhibit I 	Form of Joinder
	Exhibit J 	Form of Junior Lien Intercreditor Agreement

 

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CREDIT AGREEMENT

 

This CREDIT AGREEMENT (as
amended, modified, supplemented or restated from time to time, this “Agreement”) is dated as of January 21,
2022 among NABORS INDUSTRIES, INC., a Delaware corporation (“Borrower”), NABORS INDUSTRIES LTD., a Bermuda exempted
company (“Holdings”), the other Guarantors from time to time party hereto, the Lenders party hereto (the “Lenders”),
the Issuing Banks party hereto and CITIBANK, N.A., as Administrative Agent solely for the Lenders (in such capacity, “Administrative
Agent”).

 

WITNESSETH:

 

WHEREAS, Borrower has requested
the Lenders to extend credit to it in the form of Revolving Loans, at any time and from time to time prior to the Maturity Date, in an
aggregate principal amount at any time outstanding not in excess of US$350,000,000;

 

WHEREAS, Borrower has requested
the Issuing Banks to extend credit to it in the form of Letters of Credit, at any time and from time to time prior to the Maturity Date,
in an aggregate principal amount at any time outstanding not in excess of US$100,000,000;

 

WHEREAS, the proceeds of the
Loans are to be used in accordance with Section 5.08;

 

WHEREAS, the Lender Parties
are willing to extend such credit to Borrower; and

 

NOW THEREFORE, the parties
hereto agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.01       Defined
Terms. As used in this Agreement (including in the above preamble and recitals) and unless otherwise expressly stated herein,
the following terms shall have the meanings specified below:

 

“0.75% Senior
Exchangeable Notes” shall mean the 0.75% Senior Exchangeable Notes due 2024 issued by Borrower under that certain indenture
dated as of January 13, 2017 among Borrower, Holdings, Wilmington Trust, National Association, as trustee, and Citibank, N.A., as securities
administrator.

 

“5.1% Senior Notes”
shall mean the 5.1% Senior Notes due 2023 issued by Borrower under that certain indenture dated as of December 9, 2016 among Borrower,
Holdings, Wilmington Trust, National Association, as trustee, and Citibank, N.A., as securities administrator.

 

“5.5% Senior Notes”
shall mean the 5.5% Senior Notes due 2023 issued by Borrower under that certain indenture dated as of December 9, 2016 among Borrower,
Holdings, Wilmington Trust, National Association, as trustee, and Citibank, N.A., as securities administrator.

 

“5.75%
Senior Notes” shall mean the 5.75% Senior Notes due 2025 issued by Borrower under that certain indenture (the
 “5.75% Senior Notes Indenture”) dated as of January 23, 2018 among Borrower, Holdings, Wilmington Trust,
National Association, as trustee, and Citibank, N.A., as securities administrator.

 

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“ABR Borrowing”
shall mean a Borrowing comprised of ABR Loans.

 

“ABR Loan”
shall mean any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions
of Article II.

 

“Accepted Currency”
shall mean US Dollars, Pounds Sterling, Euros and Yen.

 

“Adjusted Consolidated
Basis” means, with respect to any Person and its Subsidiaries, a consolidated basis in accordance with GAAP except that,
to the extent any such Consolidated Subsidiary of any Person is not directly or indirectly wholly-owned by such Person, appropriate adjustments
shall be made so that the contribution of any such non-wholly-owned Consolidated Subsidiary of such Person to the relevant financial calculation
is limited (and reduced as necessary) to reflect the percentage of Equity Interests owned by such Person in such non-wholly-owned Consolidated
Subsidiary.

 

“Adjusted Term
SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus
(b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted
Term SOFR shall be deemed to be the Floor.

 

“Administrative
Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as the
successor pursuant to Section 10.04.

 

“Administrative
Agent Fee” shall have the meaning assigned to such term in Section 2.05(b).

 

“Administrative
Questionnaire” shall mean an Administrative Questionnaire in form and substance satisfactory to the Administrative Agent.

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
of any person shall mean (a) any other person which directly, or indirectly through one or more intermediaries, controls such person or
(b) any other person which directly, or indirectly through one or more intermediaries, is controlled by or is under common control with
such person. As used herein, the term “control” means possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agent’s
Group” shall have the meaning assigned to such term in Section 9.02(b).

 

“Agreed Currency”
shall have the meaning assigned to such term in Section 2.22(e)(i).

 

“Agreement”
shall have the meaning assigned to such term in the preamble hereto.

 

“Alternate Base
Rate” shall mean, for any day, a fluctuating rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%)
equal to the greatest of the Base Rate in effect on such day, the Federal Funds Effective Rate in effect on such day plus 0.50%
and Adjusted Term SOFR for an Interest Period of one-month beginning on such day (or if such day is not a Business Day, on the immediately
preceding Business Day) plus 1.00%. If the Administrative Agent shall have determined (which determination shall be conclusive
absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure
of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition thereof, the Alternate Base
Rate shall be determined without regard to the Federal Funds Effective Rate until the circumstances giving rise to such inability no longer
exist. Any change in the Alternate Base Rate due to a change in the Base Rate, the Federal Funds Effective Rate or Adjusted Term SOFR
shall be effective on the effective date of such change in the Base Rate, Federal Funds Effective Rate or Adjusted Term SOFR, respectively.

 

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“Anti-Corruption
Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to Holdings or the Borrower or any of their
Affiliates from time to time concerning or relating to money laundering, bribery or corruption, including, without limitation, the FCPA.

 

“Anti-Terrorism
Laws” shall mean any Requirement of Law related to terrorism financing or money laundering, including the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (“USA PATRIOT ACT”)
of 2001 (Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”,
31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C.
 § 1 et seq., as amended), the International Emergency Economic Powers Act (“IEEPA”), 50 U.S.C. §
1701, and Executive Order 13224 (effective September 24, 2001).

 

“Applicable Fee”
shall mean, for any day, with respect to any Commitment, the applicable percentage set forth in Annex I under the caption
 “Applicable Fee.”

 

“Applicable Margin”
shall mean, for any day, with respect to any Revolving Loan, the applicable percentage set forth in Annex I under the appropriate
caption.

 

“Application”
shall mean an application for a Letter of Credit, including a master application pursuant to which one or more subsequent Letters of Credit
may be issued, which application shall be substantially in the form specified by the applicable Issuing Bank and acceptable to the Administrative
Agent and the Borrower.

 

“Appraised Fair
Market Value” shall mean, with respect to any asset, the fair market value as on the basis of an arm's length transaction
between a willing buyer and a willing seller, which shall be determined on the basis of an appraisal, field examination and/or audit conducted
by Hilco Valuation Services or a Person acceptable to the Administrative Agent.

 

“Approved Electronic
Communications” shall mean each Communication that any Obligor is obligated to, or otherwise chooses to, provide to the
Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement, financial
and other report, notice, request, certificate, or other information material; provided,

 

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however, that, solely with respect to delivery
of any such Communication by any Obligor to the Administrative Agent and without limiting or otherwise affecting either the Administrative
Agent’s right to effect delivery of such Communication by posting such Communication to the Approved Electronic Platform or the
protections afforded hereby to the Administrative Agent in connection with any such posting, “Approved Electronic Communication”
shall exclude any notice of borrowing, swing loan request, notice of conversion or continuation, and any other notice, demand, communication,
information, document, and other material relating to a request for a new, or a conversion of an existing, Borrowing, any notice pursuant
to Section 2.10(a) and Section 2.10(b) and any other notice relating to the payment of any principal or other
amount due under any Loan Document prior to the scheduled date therefor, all notices of any Default or Event of Default and any notice,
demand, communication, information, document and other material required to be delivered to satisfy any of the conditions set forth in
Article IV and Article VI or any other condition to any Borrowing or other extension of credit hereunder or
any condition precedent to the effectiveness of this Agreement.

 

“Approved Electronic
Platform” shall have the meaning assigned to such term in Section 10.01(b).

 

“Approved Fund”
shall mean any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of
an entity that administers or manages a Lender.

 

“AR Purchase Agreement”
means that certain Receivables Purchase Agreement, dated as of September 13, 2019, by and among Nabors A.R.F., LLC, a Delaware limited
liability company, as Seller, the persons party thereto as Purchasers and Wells Fargo Bank, N.A., a national banking association, as Administrative
Agent, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“AR Transaction
Documents” means the Transaction Documents as defined in the AR Purchase Agreement.

 

“Arrangers”
shall refer to Citibank, N.A. and Wells Fargo Securities, LLC, in their capacities as Joint Lead Arrangers and Joint Bookrunners.

 

“Assignment and
Assumption” shall mean an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.04(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit B, or any other form approved by the Administrative Agent.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term
rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant
to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof)
that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each
case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition
of “Interest Period” pursuant to Section 2.12(d).

 

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“Availability
Cap” means, as of any time of determination, an amount that is the lesser of (a) the aggregate amount of Revolving Commitments
at such time of determination and (b) an amount equal to 10% of Consolidated Net Tangible Assets at such time of determination minus the
Utilized CNTA Lien Amount, in each case, as of such time of determination. For the avoidance of doubt, for purposes of this definition,
the amount of Revolving Commitments shall be calculated without giving effect to any utilization of such Commitments.

 

“Availability
Period” shall mean the period from and including the Closing Date to but excluding the earlier of (i) the Business Day preceding
the Maturity Date and (ii) the date of termination of the aggregate Revolving Commitments.

 

“Available Commitments”
means, as of any time of determination, an amount equal to unused Revolving Commitments then in effect as of such date of determination
(provided that such amount shall not exceed the maximum amount that could be drawn as a Revolving Loan on such date).

 

“Bail-In Action”
shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of
an Affected Financial Institution.

 

“Bail-In Legislation”
shall mean (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking
Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution
of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration
or other insolvency proceedings).

 

“Banking Day”
or “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks in New York City
are authorized or required by law to close.

 

“Bankruptcy Code”
shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time.

 

“Base Rate”
shall mean, for any day, a rate per annum that is equal to the corporate base rate of interest established by the Administrative Agent
from time to time; each change in the Base Rate shall be effective on the date when changed generally by the Administrative Agent. The
corporate base rate is not necessarily the lowest rate charged by the Administrative Agent to its customers.

 

“Benchmark”
means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the
Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the
extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.12(a).

 

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“Benchmark Replacement”
means with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative
Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism
for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining
a benchmark rate as a replacement to the then-current Benchmark for dollar-denominated syndicated credit facilities and (b) the related
Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such
Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement,
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention
for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “ABR,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other
technical, administrative or operational matters) that the Administrative Agent decides may be reasonably appropriate to reflect the adoption
and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially
consistent with the historical practices of the parties to this Agreement (or, if the Administrative Agent reasonably determines that
adoption of any portion of such historical practice is not administratively feasible, market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative
Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents)).

 

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(a)           in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event”, the later of
(i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of
such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available
Tenors of such Benchmark (or such component thereof); or

 

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(b)           in
the case of clause (c) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark
(or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of
such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof)
to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles
for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference
to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date.

 

For the avoidance of doubt,
the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b)
with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(a)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is
no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(b)           a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency
official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution
authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or
such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently
or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

(c)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing
that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative
or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

 

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For the avoidance of doubt,
a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication
of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component
used in the calculation thereof).

 

“Benchmark Transition
Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement
Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day
prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective
event is fewer than 90 days after such statement or publication, the date of such statement or publication).

 

“Benchmark Unavailability
Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such
time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.12 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder
and under any Loan Document in accordance with Section 2.12.

 

“Beneficial Ownership
Certification” shall mean a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” shall mean 31 C.F.R. § 1010.230.

 

“Beneficiaries”
shall mean, collectively, the Administrative Agent, the Collateral Agent, the Lenders, the Issuing Banks, the Arrangers, Guaranteed Hedge
Banks and Guaranteed Cash Management Banks.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States.

 

“Board of Directors”
shall mean, with respect to any person, (a) in the case of any corporation, the board of directors of such person, (b) in the case of
any limited liability company, the board of managers of such person, (c) in the case of any partnership, the board of directors of the
general partner of such person and (d) in any other case, the functional equivalent of the foregoing.

 

“Borrower”
has the meaning set forth in the preamble.

 

“Borrowing”
shall mean (a) Revolving Loans of the same Type made, converted or continued on the same date and, in the case of SOFR Loans, as to which
a single Interest Period is in effect or (b) a Letter of Credit.

 

“Borrowing Request”
shall mean a request by Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit
C, or such other form as shall be approved by the Administrative Agent.

 

    8

     

    

 

“Capital Stock”
shall mean (a) in the case of a corporation, all classes of capital stock of such corporation, (b) in the case of a partnership, partnership
interests (whether general or limited), (c) in the case of a limited liability company, membership interests and (d) any other interest
or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of the assets of,
the issuing person, including, in each case, all warrants, rights or options to purchase any of the foregoing.

 

“Cash Collateralize”
shall mean to deposit in to pledge and deposit with or deliver to the Administrative Agent, in accordance with the procedures set forth
in Section 2.22(i), for the benefit of one or more of the Issuing Banks or Lenders, as collateral for L/C Obligations or
obligations of Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative
Agent and each applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case with such cash or deposit
account balances or other credit support denominated in the applicable currency in which such L/C Obligations are payable and pursuant
to documentation in form and substance satisfactory to the Administrative Agent, and each applicable Issuing Bank. “Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalents”
shall mean (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any
agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition;
(b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less
from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state
thereof having combined capital and surplus of not less than US$500,000,000; (c) commercial paper of an issuer rated at least A-1 by S&P
or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies
cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase
obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having
a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e)
securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign
government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as
the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the
date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause
(b) of this definition; (g) money market mutual or similar funds that invest exclusively in assets satisfying the requirements
of clauses (a) through (f) of this definition; or (h) money market funds that (i) comply with the criteria
set forth in Commission Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s
and (iii) have portfolio assets of at least US$5.0 billion.

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or
debit card, electronic funds transfer and other cash management arrangements.

 

    9

     

    

 

“Cash Management
Bank” means any Person, in its capacity as a party to any Cash Management Agreement, that (a) with respect to such Cash
Management Agreement, was in existence at the time such Person became a Lender or an Affiliate of a Lender or (b) with respect to such
Person, was a Lender or an Affiliate of a Lender at the time it entered into such Cash Management Agreement.

 

“Change in Law”
shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking into effect of any law,
treaty, order, policy, rule or regulation, (b) any change in any law, treaty, order, policy, rule or regulation or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule,
guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, however, for purposes
of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements
and directives thereunder, issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements
and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign authorities, in each case pursuant to Basel III, shall in each case be deemed to be
a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.

 

“Change of Control”
shall mean an event or series of events by which:

 

(a)           any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all
securities that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of 50% or more of the Capital Stock of Holdings entitled to vote
for members of the Board of Directors or equivalent governing body of Holdings on a fully-diluted basis (and taking into account all
such Capital Stock that such person or group has the right to acquire pursuant to any option right); or

 

(b)           the
members of the Board of Directors of Holdings cease to be Continuing Directors; or

 

(c)           Holdings
at any time ceases to own, directly or indirectly, 100% of the Capital Stock of Borrower.

 

For purposes of this definition,
a person shall not be deemed to have beneficial ownership of Capital Stock subject to a stock purchase agreement, merger agreement or
similar agreement until the consummation of the transactions contemplated by such agreement.

 

For purposes of defining
a Change of Control, “Continuing Director” means, as of any date of determination, any member of the Board
of Directors of Holdings who: (i) was a member of such Board of Directors (A) on the Closing Date or (B) for at least two
consecutive years; or (ii) was nominated for election, elected or appointed to such Board of Directors with the approval of a
majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or
appointment (either by a specific vote or by approval of Holdings’ proxy statement in which such member was named as a nominee
for election as a director, without objection to such nomination).

 

    10

     

    

 

“Charges”
shall have the meaning assigned to such term in Section 10.15.

 

“Closing Date”
shall mean the first date on which the conditions set forth in Section 4.01 and Section 6.01 of this Agreement
are satisfied or waived and this Agreement becomes effective pursuant to the provisions of Section 10.07.

 

“Closing Date
CNTA” shall mean an aggregate amount equal to 10% of Consolidated Net Tangible Assets on the Closing Date (which, for the
avoidance of doubt, is $465,000,000).

 

“CNTA Lien Basket”
means, with respect to each Nabors Indenture, the exception to the negative covenant restricting the incurrence of liens to secure indebtedness
and other obligations which is based on Consolidated Net Tangible Assets (as defined in the applicable Nabors Indenture).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 

“Collateral”
shall have the meaning provided for such term in each of the Security Documents and shall include any and all assets securing or purporting
to secure any or all of the Loans, but shall, in any event, include a perfected security interest in (a) all Collateral Rigs and related
equipment (including, for the avoidance of doubt, all Related Yard Equipment), spare parts and inventory and contracts and (b) all assets
that are subject to a Lien of the Collateral Agent in satisfaction of the Collateral Rig Requirements in each case, other than Excluded
Collateral.

 

“Collateral Agent”
shall mean the Administrative Agent, acting in its capacity as collateral agent under the Security Documents for the benefit of the holders
of the Obligations.

 

“Collateral Coverage
Cure Period” shall have the meaning assigned in Section 5.10(c).

 

“Collateral Coverage
Threshold” shall mean the product of (i) the sum of (A) the outstanding amount of Loans as of such date, (B) the aggregate
amounts available to be drawn under all outstanding Letters of Credit as of such date and (C) the outstanding principal amount of any
other Indebtedness that is secured by a Lien on the Collateral on a pari passu basis with the Obligations multiplied by (ii) 1.75.

 

“Collateral
Rig” shall mean each Marketed Rig now owned or hereafter acquired by the Guarantors and their Subsidiaries physically
located in the United States or any state thereof (other than Hawaii or Alaska or any Offshore Rig) and each other Marketed Rig that
is subject to the Lien of the Collateral Agent under the Security Agreement or other Security Document that becomes subject to a
Lien in favor of the Collateral Agent in accordance with Section 5.10, in each case, (i) which is, as of the Closing
Date, set forth on Schedule II to the Security Agreement (as may be supplemented after the date hereof in accordance with Section
5.10) and (ii) other than any Marketed Rig that ceases to be a Collateral Rig in accordance with this Agreement (it being
understood that such Schedule shall be amended to reflect the release of the Lien of the Collateral Agent on such Collateral Rig
that ceases to be a Collateral Rig in accordance with this Agreement). As of the Closing Date, the Collateral Rigs shall also be set
forth on Schedule I to this Agreement.

 

    11

     

    

 

“Collateral Rig
Operator” means, with respect to any Collateral Rig, the entity that operates such Collateral Rig.

 

“Collateral Rig
Owner” shall mean, with respect to any Collateral Rig, the Subsidiary of Holdings that owns such Collateral Rig.

 

“Collateral Rig
Requirements” shall mean, with respect to any Collateral Rig as of any date of determination that:

 

(a)           the
Collateral Rig Owner shall be incorporated in a Permitted Jurisdiction;

 

(b)           the
Collateral Rig Owner shall be or shall have become a Guarantor by delivering Guarantor Joinder Documents to the Administrative Agent;

 

(c)           solely
in the case that the aggregate net book value (determined in accordance with GAAP) of the Collateral Rigs owned by such Collateral Rig
Owner exceeds 55% of the total net book value of all tangible assets owned by such Collateral Rig Owner calculated on an Adjusted Consolidated
Basis and as set forth in the most recently available financial statements, 100% of the Capital Stock of such Collateral Rig Owner shall
have been validly pledged to the Collateral Agent to secure the Obligations under the Security Agreement or such other security agreement,
pledge agreement, share pledge, floating charge, share charge or similar Security Document as is reasonably acceptable to the Administrative
Agent and the Lien on such Capital Stock created thereby shall have been perfected in accordance with and to the extent required by such
Security Document;

 

(d)           all
filings (appropriate Financing Statements (Form UCC-1) for filing under the UCC of each relevant jurisdiction or similar filings in foreign
jurisdictions), registrations, recordations, notifications, deliveries of instruments and other actions necessary or desirable in the
reasonable opinion of the Administrative Agent to perfect and preserve the security interests described above shall have been duly effected
and the Administrative Agent shall have received evidence thereof in form and substance reasonably satisfactory to the Administrative
Agent;

 

(e)           the
Collateral Rig shall be free and clear of all Liens other than Permitted Collateral Liens;

 

(f)            the
Collateral Rig Operator shall be Holdings or a Subsidiary thereof;

 

(g)           legal
possession of such Collateral Rig shall be held by Holdings or a Subsidiary thereof; provided that if legal possession is held
by a person that is not the Collateral Rig Owner, such person shall have granted a first priority security interest (subject only to
Permitted Collateral Liens) in its rights, title and interests in such Collateral Rig (including, without limitation, all lease or similar
agreements with the Collateral Rig Owner and all Drilling Contracts or similar agreements with customers with respect to such Collateral
Rig) to the Collateral Agent pursuant to the Security Agreement or such other Security Document as is reasonably acceptable to the Administrative
Agent;

 

    12

     

    

 

(h)           the
Collateral Agent shall be named loss payee as its interest may appear under any property insurance covering such Collateral Rig;

 

(i)            such
Collateral Rig shall be physically located in the United States or any state thereof (other than Hawaii or Alaska) or, at the election
of the Borrower pursuant to Section 5.10(c), Hawaii, Alaska or in the state or United States federal waters offshore of
any state thereof;

 

(j)            the
Administrative Agent shall have received, to the extent applicable and reasonably requested, from one or more legal counsel to the Collateral
Rig Owners a legal opinion addressed to the Administrative Agent, the Collateral Agent and each of the Lenders, which opinions shall
be dated as of the date on which (or prior to the date on which, to the extent such legal opinion satisfactorily covers for the creation
and perfection of the Lien of the Collateral Agent on such Collateral Rig as after-acquired collateral) such Marketed Rig shall become
a Collateral Rig and shall (x) be in form, scope and substance reasonably acceptable to the Administrative Agent and (y) cover the perfection
of the security interests granted pursuant to the relevant Security Documents, including those described within this definition above
and such other matters incident thereto as the Administrative Agent may reasonably request; provided that such opinions shall
be similar in scope and substance as delivered in connection with the Collateral Rigs on the Closing Date; and

 

(k)           in
the case of an Offshore Collateral Rig:

 

(i)            such
Offshore Collateral Rig shall not constitute a vessel; and

 

(ii)           the
Borrower shall provide to the Administrative Agent all information reasonably requested by the Administrative Agent with respect to the
creation and perfection of a security interest in such Offshore Collateral Rig, including, without limitation, to ensure that a security
interest in such Offshore Collateral Rig can be created under the Security Agreement and perfected by filing under the UCC.

 

“Collateral Rig
Value” means, at any time, without duplication, (a) the aggregate Rig Value of Collateral Rigs (other than Excluded Collateral
Rigs) plus (b) the Appraised Fair Market Value of all Related Yard Equipment, as reflected in the Appraisal Report most recently
delivered pursuant to Section 5.10(c), minus (c) the aggregate amount of obligations secured by Permitted Collateral
Liens (other than Permitted Collateral Liens referenced in clause (b) of the definition thereof) on the Collateral Rigs (other than Excluded
Collateral Rigs).

 

“Commitment”
shall mean, with respect to any Lender, such Lender’s Revolving Commitment.

 

“Commitment Fee”
shall have the meaning assigned to such term in Section 2.05(a).

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute,
and any regulations promulgated thereunder.

 

    13

     

    

 

“Communications”
shall mean each notice, demand, communication, information, document and other material provided for hereunder or under any other Loan
Document or otherwise transmitted between the parties hereto relating to this Agreement, the other Loan Documents, any Obligor or its
Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents including, without limitation, all Approved
Electronic Communications.

 

“Connection Income
Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are
franchise Taxes or branch profits Taxes.

 

“Consolidated
Cash Balance” shall mean, at any time of determination, the sum of (a) the aggregate amount of unrestricted cash and Cash
Equivalents of Holdings and its Consolidated Subsidiaries as of such date held in a deposit account maintained in a United States or Canadian
branch of a commercial bank, plus (b) the aggregate amount of unrestricted cash and Cash Equivalents of Holdings and its Subsidiaries
as of such date that is an asset of a Subsidiary that is held in a deposit account maintained with any branch of a commercial bank located
outside of the United States and Canada, plus (c) Available Commitments that are available to be drawn pursuant to the terms hereof
plus (d) the principal amount of any undrawn commitments to the extent available to be drawn and permitted to be borrowed by any
Loan Party at such time under any revolving credit facility (other than under this Agreement) then in effect to which a Loan Party is
a borrower and which is permitted to be incurred under this Agreement; provided that cash and Cash Equivalents that would appear
as “restricted” on a consolidated balance sheet of Holdings solely because such cash and Cash Equivalents are subject to a
control agreement in favor of the Administrative Agent shall not constitute restricted cash or restricted Cash Equivalents hereunder.

 

“Consolidated
Net Income” means “Net income (loss)” determined in accordance with GAAP consistently applied as set forth in
Holding’s consolidated financial statements filed with the SEC.

 

“Consolidated
Net Tangible Assets” means the total assets of Holdings and its Consolidated Subsidiaries as of the most recent fiscal quarter
end for which a consolidated balance sheet of Holdings and its Consolidated Subsidiaries is available, minus all current liabilities
(excluding the current portion of any long-term debt) of Holdings and its Consolidated Subsidiaries reflected on such balance sheet and
minus total goodwill and other intangible assets of Holdings and its Consolidated Subsidiaries reflected on such balance sheet,
all calculated on a consolidated basis in accordance with GAAP.

 

“Consolidated
Subsidiaries” means each Subsidiary of Holdings, SANAD and any other subsidiary of Holdings consolidated in accordance with
GAAP.

 

“Contingent
Obligations” shall mean, with respect to any person, without duplication, any obligations (other than endorsements in
the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing any Indebtedness of any other
person in any manner, whether direct or indirect, and including without limitation any obligation, whether or not contingent, (a) to
purchase any such Indebtedness or other obligation or any property constituting security therefor, (b) to advance or provide funds
or other support for the payment or purchase of such Indebtedness or obligation or to maintain working capital, solvency or other
balance sheet condition of such other person (including, without limitation, maintenance agreements, take or pay arrangements, put
agreements or similar agreements or arrangements) for the benefit of the holder of Indebtedness of such other person, (c) to lease
or purchase property, securities or services primarily for the purpose of assuring the owner of such Indebtedness or (d) to
otherwise assure or hold harmless the owner of such Indebtedness or obligation against loss in respect thereof. The amount of any
Contingent Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the
outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such Contingent
Obligation is made.

 

    14

     

    

 

“Controlled”
shall mean, with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such person, through the exercise of voting power or by contract.

 

“Covered Assets”
means all Marketed Rigs and other drilling related fixed assets.

 

“Covered Party”
has the meaning assigned to such term in Section 10.20.

 

“Debtor Relief
Laws” shall mean the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, fraudulent transfer, or other similar debtor relief
laws of the United States or other applicable jurisdictions from time to time in effect and relating to or affecting the rights of creditors
generally.

 

“Default”
shall mean any event, occurrence or condition which is, or upon notice, lapse of time or both would constitute, an Event of Default.

 

“Default Rate”
shall have the meaning assigned to such term in Section 2.06(c).

 

“Defaulting
Lender” shall mean any Lender, as reasonably determined by the Administrative Agent, that has failed to fund any
portion of its Loans required to be funded by it hereunder within three Business Days of the date required to be funded by it
hereunder, unless such Lender has notified the Administrative Agent in writing of its good faith determination that one or more
conditions to its obligation to fund Loans has not been satisfied, fund any portion of its participations in Letters of Credit or
pay over to Borrower or the Administrative Agent any other amount required to be paid by it hereunder, unless (in the case of this clause
(iii)) such Lender notifies the Administrative Agent in writing that such failure is the result of a good faith dispute with
respect to the requirement to pay such amount, has notified the Administrative Agent, any Lender and/or Borrower in writing that it
does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that
it is unable to or does not intend to comply with its funding obligations under this Agreement or generally under other agreements
in which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a
Loan hereunder and states that such position is based on such Lender’s good faith determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), has failed, within three Business Days after written request by the Administrative Agent (based on
the reasonable belief that it may not fulfill its funding obligation), to confirm that it will timely and fully comply with the
terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of
Credit provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the
Administrative Agent’s and the Borrower’s receipt of such certification in form and substance satisfactory to the
Borrower and the Administrative Agent, has otherwise failed to pay over to the Administrative Agent or any other Lender any amount
(other than amounts referenced in clause (a) above) required to be paid by it hereunder within three Business Days of
the date when due, unless the subject of a good faith dispute, or is, or whose parent has become, the subject of any action or
proceeding of a type described in Section 8.01(d) (or any comparable proceeding initiated by a regulatory authority
having jurisdiction over such Lender or parent of Lender) or a Bail- in Action; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in such Lender or any direct or indirect
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its
assets or permit such Lender (or such governmental authority or instrumentality) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender.

 

    15

     

    

 

“Designated Ratings
Agencies” shall mean Moody’s, S&P or Fitch’s.

 

“Discretionary
Foreign Currency” shall mean, with respect to Letters of Credit, each Foreign Currency that is not an Accepted Currency.

 

“Disposition”
or “Dispose” means the sale, conveyance, lease, assignation, farming out, transfer or disposal (in one transaction
or in a series of transactions) of any Collateral by any Person (including any Sale and Lease-Back Transaction), including any sale, assignment,
transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith,
in each case, excluding leases entered into in the ordinary course of business consistent with past practice and sales in connection with
securitization facilities entered into in the ordinary course of business consistent with past practice.

 

“Dollar Equivalent”
shall mean, as to any amount denominated in a currency other than US Dollars as of any date of determination, the amount of US Dollars
that would be required to purchase the amount of such other currency based upon the Spot Rate. All calculations of Dollar Equivalents
shall be made by the Person that determines the Spot Rate in accordance with the definition of “Spot Rate”.

 

“Drilling
Contract” shall mean any third-party drilling contract, drilling services agreement, charter or similar agreement
in respect of any Marketed Rig.

 

“EBITDA”,
means, for any period, the sum of the following determined on a consolidated basis, without duplication, for Holdings and its Consolidated
Subsidiaries:

 

(a)           Consolidated
Net Income for such period plus

 

(b)           the
sum of the following, without duplication, to the extent (other than in the case of clause (xii)(E)) deducted in determining
Consolidated Net Income for such period:

 

    16

     

    

 

(i)            interest
expense including, without limitation, (A) original issue discount, non-cash interest payments, the interest component of all payments
associated with capitalized lease obligations, discounts and other fees and charges incurred in respect of letters of credit or bankers’
acceptance financings, (B) the consolidated interest expense of such person and its subsidiaries that was capitalized during such period,
and (C) any interest expense on Funded Indebtedness of another person that is guaranteed by such person or one of its subsidiaries or
secured by a Lien on assets of such person or one of its subsidiaries, whether or not such guarantee or Lien is called upon;

 

(ii)           net
expense for Taxes measured by net income, profits or capital (or any similar measures), paid or accrued, including federal and state
and local income Taxes, foreign income Taxes and franchise Taxes (whether or not deferred);

 

(iii)          depreciation,
amortization (including amortization of intangibles and amortization and write-off of financing costs) and impairment charges (solely
with respect to goodwill or other intangibles) and other non-cash charges or expenses, excluding any non-cash charge or expense that
represents an accrual for a cash expense to be taken in a future period;

 

(iv)          asset
impairment charges (including with respect to fixed assets or goodwill or other intangible assets);

 

(v)           (A)
extraordinary losses (excluding extraordinary losses from discontinued operations), and (B) unusual or non-recurring non-cash losses
or non-cash charges;

 

(vi)          investment
losses from financial asset investments (other than from investments in Consolidated Subsidiaries);

 

(vii)         any
premiums paid in connection with redeeming or retiring any indebtedness prior to the stated maturity thereof;

 

(viii)       
any non-cash compensation charge arising from any grant of stock, stock options or other equity-based awards;

 

(ix)           any
non-cash FASB Accounting Standards Codification 815 loss related to hedging activities, to the extent deducted in computing Consolidated
Net Income;

 

(x)            any
unrealized non-cash losses resulting from foreign currency balance sheet adjustments required by GAAP;

 

(xi)           all
transaction fees, charges and other amounts (including any financing fees, merger and acquisition fees, legal fees and expenses, due
diligence fees or any other fees and expenses in connection therewith) in connection with any acquisition, investment, disposition, issuance
or repurchase of Capital Stock, or the incurrence, amendment or waiver of Indebtedness permitted hereunder, in each case, whether or
not consummated, in each case to the extent paid within twenty-four (24) months of the closing or effectiveness of such event or the
termination or abandonment of such transactions, as the case may be;

 

    17

     

    

 

(xii)         
(A) any expenses associated with the discontinuation of a line of business, product line or operating unit; (B) any charges
consisting of any severance or relocation charges incurred in connection with employment termination, internal restructuring or “right
sizing” of Holdings and its Consolidated Subsidiaries; (C) other non-recurring internal restructuring charges; (D) other unusual
and non-recurring cash expenses or charges; and (E) the amount of “run rate” cost savings, operating expense reductions, other
operating improvements, revenue enhancements and synergies related to any Material Acquisition, any Material Disposition and/or any restructuring,
cost saving initiative or other initiative projected by Holdings or its Consolidated Subsidiaries in good faith to be realized as a result
of actions taken, committed to be taken or planned to be taken, in each case on or prior to the date that is 12 months after the end of
the relevant period (which cost savings, operating expense reductions, other operating improvements, revenue enhancements and synergies
shall be added to EBITDA until fully realized and calculated on a pro forma basis in accordance with Regulation S-X (with respect to Material
Acquisitions and Material Dispositions) as though such cost savings, operating expense reductions, other operating improvements, revenue
enhancements and synergies had been realized on the first day of the relevant period), net of the amount of actual benefits realized from
such actions; provided that (1) such cost savings, operating expense reductions, other operating improvements, revenue enhancements
and synergies are reasonably identifiable and quantifiable and (2) no cost savings, operating expense reductions, other operating improvements,
revenue enhancements or synergies shall be added pursuant to this clause (xii) to the extent duplicative of any expenses
or charges relating to such cost savings, operating expense reductions, other operating improvements, revenue enhancements or synergies
that are included in any other subclause of this clause (xii) (it being understood and agreed that “run rate”
shall mean the full recurring benefit that is associated with any action taken); provided that the aggregate amount added pursuant
to this clause (b)(xii) for any period shall in no event exceed 20% of EBITDA for such period (calculated prior to any such
add-backs pursuant to this clause (b)(xii)) and provided further that any add-back permitted under any clause of
this clause (b) (even if described in more than one add-back in this clause (b)) other than this clause
(b)(xii) shall not be subject to such 20% cap; and

 

(xiii)        
any losses from asset dispositions or retirements; less

 

(c)           the
sum of the following, without duplication, to the extent included in determining Consolidated Net Income for such period:

 

(i)            interest
income;

 

(ii)           net
benefit for Taxes measured by net income, profits or capital (or any similar measures), paid or accrued, including federal and state
and local income Taxes, foreign income Taxes and franchise Taxes (whether or not deferred);

 

(iii)          any
extraordinary gains;

 

    18

     

    

 

(iv)          other
unusual or non-recurring non-cash gains or non-cash income items that did not turn into cash during such period;

 

(v)           any
cash expense made during such period which represents the reversal of any non-cash expense that was added in a prior period pursuant
to clause (b)(iii) above subsequent to the fiscal quarter in which the relevant non-cash expenses, charges or losses were
incurred, but only to the extent such expense was not added back to Consolidated Net Income in calculating EBITDA in a prior period;

 

(vi)          investment
income from financial asset investments (other than from investments in Consolidated Subsidiaries);

 

(vii)         any
non-cash FASB Accounting Standards Codification 815 gains related to hedging activities, to the extent deducted in computing Consolidated
Net Income;

 

(viii)       
any unrealized non-cash gains resulting from foreign currency balance sheet adjustments required by GAAP;

 

(ix)           any
non-cash cancellation of indebtedness income arising in connection with redeeming or retiring any indebtedness prior to its stated maturity;
and

 

(x)            any gains from asset dispositions,

 

in each of the foregoing cases, determined on
a consolidated basis in accordance with GAAP.

 

For the purposes of calculating
EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”), (a) if at any time during
such Reference Period Holdings or any of its Consolidated Subsidiaries shall have made any Material Disposition (as defined below), EBITDA
for such Reference Period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject
of such Material Disposition for such Reference Period or increased by an amount equal to the EBITDA (if negative) attributable thereto
for such Reference Period as if such Material Disposition occurred on the first day of such Reference Period, and (b) if during such Reference
Period Holdings or any of its Consolidated Subsidiaries shall have made a Material Acquisition, EBITDA for such Reference Period shall
be calculated after giving pro forma effect thereto in accordance with Regulation S-X or in such other manner acceptable to the Administrative
Agent as if such Material Acquisition (and the incurrence of any Indebtedness necessary in connection with the consummation thereof) occurred
on the first day of such Reference Period, such pro forma adjustments, in each case, to be reasonably acceptable to the Administrative
Agent. As used in this definition, “Material Acquisition” means any acquisition of property or series of related
acquisitions of property that (x) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes
all or substantially all of the common stock of a person and (y) involves the payment of consideration by Holdings or any of its Consolidated
Subsidiaries in excess of $25,000,000; and “Material Disposition” means any disposition of property or series
of related dispositions of property that (I) constitutes assets comprising all or substantially all of an operating unit of a business
or constitutes all or substantially all of the common stock of a person and (II) yields gross proceeds to Holdings or any of its Consolidated
Subsidiaries in excess of $25,000,000.

 

    19

     

    

 

“EEA Financial
Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which
is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent.

 

“EEA Member Country”
shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution
Authority” shall mean any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee”
shall mean any person to whom it is permitted to assign Loans and Commitments pursuant to Section 10.04(b); provided
that “Eligible Assignee” shall not include Holdings or any of its Affiliates or Subsidiaries or any natural person.

 

“Eligible Notes
Guarantor” means a Subsidiary of Holdings that (a) is a direct or indirect parent company of the Borrower or a Specified
RCF Guarantor and (b) is or becomes a Guarantor by delivering Guarantor Joinder Documents to the Administrative Agent in form and substance
reasonably satisfactory to the Administrative Agent; provided, that, in order for a Person to be an “Eligible Notes Guarantor”,
(i) in no event shall any Person that is a Specified RCF Guarantor be an Eligible Notes Guarantor and (ii) in the event that any Subsidiary
of Holdings owns any Covered Assets at any time and is in the chain of ownership between such Eligible Notes Guarantor and the Borrower
or Specified RCF Guarantor, as applicable, of which such Eligible Notes Guarantor is an indirect parent company, such Subsidiary shall
be or shall become a Guarantor by delivering Guarantor Joinder Documents to the Administrative Agent in form and substance reasonable
satisfactory to the Administrative Agent; provided further that no Subsidiary that is a Transitory Subsidiary Owner shall be required
to deliver Guarantor Joinder Documents for so long as such Subsidiary is a Transitory Subsidiary Owner.

 

“Environment”
shall mean ambient air, indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land surface
or subsurface strata, natural resources, the workplace or as otherwise defined in any Environmental Law.

 

“Environmental
Law” shall mean any legal requirement of any Governmental Authority pertaining to (a) the protection of health, safety
and the indoor or outdoor environment, (b) the conservation, management, or use of natural resources and wildlife, (c) the
protection or use of surface water and groundwater, (d) the management, manufacture, possession, presence, use, generation,
transportation, treatment, storage, disposal, Release, threatened Release, abatement, removal, remediation or handling of, or
exposure to, any hazardous or toxic substance or material or (e) pollution (including any release to land surface water and
groundwater) and includes, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended by the Superfund Amendments and Reauthorization Act of 1986, 42 USC 9601 et seq., Solid Waste Disposal Act, as
amended by the Resource Conservation and Recovery Act of 1976 and Hazardous and Solid Waste Amendment of 1984, 42 USC 6901 et
seq., Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, 33 USC 1251 et seq., Clean Air Act
of 1966, as amended, 42 USC 7401 et seq., Toxic Substances Control Act of 1976, 15 USC 2601 et seq., Hazardous
Materials Transportation Act, 49 USC App. 1801 et seq., Occupational Safety and Health Act of 1970, as amended, 29 USC 651 et
seq., Oil Pollution Act of 1990, 33 USC 2701 et seq., Emergency Planning and Community Right-to-Know Act of 1986, 42 USC
11001 et seq., National Environmental Policy Act of 1969, 42 USC 4321 et seq., Safe Drinking Water Act of 1974, as
amended, 42 USC 300(f) et seq., any analogous implementing or successor law, and any amendment, rule, regulation, order, or
directive issued thereunder.

 

    20

     

    

 

“Equity Interests”
means, as to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants,
options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests
in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests),
and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether
voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as interpreted by the rules
and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also
to refer to any successor sections.

 

“ERISA Affiliate”
shall mean, an entity, whether or not incorporated, which is (a) under common control (within the meaning of Section 4001(a)(14) of ERISA)
with Borrower, Holdings or any of their Subsidiaries or (b) is a member of a group which includes Borrower or Holdings or any of their
Subsidiaries and which is treated as a single employer under Sections 414(b), (c), (m), or (o) of the Code with Borrower, Holdings or
any of their Subsidiaries.

 

“ERISA Event”
shall have the meaning assigned to such term in Section 8.01(g).

 

“Erroneous Payment”
has the meaning assigned to it in Section 9.13(a).

 

“Erroneous Payment
Deficiency Assignment” has the meaning assigned to it in Section 9.13(d).

 

“Erroneous Payment
Impacted Loan” has the meaning assigned to it in Section 9.13(d).

 

“Erroneous Payment
Return Deficiency” has the meaning assigned to it in Section 9.13(d).

 

“Erroneous Payment
Subrogation Rights” has the meaning assigned to it in Section 9.13(d).

 

“EU Bail-In Legislation
Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person),
as in effect from time to time.

 

    21

     

    

 

“Event of Default”
shall have the meaning assigned to such term in Section 8.01.

 

“Event of Loss”
means, with respect to any Offshore Rig, any of the following events: (x) the actual or constructive total loss of an Offshore Rig or
the agreed or compromised total loss of an Offshore Rig; or (y) the capture, condemnation, confiscation, requisition for title and not
hire, purchase, seizure or forfeiture of, or any taking of title to, an Offshore Rig. An Event of Loss shall be deemed to have occurred:
(i) in the event of an actual loss of an Offshore Rig, at the time and on the date of such loss or, if that is not known at noon Greenwich
Mean Time on the date which such Offshore Rig was last heard from; (ii) in the event of damage which results in a constructive or compromised
or arranged total loss of an Offshore Rig, at the time and on the date on which notice claiming the loss of the Offshore Rig is given
by Holdings or any of its Subsidiaries to the insurers; or (iii) in the case of an event referred to in clause (y) above, at the time
and on the date on which such event is expressed to take effect by the person making the same.

 

“Excluded Collateral”
shall mean, collectively, all “Excluded Collateral” as defined in the Security Agreement and any similar term as is defined
in any other Security Document.

 

“Excluded Collateral
Rig” means any Collateral Rig as to which the Collateral Rig Requirements have not been satisfied as of any date of determination.

 

“Excluded Swap
Obligation” means, with respect to any Loan Party individually determined on a Loan Party by Loan Party basis, any Obligation
in respect of any Swap Contract if, and solely to the extent that, all or a portion of the guarantee by such Loan Party of such Obligation
in respect of any Swap Contract (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation
or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such
Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange
Act at the time such guarantee or grant of a security interest becomes effective with respect to such related Obligation in respect of
any Swap Contract. If any Obligation in respect of any Swap Contract arises under a Master Agreement governing more than one swap, such
exclusion shall apply only to the portion of such Obligation in respect of any Swap Contract that is attributable to swaps for which such
guarantee or security interest is or becomes illegal.

 

“Excluded
Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, Taxes imposed on or measured by net income (however denominated), franchise taxes, and
branch profits Taxes, in each case imposed as a result of such Recipient being organized under the laws of or having its principal
office or, in the case of any US Lender Party, its applicable lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof), or that are Other Connection Taxes, in the case of a US Lender Party, any US federal withholding Tax
that is imposed on amounts payable to or for the account of such US Lender Party with respect to an applicable interest in a Loan or
Commitment pursuant to any Requirements of Law that are in effect on the date on which such US Lender Party acquires such interest
in the Loan or Commitment (other than pursuant to an assignment request by Borrower under Section 2.19), or such US
Lender Party changes its lending office, except in each case, to the extent that, pursuant to Section 2.18(a) or Section
2.18(c), amounts were payable either to such US Lender Party’s assignor immediately before such US Lender Party became
a party hereto or to such US Lender Party prior to changing its lending office, any United States federal withholding Tax that is
attributable to such Recipient’s failure to comply with Section 2.18(e), and any United States federal withholding
Taxes imposed pursuant to FATCA.

 

    22

     

    

 

“Existing Credit
Agreement” shall mean that certain Credit Agreement dated as of October 11, 2018, among the Borrower, Holdings, the other
parties thereto, the lenders party thereto, and Citibank, N.A., as administrative agent, as amended, supplemented or otherwise modified
prior to the Closing Date.

 

“Existing Roll-Over
Letters of Credit” shall mean the letters of credit issued and outstanding as of the Closing Date and set forth on Schedule
IV, which shall each be deemed to constitute a Letter of Credit issued hereunder on behalf of a Borrower on the Closing Date.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such
intergovernmental agreement.

 

“FCPA”
shall mean the Foreign Corrupt Practices Act of 1977, as amended.

 

“Federal Funds
Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the nearest 1/100 of 1%) of
the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published
on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is
a Business Day, the average (rounded upwards, if necessary, to the nearest 1/100 of 1%) of the quotations for such day for such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

 

“Fees”
shall mean the Commitment Fee, the Administrative Agent Fees and the Letter of Credit Fees.

 

“Financial Officer”
of any person shall mean the chief financial officer, principal accounting officer, treasurer or controller of such person.

 

“Fitch”
shall mean Fitch Ratings, LTD. and any successors thereto.

 

“Floor”
means a rate of interest equal to 0.0%.

 

“Foreign Currency”
shall mean, with respect to Letters of Credit, (i) Pounds Sterling, (ii) Euros, (iii) Yen, (iv) Canadian Dollars and (v) any other lawful
currency that is freely transferable and freely convertible into US Dollars and is acceptable to the Administrative Agent and the applicable
Issuing Bank(s).

 

“Foreign Lender
Party” shall mean any US Lender Party that is not a US Person.

 

    23

     

    

 

“Foreign Subsidiary”
shall mean each Subsidiary organized under the laws of a jurisdiction other than the United States, any State thereof, or the District
of Columbia.

 

“Fronting Exposure”
shall mean, at any time there is a Defaulting Lender, with respect to any Issuing Bank, such Defaulting Lender’s Pro Rata Percentage
of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Bank, other than L/C Obligations as to which
such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with
Section 2.21.

 

“Fund”
shall mean any person that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business.

 

“Funded Indebtedness”
of any person shall mean, without duplication, the sum of (a) all obligations of such person for borrowed money (excluding from this clause
(a) and clause (b) below intraday over advances and overnight overdrafts, provided that, such obligations
are not outstanding for more than two (2) Business Days), plus (b) all obligations of such person evidenced by bonds, debentures,
notes or similar instruments, or upon which interest payments are customarily made, plus (c) all Contingent Obligations of such
person with respect to Funded Indebtedness of another person, plus (d) the principal portion of all obligations of such person
under (i) capital lease obligations and (ii) any synthetic lease, tax retention operating lease, off- balance sheet loan or similar off-balance
sheet financing product of such person where such transaction is considered borrowed money indebtedness for tax purposes but is classified
as an operating lease in accordance with GAAP, and after giving effect to any of the foregoing in this clause (d) to any
third-party indemnification, plus (e) all obligations of such person with respect to Redeemable Preferred Stock. The Funded Indebtedness
of any person shall include the Funded Indebtedness of any partnership or unincorporated joint venture for which such person is legally
obligated. For the avoidance of doubt, (i) Funded Indebtedness shall exclude any actual fair value adjustment arising from any interest
rate swap transactions entered into in the ordinary course of business and not for investment or speculative purposes, and (ii) Funded
Indebtedness of Holdings and its Subsidiaries shall exclude obligations arising in connection with Permitted Accounts Receivables Sales
Facilities.

 

“GAAP”
shall mean generally accepted accounting principles in the United States applied on a consistent basis.

 

“Governmental
Authority” shall mean the government of the United States or any other nation, or of any political subdivision thereof,
whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any
supra-national bodies such as the European Union, the European Central Bank or the Organization for Economic Co-operation and Development).

 

“Guaranteed Cash
Management Agreement” means any Cash Management Agreement that is entered into by and between Holdings or any of its Subsidiaries
and any Cash Management Bank.

 

    24

     

    

 

“Guaranteed Cash
Management Bank” means any Cash Management Bank party to a Guaranteed Cash Management Agreement.

 

“Guaranteed Hedge
Agreement” means any Swap Contract permitted under Article VI that is entered into by and between Holdings
or any of its Subsidiaries and any Hedge Bank.

 

“Guaranteed Hedge
Bank” means any Hedge Bank party to a Guaranteed Hedge Agreement.

 

“Guaranteed Hedge
Obligations” shall have the meaning assigned to such term in Section 7.01(c).

 

“Guaranteed Obligations”
shall have the meaning assigned to such term in Section 7.01(a).

 

“Guarantor Joinder
Documents” means, (a) a joinder to this Agreement in the form of Exhibit I, (b) such items as described in
Sections 4.01(c)(i), 4.01(c)(ii) and 4.01(h) and (c) if reasonably requested by the Administrative
Agent, an opinion of counsel consistent with that delivered pursuant to Section 4.01(f).

 

“Guarantors”
shall mean, collectively, on a joint and several basis, Holdings, Nabors International, Nabors Drilling, Nabors Lux, the Eligible Notes
Guarantors and each other Subsidiary that delivers a guaranty to the Administrative Agent pursuant to Section 5.10, Section
6.10 or otherwise in connection with the satisfaction of the Collateral Rig Requirements.

 

“Hazardous Materials”
shall mean the following: hazardous substances; hazardous wastes; polychlorinated biphenyls (“PCBs”) or any
substance or compound containing PCBs; asbestos or any asbestos-containing materials in any form or condition; radon or any other radioactive
materials including any source, special nuclear or by-product material; petroleum, crude oil or any fraction thereof; and any other pollutant
or contaminant or chemicals, wastes, materials, compounds, constituents or substances, subject to regulation or which can give rise to
liability under any Environmental Laws.

 

“Hedge Bank”
means any Person, in its capacity as a party to any Swap Contract, that (a) with respect to such Swap Contract, was in existence at the
time such Person became a Lender or an Affiliate of a Lender or (b) with respect to such Person, was a Lender or an Affiliate of a Lender
at the time it entered into such Swap Contract.

 

“Hilco Valuation
Services” shall mean Hilco Valuation Services, LLC.

 

“Highest Lawful
Rate” shall mean the maximum non-usurious interest rate, as in effect from time to time, that may be charged, contracted
for, reserved, received, or collected by a Lender in connection with this Agreement or the other Loan Documents.

 

“Holdings”
shall have the meaning assigned to such term in the preamble hereto.

 

“Incremental Commitments”
has the meaning assigned to such term in Section 2.23(a).

 

    25

     

    

 

“Incremental Effective
Date” has the meaning assigned to such term in Section 2.23(a).

 

“Incremental Facility”
has the meaning assigned to such term in Section 2.23(a).

 

“Incremental Joinder”
has the meaning assigned to such term in Section 2.23(a).

 

“Indebtedness”
of any person shall mean, without duplication, (a) all obligations of such person for borrowed money (excluding from this clause
(a) and clause (b) below intraday over advances and overnight overdrafts; provided that, such obligations
are not outstanding for more than two (2) Business Days), (b) all obligations of such person evidenced by bonds, debentures, notes or
similar instruments, or upon which interest payments are customarily made, (c) all obligations of such person under conditional sale or
other title retention agreements relating to property purchased by such person to the extent of the value of such property (other than
customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) all
obligations, other than intercompany items, of such person issued or assumed as the deferred purchase price of property or services purchased
by such person (excluding account payables that are not more than 180 days past due), which would appear as liabilities on a balance sheet
of such person, (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such person,
whether or not the obligations secured thereby have been assumed, (f) any guaranty by such person of “Indebtedness” of any
other person pursuant to other clauses of this definition, (g) the principal portion of all obligations of such person under (i) capital
lease obligations and (ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing
product of such person where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating
lease in accordance with GAAP, and after giving effect in any of the foregoing in this clause (g) to any third-party indemnification,
(h) all obligations of such person with respect to Redeemable Preferred Stock, and (i) the maximum amount of all standby letters of credit
(other than those entered for purposes of bid and performance bonds) issued or bankers’ acceptances facilities created for the account
of such person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed). The Indebtedness of any person shall
include the Indebtedness of any partnership or unincorporated joint venture for which such person is legally obligated. The consolidated
Indebtedness of Holdings and its Subsidiaries shall exclude obligations arising in connection with Permitted Accounts Receivables Sales
Facilities to the extent that such obligations are not accounted for, in accordance with GAAP, on the consolidated balance sheet of Holdings
and its Subsidiaries, as indebtedness for borrowed money.

 

“Indemnified Taxes”
shall mean Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower
under any Loan Document and to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee”
shall have the meaning assigned to such term in Section 10.03(b).

 

“Index Debt”
shall mean Borrower’s long-term senior unsecured, non-credit enhanced publicly held debt.

 

    26

     

    

 

“Information”
shall have the meaning assigned to such term in Section 10.13.

 

“Interest
Coverage Ratio” shall mean, as of any date of determination, the ratio of (i)
EBITDA for the latest four (4) consecutive fiscal quarters for which financial statements are required to have been delivered pursuant
to Section 5.01(a) or Section 5.01(b) to (ii) the Interest Expense
for the latest four (4) consecutive fiscal quarters for which financial statements are required to have been delivered pursuant
to Section 5.01(a) or Section 5.01(b).

 

“Interest Election
Request” shall mean a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section
2.09(b), substantially in the form of Exhibit E.

 

“Interest Expense”
shall mean, with respect to Holdings and its Consolidated Subsidiaries for any period, the sum, without duplication, of: (1) consolidated
cash interest expense of Holdings and its Consolidated Subsidiaries for such period, to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (a) all commissions, discounts, and other fees and charges owed with
respect to each Letter of Credit, (b) capitalized interest to the extent paid in cash and (c) net payments (over payments received),
if any, made pursuant to interest rate Guaranteed Hedge Agreements); less (2) cash interest income for such period provided,
however, that the following shall in all cases be excluded from Interest Expense to the extent otherwise included in such interest
expense:

 

(a)           any
one-time cash costs associated with breakage in respect of Guaranteed Hedge Agreements to the extent such costs would be otherwise included
in Interest Expense;

 

(b)           any
non-cash expensing of bridge, commitment, and other financing fees that have been previously paid in cash, but solely to the extent not
reducing consolidated cash interest expense in any prior period;

 

(c)           deferred
financing costs, debt issuance costs, commissions, fees (including amendment and contract fees) and expenses and, in each case, the amortization
and write-off thereof, and any amounts of non-cash interest;

 

(d)           costs
associated with obtaining Guaranteed Hedge Agreements;

 

(e)           the
accretion or accrual of discounted liabilities;

 

(f)            commissions,
discounts, yield, and other fees and charges (including any interest expense) related to any receivables facility or any securitization
facility;

 

(g)           annual
agency fees paid to any administrative agent or collateral agent under any credit facilities or other debt instruments or documents;

 

(h)           any non-cash interest expense; and

 

(i)            any prepayment premium or penalty.

 

    27

     

    

 

“Interest Payment
Date” shall mean:

 

(a)           with
respect to any ABR Loan, the last Business Day of each March, June, September and December to occur during any period in which such Loan
is outstanding;

 

(b)           with
respect to any SOFR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case
of a SOFR Loan with an Interest Period of more than three months’ duration, each Business Day prior to the last day of such Interest
Period that occurs at intervals of three months’ duration after the first day of such Interest Period; and

 

(c)           with
respect to any Revolving Loan, the Maturity Date or such earlier date on which the applicable Revolving Commitments are terminated, as
the case may be.

 

“Interest Period”
shall mean, with respect to any SOFR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding
day in the calendar month that is one, three or six months thereafter, as Borrower may elect, provided that if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day, unless such
next succeeding Business Day, would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
Business Day, and any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of
such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter
shall be the effective date of the most recent conversion or continuation of such Borrowing; provided, however, that an
Interest Period shall be limited to the extent required under Section 2.03(d).

 

“Investment Grade”
shall mean:

 

		(a)	BBB- (or the then equivalent rating) or higher in the case of the long term debt ratings of S&P and
Fitch’s; and

 

		(b)	Baa3 (or the then equivalent rating) or higher in the case of the long term debt ratings of Moody’s.

 

“IRS”
shall mean the United States Internal Revenue Service.

 

“ISP”
shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of
International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).

 

“Issuance Request”
shall mean an issuance request in substantially the same for of Exhibit D or such other form specified by the applicable
Issuing Bank and acceptable to the Administrative Agent.

 

    28

     

    

 

“Issuing
Bank” shall mean each of Citibank, N.A. and Wells Fargo Bank, N.A., and each other Lender (or such Lender’s
Affiliate) (as designated by Borrower and approved by the Administrative Agent in its reasonable discretion (not to be unreasonably
withheld or delayed)) that agrees with Borrower and the Administrative Agent to act as a Issuing Bank in respect of a Letter of
Credit requested by Borrower to be issued under this Agreement and (ii) for purposes of the Existing Roll-Over Letters of Credit,
the Issuing Bank set forth on Schedule IV. Any Issuing Bank may, in its discretion and subject to approval by Borrower
(provided that such approval (a) shall not be required with respect to an arrangement by Citibank, N.A. for one or more
Letters of Credit to be issued by Citibank Europe plc, UK Branch and (b) shall not be otherwise unreasonably withheld or delayed),
arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing
Bank” shall include any such Affiliate with respect to Letters of Credit issued or to be issued by such Affiliate.

 

“Issuing Bank
Agreement” shall have the meaning assigned to such term in Section 2.22(f).

 

“L/C Documents”
shall mean the Letters of Credit, the applicable Issuance Requests and Applications with respect thereto, any draft or other document
presented in connection with a drawing thereunder, and this Agreement.

 

“L/C Exposure”
shall mean with respect to any Lender at any time, such Lender’s Pro Rata Percentage of all L/C Obligations then outstanding.

 

“L/C Obligations”
shall mean, as at any date of determination, the aggregate amounts available to be drawn under all outstanding Letters of Credit plus
the aggregate amounts of all outstanding Reimbursement Obligations. For purposes of computing the amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 2.22(e). For all purposes
of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder
by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount
so remaining available to be drawn.

 

“Lender Party”
shall mean any Lender or any Issuing Bank.

 

“Lender Party
Appointment Period” shall have the meaning assigned to such term in Section 9.06(a).

 

“Lenders”
shall have the meaning assigned to such term in the preamble hereto and includes (a) the financial institutions with Commitments that
are signatories hereto; and (b) any financial institution that has become a party hereto pursuant to an Assignment and Assumption and
assumed Commitments or Loans, other than, in each case, any such financial institution that has ceased to be a party hereto pursuant to
an Assignment and Assumption.

 

“Letter of Credit”
any of the standby letters of credit to be issued by an Issuing Bank for the account of Borrower pursuant to Section 2.22.
Each Existing Roll-Over Letter of Credit shall be deemed to constitute a Letter of Credit issued hereunder on the Closing Date for all
purposes of the Loan Documents.

 

“Letter of Credit
Fee” shall have the meaning assigned to such term in Section 2.05(c).

 

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“Letters of
Credit Maximum Amount” shall mean, at any time, the lesser of (i) the sum of (x) US$100,000,000 plus (y) the
amount of any other letter of credit facility pursuant to Section 6.06(p)(i) incurred as an incremental facility hereunder and (ii)
the Revolving Commitments in effect at such time; provided, however, that no Issuing Bank shall be required to issue
Letters of Credit or have outstanding at any time L/C Obligations in an amount in excess of the amount shown as the “Letters
of Credit Maximum Amount” of such Issuing Bank as set forth in Schedule V. Letters of Credit Maximum Amount is a
part of, and not in addition to, the Revolving Commitments.

 

“Lien”
shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, security interest, encumbrance, lien (statutory or otherwise),
preference, priority or charge of any kind (including any agreement to give any of the foregoing, any conditional sale or other title
retention agreement, any financing or similar statement or notice filed under the Uniform Commercial Code as adopted and in effect in
the relevant jurisdiction or other similar recording or notice statute, and any lease in the nature thereof).

 

“Loan”
shall mean a Revolving Loan.

 

“Loan Documents”
shall mean this Agreement, the Notes (if any), the Security Documents and the Subordination Agreement.

 

“Loan Parties”
shall mean, collectively, Borrower, Holdings and each other Guarantor.

 

“Margin Stock”
shall have the meaning assigned to such term in Regulation U.

 

“Market Disruption
Loans” shall mean Loans the rate of interest applicable to which is based upon the Market Disruption Rate, and the Applicable
Margin with respect thereto shall be the same as the Applicable Margin then applicable to ABR Loans; provided that, other than
with respect to the rate of interest applicable thereto, Market Disruption Loans shall for all purposes hereunder and under the other
Loan Documents be treated as ABR Loans.

 

“Market Disruption
Rate” shall mean, for any day, a fluctuating rate per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%)
equal to the Alternate Base Rate for such day. Any change in the Market Disruption Rate shall be effective as of the opening of business
on the effective day of any change in the relevant component of the Market Disruption Rate.

 

“Marketed Rigs”
shall mean a rig owned by a Guarantor (excluding Holdings) or its Subsidiaries that is included in Holdings’ filing under the Securities
Exchange Act of 1934, as amended, as part of the marketed fleet of Holdings and its Subsidiaries, whether or not such rig is contracted
under a valid and enforceable Drilling Contract at such time of determination.

 

“Master Agreement”
shall have the meaning assigned to such term in the definition of “Swap Contract”.

 

“Material Adverse
Effect” shall mean an event or condition that constitutes, or would reasonably be expected to result in, a material adverse
effect on (a) the business, assets, operations or condition, financial or otherwise, of Holdings and its Subsidiaries, taken as a whole,
(b) the ability of any Loan Party to perform its obligations under this Agreement or (c) the validity or enforceability of or the rights
and remedies of the Administrative Agent or the Lenders under this Agreement.

 

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“Material Subsidiary”
shall mean any Subsidiary of Holdings (a) with a book value minus depreciation and amortization, in excess of US$100,000,000, calculated
as of the end of the most recent fiscal quarter or (b) whose revenues for the immediately preceding twelve-month period exceeded US$100,000,000.

 

“Maturity Date”
shall mean the date that is the earlier of (a) January 21, 2026 and (b) (i) to the extent any principal amount of the 5.1% Senior Notes,
5.5% Senior Notes or 5.75% Senior Notes remains outstanding on the date that is 90 days prior to the applicable maturity date for such
Indebtedness, then such 90th day or (ii) to the extent 50% or more of the outstanding (as of the Closing Date) aggregate principal
amount of the 0.75% Senior Exchangeable Notes remains outstanding and not refinanced or defeased on the date that is 90 days prior to
the maturity date for such Indebtedness, then such 90th day.

 

“Maximum CNTA
Lien Amount” means (a) the maximum principal amount of indebtedness permitted at such time to be secured pursuant to the
CNTA Lien Basket under each Nabors Indenture or (b) if the amount determined pursuant to clause (a) is not the same for each of the Nabors
Indentures, the least of such maximum principal amounts.

 

“Maximum Rate”
shall have the meaning assigned to such term in Section 10.15.

 

“Minimum Guarantor
Value” shall mean, as of any date of determination, the percentage of the book value, minus depreciation and amortization
of such property, plant or equipment, of property, plant and equipment owned by the Holdings and its Subsidiaries, that is directly or
indirectly owned by the Guarantors (other than Holdings) and any of their wholly owned Subsidiaries.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and any successors thereto.

 

“Multiemployer
Plan” shall mean a Plan covered by Title IV of ERISA which is a multiemployer plan as defined in Section 3(37) or 4001(a)(3)
of ERISA.

 

“Multiple Employer
Plan” shall mean a Plan covered by Title IV of ERISA, other than a Multiemployer Plan, to which Borrower, Holdings, any
Subsidiary of either, or any ERISA Affiliate and at least one employer other than Borrower, Holdings, any Subsidiary of either, or any
ERISA Affiliate are contributing sponsors.

 

“Nabors Drilling”
shall mean Nabors Drilling Technologies USA, Inc., a Delaware corporation.

 

“Nabors Finance”
shall mean Nabors International Finance Inc., a Delaware corporation.

 

“Nabors Indentures”
means, collectively, the indenture, debt agreement or other similar definitive agreement (other than this Agreement) governing each series
of senior note, senior guaranteed notes, senior exchangeable notes or other indebtedness (other than the Obligations hereunder and under
other Loan Documents) of Holdings or any of its Subsidiaries (whether now outstanding or incurred after the date hereof).

 

    31

     

    

 

“Nabors International”
shall mean Nabors International Management Limited, a Bermuda exempted company.

 

“Nabors Lux”
shall mean Nabors Lux 2, a private limited liability company (société à responsabilité limitée)
incorporated in the Grand Duchy of Luxembourg, having its registered office at 8-10, avenue de la Gare, L-1610 Luxembourg, Grand-Duchy
of Luxembourg and registered with the Registre de Commerce et des Sociétés, Luxembourg under number B154034.

 

“Notes”
shall mean any promissory note of Borrower payable to a Lender evidencing the Revolving Loans issued pursuant to this Agreement, if any,
substantially in the form of Exhibit F.

 

“Obligations”
shall mean (a) obligations of Borrower, Holdings and each other Guarantor from time to time arising under or in respect of the due and
punctual payment of (i) the principal of, and interest (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans and Reimbursement
Obligations, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) obligations
arising under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements, (iii) Erroneous Payment Subrogation Rights and (iv)
all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed
or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), of Borrower, Holdings and each other Guarantor (in its capacity
as guarantor of the obligations hereunder of Borrower) under this Agreement and the other Loan Documents to which it is a party, (b) to
provide Cash Collateral as required by this Agreement and (c) the due and punctual performance of all covenants, agreements, obligations
and liabilities of Borrower, Holdings and each other Guarantor (in its capacity as guarantor of the obligations hereunder of Borrower)
under or pursuant to this Agreement, the other Loan Documents, Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements to
which it is a party; provided that solely with respect to any Loan Party that is not an “eligible contract participant”
under the Commodity Exchange Act, Excluded Swap Obligations of such Loan Party shall in any event be excluded from “Obligations”
owing by such Loan Party.

 

“Obligor”
shall mean Borrower, each Guarantor and each other Affiliate of Borrower that executes and delivers a Loan Document.

 

“OFAC”
shall mean the Office of Foreign Asset Control of the Department of Treasury of the United States of America.

 

“Officer’s
Certificate” shall mean a certificate substantially in the form of Exhibit G hereto.

 

“Offshore Collateral
Rig” shall mean each Offshore Rig that constitutes a Collateral Rig pursuant to Section 5.10(c)(v).

 

“Offshore Rig”
shall mean each Marketed Rig that is a mobile offshore drilling unit (including without limitation any jack-up rig, semi-submersible rig,
drillship, barge rig and moveable platform rig).

 

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“Organizational
Documents” shall mean, with respect to any person, (a) in the case of any corporation, the certificate of incorporation,
memorandum of association and by-laws (or similar documents) of such person, (b) in the case of any limited liability company, the articles
of association, the certificate of formation and/or operating agreement (or similar documents), as applicable, of such person, (c) in
the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such person,
(d) in the case of any general partnership, the partnership agreement (or similar document) of such person and (e) in any other case,
the functional equivalent of the foregoing.

 

“Other Connection
Taxes” shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any
other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Debt Cap”
shall mean, at any time of determination, an amount equal to the excess of (a) the lesser of (i) $150,000,000 and (ii) the Maximum CNTA
Lien Amount less the Utilized CNTA Lien Amount outstanding at such time over (b) the total amount of letters of credit outstanding at
such time issued in reliance on the Other Letters of Credit Cap.

 

“Other Letters
of Credit Cap” shall mean, at any time, (a) $150,000,000 less (b) the amount of Indebtedness incurred under Section 6.06(p)(ii)
since the Closing Date.

 

“Other Taxes”
shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 2.19).

 

“Pari Passu Guaranteed
Notes” has the meaning assigned to such term in Section 6.06(n).

 

“Participant”
shall have the meaning assigned to such term in Section 10.04(d).

 

“Participant Register”
shall have the meaning assigned to such term in Section 10.04(d).

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and any successor thereto.

 

“Performance
Letters of Credit” shall mean any Letter of Credit requested by the Borrower in the ordinary course of business (a) for
the benefit of local customs or similar Governmental Authorities in respect of performance obligations under temporary import duty laws,
(b) for the benefit of a third-party counterparty to support the performance obligations of (and not the financial obligations of) Holdings,
any of its Subsidiaries in connection with commercial contract for services to be provided by Holdings or such Subsidiary entered into
in the ordinary course of business and (c) to support bid bonds, performance bonds and other similar obligations.

 

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“Permitted Accounts
Receivable Sales Facility” shall mean any transaction in which Borrower or a Subsidiary (including, for the avoidance of
doubt, any Foreign Subsidiary) thereof sells or otherwise transfers, in each case on a non-recourse basis to Borrower or such Subsidiary
(provided that transactions that provide for customary limited recourse against Borrower or a Subsidiary only for breaches related
to the assets sold or financed, rather than matters of credit quality, shall be deemed to be non-recourse for purposes hereof), any accounts
receivable (whether now existing or arising in the future) and any assets related thereto including, without limitation, all books and
records relating to such accounts receivable, all collateral securing such accounts receivable, all contracts and all guarantees or other
obligations in respect of such accounts receivable, rights with respect to returned goods the sale or lease of which gave rise to such
accounts receivable, insurance thereon, proceeds of all of the foregoing and lockboxes and bank accounts into which collections thereon
are deposited, and other assets which are customarily transferred or in respect of which security interests are customarily granted in
connection with asset securitization transactions involving accounts receivable (a) to one or more third party purchasers or (b) to a
special purpose entity that borrows against such accounts receivable (or undivided interests therein) and related assets or issues securities
payable from (or representing interests in) payments in respect of such accounts receivable and related assets or sells such accounts
receivable (or undivided interests therein) and related assets to one or more third party purchasers (including in each case, for the
avoidance of doubt, the AR Purchase Agreement, the related AR Transaction Documents and the transactions contemplated thereby and other
accounts receivable sales and purchase agreements), whether or not amounts received in connection with the sale or other transfer of such
accounts receivable and related assets to an entity referred to in clause (a) or (b) above would under GAAP
be accounted for as liabilities on a consolidated balance sheet of the Borrower. The amount of any Permitted Accounts Receivable Sales
Facility shall be deemed at any time to be the aggregate outstanding principal or stated amount of the borrowings, securities or residual
obligations under a sale, in each case referred to in clause (b) of the preceding sentence, or if there shall be no such
principal or stated amount, the uncollected amount of the accounts receivable transferred to such third party purchaser(s) pursuant to
such Permitted Accounts Receivable Sales Facility net of any such accounts receivable that have been written off as uncollectible.

 

“Permitted Guaranteed
Bilateral Letter of Credit Facilities” shall mean (a) those unsecured bilateral letter of credit facilities entered into
and/or guaranteed by one or more Specified RCF Guarantors and/or any other Guarantor that owns Covered Assets that are in effect on the
Closing Date and set forth on Schedule III hereto or entered into and/or guaranteed by any such Guarantor in the ordinary
course of business from time to time after the Closing Date, in each case, so long as the maximum aggregate amount of the Indebtedness
under this clause (a) does not exceed $20,000,000 and (b) such other bilateral letter of credit facilities entered into
and/or guaranteed by Holdings or one or more Subsidiaries of Holdings (other than any Specified RCF Guarantor or any Guarantor that owns
any Covered Assets in the ordinary course of business prior to or after the Closing Date.

 

    34

     

    

 

 

“Permitted Collateral
Liens” shall mean those Liens permitted under (a) clauses (d) (solely to the extent securing advance or payments
pursuant to statute), (e), (f), (g), (i), (j), (l),
(m), (n) (solely to the extent in respect of a lease of a Collateral Rig by Holdings or a Subsidiary thereof
to Holdings or another Subsidiary thereof so long as the Collateral Rig Requirements are otherwise satisfied with respect to such Collateral
Rig), (p), and (r) (to the extent such mortgage would otherwise qualify as a Permitted Collateral Lien pursuant
to this definition) of Section 6.04 and (b) clause (s) (to the extent in respect of the clauses referred
to in clause (a)) of Section 6.04.

 

“Permitted Jurisdiction”
means, any of Canada, Luxembourg, the United States or any State thereof (including the District of Columbia) and any other jurisdiction
approved by the Administrative Agent in its reasonable discretion.

 

“Permitted Liens”
shall mean Liens permitted under this Agreement.

 

“Permitted Term
Debt Cap” shall mean, as of any date of determination, the lesser of (a) $100,000,000 and (b) the amount equal to the excess
of (i) 10% of Consolidated Net Tangible Assets as of such time over (ii) Closing Date CNTA.

 

“person”
shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
shall mean any employee benefit plan (as defined in Section 3(3) of ERISA) which is either (a) maintained or sponsored by Borrower, Holdings,
any Subsidiary of either or any ERISA Affiliate or (b) to which Borrower, Holdings, any Subsidiary of either or any ERISA Affiliate is
then making or accruing an obligation to make contributions or with respect to which Borrower, Holdings, any Subsidiary of either or any
ERISA Affiliate has any liability, contingent or otherwise.

 

“Priority Guarantor
Group” means the Borrower, each Guarantor (other than Holdings), and their respective Subsidiaries.

 

“Pro Rata Percentage”
of any Revolving Lender at any time shall mean the percentage of the total Revolving Commitments of all Revolving Lenders represented
by such Lender’s Revolving Commitment; provided that for purposes of Section 2.21(b) and (c),
 “Pro Rata Percentage” shall mean the percentage of the total Revolving Commitments represented by such Lender’s Revolving
Commitment. If the Revolving Commitments have terminated or expired, the Pro Rata Percentage shall be determined based upon the Revolving
Commitments most recently in effect, after giving effect to any assignments.

 

“property”
shall mean any right, title or interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible and including Capital Stock or other ownership interests of any person and whether now in existence or owned or
hereafter entered into or acquired, including all Real Property.

 

“QFC Credit Support”
has the meaning assigned to such term in Section 10.20.

 

“Real
Property” shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate)
in and to any and all parcels of or interests in real property owned, leased or operated by any person, whether by lease, license or
other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and
appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the
ownership, lease or operation thereof.

 

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“Recipient”
shall mean (a) the Administrative Agent, and (b) any US Lender Party, as applicable.

 

“Redeemable Preferred
Stock” of any person means any preferred stock issued by such person which is at any time prior to the Maturity Date either
(a) mandatorily redeemable (by sinking fund or similar payment or otherwise) or (b) redeemable at the option of the holder thereof.

 

“Register”
shall have the meaning assigned to such term in Section 10.04(c).

 

“Regulation D”
shall mean Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

“Regulation U”
shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

“Regulation X”
shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

“Reimbursement
Obligation” shall have the meaning assigned to such term in Section 2.22(c).

 

“Related Parties”
shall mean, with respect to any person, such person’s Affiliates and such person’s and such person’s Affiliates’
respective managers, administrators, trustees, partners, directors, officers, employees, agents, fund managers and advisors.

 

“Related Yard
Equipment” shall mean, with respect to any Collateral Rig, all spare drill pipe, spare parts, equipment, miscellaneous yard
equipment and any drilling related fixed assets used to facilitate drilling activity in connection with such Collateral Rig.

 

“Release”
shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing, depositing, dispersing, emanating or migrating of any Hazardous Material in, into, onto or through the Environment.

 

“Relevant Governmental
Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

 

“Reportable Event”
shall mean a “reportable event” as defined in Section 4043 of ERISA with respect to which the notice requirements to the PBGC
have not been waived.

 

“Required Lenders”
shall mean Lenders having more than 50% of the sum of all Loans outstanding and unused Commitments; provided that the Loans and
unused Commitments held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 

    36

     

    

 

“Required Minority
Shares” shall mean Capital Stock of a Subsidiary organized under the laws of jurisdiction other than the United States or
any Governmental Authority thereof that is required by the applicable laws and regulations of such foreign jurisdiction to be owned by
the government of such foreign jurisdiction or individual or corporate citizens of such foreign jurisdiction in order for such Subsidiary
to transaction business in such foreign jurisdiction.

 

“Requirements
of Law” shall mean, with respect to any person, the Organizational Documents of such person and any law applicable to or
binding upon such person or any of its property or to which such person or any of its property is subject or otherwise pertaining to any
or all of the transactions contemplated by this Agreement and the other Loan Documents.

 

“Restricted Payment”
shall mean any dividend or other distribution (whether in cash, securities or other property) with respect to any Capital Stock or other
equity interest of any Loan Party or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Capital
Stock or other equity interest or of any option, warrant or other right to acquire any such Capital Stock or other equity interest.

 

“Restricting Information”
shall have the meaning assigned to such term in Section 10.01(c).

 

“Revaluation Date”
shall mean, with respect to any Letter of Credit denominated in a Foreign Currency, each of the following: (a) the date on which such
Letter of Credit is issued, (b) the first Business Day of each calendar month and (c) the date of any amendment of such Letter of Credit
that has the effect of increasing the face amount thereof.

 

“Revolving Borrowing”
shall mean a Borrowing comprised of Revolving Loans.

 

“Revolving Commitment”
shall mean, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans hereunder up to the amount set
forth on Schedule II, or in the Assignment and Assumption pursuant to which such Lender assumed its Revolving Commitment,
as applicable, as the same may be reduced from time to time pursuant to Section 2.08 and reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to Section 10.04 or increased pursuant to Section 2.23.
The aggregate principal amount of the Lenders’ Revolving Commitments on the Closing Date is US$350,000,000.

 

“Revolving Exposure”
shall mean, with respect to any Lender at any time, the aggregate principal amount at such time of all outstanding Revolving Loans of
such Lender plus the aggregate amount at such time of such Lender’s L/C Exposure.

 

“Revolving Lender”
shall mean a Lender with a Revolving Commitment.

 

“Revolving Loan”
shall mean a loan made by the Lenders to Borrower pursuant to Section 2.01. Each Revolving Loan shall either be a ABR Loan
or a SOFR Loan.

 

“Rig”
shall mean any rig owned by a Guarantor (excluding Holdings) or its Subsidiaries, whether or not such rig is contracted under a valid
and enforceable Drilling Contract at such time of determination.

 

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“Rig Value”
shall mean, with respect to any Rig at any date of determination, the Appraised Fair Market Value of such Rig, as reflected in the Appraisal
Report most recently delivered pursuant to Section 5.10(c), and with respect to a Covered Asset, for the purposes of Section
6.10 at any date of determination, the net book value (determined in accordance with GAAP) of such Covered Asset.

 

“S&P”
shall mean Standard & Poor’s Rating Group (a division of The McGraw–Hill Companies, Inc.) and any successors thereto.

 

“Sale and Lease-Back
Transaction” shall mean any arrangement with any person providing for the leasing by Holdings or any Subsidiary of any property,
whereby such property had been sold or transferred by Holdings or any Subsidiary to such person.

 

“SANAD”
shall mean Saudi Aramco Nabors Drilling Company, a limited liability company incorporated in Saudi Arabia.

 

“Sanctioned Country”
means, at any time, a country or territory which is itself the subject or target of any comprehensive or country-wide Sanctions (as of
the Closing Date, the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned Person”
means, at any time, (a) any person listed in any Sanctions-related list of designated persons maintained by OFAC, the U.S. Department
of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any person operating,
organized or resident in a Sanctioned Country or (c) any person owned 50% or more, or otherwise controlled by, any such person or persons
described in the foregoing clauses (a) or(b).

 

“Sanctions”
means any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union,
any European Union member state or Her Majesty’s Treasury of the United Kingdom.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Secured Creditors”
means, collectively, the holders of the Obligations.

 

“Securities Act”
shall mean the Securities Act of 1933.

 

“Security Agreement”
shall mean that certain Security Agreement, dated as of the Closing Date, between the Loan Parties party thereto and the Collateral Agent,
as may be amended, amended and restated, supplemented or otherwise modified from time to time.

 

“Security Documents”
shall mean, collectively, the Security Agreement and each other security agreement or other instrument or document executed and delivered
pursuant to Section 5.10, in satisfaction of the Collateral Rig Requirements, pursuant to any other such Security Document
or otherwise to create or perfect the security interest of the Collateral Agent with respect to the Obligations.

 

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“Security Interest”
shall mean mortgages, charges, pledges, hypothecs, assignments by way of security, conditional sales or other title retentions, liens,
encumbrances, security interests or other interests in property, howsoever created or arising, whether fixed or floating, perfected or
not, which secure payment or performance of an obligation and, including, in any event (a) rights of set-off created or arising out of
the ordinary course of business for the purpose of securing (directly or indirectly) Indebtedness and (b) deposits or transfers of cash
or marketable debt instruments under any agreement or arrangement whereby such cash or marketable debt instruments may be withdrawn, returned
or transferred only upon fulfillment of any condition as to the discharge or satisfaction of any Indebtedness; provided, however,
that “Security Interest” shall not include sales of receivables or proceeds thereof.

 

“Single Employer
Plan” shall mean any Plan which is covered by Title IV of ERISA and adopted solely by Borrower, Holdings, any Subsidiary
of either or any ERISA Affiliate or by a group consisting of Borrower, Holdings, any Subsidiary of either or one or more ERISA Affiliates.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Borrowing”
means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

 

“SOFR Loan”
means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to the definition of “Alternate Base
Rate”.

 

“Solvent”
shall mean, with respect to any person as of a particular date, that on such date (a) such person is able to pay its debts and other liabilities,
contingent obligations and other commitments as they mature in the normal course of business, (b) such person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such person’s ability to pay as such debts and liabilities mature
in their ordinary course, (c) such person is not engaged in a business or a transaction, and is not about to engage in a business or a
transaction, for which such person’s assets would constitute unreasonably small capital after giving due consideration to the prevailing
practice in the industry in which such person is engaged or is to engage and (d) the book value of the assets of such person as set forth
on such person’s balance sheet is greater than the total amount of liabilities, including, without limitation, contingent liabilities,
of such person. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed as
the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability.

 

“Special Resolution
Regimes” has the meaning assigned to such term in Section 10.20.

 

“Specified RCF
Guarantors” shall mean each of Nabors Drilling, Nabors International, Nabors Lux and any other Guarantor that owns any Covered
Assets.

 

“Spot
Rate” shall mean, with respect to any currency, the rate determined by either (a) the Administrative Agent (for all
purposes under Section 2.05 and Section 2.22 when the applicable Issuing Bank is a Lender other than
Citibank, N.A. and for all purposes under Section 10.17) or (b) the applicable Issuing Bank (when the applicable
Issuing Bank is Citibank, N.A.), as applicable, to be the rate quoted by the person acting in such capacity as the spot rate for the
purchase by such person of such currency with another currency through its principal foreign exchange trading office at
approximately 11:00 a.m., Local Time on the date two Business Days prior to the date as of which the foreign exchange computation is
made or if such rate cannot be computed as of such date, such other date as the Administrative Agent or such Issuing Bank, as
applicable, shall reasonably determine is appropriate under the circumstances; provided, that the Administrative Agent or
such Issuing Bank, as applicable, may obtain such spot rate from an Affiliate thereof or another financial institution designated by
the Administrative Agent or such Issuing Bank, as applicable, if the person acting in such capacity does not have as of the date of
determination a spot buying rate for any such currency.

 

    39

     

    

 

“Subordination
Agreement” shall mean a subordination agreement substantially in the form of Exhibit A, together with any
changes thereto which are reasonably acceptable to the Borrower and the Required Lenders.

 

“Subsidiary”
shall mean, with respect to any person (the “parent”) at any date, (a) any person the accounts of which would be consolidated
with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance
with GAAP as of such date, (b) any other corporation, limited liability company, association or other business entity of which securities
or other ownership interests representing more than 50% of the voting power of all Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of the Board of Directors thereof are, as of such date, owned, controlled or held by the parent
and/or one or more subsidiaries of the parent, (c) any partnership (i) the sole general partner or the managing general partner of which
is the parent and/or one or more subsidiaries of the parent or (ii) the only general partners of which are the parent and/or one or more
subsidiaries of the parent and (d) any other person that is otherwise Controlled by the parent and/or one or more subsidiaries of the
parent; provided that the definition of “Subsidiary” shall not include (w) SANAD, (x) Nabors Energy Transition Corp.,
a Delaware corporation, (y) any other special purpose acquisition vehicle or “blank check company” formed after the Closing
Date by the parent or any person that is otherwise Controlled by the parent and (z) funds established by Holdings or its Subsidiaries
that meet the definition of a “venture capital operating company” under ERISA. Unless the context requires otherwise, “Subsidiary”
refers to a Subsidiary of Holdings.

 

“Supported QFC”
has the meaning assigned to such term in Section 10.20.

 

“Swap
Contract” shall mean (a) any and all interest rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options,
bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any
combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction
is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such
master agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

 

    40

     

    

 

“Swap Termination
Value” shall mean, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) (net of debit and credit values) determined in accordance therewith, such termination value(s), and (b) for any date
prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) (including both debit
and credit values) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided
by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

 

“Taxes”
shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term SOFR”
means;

 

(a)              
for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest
Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities
Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided,
however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate
for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term
SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR
Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was
published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three
(3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; and

 

(b)               for
any calculation with respect to an ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day,
the “ABR Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to
such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New
York City time) on any ABR Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published
by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then
Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding
U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR
Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government
Securities Business Days prior to such ABR Term SOFR Determination Day.

 

    41

     

    

 

“Term SOFR Adjustment”
means, for any calculation with respect to an ABR Loan or a SOFR Loan, a percentage per annum as set forth below for the applicable Type
of such Loan and (if applicable) Interest Period therefor:

 

ABR Loans:

 

0.11448%

 

SOFR Loans:

 

	Interest Period	Percentage
	 	 
	One month	0.11448 %
	 	 
	Three months	0.26161%
	 	 
	Six months	0.42826%

 

“Term SOFR Administrator” means CME Group
Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent
in its reasonable discretion).

 

“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

“Termination Event”
shall mean (a) with respect to any Single Employer Plan, the occurrence of a Reportable Event or the substantial cessation of operations
(within the meaning of Section 4062(e) of ERISA), (b) the withdrawal of Borrower, Holdings, any Subsidiary of either or any ERISA Affiliate
from a Multiple Employer Plan during a plan year in which it was a substantial employer (as such term is defined in Section 4001(a)(2)
of ERISA), or the termination of a Multiple Employer Plan, (c) the distribution of a notice of intent to terminate a Single Employer Plan
in a distress termination (within the meaning of Section 4041(c) of ERISA) pursuant to Section 4041(a)(2) of ERISA, (d) the institution
of proceedings to terminate or the actual termination of a Single Employer Plan by the PBGC under Section 4042 of ERISA, (e) any event
or condition which would constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer,
any Single Employer Plan, or (f) the complete or partial withdrawal of Borrower, Holdings, any Subsidiary of either or any ERISA Affiliate
from a Multiemployer Plan or the termination of a Multiemployer Plan.

 

“Transitory Subsidiary
Owner” means any Subsidiary that (a) becomes the direct owner of any Covered Assets as part of the internal transfer of
Covered Assets by virtue of any contribution or distribution among Holdings and its Subsidiaries that is otherwise permitted under this
Agreement, (b) owns such Covered Assets for not more than three (3) Business Days and (c) does not own or hold such Covered Assets with
any intent to be an operating company with respect to such Covered Assets.

 

    42

     

    

 

“Trigger Date,”
means the first date after the Closing Date on which Borrower obtains an Indebtedness rating of Investment Grade from at least two of
the Designated Ratings Agencies.

 

“Type,”
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to Adjusted Term SOFR or the Alternate Base Rate.

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated
by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time
to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“United States”
shall mean the United States of America.

 

“US Dollars”
and “US$” shall mean lawful money of the United States.

 

“U.S. Government
Securities Business Day” shall mean any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities..

 

“US Person”
shall mean any person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“USA PATRIOT ACT”
has the meaning assigned to such term in the definition of “Anti-Terrorism Laws.”

 

“Utilized CNTA
Lien Amount” means, at any time, the aggregate principal amount of indebtedness (including the Obligations under this Agreement)
outstanding at such time and secured pursuant to the CNTA Lien Basket under each Nabors Indenture.

 

“Wholly Owned
Subsidiary” shall mean any Subsidiary if all of the Capital Stock of such Subsidiary (other than directors’ qualifying
shares and Required Minority Shares, in each case only to the extent required by applicable law) is owned by Borrower or Holdings directly
or through other Wholly Owned Subsidiaries.

 

“Withholding Agent”
shall mean Borrower and the Administrative Agent.

 

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“Write-Down
and Conversion Powers” shall mean (a) with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,
any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a
liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of
that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or
instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or
any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

Section
1.02       Classification
of Loans and Borrowings.

 

For purposes of this Agreement,
Loans may be classified and referred to by Type (e.g., a “SOFR Loan”). Borrowings also may be classified and referred
to by Type (e.g., a “SOFR Borrowing”).

 

Section
1.03       Terms
Generally.

 

The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference
to any Loan Document, agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements
or modifications set forth herein), (b) any reference herein to any person shall be construed to include such person’s successors
and permitted assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import,
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement, (e) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented
from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. For
purposes of calculating the Collateral Rig Value, as the case may be, on a pro forma basis for any transaction, the Collateral Rig Value
shall be measured giving pro forma effect to such transaction and any use of proceeds of such transaction as if it had occurred on the
last day of the fiscal period most recently ended for which an officer’s certificate pursuant to Section 5.01(c) is
required to have been delivered.

 

Section
1.04       Accounting
Terms; GAAP.

 

Except as otherwise
expressly provided herein, all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with
GAAP as in effect from time to time and all terms of an accounting or financial nature shall be construed and interpreted in
accordance with GAAP, as in effect on the date hereof unless otherwise agreed to by Borrower and the Required Lenders.

 

    44

     

    

 

Section
1.05       Resolution
of Drafting Ambiguities.

 

Each Loan Party acknowledges
and agrees that it was represented by counsel in connection with the execution and delivery of the Loan Documents to which it is a party,
that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction
to the effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

 

Section
1.06       Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent
Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its
existence by the holders of its Equity Interests at such time.

 

Section
1.07       Rates.
The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation
of, administration of, submission of, calculation of or any other matter related to the Base Rate, Term SOFR or any component definition
thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark
Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any
Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity
as, the Base Rate, Term SOFR, or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation
or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and its affiliates or other related entities
may engage in transactions that affect the calculation of the Base Rate, Term SOFR, any alternative, successor or replacement rate (including
any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative
Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, Term SOFR, or any other Benchmark,
in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity
for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses
(whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component
thereof) provided by any such information source or service.

 

Section
1.08       Illustrative
Purposes.

 

Annex
II hereto is attached for illustrative purposes only and the terms and conditions of this Agreement as stated herein shall be construed
without giving any effect to such Annex for all purposes relating to this Agreement.

 

    45

     

    

 

Article
II

 

THE CREDITS

 

Section
2.01       Commitments.

 

Subject to the terms and conditions
and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make to Borrower
one or more Revolving Loans in US Dollars at any time and from time to time during the Availability Period in accordance with the terms
hereof, in an aggregate principal amount at any time outstanding that will not result after giving effect to any Revolving Borrowing in
such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment.

 

Subject to the terms, conditions
and limitations set forth herein, Borrower may borrow, pay or prepay and reborrow Revolving Loans.

 

Section
2.02       Loans.

 

(a)           Each
Revolving Loan shall be made as part of a Revolving Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance
with their respective Revolving Commitments; provided that the failure of any Lender to make a Revolving Loan shall not in itself
relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the
failure of any other Lender to make any Revolving Loan required to be made by such other Lender).

 

(b)           Subject
to Section 2.11, Section 2.12, and Section 2.13, each Revolving Borrowing shall be denominated
in US Dollars and comprised entirely of ABR Loans or SOFR Loans as Borrower may request pursuant to Section 2.03.

 

(i)                
ABR Loans shall be in an aggregate principal amount that is (A) an integral multiple of US$1,000,000 and not less than US$1,000,000
or (B) equal to the remaining available balance of the aggregate Revolving Commitments; and

 

(ii)             
SOFR Loans shall be in an aggregate principal amount that is (A) an integral multiple of US$1,000,000 and not less than
US$5,000,000 or (B) equal to the remaining available balance of the aggregate Revolving Commitments.

 

(c)           Each
Lender may at its option make any SOFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such SOFR Loan;
provided that any exercise of such option shall not affect the obligation of Borrower to repay such Loan in accordance with the
terms of this Agreement, or create any enhanced rights in the Administrative Agent or any Lender under this Agreement, including under
Section 2.13, 2.18 and 10.03, that are additional to or more favorable than the rights thereof
had such option not been exercised. Revolving Borrowings of more than one Type may be outstanding at the same time; provided that
Borrower shall not be entitled to request any Revolving Borrowing that, if made, would result in more than fifteen (15) SOFR Borrowings
outstanding hereunder at any one time. For purposes of the foregoing, Revolving Borrowings having different Interest Periods, regardless
of whether they commence on the same date, shall be considered separate Borrowings.

 

    46

     

    

 

(d)           Each
Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to
such account in New York City as the Administrative Agent may designate not later than 1:00 pm, New York time. The Administrative Agent
shall promptly credit the amounts so received from Lenders to an account as directed by Borrower in the applicable Borrowing Request
delivered to or maintained with the Administrative Agent or, if a Borrowing shall not occur on such date because any condition precedent
specified in Article IV shall not have been met, return the amounts so received to the respective Lenders.

 

(e)           Unless
the Administrative Agent shall have received notice from a Lender prior to the date (in the case of any SOFR Borrowing), and at least
2 hours prior to the time (in the case of any ABR Borrowing), of any Borrowing that such Lender will not make available to the Administrative
Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made its ratable
portion available to the Administrative Agent at the time of such Borrowing in accordance with clause (d) above, and the
Administrative Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If the Administrative
Agent shall have so made funds available, then, to the extent that such Lender shall not have made its ratable portion of such Borrowing
available to the Administrative Agent, each of such Lender and Borrower severally agrees to repay to the Administrative Agent forthwith
on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to Borrower
until the date such amount is repaid to the Administrative Agent at in the case of Borrower, the interest rate applicable at the time
to the Loans comprising such Borrowing and in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative
Agent such corresponding amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this
Agreement, and Borrower’s obligation to repay the Administrative Agent such corresponding amount pursuant to this Section
2.02(e) shall cease. If Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to Borrower the amount of such interest paid by Borrower for such period. Any payment
by Borrower shall be without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment to
the Administrative Agent.

 

(f)            Notwithstanding
any other provision of this Agreement, Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if
the Interest Period requested with respect thereto would end after the Maturity Date.

 

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Section
2.03       Borrowing
Procedure.

 

To request a Revolving
Borrowing, Borrower shall notify the Administrative Agent by delivering, by hand delivery, telecopier or electronic mail (or similar
means of electronic delivery), a duly completed and executed Borrowing Request to the Administrative Agent in the case of a
Borrowing comprised of SOFR Loans, not later than 11:00 a.m., New York time, three U.S. Government Securities Business Days prior to
the requested date of the proposed Borrowing or in the case of a Borrowing comprised of ABR Loans, not later than 11:00 a.m., New
York time, on the requested date of the proposed Borrowing. Each Borrowing Request shall be irrevocable and shall specify the
following information in compliance with Section 2.02:

 

(a)           the aggregate amount of such Revolving Borrowing;

 

(b)           the requested date of such Revolving Borrowing, which shall be a Business Day;

 

(c)           whether
such Revolving Borrowing is to be for ABR Loans or SOFR Loans;

 

(d)           in
the case of SOFR Loans, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition
of the term “Interest Period”;

 

(e)           the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.02(d); and

 

(f)            that the conditions set forth in Sections 4.02(b)-(g) as applicable, have been satisfied as of the date of
the Borrowing Request.

 

If no election as to the denomination
or Type of Loans is specified, then the requested Revolving Borrowing shall be deemed to be for SOFR Loans with an Interest Period of
one month’s duration. If no Interest Period is specified with respect to any requested SOFR Loan, the Borrower shall be deemed to
have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request, in accordance with
this Section 2.03, the Administrative Agent shall advise the Lenders of the details thereof and of the amount of such Lender’s
Pro Rata Percentage of the Loans to be made as part of the requested Borrowing.

 

Section
2.04       Evidence
of Debt; Repayment of Loans.

 

(a)           Promise
to Repay. Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Revolving Lender, the
then unpaid principal amount outstanding of each Revolving Loan of such Revolving Lender on the Maturity Date. All payments or repayments
of Loans shall be made in US Dollars.

 

(b)           Lender
and Administrative Agent Records. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the Indebtedness of Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of
principal and interest payable and paid to such Lender from time to time under this Agreement. The Administrative Agent shall maintain
records including (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto; (ii) the amount
of any principal or interest due and payable or to become due and payable from Borrower to each Lender hereunder and (iii) the amount
of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. The entries
made in the records maintained by the Administrative Agent and each Lender pursuant to this paragraph shall be prima facie evidence
of the existence and amounts of the obligations therein recorded; provided that the failure of any Lender or the Administrative
Agent to maintain such records or any error therein shall not in any manner affect the obligations of the Borrowers to repay the Loans
in accordance with their terms. In the event of any conflict between the records maintained by any Lender and the records of the Administrative
Agent in respect of such matters, the records of the Administrative Agent shall control in the absence of manifest error. After a request
by the Borrower, the Administrative Agent shall promptly advise Borrower of such entries made in such records.

 

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(c)           Promissory
Notes. Any Lender by written notice to Borrower (with a copy to the Administrative Agent) may request that Loans made by it to Borrower
be evidenced by a Note. In such event, Borrower shall prepare, execute and deliver to such Lender a Note payable to such Lender or its
registered assigns in the form of Exhibit F-1 or F-2, as the case may be. Thereafter, the Loans evidenced
by such Note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented
by one or more promissory notes in such form payable to the payee named therein or its registered assigns.

 

Section
2.05       Fees.

 

(a)           Commitment
Fee. Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee (the “Commitment
Fee”) equal to the Applicable Fee per annum on the average daily unused amount of each Commitment of such Lender during
the period from and including the date hereof to but excluding the date on which such Commitment terminates. Accrued Commitment Fees
shall be payable in arrears (A) on the last Business Day of March, June, September and December of each year, commencing on the first
such date to occur after the date hereof, and (B) on the date on which such Commitment terminates. Commitment Fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day). For purposes of computing Commitment Fees with respect to Revolving Commitments, a Revolving Commitment of a Lender shall
be deemed to be used to the extent of the outstanding Revolving Loans of such Lender. The Commitment Fee shall be paid on the dates due,
in immediately available funds in US Dollars, to the Administrative Agent for distribution, if and as appropriate, among the Lenders.

 

(b)           Administrative
Agent Fees. Borrower agrees to pay to the Administrative Agent, for its own account, the administrative fees payable in the amounts
and at the times separately agreed upon between Borrower and the Administrative Agent (the “Administrative Agent Fee”).

 

(c)           Letter
of Credit Fees. On the last Business Day of each March, June, September and December of each year, (i) Borrower shall pay to the
Administrative Agent quarterly in arrears, for the ratable account of the Lenders, a fee (the “Letter of Credit
Fee”) payable in US Dollars (or, if relating to a Letter of Credit denominated in a Foreign Currency, in the Dollar
Equivalent thereof) equal to the Applicable Margin for SOFR Borrowings from time to time in effect during such quarter
(provided, however, that with respect to Performance Letters of Credit, such Applicable Margin shall be multiplied by
0.50), multiplied by the average daily amount of the aggregate L/C Exposure during such quarter calculated on the basis of a 360 day
year and actual days elapsed. In addition, Borrower shall pay to each Issuing Bank solely for such Issuing Bank’s account, in
connection with each Letter of Credit, (1) such Issuing Bank’s standard issuance and administrative fees and expenses for
Letters of Credit issued by it and (2) a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily
amount of the L/C Obligations in respect of such Letter of Credit calculated on the basis of a 360 day year and actual days elapsed
and shall be payable to such Issuing Bank, for its own account, in the applicable Accepted Currency in which such Letter(s) of
Credit is/are denominated (or, if relating to a Letter of Credit denominated in a Discretionary Foreign Currency, in the Dollar
Equivalent thereof), quarterly in arrears on the last Business Day following of each March, June, September and December of each
year.

 

(d)           Once
paid, none of the Fees shall be refundable under any circumstances.

 

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Section
2.06       Interest
on Loans.

 

(a)           ABR
Loans. Subject to the provisions of Section 2.06(c), each Revolving Loan, during the period such Revolving Loan is
an ABR Loan, shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable
Margin in effect from time to time.

 

(b)           SOFR
Loans. Subject to the provisions of Section 2.06(c), each Revolving Loan, during the period such Revolving Loan is
a SOFR Loan, shall bear interest at a rate per annum equal at all times during each Interest Period for such Revolving Loan to the Adjusted
Term SOFR in effect therefor plus the Applicable Margin in effect from time to time.

 

(c)           Default Rate. Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount
payable by Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such amount shall thereafter,
to the extent permitted by applicable law, bear interest, after as well as before judgment, at a rate per annum equal to in the case of
amounts constituting principal on any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs
of this Section 2.06 or in the case of any other outstanding amount, 2% plus the rate applicable to ABR Loans as
provided in Section 2.06(a) (the “Default Rate”).

 

(d)          Interest Payment Dates. Accrued interest on each Loan shall be payable by the Borrower in arrears on each Interest
Payment Date for such Loan; provided that interest accrued pursuant to Section 2.06(c) shall be payable on demand,
in the event of any repayment or prepayment of any Loan (other than a prepayment of a ABR Loan without a permanent reduction in the applicable
Revolving Commitments), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment
and in the event of any conversion of any SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such
SOFR Loan shall be payable on the effective date of such conversion.

 

(e)           Interest Calculation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest
computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and
in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable
Alternate Base Rate or Adjusted Term SOFR shall be determined by the Administrative Agent in accordance with the provisions of this Agreement
and such determination shall be conclusive absent manifest error.

 

(f)            Currency
for Payment of Interest. All interest paid or payable on Loans hereunder shall be paid in the currency in which such Loan is denominated.

 

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Section
2.07       [Reserved].

 

Section
2.08       Termination
and Reduction of Commitments.

 

(a)           Termination
of Commitments. The Revolving Commitments shall automatically terminate on the Maturity Date.

 

(b)           Optional Terminations and Reductions. At its option, Borrower may at any time terminate, or from time to time permanently
reduce, the Revolving Commitments; provided that each reduction of the Revolving Commitments shall be in an amount that is an integral
multiple of US$1,000,000 and not less than US$5,000,000 and the Revolving Commitments shall not be terminated or reduced if, after giving
effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the aggregate amount of Revolving
Exposures would exceed the aggregate amount of Revolving Commitments, except, in the case of L/C Obligations, to the extent the Borrower
Cash Collateralizes such L/C Obligations or furnishes to the applicable Issuing Bank(s) “back-to-back” letters of credit from
bank(s) or financial institution(s) whose short-term unsecured debt rating is rated A-3 (or equivalent) or above from either S&P or
Moody’s or such other bank(s) or financial institution(s) satisfactory to the applicable Issuing Banks in an amount equal to 105%
of the undrawn face amount of any applicable outstanding Letters of Credit with an expiration date of at least five (5) days after the
expiration date of any applicable Letter of Credit and which provide that such Issuing Bank may make a drawing under such “back-to-back”
letter of credit in the event that it pays a drawing under such Letter of Credit.

 

(c)           Borrower Notice. The Borrower shall notify in writing the Administrative Agent of any election to terminate or reduce
the Revolving Commitments under Section 2.08(b) at least three Business Days prior to the effective date of such termination
or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice with respect to Revolving
Commitments, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by Borrower pursuant to
this Section shall be irrevocable; provided that a notice of termination of any of the Commitments delivered by Borrower may state
that such notice is conditioned upon the effectiveness of another credit facility or the closing of a securities offering, in which case
such notice may be revoked by Borrower (by notice to the Administrative Agent, who promptly agrees to provide a copy of such notice to
the Lenders, on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of any of the
Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance
with their respective Revolving Commitments.

 

Section
2.09       Interest
Elections.

 

(a)           Generally.
Each Revolving Borrowing initially shall be of the Type specified by the Borrower in the applicable Borrowing Request and, in the
case of a SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may
elect to convert all or a portion of such Borrowing to a different Type or to continue all or a portion of such Borrowing and, in
the case of a SOFR Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.09. Borrower may
elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be
considered a separate Borrowing. Notwithstanding anything to the contrary, Borrower shall not be entitled to request any conversion
or continuation that, if made, would result in more than fifteen (15) SOFR Borrowings outstanding hereunder at any one time.

 

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(b)           Interest
Election Notice. To make an election pursuant to this Section 2.09, the Borrower shall deliver, by hand delivery or
telecopier, a duly completed and executed Interest Election Request to the Administrative Agent not later than the time that a Borrowing
Request would be required under Section 2.03 if such Borrower were requesting Loans of the Type resulting from such election
to be made on the effective date of such election. Each Interest Election Request shall be irrevocable. Each Interest Election Request
shall specify the following information in compliance with Section 2.02:

 

(i)              the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions
thereof, or if outstanding Borrowings are being combined, the allocation to each resulting Borrowing (in which case the information to
be specified pursuant to clauses (ii), (iii) and (iv) below shall be specified for each resulting
Borrowing);

 

(ii)             
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)           
whether the resulting Borrowing is to be an ABR Borrowing or a SOFR Borrowing;

 

(iv)            if the resulting Borrowing is a SOFR Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such Interest Election
Request requests a SOFR Borrowing but does not specify an Interest Period, then Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

 

Promptly following receipt
of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s pro
rata portion of each resulting Borrowing.

 

(c)           Automatic
Conversion. If an Interest Election Request with respect to a SOFR Borrowing is not timely delivered prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be continued as a SOFR Borrowing with an Interest Period of one month’s duration. Notwithstanding any contrary provision
hereof, if an Event of Default has occurred and is continuing , the Administrative Agent or the Required Lenders may require, by notice
to Borrower, that (A) no outstanding Borrowing may be converted to or continued as a SOFR Borrowing and (B) unless repaid, each SOFR
Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

    52

     

    

 

Section
2.10       Optional
and Mandatory Prepayments of Loans.

 

(a)           Optional
Prepayments. Borrower shall have the right at any time and from time to time to prepay any applicable Borrowing, in whole or in part,
without premium or penalty subject to the requirements of this Section 2.10 and Section 2.16; provided
that each partial prepayment shall be in a minimum amount equal to the lesser of the minimum amount required pursuant to Section
2.02(b) for Borrowings of the Type of Loan to be repaid and such lesser amount as needed to prepay the entire outstanding principal
amount of such Borrowing.

 

(b)           Revolving Loan Prepayments:

 

(i)              
In the event of the termination of all the Revolving Commitments, Borrower shall, on the date of such termination, repay
or prepay all outstanding Revolving Borrowings (and if any Revolving Exposure shall remain as a result of L/C Exposures, the Borrower
shall fully Cash Collateralize 105% of such L/C Exposures).

 

(ii)             
In the event of any partial reduction of the Revolving Commitments, then (1) at or prior to the effective date of such reduction,
the Administrative Agent shall notify Borrower and the Revolving Lenders of the sum of the Revolving Exposures after giving effect thereto
and (2) if the sum of the Revolving Exposures would exceed the aggregate amount of Revolving Commitments after giving effect to such reduction,
then Borrower shall, on the date of such reduction, repay or prepay Revolving Borrowings, in an aggregate amount sufficient to eliminate
such excess (and if any such excess shall remain as a result of L/C Exposures, the Borrower shall fully Cash Collateralize such L/C Exposures).

 

(iii)           
In the event that the sum of all Lenders’ Revolving Exposures exceeds the Revolving Commitments then in effect, Borrower
shall, without notice or demand, immediately repay or prepay Revolving Borrowings (in whole or in part), in an aggregate amount sufficient
to eliminate such excess (and if any such excess shall remain as a result of L/C Exposures, the Borrower shall fully Cash Collateralize
such L/C Exposures).

 

(c)           [Reserved].

 

(d)           Application of Prepayments. Prior to any optional or mandatory prepayment hereunder, the Borrower shall select the
applicable Borrowing or Borrowings to be prepaid in whole or in part and shall specify such selection in the notice of such prepayment
pursuant to Section 2.10(e), subject to the provisions of this Section 2.10(d); provided:

 

(e)           
Notice of Prepayment:

 

(i)              Borrower
shall notify the Administrative Agent by written notice of any prepayment hereunder (A) in the case of prepayment of a SOFR Borrowing,
not later than 11:00 a.m., New York time, three U.S. Government Securities Business Days before the date of prepayment, and (B) in the
case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York time, on the same Business Day as the date of prepayment.

 

    53

     

    

 

(ii)             Each
such notice shall be irrevocable; provided that a notice of prepayment delivered by Borrower may state that such notice is conditioned
upon the effectiveness of another credit facility or the closing of a securities offering, in which case such notice may be revoked by
Borrower (by notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is not satisfied. Each
such notice shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case
of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Promptly following receipt of any such
notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be
in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.02, except as
necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the
Loans included in the prepaid Borrowing and otherwise in accordance with this Section 2.10. Prepayments shall be accompanied
by accrued and unpaid interest to the extent required by Section 2.06 and any breakage payments to the extent required
by Section 2.16.

 

Section
2.11       Alternate
Rate of Interest.

 

(a)           If prior to the commencement of any Interest Period for a SOFR Borrowing:

 

(i)              the
Administrative Agent determines (which determination shall be final and conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted Term SOFR for such Interest Period; or

 

(ii)             the
Administrative Agent determines or is advised in writing by the Required Lenders that the Adjusted Term SOFR for such Interest Period
will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such SOFR Borrowing
for such Interest Period,

 

then the Administrative Agent shall give written
notice thereof to the Borrower and the Lenders as promptly as practicable thereafter and, until the Administrative Agent notifies the
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any SOFR Borrowing requested to be made on
the first day of such Interest Period shall be made as a Market Disruption Loan, any Borrowing that was to have been converted on the
first day of such Interest Period to a SOFR Borrowing shall be continued as a Market Disruption Loan and any outstanding SOFR Borrowing
shall be automatically converted to a Market Disruption Loan.

 

Section
2.12       Benchmark
Replacement Setting.

 

(a)           Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark
Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a
Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York
City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders
and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment
from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section
2.12(a) will occur prior to the applicable Benchmark Transition Start Date.

 

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(b)            
Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation
of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to
time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes
will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

 

(c)            
Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and
the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection
with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the
Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.12(d). Any determination, decision or election
that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.12, including
any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and
may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except,
in each case, as expressly required pursuant to this Section 2.12.

 

(d)              
Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document,
at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term
rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the administrator
of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication
of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with
the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent may
modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after
such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant
to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a
Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance
with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark
(including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” (or any
similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(e)              
 Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, the Borrower may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans
to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted
any such request into a request for a Borrowing of or conversion to ABR Loans. During a Benchmark Unavailability Period or at any time
that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such
tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

 

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Section
2.13       Yield
Protection.

 

(a)              
Increased Costs Generally. If any Change in Law shall:

 

(i)             
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in, by any Lender (except any reserve requirement
reflected in the Adjusted Term SOFR);

 

(ii)             
subject any Lender to any Tax of any kind whatsoever with respect to this Agreement (except for (A) Indemnified Taxes, (B)
Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income
Taxes); or

 

(iii)           
impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or SOFR Loans made by such Lender,

 

and the result of any of the foregoing shall be
to increase the cost to such Lender of making, continuing, converting to or maintaining any SOFR Loan (or of maintaining its obligation
to make any such SOFR Loan), or to increase the cost to such Lender or such Lender’s holding company, if any, or to reduce the amount
of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon written request
of such Lender (with a copy to the Administrative Agent), Borrower will pay to such Lender, such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)             Capital
Requirements. If any Lender determines (in good faith, but in its sole absolute discretion) that any Change in Law affecting
such Lender or any lending office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such
Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such
Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in
Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to
capital adequacy or liquidity), then from time to time upon written request of such Lender (with a copy to the Administrative Agent)
Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender or such Lender’s holding
company for any such reduction suffered.

 

    56

     

    

 

(c)              
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate
such Lender or its holding company, as the case may be, as specified in clause (a) or (b) of this Section
2.13 and delivered to Borrower shall be conclusive absent manifest error. Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 days after receipt thereof.

 

(d)              
Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section
2.13 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall
not be required to compensate a Lender pursuant to this Section 2.13 for any increased costs incurred or reductions suffered
more than six months prior to the date that such Lender notifies Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive
effect thereof).

 

(e)              
Mitigation. Each Lender requesting compensation under this Section 2.13 shall use commercially reasonable
efforts to mitigate, avoid, or eliminate the amount of any such increased costs in accordance with Section 2.19, so long
as taking such efforts would not be materially disadvantageous to such Lender or expose any Lender to an unreimbursed cost or expense.

 

Section
2.14       [Reserved].

 

Section
2.15       [Reserved].

 

Section
2.16       Breakage
Payments.

 

In the event of (a) the
payment or prepayment, whether optional or mandatory, of any principal of any SOFR Loan earlier than the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any SOFR Loan earlier than the last
day of the Interest Period applicable thereto, (c) the failure (for a reason other than the failure of a Lender to fund a Loan
required to be funded hereunder) to borrow, convert, continue or prepay any Revolving Loan on the date specified in any notice
delivered by Borrower pursuant hereto or (d) the assignment of any SOFR Loan earlier than the last day of the Interest Period
applicable thereto as a result of a request by Borrower pursuant to Section 2.19(b), then, in any such event, upon
written demand by a Lender (with a copy to the Administrative Agent), Borrower shall compensate such Lender for the loss, cost and
expense incurred by such Lender as a result of such event. In the case of a SOFR Loan, such loss, cost or expense to any such Lender
shall be deemed to include an amount reasonably determined by such Lender to be the excess, if any, of (i) the amount of interest
which would have accrued on the principal amount of such SOFR Loan had such event not occurred, at the Adjusted Term SOFR that would
have been applicable to such SOFR Loan for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
Period for such SOFR Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable
amount and period from other banks in the relevant market. A certificate of such Lender setting forth in reasonable detail any
amount or amounts that such Lender is entitled to receive pursuant to this Section, accompanied by related calculations, shall be
delivered to Borrower (with a copy to the Administrative Agent) and shall be conclusive and binding absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof.

 

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Section
2.17       Payments
Generally; Pro Rata Treatment; Sharing of Setoffs.

 

(a)            
Payments Generally. The Borrower shall make each payment required to be made by it hereunder or under any other Loan
Document (whether of principal, interest, fees or of amounts payable under Section 2.13, 2.18 or 10.03,
or otherwise) on or before the time expressly required hereunder or under such other Loan Document for such payment (or if no such time
is expressly required, prior to 2:00 p.m., New York time), on the date when due, in immediately available funds, without setoff, deduction
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent be deemed to have
been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made with respect
to Borrowings, to the Administrative Agent at its offices at Stamford, Connecticut, except that payments pursuant to Section 2.13,
2.18 and 10.03 shall be made directly to the persons entitled thereto and payments pursuant to other Loan
Documents shall be made to the persons specified therein. The Administrative Agent shall distribute any such payments received by it for
the account of any other Lender Party to the appropriate recipient promptly following receipt thereof. If any payment under any Loan Document
shall be due on a day that is not a Business Day, unless specified otherwise, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments of principal and interest under each Loan Document shall be made in the currency in which the Loan is outstanding.

 

(b)              
Pro Rata Treatment:

 

(i)                
Each payment by Borrower of interest in respect of the Loans shall be applied to the amounts of such obligations owing to
the Lenders pro rata according to the respective amounts then due and owing to such Lenders.

 

(ii)             
Each payment by Borrower on account of principal of the Revolving Borrowings shall be made pro rata according to
the respective outstanding principal amounts of the Revolving Loans then held by such Revolving Lenders.

 

(iii)           
Each payment by the Borrower on account of Reimbursement Obligations shall be applied to the amounts of such obligations
owing to the Issuing Banks pro rata according to the respective amounts then due and owing to such Issuing Banks.

 

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(c)              
 Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent
to pay fully all applicable amounts of principal, interest and fees that constitute Obligations then due hereunder, such funds shall be
applied (i) first, toward payment of applicable interest and fees then due hereunder, ratably among the parties entitled thereto
in accordance with the applicable amounts of interest and fees then due to such parties, and (ii) second, toward payment of applicable
principal then due hereunder, ratably among the parties entitled thereto in accordance with the applicable amounts of principal then due
to such parties. It is understood that the foregoing does not apply to any adequate protection payments under any federal, state or foreign
bankruptcy, insolvency, receivership or similar proceeding, and that each Administrative Agent may, subject to any applicable federal,
state or foreign bankruptcy, insolvency, receivership or similar orders, distribute any adequate protection payments it receives on behalf
of the applicable Lenders to such Lenders in its sole discretion (i.e., whether to pay the earliest accrued interest, all accrued
interest on a pro rata basis or otherwise).

 

(d)              
Sharing of Set-Off. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment
in respect of any principal of or interest on any of its Loans or other Obligations resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of its Loans and accrued interest thereon or other Obligations greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact,
and (ii) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with
the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that:

 

(i)             
if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)             
the provisions of this paragraph shall not be construed to apply to (A) any payment made by Borrower pursuant to and in
accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Loans to any assignee or participant, other than to Holdings or any Subsidiary thereof (as to which
the provisions of this paragraph shall apply).

 

Each Loan Party consents to
the foregoing and agrees, to the extent it may effectively do so under applicable Requirements of Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. If under applicable bankruptcy,
insolvency or any similar law any Beneficiary receives a secured claim in lieu of a setoff or counterclaim to which this Section
2.17(d) applies, such Beneficiary shall to the extent practicable, exercise its rights in respect of such secured claim in a manner
consistent with the rights to which the Beneficiary is entitled under this Section 2.17(d) to share in the benefits of the
recovery of such secured claim.

 

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(e)              
 Borrower Default. Unless the Administrative Agent shall have received notice from Borrower prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders hereunder that Borrower will not make such payment,
the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to Lenders the amount due. In such event, if Borrower has not in fact made such payment, then each of the
Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.

 

Section
2.18       Taxes.

 

(a)              
Payments Free of Taxes. Any and all payments by or on account of any obligation of Loan Parties hereunder or under
any other Loan Document shall be made free and clear of and without reduction or withholding for any Taxes, except as required by applicable
Requirements of Law. If the applicable Withholding Agent shall be required by applicable Requirements of Law (as determined in the good
faith discretion of the applicable Withholding Agent) to deduct or withhold any Taxes from such payments, then the applicable Withholding
Agent shall be entitled to make such deductions or withholding and shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable Requirements of Law and, if such Tax is an Indemnified Tax, then the sum payable
by the applicable Loan Party shall be increased as necessary so that after all required deductions or withholdings have been made (including
deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal
to the sum it would have received had no such deductions or withholding been made.

 

(b)              
Payment of Other Taxes by Borrower. Without limiting the provisions of clause (a) above, the Loan Parties
shall timely pay to the relevant Governmental Authority in accordance with applicable Requirements of Law, or at the option of the Administrative
Agent timely reimburse it for the payment of, any Other Taxes imposed on or with respect to any obligation of Borrower hereunder or under
any other Loan Document to which it is a party.

 

(c)               Indemnification
by Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within 20 days after written demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) paid or payable by such Recipient, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to Borrower by a Lender Party (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender Party, shall be conclusive absent
manifest error. Notwithstanding anything herein to the contrary, no Recipient shall be indemnified for any Indemnified Taxes
hereunder unless the Recipient makes written demand on Borrower for such reimbursement no later than six months after the earlier of
(i) the date on which the relevant Governmental Authority makes written demand upon such Recipient for payment of such Indemnified
Taxes, and (ii) the date on which such Recipient has made payment of such Indemnified Taxes; provided that if the Indemnified
Taxes imposed or asserted giving rise to such claims are retroactive, then the six-month period referred to above shall be extended
to include the period of retroactive effect thereof.

 

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(d)              
Evidence of Payments. As soon as practicable after any payment of Taxes by a Loan Party to a Governmental Authority
pursuant to this Section 2.18, the Loan Party shall deliver to the Administrative Agent the original or a certified copy
of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent.

 

(e)              
Status of Lenders:

 

(i)                
Each Lender Party that is entitled to an exemption form or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to Borrower and the Administrative Agent on or prior to the date on which such Lender Party becomes a
Lender Party under this Agreement and at the time or times reasonably requested by Borrower or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable Requirements of Law as will permit payments hereunder or under any other
Loan Document to be made without withholding or at a reduced rate of withholding. In addition, any Lender Party, if reasonably requested
by Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably
requested by Borrower or the Administrative Agent as will enable Borrower or the Administrative Agent to determine whether or not such
Lender Party is subject to information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.18(e)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Lender.

 

(ii)             
Without limiting the generality of the foregoing:

 

(A)            
any Lender Party that is a US Person shall deliver to Borrower and the Administrative Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Lender Party becomes a Lender Party under this Agreement (and
from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent), duly completed originals of IRS Form
W-9 (or applicable successor form) certifying that such Lender Party is exempt from US federal backup withholding Tax; and

 

(B)              any
Lender Party that is a Foreign Lender Party shall deliver to Borrower and the Administrative Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Lender Party becomes a Lender Party under this Agreement
(and from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent), but only if such Lender
Party is legally entitled to do so, whichever of the following is applicable:

 

(1)              
in the case of such a Lender Party claiming the benefits of an income tax treaty to which the United States is a party (a)
with respect to payments of interest hereunder or under any other Loan Document, duly completed originals of IRS Form W-8BEN (or applicable
successor form) or IRS Form W-8BEN-E (or applicable successor form), as applicable, establishing an exemption from, or reduction of, US
federal withholding Tax pursuant to the “interest” article of such tax treaty, and (b) with respect to any other applicable
payments made hereunder or under any other Loan Document, duly completed originals of IRS Form W-8BEN (or applicable successor form) or
IRS Form W-8BEN-E (or applicable successor form), as applicable, establishing an exemption from, or reduction of, US federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

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(2)              
duly completed originals of IRS Form W-8ECI (or any successor form);

 

(3)              
in the case of such a Lender Party claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (a) a certificate, in substantially the form of Exhibit H-1 to the effect that such US Lender Party is not (i)
a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (ii) a “10 percent shareholder” of Borrower within
the meaning of Section 871(h)(3)(B) of the Code, or (iii) a “controlled foreign corporation” described in Section 881(c)(3)(C)
of the Code and (b) duly completed originals of IRS Form W-8BEN (or applicable successor form) or IRS Form W-8BEN-E (or applicable successor
form), as applicable; or

 

(4)              
to the extent such a Lender Party is not the beneficial owner, duly completed originals of IRS Form W-8IMY (or any successor
form), accompanied by an IRS Form W-8ECI (or any successor form), an IRS Form W-8BEN (or any successor form), an IRS Form W- 8BEN-E (or
any successor form), a certificate in substantially the form of Exhibit H-2 or Exhibit H-3, an IRS Form W-9
(or any successor form), and/or other certification documents from each beneficial owner, as applicable; provided that, if such
Lender Party is a partnership and one or more direct or indirect partners of such Lender Party are claiming the portfolio interest exemption,
such Lender Party may provide a certificate, in substantially the form of Exhibit H-4, on behalf of each such direct and
indirect partner;

 

(C)              any
Lender Party that is a Foreign Lender Party shall, to the extent it is legally entitled to do so, deliver to Borrower and the
Administrative Agent on or prior to the date on which such Lender Party becomes a Lender Party under this Agreement (and from time
to time thereafter upon the reasonable request of Borrower or the Administrative Agent) any other form prescribed by applicable
Requirements of Law as a basis for claiming exemption from or a reduction in United States federal withholding Tax duly completed
together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit Borrower and the
Administrative Agent to determine the withholding or deduction required to be made; and

 

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(D)            
In the case of a Lender Party that would be subject to United States federal withholding Tax imposed by FATCA on payments
made to or on account of such Lender Party hereunder or any other Loan Document if such Lender Party were to fail to comply with the applicable
reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender Party
shall deliver to Borrower and the Administrative Agent at the time or times prescribed by applicable Requirements of Law and at such time
or times reasonably requested by Borrower or the Administrative Agent such documentation prescribed by applicable Requirements of Law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower and
the Administrative Agent as may be necessary for Borrower and the Administrative Agent to comply with their obligations under FATCA, to
determine that such Lender Party has complied with such Lender Party’s obligations under FATCA, or to determine the amount to deduct
and withhold from any such payments. Solely for purposes of this paragraph, “FATCA” shall include any amendments made to FATCA
after the date of this Agreement.

 

Each Lender Party agrees that
if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(f)               
Treatment of Certain Refunds. If any Recipient determines, in its sole discretion exercised in good faith, that it
has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.18 (including by the payment
of additional amounts pursuant to this Section 2.18), it shall pay to Borrower an amount equal to such refund (but only
to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section 2.18 with respect to
the Taxes giving rise to such refund), net of all out-of-pocket expenses of such Recipient and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund); provided that Borrower, upon the request of such Recipient,
agrees to repay the amount paid over to Borrower pursuant to this Section 2.18 (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to such Recipient in the event such Recipient is required to repay such refund
to such Governmental Authority. This paragraph shall not be construed to require any Recipient to make available its Tax returns (or any
other information relating to its Taxes that it deems confidential) to Borrower or any other person. Notwithstanding anything to the contrary,
in no event will a Recipient be required to pay any amount to Borrower the payment of which would place such Recipient in a less favorable
net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had
never been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had
never been paid.

 

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(g)              
 Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after
demand therefor, for any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 10.04 relating to the maintenance of a Participant
Register and any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative
Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (g).

 

Section
2.19       Mitigation
Obligations; Replacement of Lenders.

 

(a)              
Designation of a Different Lending Office. If any Lender requests compensation under Section 2.13,
or requires Borrower to pay any additional amount to such Lender or any Governmental Authority for the account of such Lender pursuant
to Section 2.18, then such Lender shall use commercially reasonable efforts to designate a different lending office (including
an existing office in another jurisdiction) for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation, change, or assignment
would avoid the imposition of, or in the future eliminate or reduce, amounts payable pursuant to Section 2.13 or Section
2.18, as the case may be and would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by such Lender
in connection with any such designation or assignment. A certificate setting forth such costs and expenses and accompanying calculations
submitted by such Lender to Borrower shall be conclusive absent manifest error.

 

(b)              
Replacement of Lenders. If any Lender requests compensation under Section 2.13, or if Borrower is required
to pay any additional amount to such Lender or any Governmental Authority for the account of such Lender pursuant to Section 2.18(a),
or if a Lender is a Defaulting Lender, or if Borrower exercises its replacement rights under Section 10.02(c), then Borrower
may at any time, at its sole expense and effort (except that assignment costs and expenses associated with a replacement of a Defaulting
Lender may be recovered from such Defaulting Lender), upon notice to such Lender and, in the case of a Defaulting Lender, the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 10.04(b)), all of its interests, rights and obligations under this Agreement and the other
Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that:

 

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(i)                
 Borrower shall have paid to the Administrative Agent the processing and recordation fee specified in Section 10.04(b);

 

(ii)             
subject to Section 2.21, such Lender shall have received payment of an amount equal to the outstanding principal
of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 2.16), from the assignee (to the extent of such outstanding principal and accrued interest
and fees) or Borrower (in the case of all other amounts);

 

(iii)           
in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments
required to be made pursuant to Section 2.18, such assignment will result in a reduction in such compensation or payments
thereafter; and

 

(iv)            
such assignment does not conflict with applicable Requirements of Law.

 

A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
Borrower to require such assignment and delegation cease to apply.

 

Each Lender agrees that, if
Borrower elects to replace such Lender in accordance with this Section 2.19(b), such Lender shall promptly execute and deliver
to the Administrative Agent an Assignment and Assumption to evidence the assignment and shall deliver to the Administrative Agent any
Note (if Notes have been issued in respect of such Lender’s Loans) subject to such Assignment and Assumption, and such Lender being
replaced shall no longer constitute a “Lender” hereunder and all of its Commitments shall be deemed terminated, and the Eligible
Assignee replacing such Lender shall constitute a “Lender” hereunder (including assumption of the Commitment, if any, and
other obligations of the Lender being so replaced); provided that the failure of any such Lender to execute an Assignment and Assumption
or other assignment and assumption documentation shall not render such assignment invalid and such assignment shall be recorded in the
Register.

 

Section
2.20       [Reserved].

 

Section
2.21       Defaulting
Lenders.

 

Notwithstanding any provision
of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as
such Lender is a Defaulting Lender:

 

(a)              
the Commitment Fee shall cease to accrue on the Commitment of such Lender, so long as it is a Defaulting Lender;

 

(b)              
[reserved];

 

(c)              
[reserved];

 

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(d)              
 any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of any such
Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise) or received by the Administrative Agent from a Defaulting
Lender pursuant to Section 10.09 shall be applied at such time or times as may be determined by the Administrative Agent
as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank hereunder; third, to Cash
Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with this Section; fourth,
as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy
such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and cash collateralize
the Issuing Banks’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the Lenders or the Issuing
Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Banks against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document;
seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any
judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans
or Reimbursement Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and such Loans were
made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied
or waived, such payment shall be applied solely to pay the Loans of, and Reimbursement Obligations owed to, all non-Defaulting Lenders
on a pro rata basis prior to being applied to the payment of any Loans of, or Reimbursement Obligations owed to, such Defaulting Lender
until such time as all Loans and funded and unfunded participations in the Borrower’s obligations corresponding to such Defaulting
Lender’s L/C Exposure are held by the Lenders pro rata in accordance with the Revolving Commitments without giving effect to clause
(b) above or clause (f) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed
paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

(e)              
[reserved];

 

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(f)               
if any L/C Exposure exists with respect to such Lender at the time such Lender becomes a Defaulting Lender, then:

 

(i)                 all
or any part of the L/C Exposure of such Defaulting Lender shall be reallocated (effective as of the date such Lender becomes a
Defaulting Lender) among the non-Defaulting Lenders in accordance with their respective Pro Rata Percentages (for the purposes of
such reallocation, such Defaulting Lender’s Revolving Commitment shall be disregarded in determining the non-Defaulting
Lenders’ respective Pro Rata Percentages), but only to the extent that the sum of all non-Defaulting Lenders’ Revolving
Credit Exposures plus such Defaulting Lender’s L/C Exposure does not exceed the total of all non-Defaulting
Lenders’ Commitments, after giving effect to any such reallocation, no non-Defaulting Lender’s Revolving Credit Exposure
shall exceed such non-Defaulting Lender’s Commitment and no Event of Default has occurred and is continuing at such time and
the other conditions set forth in Section 4.02 have been satisfied at such time;

 

(ii)             
if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower
shall, within one Business Day following the Borrower’s receipt of written notice from the Administrative Agent, Cash Collateralize
for the benefit of the applicable Issuing Banks only Borrower’s obligations corresponding to such Defaulting Lender’s L/C
Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures
set forth in Section 2.22(i) for so long as such L/C Exposure is outstanding;

 

(iii)           
if Borrower Cash Collateralizes any portion of such Defaulting Lender’s L/C Exposure pursuant to clause (ii)
above, the Borrower shall not be required to pay any Letter of Credit fees pursuant to Section 2.05 with respect to such
Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is Cash Collateralized by Borrower;

 

(iv)            
if all or any portion of such Defaulting Lender’s L/C Exposure is reallocated pursuant to clause (i)
above, then all Letter of Credit fees that otherwise would have been payable to such Defaulting Lender under Section 2.05
with respect to such Defaulting Lender’s reallocated L/C Exposure shall be payable to the non-Defaulting Lenders in accordance with
such non-Defaulting Lenders’ Pro Rata Percentages after giving effect to such reallocation;

 

(v)              
if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated nor Cash Collateralized pursuant
to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any
other Lender hereunder, all Letter of Credit fees that otherwise would have been payable to such Defaulting Lender under Section
2.05 with respect to such Defaulting Lender’s unreallocated L/C Exposure shall be payable to the Issuing Banks, ratably
based on the portion of the Fronting Exposure attributable to the Letters of Credit issued by each Issuing Bank, until and to the extent
that such L/C Exposure is reallocated and/or Cash Collateralized pursuant to clause (i) or (ii) above; and

 

(g)               so
long as such Lender is determined by the Administrative Agent or any Issuing Bank to be a Defaulting Lender, such Issuing Bank shall
not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related Fronting Exposure and the
Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or
Cash Collateral will be provided by Borrower in accordance with Section 2.21, and participating interests in any newly
issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21 (and
such Defaulting Lender shall not participate therein).

 

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The rights and remedies against
a Defaulting Lender under this Section 2.21 are in addition to other rights and remedies that Borrower, the Administrative
Agent and the non-Defaulting Lenders may have against such Defaulting Lender. The arrangements permitted or required by this Section
2.21 shall be permitted under this Agreement, notwithstanding any limitation on Liens or the pro rata sharing provisions or otherwise.
The rights and remedies against a Defaulting Lender under this Section 2.21 are in addition to other rights and remedies
that Borrower, the Administrative Agent and the non- Defaulting Lenders may have against such Defaulting Lender.

 

Section
2.22       Letters
of Credit.

 

(a)              
General:

 

(i)                 Subject
to the terms and conditions hereof, including, without limitation, the conditions precedent in Section 4.02, the
limitations set forth in the definition of the term “Issuing Bank” and any applicable requirements of Section
2.21, each Issuing Bank agrees, severally and not jointly, to issue, from time to time prior to the termination of the
Availability Period, at the request of Borrower and on behalf of the Lenders and in reliance on their obligations under this Section
2.22, one or more Letters of Credit for Borrower’s account in any Accepted Currency in a face amount in each case of
at least $3,000, and in an aggregate undrawn face amount for all Letters of Credit at any time outstanding not to exceed the
applicable Letters of Credit Maximum Amount; provided, that no Issuing Bank shall issue, increase or extend a Letter of
Credit pursuant to this Section 2.22, if, immediately after the issuance, increase or extension thereof, the
outstanding aggregate Revolving Exposures would thereby exceed the Revolving Commitments, if, immediately after the issuance,
increase or extension thereof, the aggregate undrawn face amount of all Letters of Credit then outstanding would at any time
thereafter (giving effect to the respective scheduled expiration dates thereof and any automatic extensions provided therein) exceed
the Letters of Credit Maximum Amount (including any individual maximum amounts for any individual Issuing Bank as described in the
definition of Letters of Credit Maximum Amount), or if the issuance of such Letter of Credit would violate any legal or regulatory
restriction then applicable to such Issuing Bank or any Lender as notified by such Issuing Bank or such Lender to the Administrative
Agent before the date of issuance of such Letter of Credit. If the Administrative Agent notifies the Issuing Banks that any
conditions precedent set forth in Section 4.02 have not been satisfied and instructs the Issuing Banks to suspend the
issuance, amendment, renewal or extension of Letters of Credit, no Issuing Bank shall issue, amend, renew or extend any Letter of
Credit without the consent of the Administrative Agent until such notice is withdrawn by the Administrative Agent. If the
Administrative Agent so notifies the Issuing Banks pursuant to the previous sentence, it shall also provide prompt notice of same to
the Borrower. Notwithstanding anything to the contrary set forth in this Agreement, a Letter of Credit issued hereunder may contain
a statement to the effect that such Letter of Credit is issued for the account of any Guarantor; provided, that
notwithstanding such statement, Borrower shall be the actual account party for all purposes of this Agreement for such Letter of
Credit and such statement shall not affect Borrower’s Reimbursement Obligations hereunder with respect to such Letter of
Credit;

 

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(ii)             
Borrower may from time to time request that Letters of Credit be issued in a Discretionary Foreign Currency in accordance
with this Section 2.22(a)(ii) and, in the event that any provision of this Section 2.22(a)(ii) conflicts with
Section 2.22(b), the provisions of this Section 2.22(a)(ii) shall control with respect to Letters of Credit
issued in Discretionary Foreign Currencies. In the case of any such request with respect to the issuance of Letters of Credit in a Discretionary
Foreign Currency, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank. Any such
request shall be made to the Administrative Agent and the applicable Issuing Bank not later than 11:00 a.m., New York time, at least three
(3) Business Days prior to the date of the desired Letter of Credit issuance (or such other time or date as may be agreed to by the Administrative
Agent and the applicable Issuing Bank in their sole discretion). In the case of any such request, the Administrative Agent shall promptly
advise each applicable Issuing Bank thereof. Each Issuing Bank shall notify the Administrative Agent, not later than Noon, New York time,
two (2) Business Days (or such other period of time as may be agreed by the Administrative Agent in its sole discretion) after receipt
of such request, whether it consents, in its sole discretion, to the issuance of Letters of Credit in such requested Discretionary Foreign
Currency. Any failure by any Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding
sentence shall be deemed to be a refusal by such Issuing Bank to permit Letters of Credit to be issued in such requested Discretionary
Foreign Currency. If the Administrative Agent and an Issuing Bank consent to the issuance of Letters of Credit in such requested Discretionary
Foreign Currency, the Administrative Agent shall so notify Borrower. Notwithstanding the foregoing, any refusal or deemed refusal by an
Issuing Bank to issue a Letter of Credit in a Discretionary Foreign Currency pursuant to any such request shall be specific to each such
request and not a prospective refusal to agree to any such request at a later date.

 

(b)              
Issuance Procedure:

 

(i)                 To
request that a Issuing Bank issue a Letter of Credit, Borrower shall deliver to such Issuing Bank and the Administrative Agent (with
a duplicate copy to an operations employee of such Issuing Bank as designated by such Issuing Bank from time to time) a duly
executed Issuance Request, together with a duly executed Application (unless previously executed and delivered by Borrower) for the
relevant Letter of Credit, or such other computerized issuance or application procedure, instituted from time to time by such
Issuing Bank and the Administrative Agent and agreed to by Borrower, completed to the reasonable satisfaction of such Issuing Bank
and the Administrative Agent, and such other information as such Issuing Bank and the Administrative Agent may reasonably request.
In the event of any irreconcilable difference or inconsistency between this Agreement and any Application, the provisions of this
Agreement shall govern. Upon receipt of a properly completed and executed Issuance Request and Application (as required) and any
other reasonably requested information at least three (3) Business Days prior to any requested issuance date, such Issuing Bank will
process such Issuance Request in accordance with its customary procedures and, subject to Borrower’s compliance with any
applicable requirements of Section 2.21, issue the requested Letter of Credit on the requested issuance date. Borrower
may cancel any requested issuance of a Letter of Credit prior to the issuance thereof. The applicable Issuing Bank will notify the
Administrative Agent and each Lender of the amount, currency, and expiration date of each Letter of Credit it issues promptly upon
issuance thereof. Subject to clause (b)(ii) below, each Letter of Credit shall have an expiration date no later than
five (5) Business Days before the Maturity Date. If any Issuing Bank issues any Letters of Credit with expiration dates that
automatically extend unless such Issuing Bank gives notice that the expiration date will not so extend, such Issuing Bank will give
such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of
non-renewal before such time unless) before such required notice date (A) the expiration date of such Letter of Credit if so
extended would be later than five (5) Business Days before the Maturity Date, (B) the Maturity Date shall have occurred, (C) a
Default or an Event of Default exists and the Required Lenders have given such Issuing Bank instructions not to so permit the
expiration date of such Letter of Credit to be extended, or (D) such Issuing Bank is so directed by Borrower. Each Issuing Bank
agrees to issue amendments to any Letter of Credit issued by it increasing its amount, or extending its expiration date, at the
request of Borrower, subject to the conditions precedent of Section 4.02 and the other terms and conditions of this Section
2.22, including without limitation, any applicable requirements of Section 2.21.

 

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(ii)             
Notwithstanding anything to the contrary herein, with the consent of the applicable Issuing Bank, any Letter of Credit issued
by such Issuing Bank may have an expiration date later than five (5) Business Days before the Maturity Date to any such later date as
may be agreed by the applicable Issuing Bank, if Borrower shall provide or cause to be provided, no later than the Maturity Date Cash
Collateral or a back-to-back letter of credit from a bank or financial institution whose short-term unsecured debt rating is rated A-3
(or equivalent) or above from either S&P or Moody’s (or such other bank or financial institution satisfactory to the applicable
Issuing Bank) and which provides that such Issuing Bank may make a drawing thereunder in the event that such Issuing Bank pays a drawing
under such Letter of Credit, in each case, in an amount equal to not less than 105% of the undrawn face amount of such Letter of Credit
or other arrangements satisfactory to the applicable Issuing Bank in its sole discretion shall have been made with respect to such Letter
of Credit; provided, each Lender’s participation under Section 2.22(d) in any such Letter of Credit shall revert to
such Issuing Bank on the Maturity Date, and no Lender shall be entitled to any Letter of Credit fees pursuant to Section 2.05
on and after the Maturity Date.

 

(iii)           
Each Issuing Bank that issues a Letter of Credit agrees to issue amendments to any Letter of Credit increasing its amount,
or extending its expiration date, at the request of Borrower, subject to the conditions precedent set forth in Section 4.02
(which each Issuing Bank may assume are satisfied unless notified otherwise by the Administrative Agent) and the other terms and conditions
of this Section 2.22.

 

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(c)               Borrower’s
Reimbursement Obligations. Borrower hereby irrevocably and unconditionally agrees to reimburse each Issuing Bank in the
applicable Accepted Currency in which the applicable Letter of Credit is denominated (or, if relating to a Letter of Credit
denominated in a Discretionary Foreign Currency, in the Dollar Equivalent thereof) for each payment or disbursement made by such
Issuing Bank to settle its obligations under any draft drawn or other payment made under a Letter of Credit (a
 “Reimbursement Obligation”) within two (2) Business Days from when Borrower has been notified in writing
by the Administrative Agent or such Issuing Bank that such draft is paid or other payment is made with either funds not borrowed
hereunder or with a Borrowing made pursuant to Section 2.03 and the other terms and conditions contained in this
Agreement. Borrower’s Reimbursement Obligation shall apply to all Letters of Credit issued hereunder, regardless of whether
the obligations supported by such Letters of Credit are those of Borrower, any Guarantor, or any other Person. The Reimbursement
Obligation shall bear interest (which Borrower hereby promises to pay) from and after the date such draft is paid or other payment
is made until (but excluding the date) the Reimbursement Obligation is paid at the lesser of the Highest Lawful Rate, or the
Alternate Base Rate plus the Applicable Margin for ABR Loans then in effect, in each case so long as the Reimbursement
Obligation shall not be past due, and thereafter at the Default Rate per annum as set forth in Section 2.06, whether
or not the Maturity Date shall have occurred. If any such payment or disbursement is reimbursed to such Issuing Bank on the date
such payment or disbursement is made by such Issuing Bank, interest shall be paid to such Issuing Bank on the reimbursed amount for
one (1) day. Each Issuing Bank shall give Borrower notice of any drawing on a Letter of Credit issued by it within one (1) Business
Day after such drawing is paid.

 

(i)                
Borrower agrees for the benefit of each Issuing Bank and each Lender that, notwithstanding any provision of any Application,
the obligations of Borrower under this Section 2.22(c) and each required Application shall be absolute, unconditional and
irrevocable and shall be performed strictly in accordance with the terms of this Agreement and each required Application under all circumstances
whatsoever (other than the defense of payment in accordance with this Agreement), including, without limitation, the following circumstances
(subject in all cases to the defense of payment in accordance with this Agreement):

 

(A)            
any lack of validity or enforceability of any of the L/C Documents;

 

(B)           
any amendment or waiver of or any consent to depart from all or any of the provisions of any of the L/C Documents;

 

(C)             
the existence of any claim, set-off, defense or other right Borrower may have at any time against a beneficiary of a Letter
of Credit (or any person for whom a beneficiary may be acting), any Issuing Bank, any Lender or any other Person, whether in connection
with this Agreement, another L/C Document or any unrelated transaction;

 

(D)            
any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect;

 

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(E)             
 payment by any Issuing Bank under a Letter of Credit against presentation to such Issuing Bank of a draft or certificate
that does not comply with the terms of the Letter of Credit; or

 

(F)             
any other act or omission to act or delay of any kind by any Issuing Bank, any Lender or any other Person or any other event
or circumstance whatsoever that might, but for the provisions of this Section 2.22(c), constitute a legal or equitable discharge
of Borrower’s obligations hereunder, under an Issuance Request or under an Application; provided, however, the foregoing
shall not be construed to excuse any Issuing Bank from liability to Borrower to the extent of any direct damages (but excluding consequential
damages, which are hereby waived to the extent not prohibited by applicable law) suffered by Borrower that are caused by the Issuing Bank’s
gross negligence or willful misconduct.

 

(d)               The
Participating Interests. Each Lender severally and not jointly agrees to purchase from each Issuing Bank, and each Issuing Bank
hereby agrees to sell to each Lender, an undivided percentage participating interest, to the extent of its Pro Rata Percentage, in
each Letter of Credit issued by, and Reimbursement Obligation owed to, such Issuing Bank in connection with a Letter of Credit. Upon
any failure by Borrower to pay any Reimbursement Obligation in connection with a Letter of Credit at the time required in Section
2.22(c), or if any Issuing Bank is required at any time to return to Borrower or to a trustee, receiver, liquidator,
custodian or other Person any portion of any payment by Borrower of any Reimbursement Obligation in connection with a Letter of
Credit, such Issuing Bank shall promptly give notice of same to each Lender, and such Issuing Bank shall have the right to require
each Lender to fund its participation in such Reimbursement Obligation. Each Lender (except the Issuing Bank for the applicable
Letter of Credit to the extent it is also a Lender) shall pay to the applicable Issuing Bank an amount in US Dollars (or, if
relating to a Letter of Credit denominated in a Foreign Currency, in the Dollar Equivalent thereof) equal to such Lender’s Pro
Rata Percentage of such unpaid or returned Reimbursement Obligation not later than the Business Day it receives notice from such
Issuing Bank to such effect, if such notice is received before 2:00 P.M., or not later than the following Business Day if such
notice is received after such time. If a Lender fails to pay timely such amount to any Issuing Bank, it shall also pay to such
Issuing Bank interest on such amount accrued from the date payment of such amount was made by such Issuing Bank to the date of such
payment by the Lender at a rate per annum equal to the Administrative Agent’s cost of funds, such rate to be applicable until
the second Business Day after such payment by such Issuing Bank and thereafter at the Alternate Base Rate in effect for each such
day, and only after such payment shall such Lender be entitled to receive its Pro Rata Percentage of each payment received on the
relevant Reimbursement Obligation and of interest paid thereon. The several obligations of the Lenders to each Issuing Bank under
this Section 2.22(d) shall be absolute, irrevocable and unconditional under any and all circumstances whatsoever and
shall not be subject to any set-off, counterclaim or defense to payment any Lender may have or have had against Borrower, such
Issuing Bank, and any other Lender or any other Person whatsoever including, but not limited to, any defense based on the failure of
the demand for payment under the Letter of Credit to conform to the terms of such Letter of Credit or the legality, validity,
regularity or enforceability of such Letter of Credit and including, but not limited to, those resulting from such issuing
bank’s own simple or contributory negligence. Without limiting the generality of the foregoing, such obligations shall not be
affected by any Default or Event of Default or by any subsequent reduction or termination of any Commitment of a Lender, and each
payment by a Lender under this Section 2.22(d) shall be made without any offset, abatement, withholding or reduction
whatsoever.

 

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(e)              
Letter of Credit Amounts and Foreign Currency. (1) Unless otherwise
specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect
at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Application
related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall
be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum
stated amount is in effect at such time. For purposes of calculations of amounts payable under this Agreement and the other Loan Documents,
including Reimbursement Obligations and fees and for comparisons, measurements or other determinations of such amounts hereunder and thereunder,
in any case, with respect to Letters of Credit denominated in any Discretionary Foreign Currency in accordance with Section 2.22(a)(ii),
such amounts shall be converted to the Dollar Equivalent thereof on the Revaluation Date in accordance with the immediately following
sentence. Without in any way limiting the foregoing provisions, all calculations of Dollar Equivalents shall be made in accordance with
the definition of “Dollar Equivalent” and such calculations shall be conclusive absent manifest error.

 

(i)                
Borrower shall, and shall cause the other Loan Parties to, make payment relative to any Obligation with respect to Letters
of Credit in the applicable Accepted Currency in which the applicable Letter of Credit is denominated (or, if relating to a Letter of
Credit denominated in a Discretionary Foreign Currency, in the Dollar Equivalent thereof) (the “Agreed Currency”).
If any payment is received on account of any such Obligation in any currency other than the Agreed Currency (the “Other Currency”)
(whether voluntarily or pursuant to an order or judgment or the enforcement thereof or the realization of any collateral, if any, or the
liquidation of a Loan Party or otherwise), such payment shall constitute a discharge of the liability of the Loan Parties hereunder and
under the other Loan Documents in respect of such obligation only to the extent of the amount of the Agreed Currency which the relevant
Issuing Bank is able to purchase with the amount of the Other Currency received by it on the Business Day next following such receipt
in accordance with its normal banking procedures in the relevant jurisdiction and applicable law after deducting any costs of exchange.
To the fullest extent permitted by applicable law, if the amount of the Other Currency received is insufficient to satisfy the obligation
in the Agreed Currency in full, then the Borrower does hereby agree to indemnify the Issuing Banks from and against any loss or cost arising
out of or in connection with such deficiency; provided that if the amount of the Agreed Currency so purchased is greater than the
amount of the Agreed Currency due in respect of such liability immediately prior to such judgment or order, voluntary prepayment, realization
of collateral, if any, liquidation of a Loan Party or otherwise, then the Administrative Agent, the applicable Issuing Bank or the Lenders,
as the case may be, agree to return the amount of any excess to Borrower (or to any other Person who may be entitled thereto under applicable
law). To the fullest extent permitted by applicable law, the foregoing indemnity and agreement by Borrower shall constitute an obligation
separate and independent from all other obligations contained in this Agreement and shall give rise to a separate and independent cause
of action.

 

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(f)               
 Designation of Additional Issuing Banks. From time to time, Borrower may, by notice to the Administrative Agent,
designate as additional Issuing Banks one or more Lenders, or such Lenders’ Affiliates, that agree to serve in such capacity as
provided below and are acceptable to the Administrative Agent. The acceptance by a Lender or such Lender’s Affiliate of any appointment
as a Issuing Bank hereunder shall be evidenced by an agreement (an “Issuing Bank Agreement”), which shall be
in a form satisfactory to Borrower and the Administrative Agent, and shall be executed by such Lender or such Lender’s Affiliate,
Borrower, and the Administrative Agent. From and after the effective date of such agreement, (i) such Lender or such Lender’s Affiliate
shall have all the rights and obligations of a Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein
and in the other Loan Documents to the term “Issuing Bank” shall be deemed to include such Lender or such Lender’s Affiliate
in its capacity as a Issuing Bank. The Issuing Bank Agreement of any Issuing Bank may limit the total stated amounts and the currencies
in which such Issuing Bank will issue Letters of Credit, and any such limitations will, as to such Issuing Bank, be deemed to be incorporated
in this Agreement.

 

(g)              
Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among Borrower,
the Administrative Agent, the replaced Issuing Bank, and the successor Issuing Bank. At the time any such replacement shall become effective,
Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.05. From and
after the effective date of any such replacement, the successor Issuing Bank shall have all the rights and obligations of a Issuing Bank
under this Agreement with respect to Letters of Credit to be issued by it thereafter and references herein to the term “Issuing
Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, as the context shall require. After the replacement
of a Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations
of a Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required
to issue additional Letters of Credit.

 

(h)              
Issuing Bank Reports. Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall report in writing
to the Administrative Agent (i) on or prior to each Business Day on which such Issuing Bank issues, amends, renews or extends any Letter
of Credit, the date of such issuance, amendment, renewal or extension, the currencies and stated amounts of the Letters of Credit issued,
amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether
the amounts thereof shall have changed), it being understood that such Issuing Bank shall not effect any issuance, renewal, extension
or amendment resulting in an increase in the aggregate amount of the Letters of Credit issued by it without first obtaining written confirmation
from the Administrative Agent that such increase is then permitted under this Agreement, (ii) on each Business Day on which such Issuing
Bank makes any payment under any Letter of Credit, the date, currency and amount of such payment, (iii) on any Business Day on which Borrower
fails to reimburse any payment under any Letter of Credit required to be reimbursed to such Issuing Bank on such day, the date of such
failure, the currency and amount of such payment, and (iv) on any other Business Day, such other information as the Administrative Agent
shall reasonably request as to the Letters of Credit issued by such Issuing Bank.

 

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(i)                
 Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower
receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders
with L/C Exposure representing greater than 50% of the total L/C Exposure) demanding the deposit of cash collateral pursuant to this paragraph,
the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of
the Lenders, an amount in cash equal to the aggregate L/C Exposure as of such date plus any accrued and unpaid interest thereon;
provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become
immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the
Borrower described in Section 8.01(d). Such deposit shall be held by the Administrative Agent as collateral for the payment
and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such
account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for Reimbursement Obligations for which
it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the
Borrower for the L/C Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders
with L/C Exposure representing greater than 50% of the total L/C Exposure), be applied to satisfy other Obligations. If the Borrower is
required to provide an amount of cash collateral hereunder as a result of the occurrence of Event of Default, such amount (to the extent
not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or
waived.

 

(j)                 Existing
Letters of Credit Any Letters of Credit outstanding as of the Closing Date under the Existing Credit Agreement shall be
deemed to be Letters of Credit issued pursuant to this Agreement.

 

Section
2.23       Incremental
Facilities.

 

(a)               The
Borrower may by written notice to the Administrative Agent enter into one or more increases to the existing Revolving Credit
Commitments and/or to the Letters of Credit Maximum Amount (each such increase, an “Incremental Commitment”, and
each such facility, an “Incremental Facility”) in an aggregate amount not in excess of $100,000,000 and in
addition as otherwise permitted under this Agreement pursuant to the requirements of Section 6.06(p). Each such notice shall
specify (i) the date (each, an “Incremental Effective Date”) on which the Borrower proposes that the Incremental
Commitments shall be effective, which shall be a date not less than 10 Business Days after the date on which such notice is
delivered to the Administrative Agent and (ii) the identity of each Eligible Assignee that is a commercial bank to whom the Borrower
proposes any portion of such Incremental Commitments be allocated and the amounts of such allocations; provided that any existing
Lender may be approached to provide all or a portion of the Incremental Commitments and may elect or decline, in its sole
discretion, to provide such Incremental Commitment. Each Incremental Commitment shall be in an aggregate amount of $5,000,000 or any
whole multiple of $500,000 in excess thereof. Each Incremental Commitment that increases the Letters of Credit Maximum Amount shall
also increase the amount of Revolving Credit Commitments by an amount corresponding to such increase in the Letters of Credit
Maximum Amount and such increased amount shall be provided by the relevant Lender making such Incremental Commitment. The
Incremental Commitments shall be effected by a joinder agreement (the “Incremental Joinder”) executed by the
Borrower, the Administrative Agent, each Issuing Bank and each Lender making such Incremental Commitment, in form and substance
reasonably satisfactory to each of them. Notwithstanding the provisions of Section 10.02, the Incremental Joinder may, without the
consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or
appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.23. In addition,
unless otherwise specifically provided herein, all references in Loan Documents to Revolving Credit Loans or Letters of Credit shall
be deemed, unless the context otherwise requires, to include references to Revolving Credit Loans or Letters of Credit made pursuant
to Incremental Commitments, respectively, made pursuant to this Agreement. This Section 2.23 shall supersede any provisions in
Section 2.17 or Section 10.02 to the contrary.

 

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(b)              
The Incremental Commitments shall become effective as of the Incremental Effective Date; provided that:

 

(A)            
each of the conditions set forth in the relevant Incremental Joinder shall be satisfied;

 

(B)             
each of the conditions set forth in Section 4.02 shall be satisfied;

 

(C)             
on a pro forma basis (assuming that such Incremental Commitments are fully drawn or utilized), the Borrower shall be in
compliance with each of the covenants set forth in Section 5.02 as of the end of the latest fiscal quarter;

 

(D)            
the Borrower shall make any breakage payments in connection with any adjustment of Revolving Credit Loans pursuant to Section
2.15(d);

 

(E)             
the Borrower shall deliver or cause to be delivered officer’s certificates and legal opinions of the type delivered
on the Closing Date to the extent reasonably requested by, and in form and substance reasonably satisfactory to, the Administrative Agent;
and

 

(c)              
Terms of New Loans and Commitments. The terms and provisions of Revolving Credit Loans and Letters of Credit made
available pursuant to the Incremental Commitments shall be identical to the existing Revolving Credit Loans and Letters of Credit.

 

(d)               Adjustment
of Revolving Credit Loans Outstanding. Each Lender that is making an Incremental Commitment on the Incremental Effective Date
shall make a Revolving Credit Loan, the proceeds of which will be used to prepay any Revolving Credit Loans outstanding of the other
Revolving Credit Lenders immediately prior to such Incremental Effective Date, so that, after giving effect thereto, the Revolving
Credit Loans outstanding are held by the Revolving Credit Lenders pro rata based on their Revolving Credit Commitments after giving
effect to such Incremental Effective Date. If there is a new borrowing of Revolving Credit Loans on such Incremental Effective Date,
the Revolving Credit Lenders after giving effect to such Incremental Effective Date shall make such Revolving Credit Loans.

 

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(e)              
Equal and Ratable Benefit. The Loans and Commitments established pursuant to this Section 2.23 shall
constitute Loans and Commitments under, and the Lenders of such Loans and Commitments shall constitute Lenders under, and shall be entitled
to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally
and ratably from the Guarantees and security interests created by the Collateral Documents, except that the new Loans may be subordinated
in right of payment or the Liens securing the new Loans may be subordinated, in each case, to the extent set forth in the Incremental
Joinder. The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the
Lien and security interests granted by the Collateral Documents continue to be perfected after giving effect to the establishment of such
new Loans and Commitments.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF HOLDINGS AND BORROWER

 

Holdings and Borrower represent
and warrant to the Administrative Agent and each of the Lenders that:

 

Section
3.01       Organization
and Good Standing.

 

Holdings, Borrower and each
of their Subsidiaries are (a) duly incorporated, organized, or formed, validly existing and in good standing (or equivalent) under the
laws of the jurisdiction of its incorporation, organization, or formation, (b) are duly qualified as a foreign entity authorized to do
business, and is in good standing, in every other jurisdiction where its ownership, lease, or operation of properties and conduct of its
business requires such qualification, and (c) have the requisite corporate or equivalent power and authority to own its properties and
to carry on its business as now conducted, except in each case referenced in clause (b) or (c) above as would
not, individually or in the aggregate, have a Material Adverse Effect.

 

Section
3.02       Due
Authorization.

 

Each Loan Party (a) has the
requisite corporate power and authority to execute, deliver and perform this Agreement and the other Loan Documents to which it is a party
and to incur the obligations herein and therein provided for and (b) has been duly authorized by all necessary corporate action to execute,
deliver and perform this Agreement and the other Loan Documents to which it is a party.

 

Section
3.03       No
Conflicts.

 

Neither the execution
and delivery of this Agreement and the other Loan Documents to which each Loan Party is a party, nor the consummation of the
transactions contemplated herein and therein, nor the performance of and compliance with the terms and provisions hereof and thereof
by such Loan Party will (a) violate any provision of its Organizational Documents, (b) violate, contravene or conflict with in any
material respect any Requirement of Law (other than its Organizational Documents) or any regulation (including Regulation U and
Regulation X), order, writ, judgment, injunction, decree or permit applicable to it, (c) violate, contravene or conflict with
contractual provisions of, or cause an event of default under, any material indenture, loan agreement, mortgage, deed of trust,
contract or other agreement or instrument to which it is a party or by which it or its Subsidiaries may be bound or (d) result in or
require the creation of any Lien upon or with respect to its or its Subsidiaries’ material properties, except in each case
referenced in clause (c) or (d) above as would not, individually or in the aggregate, have a Material
Adverse Effect.

 

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Section
3.04       Consents.

 

No consent, approval, authorization
or order of, or filing, registration or qualification with, any Governmental Authority or third party is required by any Loan Party under
any material Requirement of Law in connection with the execution, delivery or performance by it of this Agreement or any of the other
Loan Documents to which it is a party, except in each case as has been obtained or made.

 

Section
3.05       Enforceable
Obligations.

 

This Agreement and the other
Loan Documents to which each Loan Party is a party have been, or when delivered hereunder will be, duly executed and delivered by or on
behalf of it and constitute the legal, valid and binding obligations of such Loan Party, enforceable against such Loan Party in accordance
with their respective terms, except as may be limited by Debtor Relief Laws or similar laws affecting creditors’ rights generally
and by general equitable principles (regardless of whether considered in a proceeding in equity or at law).

 

Section
3.06       Financial
Condition.

 

The financial statements delivered
to the Administrative Agent pursuant to Sections 4.01(d), 5.01(a) and 5.01(b): have been prepared
in accordance with GAAP, except as expressly noted therein and except to the extent of items that are immaterial in the aggregate and
present fairly in all material respects the consolidated financial condition, results of operations and cash flows of Holdings and its
Consolidated Subsidiaries as of such dates and for such periods therein indicated, provided that any such quarterly financial
statements are unaudited and are subject to audit and year-end adjustments and lack footnotes and other presentation items.

 

Section
3.07       No
Default.

 

No Default or Event of Default
has occurred and is continuing.

 

Section
3.08       Litigation.

 

As of the Closing Date,
except as disclosed in Holdings’ SEC filings or otherwise disclosed in writing to the Administrative Agent, there are no
actions, suits, investigations or legal, equitable, arbitration or administrative proceedings pending or, to the knowledge of any
Loan Party, threatened against any Loan Party, which if adversely determined would have or would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

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Section
3.09       Taxes.

 

Holdings, Borrower and each
of their Subsidiaries have filed, or caused to be filed, all material tax returns (federal, state, local and foreign) required to be filed
and paid all amounts of taxes shown thereon to be due (including interest and penalties) and have paid all other taxes, fees, assessments
and other governmental charges (including mortgage recording taxes, documentary stamp taxes and intangibles taxes) owing by it, except
for such taxes (a) that are not yet delinquent, (b) that are being contested in good faith and by proper proceedings, and against which
adequate reserves are being maintained in accordance with GAAP or (c) where the failure to do so would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

Section
3.10       Compliance
with Law.

 

Except as disclosed in Holdings’
SEC filings or otherwise disclosed in writing to the Administrative Agent, Holdings, Borrower and each of their Subsidiaries is in compliance
with all laws, rules, regulations, orders and decrees applicable to it or to its properties, except (a) as may be being contested in good
faith and (b) instances in which the failure to comply therewith has not had or would not reasonably be expected to have a Material Adverse
Effect.

 

Section
3.11       ERISA.

 

Except as would not result
or reasonably be expected to result in a Material Adverse Effect:

 

(a)              
During the five-year period prior to the date on which this representation is made or deemed made: (i) no Termination Event
has occurred, and, to the best knowledge of Borrower or Holdings, no event or condition has occurred or exists as a result of which any
Termination Event would be reasonably expected to occur; (ii) there has been no failure to meet the minimum funding standards under Section
430 of the Code or Section 303 of ERISA (determined without regard to any waiver of funding provisions therein) with respect to any Plan;
(iii) each Plan (excluding any Multiemployer Plan) has been maintained, operated, and funded in material compliance with its terms and
the provisions of ERISA, the Code, and any other applicable federal or state laws; and (iv) no Lien in favor of the PBGC or a Plan has
arisen or is reasonably likely to arise on account of any Plan.

 

(b)              
The aggregate actuarial present value of all accumulated plan benefits of all Single Employer Plans (determined utilizing
the assumptions used for purposes of Statement of Financial Accounting Standards No. 35) did not, as of the most recent valuation dates
reflected in Holdings’ annual financial statements contained in Holdings’ most recent Form 10-K, exceed the aggregate fair
market value of the assets of all such Single Employer Plans, except as disclosed in Holdings’ financial statements.

 

(c)               None
of Borrower, Holdings, any Subsidiary of either or any ERISA Affiliate has incurred, or, to the best knowledge of Borrower or
Holdings, is reasonably expected to incur, any withdrawal liability under ERISA to any Multiemployer Plan or Multiple Employer Plan.
None of Borrower, Holdings, any Subsidiary of either or any ERISA Affiliate has received any notification that any Multiemployer
Plan is in reorganization (within the meaning of Section 4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA),
or has been terminated (within the meaning of Title IV of ERISA).

 

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(d)              
No prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary
responsibility has occurred with respect to a Plan which has subjected or would be reasonably likely to subject Borrower, Holdings, any
Subsidiary of either, or any ERISA Affiliate to any material liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section
4975 of the Code, or under any agreement or other instrument pursuant to which Borrower, Holdings, any Subsidiary of either, or any ERISA
Affiliate has agreed or is required to indemnify any person against any such liability.

 

(e)              
The aggregate actuarial present value of all accumulated post-retirement benefit obligations of Borrower, Holdings, their
Subsidiaries and the ERISA Affiliates (determined utilizing the assumptions used for purposes of Statement of Financial Accounting Standards
No. 106) under Plans which are welfare benefit plans (as defined in Section 3(1) of ERISA), as of the most recent valuation dates reflected
in Holdings’ annual financial statements contained in Holdings’ most recent form 10-K, are reflected on such financial statements
in accordance with Statement of Financial Accounting Standards No. 106.

 

Section
3.12       Use
of Proceeds; Margin Stock.

 

The proceeds of the Loans
hereunder will be used solely for the purposes specified in Section 5.08. Borrower is not incurring the Indebtedness hereunder
for the purpose, directly or indirectly, of purchasing or carrying Margin Stock. Neither Holdings nor any of its Subsidiaries is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin
Stock.

 

Section
3.13       Investment
Company Act.

 

Neither Holdings nor any of
its Subsidiaries, is an “investment company” registered or required to be registered under the Investment Company Act of 1940,
as amended, or controlled by such a company.

 

Section
3.14       Solvency.

 

Each Loan Party is and, after
the consummation of the transactions contemplated by this Agreement, will be Solvent.

 

Section
3.15       Disclosure.

 

Neither this Agreement
nor any financial statements delivered to the Administrative Agent nor any other document, certificate or statement furnished to the
Lenders by or on behalf of Borrower or Holdings in connection with the transactions contemplated hereby, when taken as a whole and
considered together with disclosures made in any other Loan Documents or filings by any Loan Party with the SEC, contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or
herein, in light of the circumstances under which they were made, taken as a whole, not misleading in any material respect on the
date made or delivered; provided, that with respect to any projected financial information, Borrower represents only
that such information was prepared in good faith based upon assumptions believed by the Loan Parties to be reasonable at the time so
prepared (it being recognized that projections as to future events are not to be viewed as facts and that actual results may be
materially different from the projected results).

 

As of the Closing Date, to
the knowledge of Borrower, the information included in the Beneficial Ownership Certification delivered, on or prior to the Closing Date,
to any Lender in connection with this Agreement is true and correct in all material respects.

 

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Section
3.16       Environmental
Matters.

 

Except as would not result
or reasonably be expected to result in a Material Adverse Effect: (a) each of the properties of Holdings, Borrower and their Subsidiaries
(the “Properties”) and all operations at the Properties are in substantial compliance with all applicable Environmental
Laws, (b) there is no undocumented or unreported violation of any Environmental Law with respect to the Properties or the businesses operated
by Holdings, Borrower and their Subsidiaries (the “Businesses”) that Borrower or Holdings are aware of, and
(c) there are no conditions relating to the Businesses or Properties that have given rise to or would reasonably be expected to give rise
to a material liability under any applicable Environmental Laws.

 

Section
3.17       Insurance.

 

The properties of Holdings,
Borrower and their respective Subsidiaries (a) are insured with financially sound and reputable insurance companies, in such amounts (after
giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks as are customarily
carried by companies engaged in similar businesses and owning similar properties in localities where Borrower or its Subsidiaries operate
and (b) carry such insurance as is required by Section 5.07.

 

Section
3.18       Anti-Terrorism
and Anti-Corruption Laws.

 

The Borrowers have implemented
and maintain in effect policies and procedures designed to ensure compliance by the Borrowers, their Subsidiaries and their respective
directors, officers, employees and agents with applicable Anti-Terrorism Laws, Anti-Corruption Laws and Sanctions, and the Borrowers,
their Subsidiaries and their respective officers and employees and to the knowledge of the Borrowers, their directors and agents, are
in compliance with applicable Anti- Terrorism Laws, Anti-Corruption Laws, and Sanctions in all material respects. None of the Borrowers,
any of their Subsidiaries or, to the knowledge of the Borrowers, any director, officer, employee, agent, or affiliate of the Borrowers
or any of their Subsidiaries is a Sanctioned Person.

 

Section
3.19       Properties;
Collateral Rigs; Marketed Rigs.

 

(a)              
Holdings, the Borrower and their respective Subsidiaries have good title to or a valid leasehold interest in all of their
real property and good title to, or a valid leasehold interest in, all of their other property, subject to no Liens except Permitted Liens,
except where the failure to have such title or leasehold interest in such property would not reasonably be expected to have a Material
Adverse Effect.

 

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(b)              
 Holdings, the Borrower and their respective Subsidiaries own or hold valid licenses to use all the patents, trademarks,
permits, service marks, software and trade names that are necessary to the operation of the business of Holdings, the Borrower and their
respective Subsidiaries as presently conducted, except where the failure to own, or hold valid licenses to use, such patents, trademarks,
permits, service marks, software and trade names would not reasonably be expected to have a Material Adverse Effect.

 

(c)              
Each Collateral Rig Owner is the true, lawful and sole owner of each Collateral Rig stated to be owned by it in the relevant
Security Document or supplement thereto, and its ownership of each Collateral Rig is free and clear of all Liens except for Permitted
Collateral Liens.

 

(d)              
Each Collateral Rig is operated in all respects in compliance with all applicable law, rules and regulations, except where
the failure to comply (i) has not resulted in the loss of a material permit relating to a Collateral Rig and (ii) would not reasonably
be expected to have a Material Adverse Effect or a material adverse effect on (x) the rights and remedies of the Administrative Agent,
Collateral Agent or the Lenders under the Loan Documents as to such Collateral Rig or (y) the value of such Collateral Rig.

 

(e)              
Each Collateral Rig Owner and each Collateral Rig Operator is qualified to own or operate, as applicable, the applicable
Collateral Rig under the laws of the jurisdiction in which such Collateral Rig is then employed.

 

(f)               
As of the Closing Date, the aggregate net book value (determined in accordance with GAAP) of all Rigs that are physically
located in the United States or any state thereof (other than Hawaii or Alaska) and are not Marketed Rigs does not exceed $1,600,000.

 

Section
3.20       Security
Documents.

 

The Security Documents are
effective to create in favor of the Collateral Agent to secure the Obligations, legal, valid and enforceable Liens on, and security interests
in, the Collateral described therein to the extent intended to be created thereby and (i) when financing statements and other filings
in appropriate form are filed in the offices specified in the Security Agreement or other applicable Security Document and (ii) upon the
taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected
only by possession or control (which possession or control shall be given to the Collateral Agent to the extent possession or control
by the Collateral Agent is required by the Security Agreement or other applicable Security Document), the Liens created by the Security
Documents shall constitute fully perfected first priority Liens on, and security interests in (to the extent intended to be created thereby),
all right, title and interest of the applicable Loan Parties in such Collateral to the extent perfection can be obtained by filing financing
statements, possession or control, in each case subject to no Liens other than Permitted Collateral Liens.

 

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Article
IV

CONDITIONS TO LOANS

 

Section
4.01       Conditions
to Initial Loan and Initial Letter of Credit.

 

The obligation of each Lender
to fund the initial Loan requested to be made by it, and of each Issuing Bank to issue any initial Letter of Credit (including any increase
in the amount of, or extension of the expiration date of, any Letter of Credit) requested to be issued by it, shall be subject to the
prior or concurrent satisfaction or waiver of each of the conditions precedent set forth in this Section 4.01.

 

(a)              
Loan Documents. There shall have been delivered to the Administrative Agent an executed signature page of each Loan
Party to each of the Loan Documents to which it is a party.

 

(b)              
Termination of the Existing Credit Agreement. There shall have been delivered to the Administrative Agent evidence
of the refinancing and repayment of the Indebtedness outstanding under the Existing Credit Agreement, the termination of all commitments
under the Existing Credit Agreement and termination and release of guarantees and liens in connection therewith, in form and substance
reasonably satisfactory to the Administrative Agent.

 

(c)              
Corporate Documents. The Administrative Agent shall have received:

 

(i)                
a certificate of the secretary or assistant secretary of each Loan Party dated the Closing Date, certifying that attached
thereto is a true and complete copy of each Organizational Document of such Loan Party certified (to the extent applicable) as of a recent
date by the Secretary of State (or applicable Governmental Authority) of the jurisdiction of its incorporation, that attached thereto
is a true and complete copy of resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution, delivery
and performance of the Loan Documents to which such person is a party and, in the case of Borrower, the borrowings hereunder, and that
such resolutions have not been modified, rescinded or amended and are in full force and effect and as to the incumbency and specimen signature
of each officer executing any Loan Document to which it is a party or any other document delivered in connection herewith on behalf of
such Loan Party (together with a certificate of another officer as to the incumbency and specimen signature of the secretary or assistant
secretary executing the certificate in this clause (i));

 

(ii)             
a certificate as to the good standing (or equivalent) of each Loan Party (in so-called “long-form” if available)
as of a recent date, from such Secretary of State (or other applicable Governmental Authority); and

 

(iii)           
such other documents as the Administrative Agent may reasonably request.

 

(d)              
Financial Statements. Receipt by the Administrative Agent of a copy of the annual consolidated financial statements
(including balance sheets, income statements and cash flow statements) of Holdings and its Consolidated Subsidiaries for fiscal year 2020,
audited by independent public accountants of recognized national standing.

 

(e)               Officers’
Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the chief
executive officer and the treasurer or other senior financial officer of Borrower, certifying compliance with the conditions
precedent set forth in this Section 4.01 and Sections 4.02(b), (c) and (d).

 

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(f)               
Opinions of Counsel. The Administrative Agent, on behalf of itself, the Lenders and Issuing Bank, shall have received
a favorable written opinion of Milbank LLP, counsel for the Loan Parties, a favorable written opinion of Conyers, Dill & Pearman Limited,
local Bermuda counsel for Holdings and Nabors International, and a favorable written opinion of Maples and Calder, local Luxembourg counsel
for Nabors Lux, each opinion to be (i) dated the Closing Date, (ii) addressed to the Administrative Agent, Issuing Banks and the Lenders
and (iii) to include such matters as reasonably requested by the Administrative Agent, Issuing Banks and the Lenders, including as to
(A) the due authorization, execution and enforceability of the Loan Documents and the Credit Agreement and (B) the non-contravention of
the Credit Agreement and any other material Indebtedness for borrowed money to which Holdings or any of its Subsidiaries is a party.

 

(g)              
Fees. The Arrangers and the Administrative Agent (for itself and on behalf of the Lenders) shall have received all
Fees due and payable thereto by the Borrowers on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment
of all out-of-pocket expenses (including the legal fees and expenses of Shearman & Sterling LLP, counsel to the Administrative Agent,
and the fees and expenses of any consultants and other advisors) required to be reimbursed or paid by the Borrowers hereunder or under
any other Loan Document.

 

(h)              
USA PATRIOT ACT and Beneficial Ownership. The Lenders and the Administrative Agent shall have received at least three
(3) Business Days prior to the Closing Date, the information required under Section 10.14 to be delivered by each applicable
Loan Party on or prior to the Closing Date and which was identified in writing by the Lenders and the Administrative Agent to Borrower
at least five (5) Business Days prior to the Closing Date and to the extent Borrower qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, at least three (3) Business Days prior to the Closing Date, any Lender that has requested,
in a written notice to Borrower at least five (5) Business Days prior to the Closing Date, a Beneficial Ownership Certification in relation
to the Borrower, shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by
such Lender of its signature page to this Agreement, the condition set forth in this clause (h) shall be deemed to be satisfied).

 

Section
4.02       Conditions
to All Loans and Letters of Credit.

 

The obligation of each Lender
to make any Loan (including the initial Loan), and of each Issuing Bank to issue any Letter of Credit (including any increase in the amount
of, or extension of the expiration date of, any Letter of Credit), shall be subject to, and to the satisfaction of, each of the conditions
precedent set forth below.

 

(a)               Notice.
The Administrative Agent shall have received in the case of any advance of any Borrowing, a Borrowing Request as required by Section
2.03 (or such notice shall have been deemed given in accordance with Section 2.03) if Revolving Loans are
being requested and the Administrative Agent shall have received a Borrowing Request as required by Section 2.20(b),
and in the case of the issuance, extension or increase of a Letter of Credit, the applicable Issuing Bank and the Administrative
Agent shall have received a duly completed Issuance Request and any required Application for such Letter of Credit, as the case may
be, meeting the requirements of Section 2.22(b);

 

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(b)              
No Default. Each Loan Party shall be in compliance in all material respects with all the terms and provisions set
forth herein and in each other Loan Document to which it is a party on its part to be observed or performed, and, at the time of and immediately
after giving effect to such Loan or such issuance, increase or extension of any Letter of Credit, as applicable, and the application of
the proceeds thereof, no Default or Event of Default shall have occurred and be continuing on such date;

 

(c)              
Representations and Warranties. Each of the representations and warranties made by any Loan Party set forth in Article
III hereof or in any other Loan Document to which it is a party shall be true and correct in all material respects (except that
any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true
and correct in all respects) on and as of the date of such Loan or the date of the issuance, increase or extension of any Letter of Credit
with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate
to an earlier date;

 

(d)              
No Legal Bar. No order, judgment or decree of any Governmental Authority shall purport to restrain any Lender from
making any Loans to be made by it. No injunction or other restraining order shall have been issued, shall be pending or noticed with respect
to any action, suit or proceeding seeking to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief
as a result of, the transactions contemplated by this Agreement or the making of Loans hereunder;

 

(e)              
[Reserved].

 

(f)               
Availability Cap. In the case of a Revolving Loan, the principal amount of such Revolving Loan, when aggregated with
the outstanding principal amount of all other Loans, shall not be in excess of the Availability Cap.

 

(g)              
Collateral Coverage. In the case of a Revolving Loan, the Collateral Rig Value shall not be less than the Collateral
Coverage Threshold on a pro forma basis after giving effect to such Revolving Loan.

 

Each of the delivery of a
Borrowing Request and the acceptance by Borrower of the proceeds of such Loan or of the issuance of, increase in the amount of, or extension
date of, a Letter of Credit shall constitute a representation and warranty by each Loan Party that on the date of such Loan or date of
the issuance of, increase in the amount of, or extension date of, such Letter of Credit (both immediately before and after giving effect
to such Loan or such Letter of Credit and the application of the proceeds thereof) the conditions contained in Sections 4.02(b)-(g)
have been satisfied. Borrower shall provide such information (including calculations in reasonable detail of the covenants in Section
5.02) as the Administrative Agent may reasonably request to confirm that the conditions in Sections 4.02(b)-(g)
have been satisfied.

 

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Article
V

 

AFFIRMATIVE COVENANTS OF HOLDINGS AND BORROWER

 

Holdings and Borrower warrant,
covenant and agree with each Lender that so long as this Agreement shall remain in effect and until the Commitments have been terminated
and the Obligations payable under any Loan Document shall have been paid in full, unless the Required Lenders shall otherwise consent
in writing:

 

Section
5.01       Information
Covenants.

 

Holdings and Borrower will
furnish, or cause to be furnished, to the Administrative Agent, which in turn shall distribute promptly to the Lenders:

 

(a)              
Annual Financial Statements. As soon as available, and in any event within 75 days after the close of each fiscal
year of Holdings, a consolidated balance sheet, income statement and statement of cash flows of Holdings and its Consolidated Subsidiaries,
as of the end of such fiscal year, setting forth in comparative form figures for the preceding fiscal year, all such financial information
described above to be in reasonable form and detail and, in each case, audited by independent certified public accountants of recognized
national standing reasonably acceptable to the Lenders and whose opinion shall be furnished to the Lenders, and shall be to the effect
that such financial statements have been prepared in accordance with GAAP (except to the extent of items that are immaterial in the aggregate
and except for changes with which such accountants concur) and shall not be limited as to the scope of the audit or qualified in any respect.
Notwithstanding the above, it is understood and agreed that delivery of Holdings’ applicable report on Form 10-K shall satisfy the
requirements of this Section 5.01(a).

 

(b)              
Quarterly Financial Statements. As soon as available, and in any event within 45 days after the close of each fiscal
quarter of Holdings (other than the fourth fiscal quarter), a consolidated balance sheet, income statement and statement of cash flows
of Holdings and its Consolidated Subsidiaries as of the end of such fiscal quarter, in each case setting forth in comparative form figures
for the corresponding period of the preceding fiscal year, all such financial information described above to be in reasonable form and
detail and reasonably acceptable to the Lenders, and, in each case, accompanied by a certificate of a Financial Officer of Holdings to
the effect that such quarterly financial statements fairly present in all material respects the financial condition of such person and
have been prepared in accordance with GAAP (except to the extent of items that are immaterial in the aggregate), subject to changes resulting
from audit and normal year-end audit adjustments. Notwithstanding the above, it is understood and agreed that delivery of Holdings’
applicable report on Form 10-Q shall satisfy the requirements of this Section 5.01(b).

 

(c)               Officer’s
Certificate. Within 75 days of the end of each fiscal year and within 45 days of the end of each fiscal quarter (other than the
fourth fiscal quarter), a certificate of a Financial Officer of the applicable Borrower substantially in the form of Exhibit
G:  setting forth calculations demonstrating compliance by Holdings with the financial covenants set forth in Section
5.02 as of the end of such fiscal period; stating that no Default or Event of Default exists, or if any Default or Event of
Default does exist, specifying the nature and extent thereof and what action such Borrower proposes to take with respect thereto;
notifying the Administrative Agent of the posting of any documents referred to in Section 5.01(a) and (b),
with respect to each Covered Asset, setting forth the Person that owns such Covered Asset and the book value (determined in
accordance with GAAP), minus depreciation and amortization, of such Covered Asset; setting forth calculations demonstrating
the Collateral Rig Value (as determined on the basis of the most recent Appraisal Report) as of the end of such fiscal period; and
setting forth a calculation of Consolidated Net Tangible Assets as of the end of such fiscal period.

 

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(d)              
Electronic Delivery Permitted. Documents required to be delivered pursuant to Section 5.01(a), (b)
and (e) (to the extent such documents are filed with the SEC) may be delivered electronically, including by filing with
the SEC, and if so delivered, shall be deemed to have been delivered on the date on which Holdings posts such documents, or provides a
link thereto on Holdings’ website on the Internet at www.nabors.com; on which such documents are posted on Holdings’ or Borrower’s
behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent has access (whether a commercial,
third-party website or sponsored by the Administrative Agent); or filed with the SEC. Notwithstanding anything contained in this Section
5.01(d), in every instance Borrower or Holdings shall be required to provide paper copies of the compliance certificate required
by Section 5.01(c) to the Administrative Agent. Except for such compliance certificates, the Administrative Agent shall
have no obligation to maintain copies of the documents referred to in Section 5.01(a), (b) and (e)
and in any event the Administrative Agent shall have no obligation to request the delivery of the documents referred to in Section
5.01(a), (b), (c) or (e).

 

(e)              
Notices. Upon Holdings or Borrower obtaining knowledge thereof, it will give written notice to the Administrative
Agent within five Business Days of (i) the occurrence of a Default or Event of Default, specifying the nature and extent thereof and what
action it proposes to take with respect thereto, (ii) any change in the rating of the Index Debt and (iii) the occurrence of any of the
following with respect to Holdings or Borrower: (A) the pendency or commencement of any litigation, arbitration or governmental proceeding
against it, or any of its respective Subsidiaries, which, if adversely determined, would have or would reasonably be expected to have
a Material Adverse Effect or (B) the institution of any proceedings against Holdings, Borrower or any of their respective Subsidiaries,
with respect to, or the receipt of notice by such person of potential liability or responsibility for violation or alleged violation of,
any federal, state or local law, rule or regulation (including, without limitation, any Environmental Law), the violation of which constitutes
a Material Adverse Effect. Borrower will immediately give written notice to the Administrative Agent of any change in the fiscal year
of Borrower or Holdings.

 

(f)                ERISA.
Upon Borrower, Holdings or any Subsidiary of either or any ERISA Affiliate obtaining knowledge thereof, Borrower will give written
notice to the Administrative Agent promptly (and in any event within five Business Days) of any of the following which would result
in or reasonably would be expected to result in a Material Adverse Effect: (i) any event or condition, including, but not limited
to, any Reportable Event, that constitutes, or would be reasonably expected to lead to, a Termination Event; (ii) with respect to
any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of any withdrawal liability assessed against
Borrower or any Subsidiary of Borrower or any ERISA Affiliate, or of a determination that any Multiemployer Plan is in
reorganization or insolvent (both within the meaning of Title IV of ERISA); or (iii) the failure to make full payment on or before
the due date (including extensions) thereof of all amounts which Borrower, Holdings, or any Subsidiary of either or any ERISA
Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the minimum funding standard set
forth in ERISA and the Code with respect thereto; in each case together with a description of any such event or condition or a copy
of any such notice and a statement by an officer of Borrower briefly setting forth the details regarding such event, condition, or
notice, and the action, if any, which has been or is being taken or is proposed to be taken with respect thereto.

 

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(g)              
Other Information.

 

(i)                
With reasonable promptness upon any such request, such other information regarding the business, properties or financial
condition of Borrower or any Lender may reasonably request, including, for the avoidance of doubt, with respect to any transaction that
is permitted hereunder on the condition that the Collateral Rig Value on a pro forma basis not be less than the Collateral Coverage Threshold,
a certification of a responsible officer of the Borrower demonstrating the Collateral Rig Value on a pro forma basis for such transaction.

 

(ii)             
Promptly following any request therefor, provide information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations,
including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation.

 

(h)              
Notices of Event of Loss, Certain Events related to Collateral Rigs. Holdings will provide written notice in reasonable
detail to the Administrative Agent (who will in turn provide notice to the Lenders) of: (i) a sale or other disposition (other than as
described in (ii) below) of any Collateral Rig, thirty (30) days’ (or such shorter period of time permitted by the Administrative
Agent in its sole discretion) prior to such sale or disposition; (ii) any Event of Loss in respect of any Collateral Rig, promptly upon
such Event of Loss (but in any event within five (5) days after an officer of Holdings or any of its Subsidiaries obtains knowledge of
a loss or casualty event that could reasonably be expected to be an Event of Loss based upon such knowledge); and (iii) promptly following
(but in any event within five (5) days after any officer of Holdings or its Subsidiaries obtains knowledge thereof) the replacement or
appointment of a Collateral Rig Operator for any Collateral Rig.

 

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Section
5.02       Financial
Covenants.

 

(a)              
Interest Coverage Ratio. As of the last day of each fiscal quarter of Holdings, Holdings shall maintain an Interest
Coverage Ratio that is equal to or greater to the corresponding level for such fiscal quarter as set forth below:

 

	Fiscal Quarter	Interest Coverage Ratio
	Following the Closing Date to the fiscal quarter ending March 31, 2022	1.75:1.00
	Ending June 30, 2022	1.875:1.00
	Ending September 30, 2022	1.875:1.00
	Ending December 31, 2022	2.00:1.00
	Ending March 31, 2023	2.125:1.00
	Ending June 30, 2023	2.25:1.00
	Ending September 30, 2023	2.375:1.00
	Ending December 31, 2023	2.50:1.00
	Ending March 31, 2024	2.625:1.00
	Ending June 30, 2024 to until the Maturity Date	2.75:1.00

 

(b)              
Minimum Guarantor Value. Holdings shall at all times maintain a Minimum Guarantor Value of 90%.

 

Section
5.03       Preservation
of Existence and Franchises.

 

(a)              
Each of Holdings and its Subsidiaries will do all things necessary to preserve and keep in full force and effect its legal
existence and rights, franchises and foreign qualifications, except as permitted by Section 6.02, or to the extent such
entity determines that the preservation and maintenance of the same is no longer desirable in the conduct of its business and that the
loss thereof is not disadvantageous to the Lenders, or the failure to preserve and maintain the same would not reasonably be expected,
in the aggregate, to result in a Material Adverse Effect.

 

(b)              
Holdings and Borrower will, and will cause each of their respective Subsidiaries to, generally maintain its properties in
good condition and not waste or otherwise permit such properties to deteriorate, reasonable wear and tear excepted, except to the extent
that the failure to so maintain such property or to avoid waste or deterioration would not reasonably be expected to result in a Material
Adverse Effect; provided that this Section 5.03(b) shall not apply to property that is lost or damaged in connection
with a casualty event or is subjected to a condemnation or other taking.

 

Section
5.04       Books
and Records.

 

Holdings and Borrower will,
and will cause each of their respective Subsidiaries to, keep complete and accurate books and records, in all material respects in accordance
with consistent accounting practices on the basis of GAAP (including the establishment and maintenance of appropriate reserves).

 

Section
5.05       Compliance
with Law.

 

Holdings and Borrower
will, and will cause each of their respective Subsidiaries to, comply with all Requirements of Law and all other laws (including,
without limitation, all Environmental Laws and ERISA laws), rules, regulations (including without limitation, Regulation U and
Regulation X), and orders, and all restrictions imposed by any Governmental Authority, applicable to it and its properties, except
where the failure to so comply would not reasonably be expected to have a Material Adverse Effect or would not violate any
restrictions on its ability to incur or assume Indebtedness. Holdings and Borrowers will maintain in effect and enforce policies and
procedures designed to ensure compliance by Holdings, Borrowers, their Subsidiaries and their respective directors, officers,
employees and agents with applicable Anti- Terrorism Laws, Anti-Corruption Laws and Sanctions.

 

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Section
5.06       Payment
of Taxes and Other Indebtedness.

 

Holdings and Borrower will,
and will cause each of their respective Subsidiaries to, pay, settle or discharge (a) all taxes, assessments and governmental charges
or levies imposed upon it, or upon its income or profits, or upon any of its properties, before they shall become delinquent, (b) all
lawful claims (including claims for labor, materials and supplies) which, if unpaid, might give rise to a Lien upon any of its properties,
and (c) all of its other Indebtedness as it shall become due (to the extent such repayment is not otherwise prohibited by this Agreement);
provided, however, that Holdings, Borrower and their respective Subsidiaries shall not be required to pay any such tax,
assessment, charge, levy, claim or Indebtedness (i) which is being contested in good faith by appropriate proceedings and as to which
adequate reserves therefor have been established in accordance with GAAP, or (ii) with respect to which the failure to make any such payment
would not have or would not be reasonably expected to have a Material Adverse Effect.

 

Section
5.07       Insurance.

 

Holdings and Borrower will,
and will cause their Subsidiaries to, at all times maintain in full force and effect insurance (including worker’s compensation
insurance and general liability insurance) in such amounts, covering such risks and liabilities and with such deductibles or self- insurance
retentions as are in accordance with normal industry practice, which shall include ensuring that each Collateral Rig shall be fully insured
as appropriate for an internationally reputable rig-owning company against such risks, including in the case of Offshore Collateral Rigs
but not limited to (i) Hull & Machinery, (ii) Hull Interest (or Increased Value) and ACOC (the latter two risks refer to Total Loss
Coverage), and (iii) General Liability (including cover for pollution liability emanating from the Offshore Collateral Rigs that is customary
and reasonably prudent in both amount and scope for the industry, locations, operations, and assets of Holdings and its Subsidiaries),
in each case in such amounts, on such terms and placed with such brokers/insurers/clubs, in accordance with reasonably prudent industry
standards.

 

Section
5.08       Use
of Proceeds.

 

The proceeds of the Loans
shall be used for working capital and general corporate purposes of Borrower and its Subsidiaries, including capital expenditures and
acquisitions and to refinance the Existing Credit Agreement.

 

Section
5.09       Audits/Inspections.

 

(a)               Upon
reasonable notice and during normal business hours, at the reasonable request of any Lender, Holdings and Borrower will, and will
cause their Subsidiaries to, permit representatives appointed by the Administrative Agent, including independent accountants,
agents, attorneys, and appraisers to visit and inspect Holdings’, Borrower’s and their Subsidiaries’ property,
including its books and records, its accounts receivable and inventory, Holdings’, Borrower’s and their
Subsidiaries’ facilities and its other business assets, and to make photocopies or photographs thereof and to write down and
record any information such representative obtains, and shall permit the Administrative Agent or its representatives to investigate
and verify the accuracy of information provided to the Administrative Agent and to discuss all such matters with officers of
Holdings and Borrower; provided that any nonpublic information obtained by any person during such audit or inspection shall
be treated as confidential information in accordance with the disclosure standards set forth in Section 10.13. Any
information obtained by the Administrative Agent shall be made available to any Lender upon such Lender’s request.

 

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Section
5.10       Further
Assurances; Collateral Coverage.

 

(a)              
Subject to the applicable limitations set forth in the Security Documents, the Loan Parties will execute any and all further
documents, financing statements, agreements and instruments, and take all such further actions that the Collateral Agent or the Required
Lenders may reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security interests created
or intended to be created by the applicable Security Documents, all at the expense of the Loan Parties.

 

(b)              
Notwithstanding anything to the contrary in this Agreement, the Security Agreement, or any other Loan Document, (i) the
Administrative Agent may grant extensions of time for the requirements of the creation or perfection of security interests in or the obtaining
of title opinions or other title information, legal opinions, flood insurance and surveys with respect to particular assets (including
extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably
determines, in consultation with the Borrower, that perfection or obtaining of such items is not required by law or cannot be accomplished
without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the other Loan Documents,
(ii) Liens required to be granted from time to time pursuant to this Agreement and the Security Documents shall be subject to exceptions
and limitations set forth in the Security Documents and, to the extent appropriate in any applicable jurisdiction, as otherwise agreed
between the Collateral Agent and the Borrower and (iii) the Collateral Agent and the Borrower may make such modifications to the Security
Documents as are reasonable or necessary to effectuate the intent thereof or are otherwise permitted by this Agreement and the other Loan
Documents.

 

(c)              
Collateral Coverage.

 

(i)                 Within
45 days (or such longer period of time permitted by the Administrative Agent in its sole discretion) (the “Collateral
Coverage Cure Period”) after the deadline for delivering an Officer’s Certificate pursuant to Section
5.01(c) with respect to any fiscal quarter that, if such Officer’s Certificate is delivered by such deadline, shows
or, if not delivered by such deadline for such fiscal quarter, could reasonably be expected to show, that the Collateral Rig Value
is less than the Collateral Coverage Threshold, Holdings shall either (A) cause Marketed Rigs that are not currently Collateral Rigs
to become Collateral Rigs or Related Yard Equipment that is not currently Collateral to become Collateral and to satisfy the
Collateral Rig Requirements with respect thereto to the extent necessary to cause the Collateral Rig Value to be at least equal to
the Collateral Coverage Threshold and deliver (1) an updated Officer’s Certificate setting forth a calculation of the
Collateral Rig Value (including, for the avoidance of doubt, an updated Appraisal Report with respect to any such additional
Collateral Rigs or Related Yard Equipment) giving pro forma effect to such additional Collateral Rigs or Related Yard Equipment and
(2) such other security documents and/or amendments thereto as may be reasonably requested by the Collateral Agent, which shall
include such representations and warranties to be made by the applicable Loan Parties party thereto with respect to Sections
3.19 and 3.20 herein with respect to Collateral Rigs as of the Closing Date or (B) prepay the Loans (which
prepayment shall not be required to be accompanied by a corresponding permanent reduction of the Revolving Commitments) in an amount
necessary.to cause the Collateral Rig Value to be at least equal to the Collateral Coverage Threshold.  For the avoidance of
doubt, notwithstanding anything to the contrary contained herein, the Collateral Rig Value being less than the Collateral Coverage
Threshold at the end of any fiscal quarter shall not constitute a Default or Event of Default so long as Holdings and/or its
Subsidiaries shall have taken the actions specified in the preceding sentence prior to the expiration of the Collateral Coverage
Cure Period.

 

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(ii)             
Holdings shall, (i) prior to or concurrently with the consummation of any sale or other consensual disposition of any Collateral
Rig or consolidation, merger or amalgamation involving any Collateral Rig Owner and (ii) within 45 days (or such longer period of time
permitted by the Administrative Agent in its sole discretion) after the occurrence of an Event of Loss of any Collateral Rig, in each
case solely to the extent that the Collateral Rig Value would be less than the Collateral Coverage Threshold on a pro forma basis immediately
after giving effect to such sale, consensual disposition or Event of Loss, (A) add any Marketed Rig as a Collateral Rig or Related Yard
Equipment as Collateral and complete the Collateral Rig Requirements with respect thereto so that the Collateral Rig Value will not be
less than the Collateral Coverage Threshold or (B) prepay the Loans (which prepayment shall not be required to be accompanied by a corresponding
permanent reduction of the Revolving Commitments) in an amount necessary to cause the Collateral Rig Value to be at least equal to the
Collateral Coverage Threshold, in each case on a pro forma basis immediately after giving effect to such sale, consensual disposition
or Event of Loss.

 

(iii)           
In addition, upon 45 days’ (or such shorter period of time permitted by the Administrative Agent in its sole discretion)
prior written notice to the Administrative Agent, Holdings and its Subsidiaries shall be permitted to add any Marketed Rig as a Collateral
Rig or Related Yard Equipment as Collateral, so long as, immediately after giving effect thereto, the Collateral Rig Value is not less
than the Collateral Coverage Threshold on a pro forma basis.

 

(iv)             In
the event any Marketed Rig is or is to become a Collateral Rig, or any Related Yard Equipment is or is to become Collateral in
accordance with this Section 5.10(c), the Borrower shall, or shall cause the applicable Loan Party, to (i) update
Schedule II to the Security Agreement to include such Marketed Rig and (ii) to enter into such other security documents and/or
amendments thereto as may be reasonably requested by the Collateral Agent.

 

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(v)              
Holdings shall cause each Marketed Rig physically located in the United States or any state thereof (other than Hawaii or
Alaska or any Offshore Rig) to become a Collateral Rig; provided that, to the extent the Collateral Rig Value is less than the
Collateral Coverage Threshold, then Holdings may also cause Marketed Rigs (including Offshore Rigs) physically located in the United States
or any state thereof (including, for the avoidance of doubt, Hawaii and Alaska) or located in state or United States federal waters thereof
to become Collateral Rigs; provided, further, that any Offshore Rig shall be designated a Collateral Rig pursuant to Section
5.10(c)(i) above and immediately after giving effect to such designation, the aggregate Appraised Fair Market Value of all of
the Offshore Collateral Rigs may not exceed 20% of the aggregate Appraised Fair Market Value of the Collateral.

 

(vi)            
Holdings shall cause, at the expense of Holdings, for a determination of Appraised Fair Market Value for purposes of the
Collateral Rig Value to be conducted and the results thereof (an “Appraisal Report”) to be delivered to the
Administrative Agent (i) initially, by a date that is no later than 2 weeks following the Closing Date and (ii) thereafter, by each date
that is no later than six months following the latest date that the last delivered Appraisal Report was required to be delivered (with
such determinations to be conducted on the basis of one field examination and one “desktop” appraisal during each 12-month
period following the Closing Date).

 

(vii)         
Upon the acquisition of any Marketed Rig physically located in the United States or any state thereof (other than Hawaii
or Alaska), the Borrower shall, or shall cause the applicable Loan Party, to (i) update Schedule II to the Security Agreement to include
such Marketed Rig and (ii) to enter into such other security documents and/or amendments thereto as may be reasonably requested by the
Collateral Agent.

 

Section
5.11       Operation
of Collateral Rigs.

 

(a)              
Holdings and its Subsidiaries will cause each Collateral Rig Owner or Collateral Rig Operator to (i) make or cause to be
made all repairs to or replacement of any damaged, worn or lost parts or equipment such that the value of such Collateral Rig will not
be materially impaired and (ii) except as otherwise contemplated by this Agreement or the applicable Security Documents, not remove any
material part of, or material item of, material equipment owned by the Loan Parties installed on such Collateral Rig except in the ordinary
course of the operation and maintenance of such Collateral Rig or unless (x) the part or item so removed is forthwith replaced by a suitable
part or item which is in similar condition as or better condition than the part or item removed, is free from any Lien (other than Permitted
Collateral Liens) in favor of any person other than the Administrative Agent and/or the Collateral Agent and becomes, upon installation
on such Collateral Rig, the property of the Loan Parties and subject to the security constituted by the applicable Security Documents
or (y) the removal will not materially diminish the value of such Collateral Rig.

 

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(b)              
 Holdings and its Subsidiaries will cause each Collateral Rig Owner or Collateral Rig Operator in accordance herewith to
promptly pay and discharge all tolls, dues, taxes, assessments, governmental charges, fines, penalties, debts, damages and liabilities
whatsoever in respect of a Collateral Rig which have given or may give rise to maritime or possessory Liens (other than Permitted Collateral
Liens) on, or claims enforceable against, such Collateral Rig other than any of the foregoing being contested in good faith and diligently
by appropriate proceedings, and, in the event of arrest of any Collateral Rig pursuant to legal process, or in the event of its detention
in exercise or purported exercise of any such Lien or claim as aforesaid, procure, if reasonably possible, the release of such Collateral
Rig from such arrest or detention forthwith upon receiving notice thereof by providing bail or otherwise as the circumstances may require.

 

(c)              
To the extent applicable, Holdings and its Subsidiaries will cause each Collateral Rig Owner or Collateral Rig Operator
to ensure that Collateral Rigs are subject to a safety management system which complies with applicable regulatory systems, and such system
may be established or implemented for any Collateral Rig pursuant to an agreement that provides the applicable Collateral Rig Owner or
the operator of applicable Collateral Rig the use of the applicable safety management systems of Holdings or its Subsidiaries.

 

Article
VI

NEGATIVE COVENANTS OF BORROWER, HOLDINGS AND OTHER GUARANTORS

 

Borrower and Holdings warrant,
covenant and agree with each Lender that so long as this Agreement shall remain in effect and until the Commitments have been terminated
and the Obligations (other than contingent indemnification obligations) shall have been paid in full, unless the Required Lenders shall
otherwise consent in writing:

 

Section
6.01       Nature
of Business.

 

Holdings will not materially
alter the character of its and its Subsidiaries’ (taken as whole) line of business from that conducted as of the Closing Date.

 

Section
6.02       Fundamental
Changes.

 

Borrower will not reincorporate
in any jurisdiction other than under the laws of the United States of America, any State thereof or the District of Columbia or consolidate
or amalgamate with or merge into any other person or convey, transfer or lease its properties and assets substantially as an entirety
to any person unless the Borrower is the surviving Person and:

 

(i)                
the person formed by such consolidation or amalgamation or into which Borrower is merged or the person which acquires by
conveyance or transfer, or which leases, the properties and assets of Borrower substantially as an entirety shall be with respect to Borrower,
a person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and shall
expressly assume, by an appropriate supplement hereto, executed and delivered to the Administrative Agent, in form reasonably satisfactory
to the Administrative Agent, the Obligations on the part of Borrower to be performed;

 

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

 

(iii)    
Borrower has delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating
that such consolidation, amalgamation, merger, conveyance, transfer or lease and any such appropriate supplement comply with this Section
6.02 and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

Holdings shall not consolidate
or amalgamate with or merge into any other person or convey, transfer or lease its properties and assets substantially as an entirety
to any person unless:

 

(A)     
the person formed by such consolidation or amalgamation or into which Holdings is merged or the person which acquires by
conveyance or transfer, or which leases, the properties and assets of Holdings substantially as an entirety shall expressly assume, by
an appropriate supplement hereto, executed and delivered to the Administrative Agent, in form reasonably satisfactory to the Administrative
Agent, the due and punctual payment of all Obligations and the performance of every covenant of this Agreement on the part of Holdings
(in its capacity as guarantor of the Obligations) to be performed;

 

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

 

(C)      Holdings
has delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such consolidation,
amalgamation, merger, conveyance, transfer or lease and such supplement comply with this Section 6.02 and that all conditions
precedent herein provided for relating to such transaction have been complied with.

 

Provided, that upon
any consolidation or amalgamation of Holdings or Borrower with, or merger of Holdings or Borrower into, any other person, or any conveyance,
transfer or lease of the properties and assets of Holding or Borrower substantially as an entirety in accordance with this Section
6.02, the successor person formed by such consolidation or amalgamation or into which Holdings or Borrower is merged or to which
such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of Holdings
or Borrower under this Agreement with the same effect as if such successor person had been named as the respective Loan Party herein,
and thereafter, except in the case of a lease to another person, the predecessor person shall be relieved of all Obligations and covenants
under this Agreement.

 

Notwithstanding anything to
the contrary set forth in this Agreement, no Loan Party that owns any Collateral may consolidate or amalgamate with or merge into any
other person or convey, transfer or lease its properties and assets substantially as an entirety to any person unless, immediately after
giving effect to such transaction, (x) the Collateral Rig Value is not less than the Collateral Coverage Threshold on a pro forma basis
and (y) no Default or Event of Default shall have occurred and be continuing.

 

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Section
6.03       Affiliate
Transactions.

 

Other than transactions between
or among any Loan Party and any other Loan Party or Wholly Owned Subsidiary of a Loan Party, Borrower will not, nor will it permit its
Subsidiaries to, enter into any material transaction or series of related transactions which in the aggregate would be material, whether
or not in the ordinary course of business, with any Affiliate other than on terms and conditions substantially as favorable to Borrower
and its Subsidiaries as would be obtainable in a comparable arm’s-length transaction with a person other than an Affiliate; provided
that the foregoing restriction shall not apply to (a) transactions pursuant to any contract or agreement outstanding as of (x) with respect
to Borrower, the Closing Date or (y) with respect to any Subsidiary of Borrower, the Closing Date, or if later, the date such Subsidiary
first became a Subsidiary of Borrower, and (b) transactions otherwise specifically permitted herein.

 

Section
6.04       Liens.

 

Holdings will not, nor will
it permit any Subsidiary (other than SANAD) to, issue, assume, guarantee or suffer to exist any Indebtedness if such Indebtedness is secured
by a Lien upon any properties of Holdings or any Subsidiary or upon any securities or Indebtedness of any Subsidiary (whether such properties,
securities or Indebtedness is now owned or hereafter acquired) without in any such case effectively providing that the Obligations shall
be secured equally and ratably with (or prior to) such Indebtedness, except that the foregoing restrictions shall not apply to:

 

(a)      Liens
on any property acquired, constructed or improved by Holdings or any Subsidiary (or Liens on the securities of a special purpose Subsidiary
which holds no material assets other than the property being acquired, constructed or improved) after the date of this Agreement which
are created within 360 days after such acquisition (or in the case of property constructed or improved, after the completion and commencement
of commercial operation of such property, whichever is later) to secure or provide for the payment of the purchase price or cost thereof;
provided that in the case of such construction or improvement the Liens shall not apply to any property owned by Holdings or any
Subsidiary before such construction or improvement other than (i) unimproved real property on which the property so constructed, or the
improvement, is located or (ii) personal property which is so improved;

 

(b)      Liens existing on the Closing Date, existing Liens on property acquired (including Liens on any property acquired from a
person which is consolidated with or merged with or into Holdings or a Subsidiary) or Liens outstanding at the time any corporation, partnership
or other entity becomes a Subsidiary; provided that such Liens shall only apply to property owned by such corporation, partnership
or other entity at the time it becomes a Subsidiary or that is acquired thereafter other than from Holdings or another Subsidiary;

 

(c)      
Liens in favor of Holdings or any Subsidiary;

 

(d)      Liens in favor of domestic or foreign governmental bodies to secure advances or other payments pursuant to any contract
or statute or to secure indebtedness incurred to finance the purchase price or cost of constructing or improving the property subject
to such Liens, including Liens to secure debt of the pollution control or industrial revenue bond type;

 

(e)      Liens
consisting of (i) pledges or deposits by Holdings or any Subsidiary under workers’ compensation laws, unemployment insurance
laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of debt)
or leases to which Holdings or any Subsidiary is a party, or (ii) deposits to secure public or statutory obligations of Holdings or
any Subsidiary or (iii) deposits of cash or United States government bonds to secure surety or appeal bonds to which it is a party,
or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case incurred in the
ordinary course of business;

 

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(f)       Liens imposed by law, including carriers’, warehousemen’s, repairman’s, landlords’ and mechanics’
liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate
provisions, if any, as shall be required by GAAP shall have been made in respect thereof;

 

(g)      Liens
for taxes, assessments or other governmental charges that are not yet delinquent or which are being contested in good faith by appropriate
proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof;

 

(h)      Liens in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant
to the request of and for the account of Holdings or any Subsidiary in the ordinary course of its business;

 

(i)       Liens consisting of encumbrances, easements or reservations of, or rights of others for, licenses, rights of way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or Liens consisting of zoning or other restrictions as to the
use of real properties or Liens incidental to the conduct of the business of Holdings or a Subsidiary or to the ownership of its properties
which do not materially adversely affect the value of said properties or materially impair their use in the operation of the business
of Holdings or a Subsidiary;

 

(j)       Liens arising by virtue of any statutory or common law provisions relating to bankers’ liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained with a depository institution; provided that;

 

(i)       such
deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by Holdings or any Subsidiary
in excess of those set forth by regulations promulgated by the Federal Reserve Board; and

 

(ii)      such deposit account is not intended by Holdings or any Subsidiary to provide collateral to the depository institution;

 

(k)       Liens
arising from Uniform Commercial Code financing statement filings regarding leases Holdings and its Subsidiaries enter into in the ordinary
course of business;

 

(l)        any Lien over goods (or any documents relating thereto) arising either in favor of a bank issuing a form of documentary
credit in connection with the purchase of such goods or by way of retention of title by the supplier of such goods where such goods are
supplied on credit, subject to such retention of title, and in both cases where such goods are acquired in the ordinary course of business;

 

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(m)      any Lien pursuant to any order of attachment, execution, enforcement, distraint or similar legal process arising in connection
with court proceedings; provided that (i) such process is effectively stayed, discharged or otherwise set aside within 30 days
and (ii) does not result in Event of Default pursuant to Section 8.01(f);

 

(n)       any
lease, sublease and sublicense granted to any third party constituting a mortgage and any mortgage pursuant to farm-in and farm-out agreements,
operating agreements, development agreements and any other similar arrangements, which are customary in the oil and gas industry or in
the ordinary course of business of Holdings or any Subsidiary;

 

(o)      Liens customarily granted on accounts receivable and related assets in connection with Permitted Accounts Receivable Sales
Facilities, to the extent Indebtedness in respect of such Permitted Accounts Receivable Sales Facilities is permitted pursuant to Section
6.06(k);

 

(p)      Liens securing Indebtedness permitted pursuant to Section 6.06(p);

 

(q)      Liens securing Indebtedness permitted pursuant to Section 6.06(q);

 

(r)       any
extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any mortgage referred
to in the foregoing clauses (a) through (o), inclusive; provided that the principal amount of debt
secured thereby shall not exceed the principal amount of debt so secured at the time of such extension, renewal or replacement, and that
such extension, renewal or replacement shall be limited to all or a part of the property which secured the mortgage so extended, renewed
or replaced (plus improvements in such property); or

 

(s)       Liens arising under (i) the Security Documents.

 

Notwithstanding anything in
the foregoing to the contrary, no Liens shall be permitted to exist on Collateral other than Permitted Collateral Liens.

 

Section
6.05       Burdensome
Agreements.

 

Neither Holdings nor any of
its Subsidiaries shall enter into any contractual obligation (other than this Agreement or any other Loan Document) that materially limits
the ability (a) of any Subsidiary of Holdings to make Restricted Payments to Holdings, or to otherwise transfer property to Holdings,
(b) of any Subsidiary of Holdings to guarantee the Indebtedness of Holdings, or (c) of Holdings or any Subsidiary of Holdings to create,
incur, assume or suffer to exist Liens on property of such person, in each case, other than:

 

(i)      encumbrances
or restrictions contained in, or existing by reason of, any agreement or instrument existing on the date hereof;

 

(ii)     encumbrances
or restrictions contained in, or existing by reason of, any agreement or instrument relating to property existing at the time of the
acquisition thereof, so long as such encumbrances or restrictions relate only to the property so acquired;

 

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(iii)    encumbrances
or restrictions contained in, or existing by reason of, any agreement or instrument relating to any debt of, or otherwise to, any Subsidiary
of Holdings at the time such Subsidiary was merged or consolidated with or into, or acquired by, Holdings or a Subsidiary of Holdings
or became a Subsidiary of Holdings and not created in contemplation thereof;

 

(iv)     encumbrances or restrictions contained in, or existing by reason of, any agreement or instrument effecting a renewal, extension,
refinancing, refund or replacement (or successive extensions, renewals, refinancings, refunds or replacements) of debt issued under an
agreement referred to in clauses (i) through (iii) above, so long as the encumbrances and restrictions contained
in any such renewal, extension, refinancing, refund or replacement agreement, taken as a whole, are not materially more restrictive than
the encumbrances and restrictions contained in the original agreement, as determined in good faith by Holdings;

 

(v)     temporary encumbrances or restrictions with respect to a Subsidiary of Holdings under an agreement that has been entered
into for the disposition of all or substantially all of the outstanding Capital Stock of or assets of such Subsidiary, provided
that such disposition is otherwise permitted hereunder;

 

(vi)    customary
restrictions on cash, other deposits or assets imposed by customers and other persons under contracts entered into in the ordinary course
of business;

 

(vii)   encumbrances
or restrictions contained in any agreement or instrument relating to Indebtedness that prohibit the transfer of all or substantially
all of the assets of the obligor under such agreement or instrument unless the transferee assumes the obligations of the obligor under
such agreement or instrument or such assets may be transferred subject to such prohibition;

 

(viii)    encumbrances or restrictions with respect to property under an agreement that has been entered into for the disposition
of such property, provided that such disposition is otherwise permitted hereunder;

 

(ix)     encumbrances or restrictions contained in, or existing by reason of, any agreement or instrument governing Indebtedness
of any Foreign Subsidiary of Holdings, which encumbrances or restrictions are not applicable to any person, or the properties or assets
of any person, other than any such Foreign Subsidiary of Holdings and the subsidiaries of such Foreign Subsidiary;

 

(x)     encumbrances
or restrictions with respect to property under a charter, lease or other agreement that has been entered into for the employment of such
property; and

 

(xi)     encumbrances
or restrictions contained in joint venture agreements, partnership agreements and other similar agreements with respect to a joint
ownership arrangement restricting the disposition or distribution of assets or property of such joint venture, partnership or other
joint ownership entity, or any of such person’s subsidiaries, if such encumbrances or restrictions are not applicable to the
property or assets of any other person.

 

In addition, Holdings will not, and will not permit any of
its Subsidiaries to, enter into or amend any indenture, credit agreement or other instrument that would prohibit or restrict Holdings
or any of its Subsidiaries from granting or permitting to exist Liens securing the Obligations.

 

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Section
6.06       Subsidiary
Indebtedness.

 

Holdings will not permit any
of its Subsidiaries (other than SANAD, Borrower or Nabors Finance) to contract, create, incur, assume, or permit to exist, any Indebtedness,
other than:

 

(a)      Indebtedness of any Guarantor in respect of the Obligations hereunder;

 

(b)      Indebtedness in respect of current accounts payable and accrued expenses incurred in the ordinary course of business;

 

(c)       Indebtedness (including in respect of intercompany leases, and including intercompany Sale and Lease-back Transactions)
owing by a Subsidiary of Holdings to Holdings or a Subsidiary of Holdings; provided that from and after the date that is 60 days
after the Closing Date (or such later date as the Administrative Agent may agree to in its sole discretion), any such Indebtedness pursuant
to this clause (c) owing by any Guarantor to Holdings or any such Subsidiary shall be subordinated to the Indebtedness of
the Loan Parties hereunder on terms satisfactory to the Administrative Agent pursuant to a standalone subordination or intercreditor agreement
or such other arrangements reasonably satisfactory to the Administrative Agent; provided further notwithstanding the foregoing,
the Guarantors may owe such Indebtedness to Holdings any such Subsidiary up to an aggregate amount $50,000,000 that is not subject to
such subordination terms and that any such standalone subordination or intercreditor agreement or such other arrangement shall permit
payments in respect of such intercompany indebtedness as long as no Event of Default shall have occurred and be continuing;

 

(d)      purchase money Indebtedness to finance the acquisition, construction, or improvement, or capital lease of assets (including
equipment) or property; provided that (i) such Indebtedness when incurred shall not exceed the purchase price of the asset(s) financed
and all fees, costs and expenses relating thereto, including attorney and legal, accounting, expert, and professional advisor fees and
expenses; and (ii) no such Indebtedness shall be refinanced for a principal amount in excess of the principal balance outstanding thereon
at the time of such refinancing plus all fees, costs and expenses relating thereto, including attorney and legal, accounting, expert,
and professional advisor fees and expenses;

 

(e)      Indebtedness
incurred after the Closing Date in connection with the acquisition of a person or property (including by consolidation or merger) as
long as such Indebtedness existed prior to such acquisition and was not created in anticipation thereof; provided that in no event
may any Specified RCF Guarantor incur or permit to exist any Indebtedness under this Section 6.06(e);

 

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(f)       Indebtedness
existing on the Closing Date; provided that the aggregate amount of any such Indebtedness or commitments thereunder shall not
increase from the amount thereof on the Closing Date (after giving effect to any amendments thereof as of the Closing Date); provided,
in no event shall any Indebtedness under this Section 6.06(f) be comprised of the issuance by, or guarantee of, any letter
of credit facilities, bonds, debentures, notes or similar instruments;

 

(g)      Indebtedness
under performance guaranties and performance bonds issued in the ordinary course of business and serving as a financial or performance
guaranty (other than as a guaranty of Indebtedness for borrowed money);

 

(h)      Indebtedness under documentary credits issued in connection with the purchase of goods in the ordinary course of business;

 

(i)       Indebtedness
(x) under unsecured overdraft lines of credit or for working capital purposes in foreign countries with financial institutions and (y)
arising from the honoring by a bank or other person of a check, draft or similar instrument inadvertently drawing against insufficient
funds;

 

(j)        Indebtedness
in an aggregate amount not to exceed $90,000,000 at any time outstanding; provided that for purposes of the foregoing calculation,
all attributable Indebtedness in respect of Sale and Lease-Back Transactions of Holdings and its Subsidiaries permitted under Section
6.08 (other than Section 6.08(d)) outstanding and unpaid shall be included, without duplication, in “Indebtedness”;
provided further that (i) in no event may any Specified RCF Guarantor incur or permit to exist any Indebtedness under this Section
6.06(j) and (ii) in no event shall any Indebtedness under this Section 6.06(j) be comprised of the issuance by,
or guarantee of, any letter of credit facilities, bonds, debentures, notes or similar instruments;

 

(k)       Indebtedness in respect of Permitted Accounts Receivable Sales Facilities; provided that the aggregate amount of
Indebtedness permitted pursuant to Section 6.06(k) shall not exceed $300,000,000 as of any time outstanding;

 

(l)       extensions,
refinancings, renewals or replacements (or successive extensions, refinancings, renewals, or replacements), in whole or in part, of the
Indebtedness permitted above which, in the case of any such extension, refinancing, renewal or replacement, does not increase the amount
of the Indebtedness being extended, refinanced, renewed or replaced, other than amounts incurred to pay the costs of such extension,
refinancing, renewal or replacement;

 

(m)     unsecured Indebtedness incurred by an Eligible Notes Guarantor consisting of guarantees of bonds, debentures, notes or similar
instruments evidencing Indebtedness for borrowed money issued by Holdings or any Subsidiary thereof other than a Specified RCF Guarantor;
provided that such Indebtedness shall have no recourse to any Specified RCF Guarantor;

 

(n)      unsecured
indebtedness incurred by one or more of Nabors Drilling, Nabors International, Nabors Lux and Canrig Drilling Technology Canada Ltd.
or their successors and assigns consisting of guarantees of bonds, debentures, notes or similar instruments evidencing Indebtedness
for borrowed money issued by Holdings or any Subsidiary thereof (such indebtedness, “Pari Passu Guaranteed
Notes”) in an aggregate principal amount not to exceed at any time outstanding $1,700,000,000; minus the amount
of Revolving Commitments provided hereunder; provided that no such guarantees shall be permitted hereunder unless they are at
all times subordinated in right to payment to the Obligations pursuant to the Subordination Agreement;

 

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(o)      Permitted Guaranteed Bilateral Letter of Credit Facilities;

 

(p)      Indebtedness incurred (i) in the form of letters of credit in an aggregate amount not to exceed at any time outstanding
the Other Letters of Credit Cap and (ii) in the form of Indebtedness (other than letters of credit) in an aggregate principal amount not
to exceed the Other Debt Cap; provided that, in the case of both clauses (i) and (ii), (1) if such Indebtedness is secured by a
Lien on the Collateral that is pari passu with the Lien securing the Obligations, (x) such Indebtedness shall be in the form of
an incremental facility to this Agreement, (y) the providers of such Indebtedness shall be commercial banks that are Eligible Assignees
and (z) if such Indebtedness increases the Letters of Credit Maximum Amount, the providers of such Indebtedness shall also provide additional
Revolving Commitments in an amount proportional such to increase, (2) if such Indebtedness is secured by a Lien on the Collateral that
is junior to the Lien securing the Obligations, such Indebtedness shall be in the form of a term loan facility and shall also be subject
to the execution of a junior lien intercreditor agreement in the form of Exhibit J hereto and (3) if such Indebtedness is secured
by a Lien on assets other than the Collateral, such Indebtedness shall be in the form of a term loan facility and/or a letter of credit
facility; and

 

(q)      Indebtedness which may not be secured by a Lien on property that is Collateral consisting of term loan facilities in an
aggregate principal amount not to exceed at the time of determination the Permitted Term Debt Cap; provided that the Consolidated
Net Total Assets at such time must exceed the Closing Date CNTA.

 

Section
6.07       Restricted
Payments and Repurchases of Debt.

 

So long as the first Trigger
Date following the Closing Date has not occurred, Holdings will not, nor will it permit any Subsidiary (other than SANAD) to, make any
Restricted Payment, or repurchase or redeem (in whole or in part) any Indebtedness that matures after the Maturity Date, other than:

 

(a)      Restricted Payments paid by a Person in the form of common equity Capital Stock in such Person;

 

(b)      dividends in respect of ordinary common equity and preferred equity in an aggregate amount not to exceed $100,000,000 per
fiscal year; provided that no Default or Event of Default shall have occurred and be continuing at the time of such dividend distribution
and on or prior to the date of such dividend distribution, Borrower delivers to the Administrative Agent a certificate of a Financial
Officer certifying as to compliance with the financial covenants described in Section 5.02 on a pro forma basis after giving
effect to such dividends;

 

(c)      repayments
and repurchases of Indebtedness that matures after the Maturity Date; provided that if the Consolidated Cash Balance, after
giving effect to such repayment or repurchase at such time, is less than $535,000,000, such repayments and repurchases shall only be
in an aggregate principal amount not to exceed $50,000,000 unless such repayments or repurchases of Indebtedness in excess of
$50,000,000 is funded entirely by an issuance of Capital Stock (other than Redeemable Preferred Stock) or unsecured Indebtedness
that has a maturity date that is not earlier than 150 days after the Maturity Date;

 

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(d)      [reserved];

 

(e)      repurchases
or redemptions of Indebtedness provided that such repurchases or redemptions shall be funded entirely by a concurrent issuance
of Capital Stock (other than Redeemable Preferred Stock) or Indebtedness that has a maturity date that is not earlier than 150 days after
the Maturity Date and which Indebtedness is permitted pursuant to Section 6.06(l); and

 

(f)       Subsidiaries
may declare and pay distributions and dividends with respect to their Capital Stock or other Subsidiaries or to Holdings.

 

Section
6.08       Sale
and Lease-Back Transactions.

 

Holdings will not, nor will
it permit any Subsidiary to, enter into any Sale and Lease-Back Transaction, other than, subject to Section 6.11, any Sale
and Lease-Back Transaction:

 

(a)      entered
into within 360 days of the later of the acquisition or placing into service of the property subject thereto by Holdings or such Subsidiary;

 

(b)      involving a lease of less than five years;

 

(c)      entered into in connection with an industrial revenue bond or pollution control financing;

 

(d)      between Holdings and/or one or more of its Subsidiaries in compliance with Section 6.10;

 

(e)      as
to which Borrower or such Subsidiary would be entitled to incur debt secured by a mortgage on the property to be leased in an amount
equal to the attributable debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing the Obligations
under clauses (a) through (n) of Section 6.04 or under Section 6.04(q); or

 

(f)       as to which Borrower will apply an amount equal to the net proceeds from the sale of the property so leased to (i) the retirement
(other than any mandatory retirement), within 360 days of the effective date of any such Sale and Lease-Back Transaction, of securities
or of funded debt of Borrower or a Subsidiary or (ii) the purchase or construction of other property, provided that such property
is owned by Borrower or a Subsidiary free and clear of all mortgages.

 

Notwithstanding the foregoing,
in the case of any Sale and Lease-Back Transaction involving any asset that is a Collateral Rig, such Sale and Lease-Back Transaction
shall only be permitted if, after giving effect thereto, the Collateral Rig Value is not less than the Collateral Coverage Threshold on
a pro forma basis.

 

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Section
6.09       Compliance
with Anti-Terrorism Laws.

 

The Borrowers will not, directly
or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other Person, (i) to fund any activities or business of or with any Sanctioned Person, or in any Sanctioned Country, or (ii)
in any other manner that would result in a violation of Anti-Terrorism Laws, Anti-Corruption Laws or Sanctions by any person (including
any person participating in the Loans, whether as underwriter, advisor, investor, or otherwise).

 

Section
6.10       Transfers
of Assets.

 

Holdings will not permit any
Subsidiary in the Priority Guarantor Group to, convey, sell, lease, sell and leaseback, assign, transfer or otherwise dispose of any Covered
Assets, whether now owned or hereafter acquired, with a Rig Value, based on the net book value (determined in accordance with GAAP), in
excess of $80,000,000 in the aggregate for all such transactions in any given fiscal year, to any Subsidiary that is not in the Priority
Guarantor Group, unless such Subsidiary, prior to or concurrent with such transaction, (i) delivers Guarantor Joinder Documents to the
Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent and (ii) the Collateral Rig Value is not
less than the Collateral Coverage Threshold on a pro forma basis after giving effect to such disposition; provided that no Subsidiary
that is a Transitory Subsidiary Owner shall be required to deliver Guarantor Joinder Documents for so long as such Subsidiary is a Transitory
Subsidiary Owner; provided, further, that no such disposition shall be to the Borrower. Holdings will not permit any Subsidiary
in the Priority Guarantor Group to, convey, sell, lease, sell and leaseback, assign, transfer or otherwise dispose of any Collateral Rigs,
whether now owned or hereafter acquired, to any other Subsidiary that is in the Priority Guarantor Group unless such Subsidiary is either
a Guarantor or prior to or concurrent with such transaction, delivers Guarantor Joinder Documents to the Administrative Agent in form
and substance reasonably satisfactory to the Administrative Agent.

 

Section
6.11       Dispositions

 

Holdings will not, nor will
it permit any Subsidiary to, directly or indirectly make any Dispositions of Collateral to any entity that is not a Subsidiary of Holdings
in excess of a net book value of $60,000,000 per fiscal year. 

 

 

 

Article
VII

 

GUARANTEE

 

Section
7.01       The
Guarantee.

 

(a)      Each
Guarantor hereby guarantees, as a primary obligor and not merely as a surety to each Beneficiary and its successors and permitted
assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by
acceleration or otherwise) of the principal of and interest on (including any interest, fees, costs or charges that would accrue but
for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the
United States Code) the Loans made by the Lenders to, and the Notes held by each Lender of, Borrower, and all other Obligations from
time to time owing to the Beneficiaries by any Loan Party under any Loan Document, Guaranteed Cash Management Agreement or
Guaranteed Hedge Agreement, in each case strictly in accordance with the terms thereof (such obligations being herein collectively
called the “Guaranteed Obligations”). Each Guarantor hereby agrees that if Borrower shall fail to pay in
full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, Guarantor will promptly
pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal
of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration
or otherwise) in accordance with the terms of such extension or renewal.

 

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(b)      [Reserved]

 

(c)      The
Borrower hereby guarantees, as a primary obligor and not merely as a surety to each Beneficiary and its successors and permitted assigns,
the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise)
of the principal of and interest on (including any interest, fees, costs or charges that would accrue but for the provisions of the Title
11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code) the Obligations from
time to time owing to the Guaranteed Hedge Banks by any other Loan Party under any Guaranteed Hedge Agreement (the “Guaranteed
Hedge Obligations”). The Borrower hereby agrees that if any other Loan Party shall fail to pay in full when due (whether
at stated maturity, by acceleration or otherwise) any of the Guaranteed Hedge Obligations, the Borrower will promptly pay the same in
cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed
Hedge Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance
with the terms of such extension or renewal. The Borrower intends that this Section 7.01(c) constitute, and this Section
7.01(c) shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan
Party for all purposes of Section 1a(18)(A)(v)(ii) of the Commodity Exchange Act.

 

Section
7.02       Obligations
Unconditional.

 

The obligations of each Guarantor
under Section 7.01 shall constitute a guaranty of payment (and not of collection) and to the fullest extent permitted by
applicable Requirements of Law, are absolute, irrevocable and unconditional, irrespective of the value, genuineness, validity, regularity
or enforceability of the Guaranteed Obligations of any Borrower under this Agreement, the Notes, if any, Guaranteed Hedge Agreements,
if any, Guaranteed Cash Management Agreements, if any, or any other agreement or instrument referred to herein or therein, or any substitution,
release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance
whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or a guarantor (except for payment in
full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not
alter, impair, release, limit or otherwise affect the liability of any Guarantor hereunder which shall remain absolute, irrevocable and
unconditional under any and all circumstances as described above:

 

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(a)      at
any time or from time to time, without notice to any Guarantor, the time for any performance of or compliance with any of the Guaranteed
Obligations shall be extended, or such performance or compliance shall be waived;

 

(b)      any
of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred
to herein or therein shall be done or omitted;

 

(c)      the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended
in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended
or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged
in whole or in part or otherwise dealt with;

 

(d)      any impossibility, impracticability, frustration of purpose, illegality, force majeure or act of government;

 

(e)      the
bankruptcy, winding-up, liquidation, dissolution, moratorium, readjustment of debt or insolvency of any Loan Party or any other person,
including any discharge or bar against collection of any of the Obligations, or the amalgamation of or any change in the existence, structure,
name, status, function, control, constitution or ownership of any Loan Party, Lender or any other person;

 

(f)       any lack or limitation of power, incapacity or disability on the part of any Loan Party or of the directors, partners or
agents thereof or any other irregularity, defect or informality on the part of any Loan Party in its obligations to the applicable Lenders;

 

(g)      any law regulation or any other event affecting any term of a Guaranteed Obligation;

 

(h)      any
limitation, postponement, prohibition, subordination or other restriction on the right of any Lender to payment of the Obligations; or

 

(i)       any interest of any Lender, Guaranteed Cash Management Bank or Hedge Bank in any property whether as owner thereof or as
holder of a security interest therein or thereon, being invalidated, voided, declared fraudulent or preferential or otherwise set aside,
or by reason of any impairment of any right or recourse to collateral.

 

The foregoing provisions apply
and the foregoing waivers, to the extent permitted under applicable law, shall be effective even if the effect of any action or failure
to take action by the Beneficiaries is to destroy or diminish any Guarantor’s subrogation rights, any Guarantor’s right to
proceed against a Borrower for reimbursement, any Guarantor’s right to recover contribution from any other guarantor or any other
right or remedy of any such Guarantor.

 

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Each Guarantor hereby
expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that any
Beneficiary exhaust any right, power or remedy or proceed against any Borrower under this Agreement or the Notes, if any, the
Guaranteed Hedge Agreements, if any, the Guaranteed Cash Management Agreements, if any, or any other agreement or instrument
referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed
Obligations. Each Guarantor waives any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of
the Guaranteed Obligations and notice of or proof of reliance by any Beneficiary upon this Guarantee or acceptance of this
Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or
incurred in reliance upon this Guarantee, and all dealings between any Borrower and the Beneficiaries shall likewise be conclusively
presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing,
absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed
Obligations at any time or from time to time held by Beneficiaries, and the obligations and liabilities of each Guarantor hereunder
shall not be conditioned or contingent upon the pursuit by the Beneficiaries or any other person at any time of any right or remedy
against any Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed
Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall
remain in full force and effect and be binding in accordance with and to the extent of its terms upon each Guarantor and the
successors and assigns thereof, and shall inure to the benefit of (x) with respect to the Guaranteed Obligations, the Lender
Parties, and their respective successors and permitted assigns, and (y) with respect to the Guaranteed Hedge Obligations, the Hedge
Banks that are counterparties to Guaranteed Hedge Agreements, in each case, notwithstanding that from time to time during the term
of this Agreement there may be no Guaranteed Obligations, or Guaranteed Hedge Obligations, respectively, outstanding.

 

Section
7.03       Reinstatement.

 

The obligations of each Guarantor
under this Section 7.03 shall be automatically reinstated with respect to the Obligations, if and to the extent that for
any reason any payment by or on behalf of any Loan Party in respect of the Guaranteed Obligations or Guaranteed Hedge Obligations is rescinded
or must be otherwise restored by any holder of any of such Guaranteed Obligations or Guaranteed Hedge Obligations, as applicable.

 

Section
7.04       Subrogation.

 

(a)      Each Guarantor hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations
and the expiration and termination of the Commitments of the Lenders under this Agreement it shall waive any claim and shall not exercise
any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 7.01, whether
by subrogation or otherwise, against Borrower or any other obligor of any of the Guaranteed Obligations or any security for any of the
Guaranteed Obligations.

 

(b)      [Reserved]

 

(c)      The
Borrower hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations and the
expiration and termination of the Commitments of the Lenders under this Agreement it shall waive any claim and shall not exercise
any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 7.01,
whether by subrogation or otherwise, against any Loan Party or any other obligor of any of the Guaranteed Hedge Obligations or any
security for any of the Guaranteed Hedge Obligations.

 

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Section
7.05       Remedies.

 

Each Guarantor agrees that,
as between such Guarantor and the Lenders, the obligations of each Borrower under this Agreement and the Notes, if any, may be declared
to be forthwith due and payable as provided in Section 8.03 (and shall be deemed to have become automatically due and payable
in the circumstances provided in Section 8.03) for purposes of Section 7.01, notwithstanding any stay, injunction
or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against such Borrower
and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations
(whether or not due and payable by such Borrower) shall forthwith become due and payable by each Guarantor for purposes of Section
7.01.

 

Section
7.06       Instrument
for the Payment of Money.

 

Each Guarantor hereby acknowledges
that the guarantee in of such Guarantor in Section 7.01 constitutes an instrument for the payment of money, and consents
and agrees that any Lender or any Administrative Agent, at its sole option, in the event of a dispute by any Guarantor in the payment
of any moneys due hereunder, shall have the right to bring a motion- action under New York CPLR Section 3213.

 

Section
7.07       Continuing
Guarantee.

 

Each guarantee in Section
7.01 is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

 

Section
7.08       General
Limitation on Guarantee Obligations.

 

In any action or proceeding
involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor or the Borrower
under Section 7.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated
to the claims of any other creditors, on account of the amount of its liability under Section 7.01, then, notwithstanding
any other provision to the contrary, the amount of such liability shall, without any further action by any Loan Party or any other person,
be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors
as determined in such action or proceeding.

 

Section
7.09       Release
of Guarantor.

 

(a)      Upon receipt of a written request from Borrower, the Administrative Agent will execute and deliver, at Borrower’s
expense, all documents as may reasonably be requested to effect a release of a Guarantor (other than Holdings) that ceases to exist in
accordance with Section 5.03(a).

 

(b)      [Reserved]

 

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Article
VIII

 

EVENTS OF DEFAULT

 

Section
8.01       Events
of Default.

 

An Event of Default with respect
to the Obligations shall exist upon the occurrence of any of the following specified events (each a “Event of Default”):

 

(a)      Payment. Borrower shall: (i) default in the payment when due of any principal of any of the Loans or (ii) default,
and such default shall continue for three or more Business Days, in the payment when due of any interest on the Loans or of any fees that
constitute Obligations owing hereunder, or (iii) default, and such default shall continue for five (5) or more Business Days, in the payment
of any other amounts owing hereunder, under any of the other Loan Documents to which it is a party or in connection herewith or therewith,
in each case that constitute Obligations.

 

(b)      Representations. Any representation, warranty or statement made or deemed to be made by any Loan Party herein, in
any of the other Loan Documents to which it is a party, or in any statement or certificate delivered or required to be delivered by them
pursuant hereto or thereto shall prove untrue in any material respect on the date as of which it was deemed to have been made.

 

(c)      Covenants. Any Loan Party shall:

 

(i)      default
in the due performance or observance of any term, covenant or agreement contained in Sections 5.01(e), 5.02
or Article VI, inclusive; or

 

(ii)     default
in the due performance or observance by it of any term, covenant or agreement (other than those referred to in subsections (a),
(b), or (c)(i) of this Section 8.01) contained in this Agreement or any other Loan Document
to which it is party and such default shall continue unremedied for a period of at least thirty (30) days after such notice is given
by the Administrative Agent to Borrower.

 

(d)      Bankruptcy,
etc. The occurrence of any of the following with respect to any Loan Party or any Material Subsidiary: (i) a court or
Governmental Authority having jurisdiction in the premises shall enter a decree or order for relief in respect of such Loan Party or
Material Subsidiary in an involuntary case under any applicable Debtor Relief Law now or hereafter in effect, or appoint a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of such Loan Party or Material Subsidiary or for any
material part of its property or ordering the winding up or liquidation of its affairs; or (ii) an involuntary case under any
applicable Debtor Relief Law now or hereafter in effect is commenced against such Loan Party or Material Subsidiary and such
petition remains unstayed and in effect for a period of sixty (60) consecutive days (or 120 consecutive days if a foreign
proceeding); or (iii) such Loan Party or Material Subsidiary shall commence a voluntary case under any applicable Debtor Relief Law
now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to
the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of
such Loan Party or Material Subsidiary or any material part of its property or make any general assignment for the benefit of
creditors; or (iv) such Loan Party or Material Subsidiary shall admit in writing its inability to pay its debts generally as they
become due or any action shall be taken by any such Loan Party in furtherance of any of the aforesaid purposes.

 

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(e)      Defaults
under Other Agreements. With respect to any Indebtedness of any Loan Party or any of their Subsidiaries (other than Indebtedness
outstanding under the Loans or any Swap Contract with a Swap Termination Value under US$100,000,000) having an outstanding principal
amount in excess of US$100,000,000 in the aggregate (i) such Loan Party or any such Subsidiary shall (A) default in making any payment
when due (after giving effect to any applicable grace period with respect thereto) with respect to such Indebtedness or obligations in
respect of Swap Contracts, as applicable, or (B) default (after giving effect to any applicable grace period with respect thereto) in
the observance or performance of any other covenant or agreement relating to such Indebtedness or obligations in respect of Swap Contracts,
as applicable, or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or
condition exist, in each case the effect of which default or other event or condition is to cause or permit the holder or the holders
of such Indebtedness or such obligations in respect of Swap Contracts, as applicable, (or any trustee or agent on behalf of such holders)
to cause (determined without regard to whether any notice or lapse of time is required) such Indebtedness or obligations in respect of
Swap Contracts to become due prior to its stated maturity; or (ii) such Indebtedness or obligations in respect of Swap Contracts shall
be declared due and payable, or required to be prepaid, redeemed or repurchased other than by a regularly scheduled required prepayment
prior to the stated maturity thereof; or (iii) such Indebtedness or obligations in respect of Swap Contracts shall mature and remain
unpaid.

 

(f)       Judgments. One or more judgments, orders, or decrees shall be entered against any Loan Party or any Material Subsidiary
involving a liability of US$100,000,000 or more, in the aggregate, (to the extent not paid or covered by insurance provided by a carrier
who has not disputed coverage) and such judgments, orders or decrees shall be final and unappealable and shall not have been paid in accordance
with their terms when due, or vacated, satisfied, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry
thereof; provided that if such judgment, order or decree provides for periodic payments over time then such Loan Party or Material
Subsidiary shall have a grace period of thirty (30) days with respect to each such periodic payment but only so long as no Lien attaches
during such period.

 

(g)      ERISA.
The occurrence of any ERISA Event (as defined below) that, when taken together with all other ERISA Events that have occurred, would
have or would be reasonably expected to have a Material Adverse Effect: any failure to meet the minimum funding standards under
Section 303 of ERISA or Section 430 of the Code, whether or not waived, shall exist with respect to any Plan, or any lien shall
arise on the assets of Borrower or Holdings or any Subsidiary of either or any ERISA Affiliate in favor of the PBGC or a Plan; a
Termination Event shall occur with respect to a Single Employer Plan which is likely to result in the termination of such Plan in a
distress termination under Section 4041(c) of ERISA or by the PBGC under Section 4042 of ERISA; Borrower, Holdings, any Subsidiary
of either, or any ERISA Affiliate shall incur any liability in connection with a withdrawal from, reorganization of (within the
meaning of Section 4241 of ERISA), or insolvency (within the meaning of Section 4245 of ERISA) of a Multiemployer Plan or Multiple
Employer Plan; or any prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of
fiduciary responsibility shall occur with respect to any Plan which would be reasonably expected to subject Borrower, Holdings, any
Subsidiary of either or any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of
the Code, or under any agreement or other instrument pursuant to which Borrower, Holdings, any Subsidiary of either or any ERISA
Affiliate has agreed or is required to indemnify any person against any such liability (each of (i) through (iv),
an “ERISA Event”).

 

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(h)      Change
of Control. There shall occur a Change of Control.

 

(i)       Validity
of Loan Documents. Any Loan Document to which a Loan Party is a party or any material provisions thereof shall at any time and for
any reason (other than satisfaction in full of the Obligations) be declared by a court of competent jurisdiction to be null and void,
or a proceeding shall be commenced by any such Loan Party or any other person, or by any Governmental Authority, seeking to establish
the invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or any such Loan Party
shall repudiate or deny any portion of its liability or obligation for the Obligations.

 

(j)       Collateral. The Collateral Agent shall not have or shall cease to have, or any Loan Party shall assert in writing
that the Collateral Agent shall not have or shall cease to have, a valid and perfected Lien in any material portion of the Collateral
purported to be covered by the Security Documents with the priority required by the relevant Security Document, in each case for any reason
other than (or assertion in writing in respect of) (i) the failure of the Collateral Agent to take any action within its control, including
the failure of the Collateral Agent to maintain possession of any Collateral actually delivered to it or the failure to the Collateral
Agent to file UCC continuation statements or equivalent filings, (ii) a release of the Collateral in accordance with the terms of this
Agreement or the applicable Security Document or the termination of the applicable Security Document in accordance with the terms thereof
or (iii) such Lien or perfection thereof not being required pursuant to this Agreement or any other Loan Document.

 

Section
8.02       [Reserved]

 

Section
8.03       Acceleration;
Remedies.

 

(a)      Upon
the occurrence and during the continuation of Event of Default (other than an event described in Section 8.01(d))
then, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to Borrower, take either or both of
the following actions, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against any
Loan Party, at the same or different times: terminate forthwith the Commitments and declare the Loans then outstanding to be
forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with
accrued interest thereon and any unpaid accrued Fees and all other Obligations of Borrower accrued hereunder and under any other
Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of
which are hereby expressly waived by each Loan Party, anything contained herein or in any other Loan Document to the contrary
notwithstanding; and in any event, with respect to an event described in Section 8.01(d), the Commitments shall
automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid
accrued Fees and all other Obligations of Borrower accrued hereunder and under any other Loan Document, shall automatically become
due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by
each Loan Party, anything contained herein or in any other Loan Document to the contrary notwithstanding. Notwithstanding the fact
that enforcement powers reside primarily with the Administrative Agent and each Lender has, to the extent permitted by any
Requirement of Law, a separate right of payment and shall be considered a separate “creditor” holding a separate
 “claim” within the meaning of Section 101(5) of the Bankruptcy Code or any other Debtor Relief Law. In addition to the
rights and remedies described above, occurrence and during the continuation of Event of Default, the Administrative Agent (including
in its capacity as Collateral Agent under the Security Documents) and the Lenders will have all other rights and remedies available
under the other Loan Documents and at law and equity.

 

(b)      [Reserved]

 

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Section
8.04       Allocation
of Payments After Event of Default.

 

Notwithstanding any other
provisions of this Agreement, but subject to Section 2.21(d), after the occurrence of an Event of Default and the exercise
of remedies by the Administrative Agent, any Issuing Bank, the Lenders, pursuant to Section 8.03 (or after the applicable
Commitments shall automatically terminate and the applicable Loans (with accrued interest thereon) and all other amounts under the Loan
Documents shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received:

 

(a)      by
the Administrative Agent, any Issuing Bank or any Lender on account of amounts outstanding under any of the Loan Documents, in each case,
that constitute Obligations, shall be paid over or delivered to the Administrative Agent to be distributed as follows:

 

(i)      First, to the payment of all reasonable costs and expenses or fees, including compensation to the Administrative
Agent and its agents and counsel, and all expenses, liabilities and advances made or incurred by the Administrative Agent in connection
with the enforcement of rights hereunder and all amounts for which the Administrative Agent is entitled to indemnification pursuant to
the provisions of any Loan Document, together with interest on each such amount at the highest rate then in effect under this Agreement
from and after the date such amount is due, owing or unpaid until paid in full;

 

(ii)     Second, to the payment of all other reasonable costs and expenses, including compensation to the other Beneficiaries
and their agents and counsel and all costs, liabilities and advances made or incurred by such other Beneficiaries, pro rata, in
connection with the enforcement of rights hereunder, together with interest on each such amount at the highest rate then in effect under
this Agreement from and after the date such amount is due, owing or unpaid until paid in full;

 

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(iii)    Third, without duplication of amounts applied pursuant to the immediately preceding clauses (i) and
(ii) above, to the indefeasible payment in full in cash, pro rata, of accrued and unpaid interest on the Loans or
the Reimbursement Obligations to the date of the application of such amounts, until all such accrued and unpaid interest has been paid
in full;

 

(iv)    Fourth,
to the indefeasible payment in full in cash, pro rata, of principal amount of each of the Loans and any premium thereon, the amount
of the outstanding Reimbursement Obligations (reserving Cash Collateral for all undrawn face amounts of any outstanding Letters of Credit
(if Section 2.22(i) has not previously been complied with) and to pay obligations owing under Guaranteed Hedge Agreements
and Guaranteed Cash Management Agreements. In the event that any Letters of Credit, or any portions thereof, expire without being drawn,
any Cash Collateral therefor shall not be distributed by the Administrative Agent until the principal amount of all Loans and Reimbursement
Obligations have been paid in full;

 

(v)     Fifth, to the indefeasible payment in full in cash, pro rata, of any other outstanding Obligations then due
and payable, until all such Obligations have been paid in full; and

 

(vi)    Sixth,
the balance, if any, to the person lawfully entitled thereto (including the applicable Loan Party or its successors or assigns) or as
a court of competent jurisdiction may direct;

 

provided, that Obligations arising under
Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements shall be excluded from the application described above if the Administrative
Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from
the applicable Cash Management Bank or Hedge Bank, as the case may be and amounts received from the Borrower or any Guarantor that is
not an “eligible contract participant” under the Commodity Exchange Act shall not be applied to any Excluded Swap Obligations
(it being understood, that in the event that any amount is applied to Obligations other than Excluded Swap Obligations as a result of
this clause, the Administrative Agent shall make such adjustments as it determines are appropriate to distributions pursuant to clause
fourth above from amounts received from “eligible contract participants” under the Commodity Exchange Act to ensure,
as nearly as possible, that the proportional aggregate recoveries with respect to Obligations described in clause fourth above
by the holders of any Excluded Swap Obligations are the same as the proportional aggregate recoveries with respect to other Obligations
pursuant to clause fourth above).; provided, further, that in the event that any such proceeds are insufficient to
pay in full the items described in the immediately preceding clauses (i) through (v), the Loan Parties shall
remain liable, jointly and severally, for any deficiency.

 

(b)      [Reserved]

 

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Section
8.05       Right
to Cure.

 

(a)       Notwithstanding anything in this Agreement to the contrary, in the event that the Borrower fails to comply with the requirements
of the covenant set forth in Section 5.02(a), commencing on the first day following the end of the applicable fiscal quarter
with respect to which such covenant is being tested until the expiration of the thirtieth (30th) day after the end of any such fiscal
quarter (the “Cure Period”) any equity holder of the Borrower shall have the right to, make a direct or indirect common
equity investment (or other equity investments reasonably acceptable to the Administrative Agent) in the Borrower) (the “Cure
Right”), and upon the receipt by the Borrower of net cash proceeds, as the case may be, pursuant to the exercise of the Cure
Right (including through the capital contribution of any such net cash proceeds to such person, the “Specified Equity Contribution”),
the covenant set forth in such Section shall be recalculated, giving effect to a pro forma increase to EBITDA to the extent such net
cash proceeds would be included in the calculation thereof; provided that such pro forma adjustment to EBITDA shall be given solely
for the purpose of determining the existence of a Default or an Event of Default under the covenant set forth in Section 5.02(a)
and only with respect to the period that includes the fiscal quarter for which such Cure Right was exercised and not for any
other purpose under any Loan Document; provided, further, that, if a Cure Right to remedy such Event of Default is available
at such time under Section 8.05(b), then until the expiration of such Cure Period, the Administrative Agent shall not have
the right to exercise any remedies against the Loan Parties as a result of the occurrence and continuance of an Event of Default under
Section 8.01(c) arising from the failure to comply with Section 5.02(a), as the case may be.

 

(b)      If,
after the exercise of the Cure Right and the recalculations pursuant to clause (a) above, the Borrower shall then be in
compliance with the requirements of the covenant set forth in Section 5.02 during such period (including for purposes of
Section 4.02), the Borrower shall be deemed to have satisfied the requirements of the covenant as of the relevant date
of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable Default
or Event of Default under Section 8.01 or 8.02 that had occurred shall be deemed cured. The exercise of the
Cure Right shall be subject to the following limitations and requirements: (i) there shall be no more than two (2) Specified Equity Contributions
during the term of this Agreement, (ii) with respect to any exercise of the Cure Right in respect of the covenant set forth in Section
5.02(a), the Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance
with the covenant set forth in Sections 5.02(a) (the “Cure Amount”) and (iii) all Specified Equity Contributions
and the use of proceeds therefrom will be disregarded for all purposes under this Loan Documents (other than for determining compliance
with Section 5.02(a)) including for the purposes of calculating pricing and determining the availability of any carve-outs
with respect to the covenants contained in Article VI or hereof.

 

(c)      In
furtherance of Sections 8.05(a) and (b) above, upon actual receipt and designation of the Cure Amount by
the Borrower, the covenant under Section 5.02(a) shall be deemed retroactively cured with the same effect as though
there had been no failure to comply with the covenant under such Section 5.02(a) and any resulting Event of Default or
potential Event of Default under Section 8.01 or Section 8.02, as applicable, shall be deemed not to
have occurred for purposes of the Loan Documents; provided, however, that prior to the making of the Specified Equity
Contribution and cure of such default in such financial covenant, such default shall constitute an Event of Default for purposes of
determining compliance with any conditions precedent to funding of Loans hereunder and in determining compliance with any provision
of the Loan Documents that restricts or prohibits certain actions during the existence of an Event of Default.

 

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Article
IX

 

THE AGENTS

 

Section
9.01       Appointment
and Authority.

 

(a)         Each
of the Lenders hereby irrevocably appoints Citibank, N.A. to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents (including in its capacity as Collateral Agent under any other Loan Documents) to which it is a party and authorizes the
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the
terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are
solely for the benefit of the Administrative Agent (including in its capacity as Collateral Agent) and the Lenders, and neither Borrower
nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions (except as explicitly set forth herein).
For the avoidance of doubt, references in this Article IX to the Administrative Agent shall include the Administrative
Agent in its capacity as the Collateral Agent to the extent applicable.

 

(b)         [Reserved]

 

(c)         Each
Lender and each Issuing Bank acknowledges and agrees to the provisions of the appointment of the Administrative Agent pursuant to this
Section 9.01 and the other provisions of Article IX in their capacities as Lender and Issuing Bank and in
their capacities as a potential Cash Management Bank and a potential Hedge Bank.

 

(d)         Each
Cash Management Bank and Hedge Bank that is not a party to this Agreement that has given notice to the Administrative Agent as contemplated
by the first proviso of Section 8.04(a) shall, by such notice, be deemed to have acknowledged and accepted the appointment
of the Administrative Agent pursuant to this Section 9.01 and subject to the terms of Article IX for itself
and its Affiliates as if a “Lender” party hereto.

 

(e)         Without
further written consent or authorization from any Lender, the Administrative Agent is authorized to (x) enter into the Security Documents
and amend the Security Documents from time to time to add additional Loan Parties as parties thereto, add additional Collateral from
time to time after the Closing Date and amend Schedule II to the Security Agreement to remove any Collateral Rig that ceases to be a
Collateral Rig in accordance with this Agreement and (y) enter into the Subordination Agreement and amend the Subordination Agreement
from time to time for the purpose of adding the representative of the holders of the Pari Passu Guaranteed Notes and otherwise causing
such Indebtedness to be subject thereto (it being understood that any changes may be made to the Subordination Agreement as, in the good
faith determination of the Administrative Agent and Holdings, are required to effectuate the foregoing). Subject to Section 10.02,
without further written consent or authorization from any Lender, the Collateral Agent, may, upon written request of the Borrower (a)
execute any documents or instruments necessary in connection with a disposition of Collateral not prohibited by this Agreement (other
than a disposition to a Subsidiary) and (b) release any Lien encumbering any item of Collateral that is (i) the subject of such disposition
of assets or otherwise becomes Excluded Collateral, (ii) to the extent the property constituting Collateral is owned by any Guarantor,
upon the release of such Guarantor from its obligations under Section 7.09; provided that such release shall only
be permitted to the extent that the Collateral Rig Value is not less than the Collateral Coverage Threshold on a pro forma basis after
giving effect to such release, or (iii) with respect to which Required Lenders (or, in the case of the release of all or substantially
all of the Collateral, each Lender) have otherwise consented; provided that, in each case of this clause (b), the
Collateral Agent shall have received a certificate from a responsible officer of Holdings demonstrating that the Collateral Rig Value
is not less than the Collateral Coverage Threshold on a pro forma basis after giving effect to such release.

 

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(f)         Notwithstanding
anything to the contrary in any of the Loan Documents, the Borrower, the Administrative Agent and each Lender hereby agree that (a)
no Lender shall have any right individually to realize upon any of the Collateral, it being understood and agreed that all powers,
rights and remedies hereunder and under any of the Security Documents may be exercised solely by the Administrative Agent, in its
capacity as Collateral Agent on behalf of the Lenders in accordance with the terms hereof and thereof, and (b) in the event of a
foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the
Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other
disposition and the Collateral Agent, as agent for and representative of the Lenders (but not any Lender in its individual capacity
unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or
payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any amount of
the Loans as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other
disposition. Amounts received in respect of any Collateral as a result of the enforcement of remedies following an Event of Default
by the Collateral Agent in accordance with this Agreement or any other Loan Document shall be applied to the Obligations in
accordance with Section 8.04.

 

Section
9.02       Administrative
Agent Individually.

 

(a)         The person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender
as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each
person serving as the Administrative Agent hereunder in its individual capacity. Such person and its Affiliates may accept deposits from,
lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Borrower
or any Subsidiary or other Affiliate thereof as if such person were not the Administrative Agent hereunder and without any duty to account
therefor to the Lenders.

 

(b)         Each
Lender Party understands that the person serving as the Administrative Agent, acting in its individual capacity, and its Affiliates
(collectively, the “Agent’s Group”) are engaged in a wide range of financial services and businesses
(including investment management, financing, securities trading, corporate and investment banking and research) (such services and
businesses are collectively referred to in this Section 9.02 as “Activities”) and may engage
in the Activities with or on behalf of one or more of the Obligors or their respective Affiliates. Furthermore, the Agent’s
Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its
own account or on behalf of others (including the Obligors and their Affiliates and including holding, for its own account or on
behalf of others, equity, debt and similar positions in Borrower, another Obligor or their respective Affiliates), including trading
in or holding long, short or derivative positions in securities, loans or other financial products of one or more of the Obligors or
their Affiliates. Each Lender Party understands and agrees that in engaging in the Activities, the Agent’s Group may receive
or otherwise obtain information concerning the Obligors or their Affiliates (including information concerning the ability of the
Obligors to perform their respective Obligations hereunder and under the other Loan Documents) which information may not be
available to any of the Lender Parties that are not members of the Agent’s Group. None of the Administrative Agent nor any
member of the Agent’s Group shall have any duty to disclose to any Lender Party or use on behalf of the Lender Parties, and
shall not be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or
otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or
creditworthiness of any Obligor or any Affiliate of any Obligor) or to account for any revenue or profits obtained in connection
with the Activities, except that the Administrative Agent shall deliver or otherwise make available to each Lender Party such
documents as are expressly required by any Loan Document to be transmitted by the Administrative Agent to the Lender Parties.

 

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(c)         Each
Lender Party further understands that there may be situations where members of the Agent’s Group or their respective customers
(including the Obligors and their Affiliates) either now have or may in the future have interests or take actions that may conflict with
the interests of any one or more of the Lender Parties (including the interests of the Lender Parties hereunder and under the other Loan
Documents). Each Lender Party agrees that no member of the Agent’s Group is or shall be required to restrict its activities as
a result of the person serving as Administrative Agent being a member of the Agent’s Group, and that each member of the Agent’s
Group may undertake any Activities without further consultation with or notification to any Lender Party. None of (i) this Agreement
nor any other Loan Document, (ii) the receipt by the Agent’s Group of information (including Information) concerning the Obligors
or their Affiliates (including information concerning the ability of the Obligors to perform their respective Obligations hereunder and
under the other Loan Documents) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual duties (including
without limitation any duty of trust or confidence) owing by the Administrative Agent or any member of the Agent’s Group to any
Lender Party including any such duty that would prevent or restrict the Agent’s Group from acting on behalf of customers (including
the Obligors or their Affiliates) or for its own account.

 

Section
9.03       Duties
of Administrative Agent; Exculpatory Provisions.

 

(a)         The
Administrative Agent’s duties hereunder and under the other Loan Documents are solely ministerial and administrative in nature
and the Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents. Without limiting the generality of the foregoing, the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, but shall be required to act or refrain from acting (and shall be fully
protected in so acting or refraining from acting) upon the written direction of the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the
Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent or any of its Affiliates to liability or that is contrary to any Loan Document or applicable law.

 

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(b)         The
Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith
shall be necessary, under the circumstances as provided in Section 8.03 or 10.02) or in the absence of its
own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default or the event
or events that give or may give rise to any Default unless and until Borrower or any Lender Party shall have given notice to the Administrative
Agent describing such Default and such event or events. except as expressly set forth herein and in the other Loan Documents to which
it is a party, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Borrower or
any of its Affiliates that is communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates
in any capacity.

 

(c)         Neither the Administrative Agent nor any member of the Agent’s Group shall be responsible for or have any duty to
ascertain or inquire into any statement, warranty, representation or other information made or supplied in or in connection with this
Agreement or any other Loan Document, the contents of any certificate, report or other document delivered hereunder or thereunder or in
connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument
or document or the perfection or priority of any Lien or security interest created or purported to be created by any collateral document
or the satisfaction of any condition set forth in Article IV or elsewhere herein, other than (but subject to the foregoing
clause (ii)) to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

(d)         Nothing
in this Agreement or any other Loan Document shall require the Administrative Agent or any of its Related Parties to carry out any “know
your customer” or other checks in relation to any person on behalf of any Lender Party and each Lender Party confirms to the Administrative
Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation
to such checks made by the Administrative Agent or any of its Related Parties.

 

Section
9.04       Reliance
by Administrative Agent.

 

The Administrative Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the
making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such
condition is satisfactory to such Lender unless an officer of the Administrative Agent responsible for the transactions contemplated
hereby shall have received notice to the contrary from such Lender prior to the making of such Loan, and in the case of a Borrowing,
such Lender Party shall not have made available to the Administrative Agent such Lender Party’s ratable portion of such
Borrowing. The Administrative Agent may consult with legal counsel (who may be counsel for a Loan Party), independent accountants
and other experts selected by it, and shall be entitled to rely upon the advice of any such counsel, accountants or experts and
shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or
experts.

 

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Section
9.05       Delegation
of Duties.

 

The Administrative Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one
or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of its
duties and exercise its rights and powers by or through their respective Related Parties. Each such sub agent and the Related Parties
of the Administrative Agent and each such sub agent shall be entitled to the benefits of all provisions of this Article IX
and Article X (as though such sub agents were the “Administrative Agent” under the Loan Documents)
as if set forth in full herein with respect thereto.

 

Section
9.06       Resignation
of Administrative Agent.

 

(a)         The
Administrative Agent may at any time give notice of its resignation to the Lender Parties and Borrower. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right subject to Borrower’s consent (unless an Event of Default
shall have occurred and be continuing, and in such case, in consultation with Borrower), to appoint a successor, which shall be a
bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the
retiring Administrative Agent gives notice of its resignation (such 30-day period, the “Lender Party Appointment
Period”), then the retiring Administrative Agent may on behalf of the Lender Parties, appoint a successor Administrative
Agent meeting the qualifications set forth above and promptly shall provide notice to Borrower of such appointment (which notice
shall include the name, address, wire transfer information of, and contact person for, the successor Administrative Agent). In
addition and without any obligation on the part of the retiring Administrative Agent to appoint, on behalf of the Lender Parties, a
successor Administrative Agent, the retiring Administrative Agent may at any time upon or after the end of the Lender Party
Appointment Period notify Borrower and the Lender Parties that no qualifying person has accepted appointment as successor
Administrative Agent and the effective date of such retiring Administrative Agent’s resignation which effective date shall be
no earlier than three (3) Business Days after the date of such notice. Upon the resignation effective date established in such
notice and regardless of whether a successor Administrative Agent has been appointed and accepted such appointment, the retiring
Administrative Agent’s resignation shall nonetheless become effective and the retiring Administrative Agent shall be
discharged from its duties and obligations as Administrative Agent hereunder and under the other Loan Documents to which it is a
party and all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall
instead be made by or to each Lender Party directly, until such time as the Required Lenders appoint a successor Administrative
Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Administrative
Agent of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its
duties and obligations as Administrative Agent hereunder or under such other Loan Documents (if not already discharged therefrom as
provided above in this paragraph). The fees payable by Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under such other Loan Documents, the provisions of this Article and Section
10.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was
acting as Administrative Agent.

 

(b)         [reserved]

 

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Section
9.07       Non-Reliance
on Administrative Agent and Other Lenders.

 

(a)         Each Lender Party confirms to the Administrative Agent, each other Lender Party and each of their respective Related Parties
that it (i) possesses (individually or through its Related Parties) such knowledge and experience in financial and business matters that
it is capable, without reliance on the Administrative Agent, any other Lender Party or any of their respective Related Parties, of evaluating
the merits and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement,
(y) making Loans and other extensions of credit hereunder and under the other Loan Documents and (z) in taking or not taking actions hereunder
and thereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Loans
and other extensions of credit hereunder and under the other Loan Documents is suitable and appropriate for it.

 

(b)         Each Lender Party acknowledges that (i) it is solely responsible for making its own independent appraisal and investigation
of all risks arising under or in connection with this Agreement and the other Loan Documents, (ii) that it has, independently and without
reliance upon the Administrative Agent, any other Lender Party or any of their respective Related Parties, made its own appraisal and
investigation of all risks associated with, and its own credit analysis and decision to enter into, this Agreement based on such documents
and information, as it has deemed appropriate and (iii) it will, independently and without reliance upon the Administrative Agent, any
other Lender Party or any of their respective Related Parties, continue to be solely responsible for making its own appraisal and investigation
of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, this Agreement
and the other Loan Documents based on such documents and information as it shall from time to time deem appropriate, which may include,
in each case:

 

(i)       the financial condition, status and capitalization of Borrower and each other Obligor;

 

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(ii)      the
legality, validity, effectiveness, adequacy or enforceability of this Agreement and each other Loan Document and any other agreement,
arrangement or document entered into, made or executed in anticipation of, under or in connection with any Loan Document;

 

(iii)     determining
compliance or non-compliance with any condition hereunder to the making of a Loan and the form and substance of all evidence delivered
in connection with establishing the satisfaction of each such condition;

 

(iv)     the adequacy, accuracy and/or completeness of any information delivered by the Administrative Agent, any other Lender Party
or by any of their respective Related Parties under or in connection with this Agreement or any other Loan Document, the transactions
contemplated hereby and thereby or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Loan Document.

 

Section
9.08       Withholding Tax.

 

To the extent required by
any applicable law, the Administrative Agent may withhold from any payment to any Lender Party an amount equivalent to any applicable
withholding Tax. Without limiting the provisions of Section 2.18(a) or (c), each Lender Party shall, and does
hereby, indemnify the Administrative Agent, and shall make payable in respect thereof within 30 days after demand therefor, against any
and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any single
counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority
as a result of the failure of the Administrative Agent to properly withhold tax from amounts paid to or for the account of any Lender
Party for any reason (including, without limitation, because the appropriate form was not delivered or not property executed, or because
such Lender Party failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction
of withholding tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender Party by the Administrative
Agent shall be conclusive absent manifest error. Each Lender Party hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender Party under this Agreement or any other Loan Document against any amount due the Administrative
Agent under this Section 9.08. The agreements in this Section 9.08 shall survive the resignation and/or replacement
of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender Party, the termination of the Commitments and
the repayment, satisfaction or discharge of all other Obligations.

 

Section
9.09       No
Other Duties, etc.

 

Anything herein to the contrary
notwithstanding, none of the Arrangers listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 

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Section
9.10       Enforcement.

 

Notwithstanding anything to
the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other
Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection
with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent, or as the Required Lenders may require
or otherwise direct, for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative
Agent) hereunder and under the other Loan Documents to which it is a party, (b) any Lender from exercising setoff rights in accordance
with, and subject to, the terms of this Agreement, or (c) any Lender from filing proofs of claim or appearing and filing pleadings on
its own behalf during the pendency of a proceeding relative to any Loan Party under any bankruptcy or insolvency law.

 

Section
9.11       Guaranteed
Cash Management Agreements and Guaranteed Hedge Agreements.

 

No Cash Management Bank or
Hedge Bank that obtains the benefits of Section 8.04, the guaranties provided in Article VII or of any other
guaranty shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan
Document or otherwise in respect of such guaranties (including the release or impairment of any guaranties) other than in its capacity
as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this
Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Obligations arising under Guaranteed Cash Management Agreements and Guaranteed Hedge Agreements
unless the Administrative Agent has received written notice of such obligations, together with such supporting documentation as the Administrative
Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.

 

Section
9.12       Credit
Bidding.

 

The Secured Creditors
hereby irrevocably authorize the Administrative Agent (including in its capacity as Collateral Agent), at the direction of the
Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in
satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase
(either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted
under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws
in any other jurisdictions to which a Secured Creditor is subject, or (b) at any other sale, foreclosure or acceptance of collateral
in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (including in its capacity as
Collateral Agent) (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such
credit bid and purchase, the Obligations owed to the Secured Creditors shall be entitled to be, and shall be, credit bid by the
Administrative Agent at the direction of the Required Lenders on a ratable basis (with Indebtedness with respect to contingent or
unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of
such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or
vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent (including
in its capacity as the Collateral Agent) shall be authorized to form one or more acquisition vehicles and to assign any successful
credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Creditor’s ratable interests in the Obligations
which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for
the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance
of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such
acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or
indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted
assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the
case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the
Required Lenders contained in Section 10.02 of this Agreement), (iii) the Administrative Agent on behalf of such
acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Creditors, ratably on account of the relevant
Indebtedness which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership
interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any
Secured Creditor or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an
acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because
the amount of Indebtedness assigned to the acquisition vehicle exceeds the amount of Indebtedness credit bid by the acquisition
vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Creditors pro rata with their original
interest in such Indebtedness and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such
Indebtedness shall automatically be cancelled, without the need for any Secured Creditor or any acquisition vehicle to take any
further action. Notwithstanding that the ratable portion of the Obligations of each Secured Creditor are deemed assigned to the
acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Creditor shall execute such documents
and provide such information regarding the Secured Creditor (and/or any designee of the Secured Creditor which will receive
interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in
connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the
transactions contemplated by such credit bid.

 

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Section
9.13       Erroneous
Payments.

 

(a)         If
the Administrative Agent notifies a Lender, Issuing Bank or Secured Creditor, or any Person who has received funds on behalf of a
Lender, Issuing Bank or Secured Creditor such Lender or Issuing Bank (any such Lender, Issuing Bank, Secured Creditor or other
recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not
after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient
from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly
received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, Secured Creditor or other Payment Recipient
on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or
otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a
portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated
by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender, Issuing Bank or Secured
Creditor shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient
to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such
Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together
with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by
such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause
(a) shall be conclusive, absent manifest error.

 

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(b)         Without
limiting immediately preceding clause (a), each Lender, Issuing Bank or Secured Creditor, or any Person who has received
funds on behalf of a Lender, Issuing Bank or Secured Creditor such Lender or Issuing Bank, hereby further agrees that if it receives
a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution
or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date
from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with
respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment
sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank or Secured Creditor, or other such
recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

 

(i)       (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have
been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately
preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

 

(ii)      such
Lender, Issuing Bank or Secured Creditor shall (and shall cause any other recipient that receives funds on its respective behalf to)
promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt
of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent
pursuant to this Section 9.13(b).

 

(c)         Each
Lender, Issuing Bank or Secured Creditor hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at
any time owing to such Lender, Issuing Bank or Secured Creditor under any Loan Document, or otherwise payable or distributable by the
Administrative Agent to such Lender, Issuing Bank or Secured Creditor from any source, against any amount due to the Administrative Agent
under immediately preceding clause (a) or under the indemnification provisions of this Agreement.

 

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(d)        In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Bank that has
received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion
thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative
Agent’s notice to such Lender or Issuing Bank at any time, (i) such Lender or Issuing Bank shall be deemed to have assigned its
Loans (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Loan”)
in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment
of the Loans (but not Commitments) of the Erroneous Payment Impacted Loan, the “Erroneous Payment Deficiency Assignment”)
at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance),
and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable,
an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative
Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank
shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee
Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative
Agent as the assignee Lender shall become a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency
Assignment and the assigning Lender or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with
respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification
provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender or assigning Issuing Bank
and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency
Assignment. The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment
and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Bank
shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other
rights, remedies and claims against such Lender or Issuing Bank (and/or against any recipient that receives funds on its respective behalf).
For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and
such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except
to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency
Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually
subrogated to all the rights and interests of the applicable Lender, Issuing Bank or Secured Creditor under the Loan Documents with respect
to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”).

 

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(e)         The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect
to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other
Loan Party for the purpose of making such Erroneous Payment.

 

(f)          To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives,
and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based
on “discharge for value” or any similar doctrine

 

(g)        Each
party’s obligations, agreements and waivers under this Section 9.13 shall survive the resignation or replacement
of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination
of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

Article
X

 

MISCELLANEOUS

 

Section
10.01     Notices, Communications and
Treatment of Information.

 

(a)          Notices.
Except as specifically provided in clause (a)(vi) below, all notices, demands, requests, consents and other communications
provided for in this Agreement shall be in writing and shall be deemed to be duly given if delivered by hand, delivered by a recognized
commercial overnight courier which guarantees delivery on the next Business Day delivery, sent by facsimile with written confirmation
of receipt, sent by U.S. registered or certified mail return receipt requested and postage prepaid and sent by electronic mail (or similar
means of electronic delivery), addressed to the party to be notified as follows:

 

	 	(i)	if to Borrower or any other Obligor:
	 	 	 
	 	 	Nabors Industries, Inc.
	 	 	515 West Greens Road
	 	 	Suite 1200 Houston, Texas 77067
	 	 	Attention: General Counsel
	 	 	Facsimile No.: 281-775-8431

 

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	 	(ii)	if to the Administrative Agent:
	 	 	 
	 	 	Citibank, N.A.
	 	 	1615 Brett Road, OPS 3
	 	 	New Castle, DE 19720
	 	 	Attention: Bank Loan Syndications Department
	 	 	Fax Number: (646) 274-5080
	 	 	E-Mail Address: GLAgentOfficeOps@citi.com

 

	 		E-Mail Address: oploanswebadmin@citi.com (for materials
	 	 	required to be delivered pursuant to Section 5.01(b))

 

	 	(iii) 	if to the Collateral Agent:

 

	 	 	Citibank Delaware
	 	 	One Penns Way
	 	 	OPS II
	 	 	New Castle, DE 19720
	 	 	Attn: Agency Operations
	 	 	Phone: (302) 894-6010
	 	 	Fax: (646) 274-5080
	 	 	Email: AgencyABTFSupport@citi.com
	 	 	Disclosure Team Mail (Financial Reporting):
	 	 	Oploanswebadmin@citi.com (for materials required to be
	 	 	delivered pursuant to Section 5.01(b))

 

	 	(iv) 	if to Citibank, in its capacity as Issuing
Bank:

 

	 	 	Citibank, N.A.
	 	 	1615 Brett Road, OPS 3
	 	 	New Castle, DE 19720
	 	 	Attention: Bank Loan Syndications Department
	 	 	Fax Number: (646) 274-5080
	 	 	E-Mail Address: GLAgentOfficeOps@citi.com

 

(v)      if
to any other Lender Party, to it at its address (or facsimile number) set forth in its Administrative Questionnaire or at such other
address as shall be notified in writing in accordance with this Section 10.01(a) in the case of Borrower, the Administrative
Agent, and in the case of all other parties, to Borrower and the Administrative Agent.

 

(vi)     All
notices, demands, requests, consents and other communications described in clause (a) shall be received if so delivered
by hand, including by any such overnight courier service, upon actual receipt, if so delivered by mail, three (3) Business Days, and
if delivered by electronic mail (or similar means of electronic delivery), at the timestamp reflecting delivery of electronic mail in
the inbox of the recipient; provided, however, that notices and communications to any Administrative Agent pursuant to
Article II or Article VII shall not be effective until received by the Administrative Agent.

 

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(vii)         Notwithstanding
the foregoing provisions of this clause (a) (unless the Administrative Agent requests that the provisions of clause
(a) be followed) and any other provision in this Agreement or any other Loan Document providing for the delivery of any Approved
Electronic Communication by any other means, the Obligors shall deliver all Approved Electronic Communications to the Administrative
Agent by properly transmitting such Approved Electronic Communications in an electronic/soft medium in a format acceptable to the Administrative
Agent to oploanswebadmin@citigroup.com or such other electronic mail address (or similar means of electronic delivery) as the
Administrative Agent may notify to the applicable Borrower in accordance with this clause (a) above. Nothing in this clause
(a)(viii) shall prejudice the right of the Administrative Agent or any Lender Party to deliver any Approved Electronic Communication
to any Obligor in any manner authorized in this Agreement or to request that any Borrower effect delivery in such manner.

 

(b)         Posting
of Approved Electronic Communications. Each of the Lender Parties and each Obligor agree that the Administrative Agent may, but shall
not be obligated to, make the Approved Electronic Communications available to the Lender Parties by posting such Approved Electronic
Communications on IntraLinksTM or a substantially similar electronic platform chosen by the Administrative Agent to be its electronic
transmission system (the “Approved Electronic Platform”).

 

(i)      Although
the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented
or modified by the Administrative Agent from time to time (including, as of the Closing Date, a dual firewall and a User ID/Password
Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal authorization method whereby each
user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lender Parties and each Obligor acknowledges
and agrees that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality
and other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution
and for the other consideration provided hereunder, the receipt and sufficiency of which is hereby acknowledged, each of the Lender Parties
and each Obligor hereby approves distribution of the Approved Electronic Communications through the Approved Electronic Platform and
understands and assumes the risks of such distribution.

 

(ii)      THE
APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
NONE OF THE ADMINISTRATIVE AGENT NOR ANY OTHER MEMBER OF THE AGENT’S GROUP WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE
APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS
IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS
OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS
OR THE APPROVED ELECTRONIC PLATFORM.

 

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(iii)     Each
of the Lender Parties and each Obligor agree that the Administrative Agent may, but (except as may be required by applicable law) shall
not be obligated to, store the Approved Electronic Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally-applicable document retention procedures and policies.

 

(c)         Treatment
of Information.

 

(i)      Certain of the Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents
on the basis of information that does not contain material non-public information with respect to any of the Obligors or their securities
(“Restricting Information”). Other Lenders may enter into this Agreement and take or not take action hereunder
or under the other Loan Documents on the basis of information that may contain Restricting Information. Each Lender Party acknowledges
that United States federal and state securities laws prohibit any person from purchasing or selling securities on the basis of material,
non-public information concerning the such issuer of such securities or, subject to certain limited exceptions, from communicating such
information to any other person. Neither the Administrative Agent nor any of its Related Parties shall, by making any Communications (including
Restricting Information) available to a Lender Party, by participating in any conversations or other interactions with a Lender Party
or otherwise, make or be deemed to make any statement with regard to or otherwise warrant that any such information or Communication does
or does not contain Restricting Information nor shall the Administrative Agent or any of its Related Parties be responsible or liable
in any way for any decision a Lender Party may make to limit or to not limit its access to Restricting Information. In particular, none
of the Administrative Agent nor any of its Related Parties (A) shall have, and the Administrative Agent, on behalf of itself and each
of its Related Parties, hereby disclaims, any duty to ascertain or inquire as to whether or not a Lender Party has or has not limited
its access to Restricting Information, such Lender Party’s policies or procedures regarding the safeguarding of material, nonpublic
information or such Lender Party’s compliance with applicable laws related thereto or (B) shall have, or incur, any liability to
any Obligor or Lender Party or any of their respective Related Parties arising out of or relating to the Administrative Agent or any of
its Related Parties providing or not providing Restricting Information to any Lender Party.

 

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(ii)      Each
Obligor agrees that all Communications it provides to the Administrative Agent intended for delivery to the Lender Parties whether by
posting to the Approved Electronic Platform or otherwise shall be clearly and conspicuously marked “PUBLIC” if such Communications
do not contain Restricting Information which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on
the first page thereof, by marking Communications “PUBLIC,” each Obligor shall be deemed to have authorized the Administrative
Agent and the Lender Parties to treat such Communications as either publicly available information or not material information (although,
in this latter case, such Communications may contain sensitive business information and, therefore, remain subject to the confidentiality
undertakings of Section 10.13) with respect to such Obligor or its securities for purposes of United States Federal and
state securities laws, all Communications marked “PUBLIC” may be delivered to all Lender Parties and may be made available
through a portion of the Approved Electronic Platform designated “Public Side Information,” and the Administrative Agent
shall be entitled to treat any Communications that are not marked “PUBLIC” as Restricting Information and may post such Communications
to a portion of the Approved Electronic Platform not designated “Public Side Information.” Neither the Administrative Agent
nor any of its Affiliates shall be responsible for any statement or other designation by an Obligor regarding whether a Communication
contains or does not contain material non-public information with respect to any of the Obligors or their securities nor shall the Administrative
Agent or any of its Affiliates incur any liability to any Obligor, any Lender Party or any other person for any action taken by the Administrative
Agent or any of its Affiliates based upon such statement or designation, including any action as a result of which Restricting Information
is provided to a Lender Party that may decide not to take access to Restricting Information. Nothing in this Section shall modify or
limit a Lender Party’s obligations under Section 10.13 with regard to Communications and the maintenance of the confidentiality
of or other treatment of Information.

 

(iii)     Each Lender Party acknowledges that circumstances may arise that require it to refer to Communications that might contain
Restricting Information. Accordingly, each Lender Party agrees that it will nominate at least one designee to receive Communications (including
Restricting Information) on its behalf and identify such designee (including such designee’s contact information) on such Lender
Party’s Administrative Questionnaire. Each Lender Party agrees to notify the Administrative Agent from time to time of such Lender
Party’s designee’s e-mail address to which notice of the availability of Restricting Information may be sent by electronic
transmission.

 

(iv)     Each
Lender Party acknowledges that Communications delivered hereunder and under the other Loan Documents may contain Restricting Information
and that such Communications are available to all Lender Parties generally. Each Lender Party that elects not to take access to Restricting
Information does so voluntarily and, by such election, acknowledges and agrees that the Administrative Agent and other Lender Parties
may have access to Restricting Information that is not available to such electing Lender Party. None of the Administrative Agent nor
any Lender Party with access to Restricting Information shall have any duty to disclose such Restricting Information to such electing
Lender Party or to use such Restricting Information on behalf of such electing Lender Party, and shall not be liable for the failure
to so disclose or use, such Restricting Information.

 

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(v)      The
provisions of the foregoing clauses of this Section are designed to assist the Administrative Agent, the Lender Parties and the
Obligors, in complying with their respective contractual obligations and applicable law in circumstances where certain Lender
Parties express a desire not to receive Restricting Information notwithstanding that certain Communications hereunder or under the
other Loan Documents or other information provided to the Lender Parties hereunder or thereunder may contain Restricting
Information. Neither the Administrative Agent nor any of its Related Parties warrants or makes any other statement with respect to
the adequacy of such provisions to achieve such purpose nor does the Administrative Agent or any of its Related Parties warrant or
make any other statement to the effect that an Obligor’s or Lender Party’s adherence to such provisions will be
sufficient to ensure compliance by such Obligor or Lender Party with its contractual obligations or its duties under applicable law
in respect of Restricting Information and each of the Lender Parties and each Obligor assumes the risks associated therewith.

 

Section
10.02   Waivers; Amendment.

 

(a)         Generally. No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder
or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other
Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision
of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be
permitted by this Section 10.02, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver
of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.
No notice or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances.

 

(b)         Required
Consents. Subject to Section 10.02(c) and (d), Section 2.12 and Section 2.23,
neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended, supplemented or modified
except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by Borrower and the Administrative
Agent or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative
Agent and the Loan Party or Loan Parties that are party thereto, in each case with the written consent of the Required Lenders; provided
that no such agreement shall be effective if the effect thereof would:

 

(i)       increase
the Commitment of any Lender without the written consent of such Lender (it being understood that no amendment, modification, termination,
waiver or consent with respect to any condition precedent, covenant or Default shall constitute an increase in the Commitment of any
Lender);

 

(ii)      reduce
the principal amount or premium, if any, of any Loan (except in connection with a payment contemplated by clause (ix)
below) or reduce the rate of interest thereon (other than interest pursuant to Section 2.06(c)), or reduce any
Commitment Fees payable hereunder, or change the form or currency of payment of any Obligation, without the written consent of each
Lender directly affected thereby (it being understood that any amendment or modification to the financial definitions in this
Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (ii));

 

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(iii)    change
the scheduled final maturity of any Loan, or any scheduled date of payment (or permitted prepayment) of any Loan, postpone the date for
payment of any interest, premium or fees that constitute Obligations payable hereunder, reduce the amount of, waive or excuse any such
payment (other than waiver of any increase in the interest rate pursuant to Section 2.06(c)), or postpone the scheduled
date of expiration of any Commitment beyond the Maturity Date, in any case, without the written consent of each Lender directly affected
thereby;

 

(iv)     increase the maximum duration of Interest Periods in respect of SOFR Borrowings hereunder, without the written consent of
each Lender directly affected thereby;

 

(v)      permit
the assignment or delegation by Borrower of any of its rights or obligations under any Loan Document, without the written consent of
each Lender;

 

(vi)     release
Holdings or any other Guarantor from its guarantee of the Guaranteed Obligations in respect of Obligations, or limit its liability in
respect of such guarantee, without the written consent of each Lender;

 

(vii)    release all or substantially all of the Collateral from the Liens of the Security Documents without the written consent
of each Lender;

 

(viii)   change
Section 8.04 without the written consent of each Lender;

 

(ix)     change Section 2.17(b), (c) or (d) in a manner that would alter the pro rata
sharing of payments or setoffs required thereby or any other provision in a manner that would alter the pro rata allocation
among the Lenders of Loan disbursements, including the requirements of Section 2.02(a) and 2.20(d), without
the written consent of each Lender directly affected thereby or change the last sentence of Section 2.08 without the written
consent of each Lender;

 

(x)       change
any provision of this Section 10.02(b) or Section 10.02(c), without the written consent of each Lender directly
affected thereby;

 

(xi)     change the percentage set forth in the definition of “Required Lenders” or any other provision
of any Loan Document (including this Section) specifying the number or percentage of Lenders required to waive, amend or modify any rights
thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender, other than to increase
such percentage or number or to give any additional Lender or group of Lenders such right to waive, amend or modify or make any such determination
or grant any such consent;

 

(xii)    subordinate
the Obligations to any other obligation, without the written consent of each Lender;

 

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(xiii)   change
or waive any provision of Article X as the same applies to the Administrative Agent, or any other provision hereof as the
same applies to the rights or obligations of the Administrative Agent, in each case without the written consent of the Administrative
Agent; or

 

(xiii)   change
or waive any provision hereof relating to Letters of Credit without the written consent of each Issuing Bank.

 

Notwithstanding anything to
the contrary herein:

 

(A)       no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except to the extent the
consent of such Lender would be required under clause (i), (ii) or (iii) in the proviso to
the first sentence of this Section 10.02(b);

 

(B)        any
Loan Document may be waived, amended, supplemented or modified pursuant to an agreement or agreements in writing entered into by Borrower
and the Administrative Agent (without the consent of any Lender) solely to cure a defect or error; and

 

(C)        any
Issuing Bank may increase the maximum amount of Letters of Credit it has agreed to issue without the consent of any other Person; provided
that the aggregate face amount for all Letters of Credit outstanding shall not exceed the applicable Letters of Credit Maximum Amount.

 

(c)         Dissenting
Lenders. If, in connection with any proposed change, waiver, discharge or termination of the provisions of this Agreement as contemplated
by Section 10.02(b), the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders
whose consent is required is not obtained, then Borrower shall have the right to replace all, but not less than all, of such non-consenting
Lender or Lenders (so long as all non- consenting Lenders are so replaced) with one or more persons pursuant to Section 2.19(b)
so long as at the time of such replacement each such new Lender consents to the proposed change, waiver, discharge or termination.

 

(d)         [Reserved]

 

Section
10.03     Expenses; Indemnity; Damage
Waiver.

 

(a)         Costs
and Expenses.

 

(i)       Borrower
shall pay all reasonable and documented out of pocket expenses incurred by the Administrative Agent (including in its capacity as Collateral
Agent) and its respective Affiliates (including the reasonable fees, charges and disbursements of a single counsel for the Administrative
Agent) in connection with the syndication of the credit facilities provided for herein (including the obtaining and maintaining of CUSIP
numbers for the Loans), the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents
or any amendment, amendment and restatement, modification or waiver of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), all reasonable and documented out of pocket expenses incurred by the Administrative
Agent or any Lender (including the fees, charges and disbursements of a single counsel for the Administrative Agent and a single counsel
to the Lenders, and, in the case of an actual or perceived (in good faith) conflict of interest, one conflicts counsel to all Indemnitees
(as defined below), taken as a whole), in connection with the enforcement or protection of its rights in connection with this Agreement
and the other Loan Documents, including its rights under this Section 10.03, or in connection with the Loans made hereunder,
including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans and all
documentary and similar taxes and charges in respect of the Loan Documents.

 

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(ii)      [Reserved]

 

(b)         Indemnification.

 

(i)       Indemnification
by Borrower. Borrower shall indemnify the Administrative Agent (including in its capacity as Collateral Agent) (and any sub-agent
thereof), the Arrangers (and any sub-agent thereof) each Lender, each Issuing Bank and each Related Party of any of the foregoing persons
(each such person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee)
incurred by any Indemnitee or asserted against any Indemnitee by any party hereto or any third party arising out of, in connection with,
or as a result of the execution or delivery of this Agreement, any other Loan Document, or any amendment, amendment and restatement,
modification or waiver of the provisions hereof or thereof, or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby
or thereby, any Loan or the use or proposed use of the proceeds therefrom, or any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party
or by Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined
by a court of competent jurisdiction by final judgment (with any time for appeals having expired) to have resulted from the gross negligence
or willful misconduct of such Indemnitee or result from a claim brought by Borrower or any other Loan Party against an Indemnitee for
a breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower or such Loan Party
has obtained a final judgment (with any time for appeals having expired) in its favor on such claim as determined by a court of competent
jurisdiction. This Section 10.03 shall not apply with respect to Taxes other than any Taxes that represent losses, claims,
damages, etc. arising from any non-Tax claim.

 

(ii)      [Reserved]

 

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(c)           Reimbursement by Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount required
under clause (a)(i) or (b)(i) of this Section 10.03 to be paid by it to the Administrative
Agent, the Collateral Agent (or any sub- agent thereof), any Issuing Bank, any Arranger or any Related Party of any of the foregoing,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Issuing Bank, Arranger or such Related
Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount (such indemnity shall be effective whether or not the related losses, claims, damages,
liabilities and related expenses are incurred or asserted by any party hereto or any third party); provided that with respect
to such unpaid amounts owed to any Issuing Bank solely in its capacity as such, only the Lenders shall be required to pay such unpaid
amounts, such payment to be made severally among them based on such Lenders’ Pro Rata Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought), the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), any Issuing
Bank or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), such Issuing Bank.
The obligations of the Lenders under this clause (c) are subject to the provisions of Section 2.17. For purposes
hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Revolving Exposure
and unused Commitments at the time.

 

(d)           Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Requirements of Law, no party hereto shall assert, and
each party hereto hereby waives, any claim against any other person, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or
the use of the proceeds thereof; provided that nothing contained in this Section 10.03(d) or otherwise shall limit
any Borrower’s indemnity or reimbursement obligations to the extent otherwise set forth in this Section 10.03. No
party hereto shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby unless determined by a court of competent jurisdiction by final judgment
(with any time for appeals having expired) to have resulted from the gross negligence or willful misconduct of such person.

 

(e)            Payments.
All amounts due under this Section shall be payable not later than three (3) Business Days (if made to the Administrative Agent).

 

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Section
10.04   Successors and Assigns.

 

(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of each Issuing Bank that issues any Letter of Credit),
except that:

 

(i)             Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative
Agent, each Issuing Bank and each Lender;

 

(ii)            [Reserved]

 

(iii)           no
Lender may assign or otherwise transfer any of its rights or obligations hereunder except to an Eligible Assignee in accordance with
the provisions of clause (b) of this Section 10.04, by way of participation in accordance with the provisions
of clause (d) of this Section 10.04 or by way of pledge or assignment of a security interest subject to the
restrictions of clause (f) of this Section.

 

Any other attempted assignment
or transfer by any Loan Party shall be null and void. Nothing in this Agreement, expressed or implied, shall be construed to confer upon
any person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided
in clause (d) of this Section, any Affiliate of each Issuing Bank that issues a Letter of Credit and, to the extent expressly
contemplated hereby, the other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)           Assignments
by Lenders.

 

(i)             Subject
to the conditions set forth in clause (b)(ii) below, any Lender may at any time assign to one or more assignees who is
an Eligible Assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not
to be unreasonably withheld or delayed) of:

 

(A)            
Borrower; provided that no consent of Borrower shall be required for an assignment to a Lender Party or an Affiliate
of a Lender Party, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; provided, further,
that Borrower shall be deemed to have consented to any assignment requiring its consent unless it shall object thereto by written notice
within seven (7) Business Days after having received notice thereof;

 

(B)             
the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment
of any Revolving Commitment to an assignee that is a Lender with a Revolving Commitment immediately prior to giving effect to such assignment;
and

 

(C)             
the Issuing Banks.

 

(ii)            Assignments in respect of Commitments and Loans shall be subject to the following additional conditions:

 

(A)             Except
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time
owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender,
the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable
Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date) shall not be less than US$10,000,000, in the case of any assignment in respect of Revolving Loans or Revolving Commitments,
unless each of the Administrative Agent, Issuing Bank and, so long as no Default with respect to Borrower has occurred and is
continuing, Borrower otherwise consent (each such consent not to be unreasonably withheld or delayed);

 

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(B)             
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall
not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches on a non-pro rata basis;
and

 

(C)             
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee of US$3,500 (provided that the Administrative Agent may, in its sole discretion, elect to
waive such processing and recordation fee in the case of any Assignment), and the Eligible Assignee, if it shall not be a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.

 

Subject to acceptance and
recording thereof by the Administrative Agent pursuant to clause (c) of this Section 10.04, from and after
the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and,
to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 2.13, 2.14, 2.18 and 10.03 with respect to facts and circumstances
occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with Section 10.04(d).

 

(c)            Register.
The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts
(and stated interest) of the Loans and L/C Obligations and any payment made by each Issuing Bank under any applicable Letter of Credit
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, absent manifest error, and Borrower, the Administrative Agent, Issuing Banks and the Lender Parties shall treat
each person whose name is recorded in the Register pursuant to the terms hereof as a Lender Party hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and each Issuing Bank (with
respect to Revolving Lenders only), and any Lender (with respect to its own interest only), at any reasonable time and from time to time
upon reasonable prior notice.

 

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(d)           Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower, the Administrative Agent or any Issuing Bank sell participations
to any person (other than a natural person or Borrower or any of its Affiliates) (each, a “Participant”) in
all or a portion of such Lender’s rights or obligations under this Agreement (including all or a portion of its Commitment or the
Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) Borrower, the Administrative
Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement.

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents
to which it is a party and to approve any amendment, modification or waiver of any provision of such Loan Documents; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in clause (i), (ii) or (iii) of the first proviso to Section 10.02(b)
that affects such Participant. Subject to clause (e) of this Section, Borrower agrees that each Participant shall be entitled
to the benefits of Section 2.13, 2.14 and 2.18 (subject to the requirements and limitations
of those Sections, including the requirements under Section 2.18(e) (it being understood that the documentation required
under Section 2.18(e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to clause (b) of this Section. To the extent permitted by law, each Participant
also shall be entitled to the benefits of Section 10.09 as though it were a Lender; provided such Participant agrees to
be subject to Section 2.17 as though it were a Lender.

 

Each Lender that sells a participation
shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations
under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation
to disclose all or any portion of the Participant Register to Borrower or any other person (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitment or Loan or its other obligations under any Loan Document)
except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury Regulations.

 

The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant
Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 

(e)            Limitations
on Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 2.13, 2.14
and 2.18 than the applicable Lender would have been entitled to receive with respect to the participation sold
to such Participant without Borrower’s prior written consent in its sole discretion, except to the extent such entitlement to receive
a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that
sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to
effectuate the provisions of Section 2.19 with respect to any Participant.

 

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(f)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto. In the case of any Lender that is a fund that invests in bank loans, such Lender may,
without the consent of Borrower, or the Administrative Agent, collaterally assign or pledge all or any portion of its rights under this
Agreement, including the Loans and Notes, if any, or any other instrument evidencing its rights as a Lender under this Agreement, to
any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued, by such fund, as security
for such obligations or securities.

 

(g)           Electronic Execution of Assignments. The words “execution,” “signed,” “signature,”
and words of like import in Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-
based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Requirement of Law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other
similar state laws based on the Uniform Electronic Transactions Act.

 

Section
10.05   Payments Set Aside

 

To the extent that any payment
by or on behalf of the Loan Parties is made to any Lender Party, or any Lender Party exercises its right of setoff, and such payment or
the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by such Lender Party in its discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b) each Lender and each Issuing Bank severally agrees to pay to the Administrative
Agent upon demand its applicable share of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from
the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to time
in effect. The obligations of the Lenders and each Issuing Bank under clause (b) of the preceding sentence shall survive the payment in
full of the Obligations and the termination of this Agreement.

 

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Section
10.06   Survival of Agreement.

 

All covenants, agreements,
representations and warranties made by any Loan Party in the Loan Documents to which it is a party and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by
the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of
any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have
had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Section
2.13, Section 2.14, Section 2.16, Section 2.17, Section 2.18 and Article
X (other than Section 10.13) shall survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination
of this Agreement or any provision hereof.

 

Section
10.07   Counterparts; Integration;
Effectiveness.

 

This Agreement may be executed
in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements
with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except
as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each
of the other parties hereto. The words “execution,” “signed,” “signature,” and words of like import
herein or any other Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable Requirement of Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

 

Section
10.08   Severability.

 

Any provision of this Agreement
held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof;
and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

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Section
10.09   Right of Setoff.

 

(a)            If
an Event of Default shall have occurred and be continuing, each Lender, and each of their respective Affiliates, is hereby authorized
at any time and from time to time, to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in
whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of Borrower or any other
Loan Party against any and all of the Obligations of Borrower or such Loan Party now or hereafter existing under this Agreement or any
other Loan Document to such Lender is a party, irrespective of whether or not such Lender shall have made any demand under this Agreement
or any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of such Lender
different from the branch or office holding such deposit or obligated on such indebtedness. Each Lender agrees to notify Borrower and
the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not
affect the validity of such setoff and application.

 

(b)           [Reserved].

 

(c)           The
rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other
rights of setoff) that such Lender or their respective Affiliates may have.

 

Section
10.10   Governing Law; Jurisdiction;
Consent to Service of Process.

 

(a)           Governing
Law. This Agreement and the transactions contemplated hereby, and all disputes between the parties under or relating to this Agreement
or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with
and governed by the laws (including statutes of limitation) of the State of New York, without regard to conflicts of law principles that
would require the application of the laws of another jurisdiction

 

(b)           Submission to Jurisdiction. Each party hereto hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction (subject to the last sentence of this Section 10.10(b)) of the Supreme Court of
the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other
Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.

 

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(c)           Venue. Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable
Requirements of Law, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement or any other Loan Document in any court referred to in Section 10.10(b). Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Requirements of Law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

 

(d)           Service of Process. Each party hereto irrevocably consents to service of process in any action or proceeding arising
out of or relating to any Loan Document, in the manner provided for notices (other than telecopier) in Section 10.01. Nothing
in this Agreement or any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted
by applicable Requirements of Law. Certain Loan Parties are not organized under the laws the United States (including the States thereof
and the District of Columbia) and each such Loan Party therefore hereby appoints Borrower as its authorized agent (the “Authorized
Agent”) upon whom process may be served in any action, suit or proceeding arising out of or based on this Agreement or the
Obligations which may be instituted in the Supreme Court of the State of New York or the United States District Court for the Southern
District of New York, in either case in the Borough of Manhattan, The City of New York, by any Lender hereunder, and to the fullest extent
permitted by applicable law, each such Loan Party hereby waives any objection which it may now or hereafter have to the laying of venue
of any such proceeding and expressly and irrevocably accepts and submits, for the benefit of the Lenders from time to time, to the nonexclusive
jurisdiction of any such court in respect of any such action, suit or proceeding, for itself and with respect to its properties, revenues
and assets. Such appointment shall be irrevocable unless and until the appointment of a successor authorized agent for such purpose, and
such successor’s acceptance of such appointment, shall have occurred. Each such Loan Party agrees to take any and all actions, including
the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid.
Service of process upon the Authorized Agent with respect to any such action shall be deemed, in every respect, effective service of process
upon such Loan Party. Notwithstanding the foregoing, any action against such Loan Party arising out of or based on any of the Loan Documents
to which it is a party may also be instituted in any court in the jurisdiction of organization of such Loan Party, and such Loan Party
expressly accepts the jurisdiction of any such court in any such action. Borrower hereby accepts the foregoing appointment as agent for
service of process.

 

Section
10.11   Waiver of Jury Trial.

 

EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). Each party hereto (a) certifies that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver
and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual
waivers and certifications in this Section.

 

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Section
10.12   Headings.

 

Article and Section headings
and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction
of, or be taken into consideration in interpreting, this Agreement.

 

Section
10.13   Treatment of Certain Information;
Confidentiality.

 

Each of the Administrative
Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) on a “need to know” basis (consistent with its internal policies) to its Affiliates and to its and its Affiliates’
respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives (it
being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction
over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective party
(or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any
swap, derivative or other transaction under which payments are to be made by reference to Borrower and its obligations under this Agreement
or payments hereunder, or (z) any rating agency or the CUSIP Service Bureau or any similar organization, (g) to market data collectors,
(h) with the consent of Holdings, or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach
of this Section or (ii) becomes available to the Administrative Agent or any Lender or any of their respective Affiliates on a non-confidential
basis from a source other than Holdings or Borrower that is not known to be bound by any obligation of confidentiality or care with respect
thereto. For purposes of this Section, “Information” means all information received from Holdings, Borrower
or any of their respective Subsidiaries relating to Holdings, Borrower or any of their respective Subsidiaries or any of their respective
businesses, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior
to disclosure by Holdings, Borrower, or any of their respective Subsidiaries, provided that, in the case of information received
from Holdings, Borrower or any of their respective Subsidiaries after the date hereof, such information is clearly identified at the time
of delivery as confidential. Any person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of
such Information as such person would accord to its own confidential information.

 

Section
10.14   USA PATRIOT ACT Notice and
Customer Verification.

 

(a)            Each
Lender that is subject to the USA PATRIOT ACT and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies Borrower that pursuant to the “know your customer” regulations and the requirements of the USA PATRIOT ACT,
they are required to obtain, verify and record information that identifies each Loan Party, which information includes the name,
address and tax identification number (and other identifying information in the event this information is insufficient to complete
verification) that will allow such Lender or the Administrative Agent, as applicable, to verify the identity of each Loan Party.
This information must be delivered to the Lenders and the Administrative Agent no later than five (5) days prior to the Closing Date
and thereafter promptly upon request. This notice is given in accordance with the requirements of the USA PATRIOT ACT and is
effective as to the Lenders and the Administrative Agent.

 

(b)           [Reserved]

 

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Section
10.15   Interest Rate Limitation.

 

Notwithstanding anything herein
to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are
treated as interest on such Loan under applicable Requirements of Law (collectively, the “Charges”), shall exceed
the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved
by the Lender holding such Loan in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan
hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest
and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above
the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender.

 

Section
10.16   Obligations Absolute.

 

To the fullest extent permitted
by applicable Requirements of Law, all obligations of the Loan Parties hereunder shall be absolute and unconditional irrespective of:

 

(a)           any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Loan
Party;

 

(b)           any
lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto against any Loan Party;

 

(c)           any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or
waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto;

 

(d)           any
exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any departure from
any guarantee, for all or any of the Obligations;

 

(e)           any
exercise or non-exercise, or any waiver of any right, remedy, power or privilege under or in respect hereof or any Loan Document; or

 

(f)            any
other circumstances which might otherwise constitute a defense available to, or a discharge of, the Loan Parties.

 

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Section
10.17   Judgment Currency.

 

(a)           Each
Loan Party’s obligation hereunder and under the other Loan Documents to which it is a party to make payments in US Dollars (pursuant
to such obligation, the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery
pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such
tender or recovery results in the effective receipt by the Administrative Agent or any other respective Lender of the full amount of
the Obligation Currency expressed to be payable to the Administrative Agent or such other Lender under this Agreement or the other Loan
Documents. If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes
necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to
as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made (i) with
respect to Obligations, at the Dollar Equivalent and (ii) in the case of currencies other than US Dollars, the rate of exchange (as quoted
by the Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such
currency designated by the Administrative Agent) determined, in each case, as of the Business Day immediately preceding the day on which
the judgment is given (such Business Day or Banking Day, as applicable, being hereinafter referred to as the “Judgment Currency
Conversion Date”).

 

(b)           If
there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of
the amount due, each Loan Party covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not
a lesser amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange
prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount
of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion
Date.

 

Section
10.18   No Advisory or Fiduciary
Responsibility.

 

Each Loan Party agrees that
nothing in the Loan Documents or the transactions contemplated thereby will be deemed to create an advisory, fiduciary or agency relationship
or fiduciary or other implied duty between the Administrative Agent, any Lender Party or any Affiliate thereof, on the one hand, and such
Loan Party, its stockholders or its Affiliates, on the other. Each Loan Party acknowledges and agrees that any of the Administrative Agent,
Arrangers, Issuing Banks, and Lenders may have economic interests that conflict with those of the Loan Parties, their equity holders and/or
their affiliates.

 

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Section
10.19   Acknowledgement and Consent
to Bail-In of EEA Financial Institutions.

 

Notwithstanding anything
to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)           the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)             a reduction in full or in part or cancellation of any such liability;

 

(ii)            a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent entity, undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)           the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

Section
10.20   Acknowledgement Regarding
Any Supported QFCs.

 

To the extent that the Loan
Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC
(such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties
acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with
the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by
the laws of the State of New York and/or of the United States or any other state of the United States):

 

(a)            in
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be
effective under the Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a Special Resolution Regime, Default Rights under
the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such
Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect
to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.

 

(b)           As
used in this Section 10.20, the following terms have the following meanings:

 

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“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.

 

“Covered Entity”
means any of the following: (a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);
or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

[Signature Pages Follow]

 

    147

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	NABORS INDUSTRIES, INC., 

as Borrower
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:  Michael Rasmuson
	 	Title:   Secretary, Senior Vice President, General Counsel & Chief Compliance Officer

 

	 	NABORS DRILLING TECHNOLOGIES USA,

 as a Guarantor
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:  Michael Rasmuson
	 	Title:   Secretary, Senior Vice President, General Counsel & Chief Compliance Officer

 

	 	NABORS DRILLING HOLDINGS INC., 

  as a Guarantor
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:  Michael Rasmuson
	 	Title:   Secretary, Senior Vice President, General Counsel & Chief Compliance Officer

 

	 	NABORS ALASKA DRILLING, INC.,

  as a Guarantor
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:  Michael Rasmuson
	 	Title:   Secretary, Senior Vice President, General Counsel & Chief Compliance Officer

 

     

     

    

 

	 	NABORS INDUSTRIES LTD., 

as Holdings and a Guarantor
	 	 
	 	By:	/s/ Mark D. Andrews
	 	Name:  Mark D. Andrews
	 	Title:    Corporate Secretary

 

	 	NABORS HOLDINGS LTD., 

as a Guarantor
	 	 
	 	By:	/s/ Mark D. Andrews
	 	Name:  Mark D. Andrews
	 	Title:    President

 

	 	NABORS INTERNATIONAL MANAGEMENT LIMITED, 

as a Guarantor
	 	 
	 	By:	/s/ Mark D. Andrews
	 	Name:  Mark D. Andrews
	 	Title:    President

 

	 	CANRIG DRILLING TECHNOLOGY CANADA LTD., 

  as a Guarantor
	 	 
	 	By:	/s/ Michael J. Niedermaier
	 	Name:  Michael J. Niedermaier
	 	Title:    President & Secretary

 

     

     

    

 

	 	NABORS LUX 2, a private limited liability
company (societe ti responsabilite limitee ) incorporated and existing under the laws of the Grand-Duchy of Luxembourg, having
its registered office at 8-10, Avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg Register
of Trade and Companies (Registre de Commerce et des Societes, Luxembourg) under number B 154034, as a Guarantor,
	 	 	 
	 	By:	/s/ Henricus Reindert Petrus Pollmann
	 	Name: Henricus Reindert Petrus Pollmann
	 	Title:   Class A Manager
	 	 
	 	NABORS LUX FINANCE 1, a private limited
liability company societe ti responsabilite limitee) incorporated and existing under the laws of the Grand-Duchy of Luxembourg,
having its registered office at 8-10, Avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg
Register of Trade and Companies (Registre de Commerce et des Societes, Luxembourg) under number B 153636, as a Guarantor

 

	 	By:	/s/ Henricus Reindert Petrus Pollmann
	 	Name: Henricus Reindert Petrus Pollmann
	 	Title:   Class A Manager

 

     

     

    

 

	 	NABORS GLOBAL HOLDINGS LIMITED, a private limited liability
    company (societe ti responsabilite limitee) incorporated and existing under the laws of the Grand-Duchy of Luxembourg, having
    its registered office at 8-10, Avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg
    Register of Trade and Companies (Registre de Commerce et des Societes, Luxembourg) under number B 155086, as a Guarantor
	 	 	 
	 	By:	/s/ Henricus Reindert Petrus Pollmann
	 	Name: Henricus Reindert Petrus Pollmann
	 	Title:   Class A Manager

 

     

     

    

 

	 	CITIBANK, N.A., as Administrative
Agent
	 	 
	 	By:	/s/ Ivan Davey
	 	Name: Ivan Davey
	 	Title:   Vice President 

 

     

     

    

 

	 	CITIBANK, N.A.,

as a Lender and an Issuing Bank
	 	 
	 	By: 	/s/ Ivan Davey
	 	Name: Ivan Davey
	 	Title:   Vice President

 

     

     

    

 

	 	WELLS FARGO BANK, N.A.,

    as a Lender and an Issuing Bank
	 	 
	 	By:	/s/ Corbin M. Womac
	 	Name:
Corbin M. Womac
	 	Title:   Director

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA,

as a Lender
	 	 
	 	By:	/s/ Thomas Manning
	 	Name: Thomas Manning
	 	Title:   Authorized Signatory

 

     

     

    

 

	 	HSBC BANK USA, N.A.,

as a Lender
	 	 
	 	By:	/s/ Jay Fort
	 	Name: Jay Fort
	 	Title:   Senior Vice President

 

     

     

    

 

	 	MORGAN STANLEY SENIOR FUNDING, INC.,

as a Lender
	 	 
	 	By:	/s/ Michael King
	 	Name: Michael King
	 	Title:   Vice President

 

     

     

    

 

EXHIBIT A

[FORM OF] SUBORDINATION AGREEMENT

 

SUBORDINATION
AGREEMENT, dated as of [●], 20[__] (this “Agreement”), by and among CITIBANK, N.A., in its capacity as administrative
agent under the Credit Agreement (as defined below) (in such capacity, together with its successors and assigns in such capacity, the
 “Agent”), NABORS INDUSTRIES LTD., a Bermuda exempted company (“Holdings”), NABORS INDUSTRIES, INC.,
a Delaware corporation (the “Borrower”), the undersigned subsidiaries of Holdings and each other person that becomes
a party hereto after the date hereof in accordance with Section 7 below (the “Specified Subsidiary Guarantors”; and
together with Holdings and the Borrower, collectively, “Obligors”) and [ ___________], solely in its capacity as trustee
under each Initial Indenture (as defined below) (the “Initial Trustee”) for the benefit of the holders of the Initial
Notes (as defined below) and each other representative for the holders of Pari Passu Obligations (as defined below) that becomes a party
hereto after the date hereof in accordance with Section 8 below (each an “Additional Trustee” and, together with the
Initial Trustee, each a “Trustee”).

 

Pursuant
to the Credit Agreement, dated as of January 21, 2022 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Holdings, the Borrower, the Specified Subsidiary Guarantors, as “Guarantors”
and the other subsidiaries of the Borrower from time to time party thereto, as “Guarantors”, the lenders and issuing banks
from time to time party thereto and the Agent, among other things, (i) the lenders and issuing banks have provided commitments to make
loans and provide other accommodations to the Borrower and its subsidiaries and (ii) the Specified Subsidiary Guarantors have provided
an unconditional guarantee in full of the Senior Obligations (as defined below). Terms used herein and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement.

 

The term “Initial
Indentures” shall refer to each of the following (each, an “Initial Indenture”): (i) the indenture dated as of
October 29, 2020 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “6.500% SPGN Indenture”),
by and among the Borrower, as issuer, Holdings, the Specified Subsidiary Guarantors and certain other subsidiaries of Holdings, as guarantors,
and Wilmington, as trustee; (ii) the indenture dated as of December 1, 2020 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “9.000% SPGN Indenture”) by and among the Borrower, as issuer, Holdings, the Specified
Subsidiary Guarantors and certain other subsidiaries of Holdings, as guarantors, and Wilmington, as trustee; and (iii) the indenture dated
as of November 23, 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “7.375%
SPGN Indenture”), by and among the Borrower, as issuer, Holdings, the Specified Subsidiary Guarantors and certain other subsidiaries
of Holdings, as guarantors, and Wilmington, as trustee. The term “Initial Notes” shall refer to all notes issued pursuant
to the Initial Indentures.

 

     

     

    

 

From time
to time after the date hereof, one or more of the Specified Subsidiary Guarantors may incur indebtedness, whether as an issuer, borrower,
guarantor or other obligor under one or more other indentures or other instruments to the extent permitted under the Credit Agreement
and each other Indenture (any such indenture or other instrument, an “Additional Indenture” and, together with the
Initial Indenture, each an “Indenture”; and the notes issued under any such Additional Indenture, the “Additional
Notes” and, together with the Initial Notes, collectively, the “Notes”).

 

As a condition
to the Specified Subsidiary Guarantors providing a guarantee of the Subordinated Obligations (as defined below) (the “Subsidiary
Notes Guarantee”), pursuant to Section 6.06(n) of the Credit Agreement, the Obligors and each Trustee are required to execute
and deliver to the Agent counterparts of this Agreement (or in the case of an Additional Trustee, a duly executed joinder hereto in accordance
with Section 8).

 

Accordingly,
the Agent, on behalf of itself, the Lenders and Issuing Banks and any other holder of Obligations (the “Senior Parties”),
the Obligors and each Trustee, on behalf of itself, the holders of the applicable Notes and any other holder of Subordinated Obligations
(together with their respective successors and assigns, collectively, the “Subordinated Parties”), hereby agree as
follows:

 

SECTION 1. Subordination.

 

(a)           Each
Trustee on behalf of itself and the other Subordinated Parties hereby agrees that the Subordinated Obligations shall be subordinate and
junior in right of payment to the (i) Obligations of each Specified Subsidiary Guarantor (whether now existing or from time to time after
the date hereof incurred, assumed, created or arising) and (ii) Permitted Guaranteed Bilateral Letter of Credit Facilities with a Lender
or an affiliate thereof (whether now existing or from time to time after the date hereof incurred, assumed, created or arising), including
the payment of principal, premium (if any), interest (including, without limitation, interest accruing on or after the filing of any
Insolvency Proceeding, whether or not a claim for post-filing interest is allowed or allowable in any such Insolvency Proceeding), fees,
charges, expenses, indemnities, reimbursement obligations and all other amounts payable thereunder or in respect thereof, in each case
whether or not any of the foregoing is allowed or allowable as a claim in any Insolvency Proceeding (collectively, the “Senior
Obligations”). For purposes hereof, “Subordinated Obligations” means all obligations of the Specified Subsidiary
Guarantors to the Subordinated Parties (whether now existing or from time to time after the date hereof incurred, assumed, created or
arising) under each Indenture, including each Subsidiary Notes Guarantee, including, in each case to the extent constituting obligations
thereunder, the payment of principal, premium (if any), interest (including, without limitation, interest accruing on or after the filing
of any Insolvency Proceeding pursuant to the terms of the Indenture, whether or not a claim for post-filing interest is allowed or allowable
in any such Insolvency Proceeding), fees, charges, expenses, indemnities, reimbursement obligations and all other amounts payable thereunder
or in respect thereof, in each case whether or not any of the foregoing is allowed or allowable as a claim in any Insolvency Proceeding.
For purposes hereof, “Discharge of the Senior Obligations” shall mean that the Senior Obligations have been indefeasibly
paid in full in cash and all commitments of the Senior Parties under the Loan Documents have been terminated (other than any inchoate
obligations for which no claim has been asserted).

 

    2 

     

    

 

(b)           The Obligors, each Trustee and the other Subordinated Parties agree that no payment (whether directly, by purchase, redemption
or exercise of any right of setoff or otherwise) in respect of the Subordinated Obligations, whether as principal, interest or otherwise,
and whether in cash, securities or other property, shall be made by or on behalf of any Specified Subsidiary Guarantor or received, accepted
or demanded from or on behalf of any Specified Subsidiary Guarantor, directly or indirectly, by or on behalf of any Subordinated Party
(other than a payment or distribution in the form of debt or equity securities that are subordinated to the Senior Obligations at least
to the same extent as the Subordinated Obligations (“Permitted Junior Securities”)), until Discharge of the Senior
Obligations. In the event that any payment by, or on behalf of, or distribution of the assets or other property of, or any equity securities
or debt securities issued by, any Specified Subsidiary Guarantor of any kind or character, whether in cash, securities or other property,
and whether directly, by purchase, redemption, exercise of any right of setoff or otherwise (other than a payment or distribution in the
form of Permitted Junior Securities), including without limitation, in connection with a plan of reorganization or other Insolvency Proceeding
with respect to such Specified Subsidiary Guarantor, shall be received by or on behalf of any Subordinated Party or any Affiliate thereof
at a time when such payment or distribution is prohibited by this Agreement, such payment or distribution shall be held by any Subordinated
Party or its Affiliate in trust (segregated from other property of any Subordinated Party or its Affiliate) for the benefit of, and shall
forthwith be paid over to, the Agent, for the benefit of the Senior Parties, until the Discharge of the Senior Obligations. For the avoidance
of doubt, the foregoing does not limit the ability of Holdings to make payments of principal, premium (if any), interest, fees, charges,
expenses, indemnities, reimbursement obligations and other amounts payable in respect of the Subordinated Obligations.

 

(c)           The
provisions of this Agreement shall continue in full force and effect notwithstanding the occurrence of an Insolvency Proceeding (as defined
below) against any Obligor or any of its properties or assets until the Discharge of the Senior Obligations. Upon any distribution of
the assets of a Specified Subsidiary Guarantor or upon any dissolution, winding up, liquidation or reorganization of such Specified Subsidiary
Guarantor, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment
for the benefit of creditors or any other marshalling of the assets and liabilities of such Specified Subsidiary Guarantor, or otherwise
(any of the foregoing, an “Insolvency Proceeding”):

 

(i)            the
Senior Parties shall first be entitled to Discharge of the Senior Obligations before the Subordinated Parties shall be entitled to receive
any payment or distribution on account of the Subordinated Obligations, whether of principal, interest or otherwise; and

 

(ii)           any
payment by, or on behalf of, or distribution of the assets of, or any debt or equity securities issued by, such Specified Subsidiary
Guarantor of any kind or character, whether in cash, securities or other property, to which any Subordinated Party would be entitled
except for the provisions of this Section 1 shall be paid or delivered by the Person making such payment or distribution (whether
a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Agent, for the benefit of the Senior
Parties, until Discharge of the Senior Obligations.

 

    3 

     

    

 

In addition, each Trustee, agrees
that in connection with any Insolvency Proceeding (i) the Agent, on behalf of the Senior Parties, is irrevocably authorized and empowered
(in its own name or in the name of the Subordinated Parties or otherwise), but shall have no obligation, to demand, sue for, collect and
receive every payment or distribution referred to in the preceding sentence and give acquittance therefor and to file claims and proofs
of claim and take such other action as the Agent may deem necessary or advisable for the exercise or enforcement of any of the rights
or interest of the Senior Parties and (ii) each Subordinated Party shall duly and promptly take such action as the Agent, on behalf of
the Senior Parties, may request to (A) collect amounts in respect of the applicable Subordinated Obligations for the account of the Senior
Parties and to file appropriate claims or proofs of claim in respect of such Subordinated Obligations, (B) execute and deliver to the
Agent such irrevocable powers of attorney, assignments or other instruments as the Agent, on behalf of the Senior Parties, may request
in order to enable the Agent to enforce any and all claims with respect to the Subordinated Obligations and (C) collect and receive any
and all payments or distributions which may be payable or deliverable upon or with respect to the applicable Subordinated Obligations.
A copy of this Agreement may be filed with any court as evidence of the Senior Parties’ right, power and authority hereunder.

 

(d)           The
Obligors and each Subordinated Party agree that, prior to the Discharge of the Senior Obligations, no Subordinated Party may take any
Enforcement Action against any Specified Subsidiary Guarantor without the prior written consent of the Agent (acting upon the direction
of the Required Lenders), unless:

 

(i)            the
occurrence of, with respect to such Specified Subsidiary Guarantor, an Insolvency Proceeding;

 

(ii)           the
holders of Senior Obligations have taken any Enforcement Action in relation to such Specified Subsidiary Guarantor; or

 

(iii)          an
event of default has occurred under the applicable Indenture in respect of the applicable Subordinated Obligations (a “Subordinated
Debt Default”); and

 

(A)           the
applicable Subordinated Parties have provided notice of the Subordinated Debt Default to the Senior Parties in accordance with Section
11 hereof;

 

(B)            a
period of not less than (i) 90 days (in the case of a payment default) or (ii) or 179 days (in the case of a non-payment default) has
passed from the date the Agent and the Senior Parties were first notified of the Subordinated Debt Default (a “Standstill Period”);
and

 

(C)            at
the end of the Standstill Period, the Subordinated Debt Default is continuing and has not been cured or waived.

 

    4 

     

    

 

For the purposes hereof, “Enforcement
Action” means, in relation to or with respect to any Specified Subsidiary Guarantor, any action (whether taken by the relevant
creditor or creditors or an agent or trustee on its or their behalf) to: (i) demand payment, declare prematurely due and payable or otherwise
seek to accelerate payment of all or any part of the Subordinated Obligations, (ii) recover all or any part of the Subordinated Obligations
(including, by exercising any rights of set-off or combination of accounts), (iii) exercise or enforce any rights under or pursuant to
the Subsidiary Notes Guarantee, (iv) commence legal proceedings against such Specified Subsidiary Guarantor or (v) commence, or take any
other steps which could lead to the commencement of, an Insolvency Proceeding concerning such Specified Subsidiary Guarantor. Notwithstanding
the foregoing, no Subordinated Party may in any Insolvency Proceeding concerning any Specified Subsidiary Guarantor: (i) oppose any sale
of assets (including bidding procedures relating thereto) with respect to such Specified Subsidiary Guarantor; (ii) propose any debtor
in possession financing or oppose any debtor in possession financing or use of cash collateral with respect to such Specified Subsidiary
Guarantor, in each case without the consent of the Agent, acting on behalf of the Senior Parties; (iii) seek appointment of a trustee
or examiner with respect to such Specified Subsidiary Guarantor; or (iv) propose, sponsor, vote in favor of, or otherwise support any
plan of reorganization or liquidation with respect to such Specified Subsidiary Guarantor unless such plan (a) provides for Discharge
of the Senior Obligations on or before the effective date of such plan or (b) the Agent, on behalf of the Senior Parties has provided
its prior written consent with respect to such plan.

 

(e)           Each
Trustee and the other Subordinated Parties waive all rights of subrogation they may have with respect to any Specified Subsidiary Guarantor
under the Subordinated Guaranty until the Discharge of the Senior Obligations, and, as between and among such Specified Subsidiary Guarantor,
its creditors (other than the Senior Parties) and the Subordinated Parties, no such payment or distribution made to the Senior Parties
by virtue of this Agreement that otherwise would have been made to the Subordinated Parties shall be deemed to be a payment by such Specified
Subsidiary Guarantor on account of the Subordinated Obligations, it being understood that the provisions of this paragraph (e)
are intended solely for the purpose of defining the relative rights of the Subordinated Parties and the Senior Parties.

 

(f)            Each
Subordinated Party and Specified Subsidiary Guarantor agrees that each Indenture and all other instruments (including the Notes) or records
(other than book entry records) now or hereafter creating or evidencing the Subordinated Obligations, whether upon refunding, extension,
renewal, refinancing, replacement or otherwise, shall contain the following language:

 

“Notwithstanding
anything contained herein to the contrary, none of the indebtedness created or evidenced by this instrument or record shall become
due or be paid or payable by any [Specified Subsidiary Guarantor], except to the extent permitted under the Subordination Agreement
dated as of [DATE], among Nabors Industries, Inc., a Delaware corporation, Nabors Industries Ltd., a Bermuda exempted
company, the [Specified Subsidiary Guarantors], the Trustee, and Citibank, N.A, as administrative agent under the 2022 Revolving
Credit Facility1, which is attached as
Exhibit [●] to the Indenture, which Subordination Agreement is incorporated herein with the same effect as if fully set forth
herein”;

 

 

1 Term to be updated to reference the appropriate
defined term in future Indentures and instruments.

 

    5 

     

    

 

or shall otherwise refer to and
be subject in all respects to the terms of this Agreement in a manner acceptable to the Agent.

 

(g)           For
the avoidance of doubt, nothing in this Agreement shall affect the rights of payment relative among the Initial Notes and any Additional
Notes which shall rank of equal priority in payment as to each other, unless otherwise expressly agreed by the applicable holders thereof.

 

SECTION 2. Waivers and Consents.

 

(a)           Each
Trustee and the other Subordinated Parties waive the right to compel that any assets or property of any Specified Subsidiary Guarantor
be applied in any particular order to discharge the Senior Obligations. Each Trustee and the other Subordinated Parties expressly waive
the right to require the Senior Parties to proceed against any Specified Subsidiary Guarantor, or to pursue any other remedy in any Senior
Party’s power which the Subordinated Parties cannot pursue and which would lighten the Subordinated Parties’ burden,
notwithstanding that the failure of any Senior Party to do so may thereby prejudice each Subordinated Party. Each Trustee and the other
Subordinated Parties agree that they shall not be discharged, exonerated or have their respective obligations hereunder to the Senior
Parties reduced by any Senior Party’s delay in proceeding against or enforcing any remedy against any Specified Subsidiary Guarantor;
by any Senior Party releasing any Specified Subsidiary Guarantor from all or any part of the Senior Obligations; or by the discharge
of any Specified Subsidiary Guarantor by operation of law or otherwise, with or without the intervention or omission of a Senior Party.
Any Senior Party’s vote to accept or reject any plan of reorganization relating to any Specified Subsidiary Guarantor, or any Senior
Party’s receipt on account of the Senior Obligations other than Discharge of Senior Obligations, shall not discharge, exonerate,
or reduce the obligations of any Subordinated Party hereunder to the Senior Parties.

 

(b)           Each
Trustee and the other Subordinated Parties waive all rights and defenses arising out of an election of remedies by the Senior Parties,
even though that election of remedies, including any nonjudicial foreclosure with respect to security for the Senior Obligations, has
impaired the value of each Subordinated Party’s rights of subrogation, reimbursement or contribution against any Specified Subsidiary
Guarantor. Each Subordinated Party expressly waives any rights or defenses it may have by reason of protection afforded to any Specified
Subsidiary Guarantor with respect to the Senior Obligations pursuant to any anti-deficiency laws or other laws of similar import which
limit or discharge the principal debtor’s indebtedness upon judicial or nonjudicial foreclosure of real property or personal property
securing the Senior Obligations.

 

    6 

     

    

 

(c)           Each
Trustee and the other Subordinated Parties agree that, without the necessity of any reservation of rights against any of them, and
without notice to or further assent by any of them, any demand for payment of any Senior Obligations made by a Senior Party may be
rescinded in whole or in part by any Senior Party, and any Senior Obligation may be continued, and the Senior Obligations, or the
liability of any Specified Subsidiary Guarantor or any other guarantor or any other party upon or for any part thereof or right of
offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, modified, accelerated, compromised,
waived, surrendered, or released by the Senior Parties, in each case without notice to or further assent by any Subordinated Party
(to the extent contemplated by the Indenture), which will remain bound under this Agreement and without impairing, abridging,
releasing or affecting the subordination and other agreements provided for herein.

 

(d)           Each
Trustee and the other Subordinated Parties waive any and all notice of the creation, renewal, extension or accrual of any of the Senior
Obligations and notice of or proof of reliance by the Senior Parties upon this Agreement. The Senior Obligations, and any of them, shall
be deemed conclusively to have been created, contracted or incurred and the consent given to create the obligations of the Specified
Subsidiary Guarantors in respect of the Subordinated Obligations in reliance upon this Agreement, and all dealings between the Specified
Subsidiary Guarantors and the Senior Parties shall be deemed to have been consummated in reliance upon this Agreement. Each Subordinated
Party acknowledges and agrees that the Senior Parties have relied upon the subordination and other agreements provided for herein in
consenting to the Subordinated Obligations. Each Subordinated Party waives notice of or proof of reliance on this Agreement and protest,
demand for payment and notice of default.

 

SECTION 3.
Senior Obligations Unconditional. All rights and interests of the Senior Parties hereunder, and all agreements and obligations
of each Subordinated Party and each Specified Subsidiary Guarantor hereunder, shall remain in full force and effect irrespective of:

 

		(a)	any lack of validity or enforceability of any of the Loan Documents;

 

(b)           any
change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Obligations, or any amendment or
waiver or other modification, whether by course of conduct or otherwise, of, or consent to departure from, any of the Loan Documents;
or

 

(c)           any other circumstances that might otherwise constitute a defense available to, or a discharge of, any Specified Subsidiary Guarantor
in respect of the Senior Obligations, or of each Subordinated Party or any Specified Subsidiary Guarantor in respect of this Agreement.

 

SECTION 4. Representations
and Warranties. Each Trustee represents and warrants to the Agent, for the benefit of the Senior Parties, that:

 

(a)           It has the power and authority to execute and deliver and to perform its obligations under this Agreement and has taken all necessary
action to authorize its execution, delivery and performance of this Agreement.

 

    7 

     

    

 

 

(b)               This
Agreement has been duly executed and delivered by such Trustee and constitutes a legal, valid and binding obligation of each
Subordinated Party, enforceable against each in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

 

(c)               
No consent or authorization of filing with, or other act by or in respect of, any Governmental Authority, is required in connection
with the execution, delivery or performance of this Agreement.

 

SECTION 5. Waiver of Claims.

 

(a)               
To the maximum extent permitted by law, each Subordinated Party waives any claim it might have against the Senior Parties with
respect to, or arising out of, any action or failure to act or any error of judgment, negligence, or mistake or oversight whatsoever on
the part of the Senior Parties or their directors, officers, employees, agents or Affiliates with respect to any exercise of rights or
remedies under Credit Agreement or the other Loan Documents. Neither the Senior Parties nor any of their respective directors, officers,
employees, agents or Affiliates shall be liable for failure to demand, collect or realize upon guarantee of the Senior Obligations by
Specified Subsidiary Guarantors or for any delay in doing so.

 

(b)              
Each Trustee and the other Subordinated Parties, each for itself and on behalf of its successors and assigns, respectively, hereby
waive any and all now existing or hereafter arising rights it may have to require the Senior Parties to marshal assets for the benefit
of each other Subordinated Party, or to otherwise direct the timing, order or manner of any sale, collection or other enforcement of the
Senior Obligations. The Senior Parties are under no duty or obligation, and each Trustee and the other Subordinated Parties hereby waive
any right it may have to compel the Senior Parties, to pursue any Obligor or other Person who may be liable for the Senior Obligations.

 

SECTION 6.
Further Assurances. Each Subordinated Party and Specified Subsidiary Guarantor, at the expense of the Obligors and at any time
from time to time, upon the written request of the Agent shall promptly and duly execute and deliver such further instruments and documents
and take such further actions as the Agent reasonably may request for the purposes of obtaining or preserving the full benefits of this
Agreement and of the rights and powers herein granted.

 

SECTION 7.
Future Guarantees. At any time after the date hereof, if any Person constituting a Specified RCF Guarantor provides a Subsidiary
Notes Guarantee or otherwise becomes obligated to the Subordinated Parties in respect of the Subordinated Obligations, such Person shall,
concurrent with the provision of such Subsidiary Notes Guarantee or otherwise incurring such obligations, execute and deliver a joinder
to this Agreement in substantially the form attached as Exhibit A hereto. From and after delivery of such joinder, such Person
shall be a “Specified Subsidiary Guarantor” for all purposes of this Agreement as if originally party hereto on the date hereof.

 

    8

     

    

 

SECTION
8. Future Subordinated Obligations. At any time after the date hereof, if any Person constituting a Specified Subsidiary
Guarantor enters into or incurs any indebtedness under any Additional Indenture, the representative for the holders of the
obligations under such Additional Indenture shall, concurrent with the incurrence of indebtedness under such Additional Indenture by
any Specified Subsidiary Guarantor, execute and deliver a joinder to this Agreement in substantially the form attached as Exhibit
B hereto. From and after delivery of such joinder, such representative shall be a “Trustee” for all purposes of this
Agreement as if originally party hereto on the date hereof.

 

SECTION 9.
Provisions Define Relative Rights. This Agreement is intended solely for the purpose of defining the relative rights of the Senior
Parties on the one hand and the Subordinated Parties and the Specified Subsidiary Guarantors on the other, and no other Person shall have
any right, benefit or other interest under this Agreement.

 

SECTION 10.
Powers Coupled with an Interest. All powers, authorizations and agencies contained in this Agreement are coupled with an interest
and are irrevocable until Discharge of the Senior Obligations.

 

SECTION 11.
Notices. Any notice or communication shall be in writing and (i) delivered in person, (ii) mailed by first class mail or, (iii)
subject to confirmation of receipt, delivered by facsimile or e-mail (followed by delivery by mail or in person), in each case, addressed
as follows:

 

if to any Obligor:

 

Nabors Industries, Inc.

515 West Greens Road

Suite 1200

Houston, Texas 77067

Attention: General Counsel

Facsimile No.: 281-775-8431

 

if to the Agent:

 

Citibank, N.A.

1615 Brett Road, OPS 3

New Castle, DE 19720

Attention: Bank Loan Syndications Department

Fax Number: (646) 274-5080

E-Mail Address: GLAgentOfficeOps@citi.com

E-Mail Address: oploanswebadmin@citi.com

 

if to the Initial Trustee:

 

[            ]

[            ]

 

if to any Additional Trustee, as
set forth in the applicable joinder agreement delivered pursuant to Section 8.

 

    9

     

    

 

Each Obligor, each Trustee or the
Agent by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

Notices given
in person shall be deemed given upon receipt. Notices given by first-class mail shall be deemed given three (3) Business Days after mailing.
Notices given by facsimile or e-mail shall be deemed given upon confirmation of receipt.

 

SECTION
12. Counterparts. This Agreement may be executed by one or more of the parties on any number of separate counterparts, each of
which shall constitute an original, but all of which taken together shall be deemed to constitute but one instrument. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement shall
be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic
Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

SECTION
13. Severability. In case any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby (it being understood that the invalidity of a particular provision hereof in a particular jurisdiction shall not in
and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the invalid, illegal or unenforceable provisions.

 

SECTION 14.
Integration. This Agreement represents the agreement of the Obligors, the Subordinated Parties and the Senior Parties with respect
to the subject matter hereof and there are no promises or representations by the Obligors, the Subordinated Parties or the Senior Parties
relative to the subject matter hereof not reflected herein.

 

SECTION 15. Amendments in Writing; No Waiver; Cumulative
Remedies.

 

(a)               
None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written
instrument executed by each Trustee, the Obligors and the Agent.

 

(b)              
No failure to exercise, nor any delay in exercising, on the part of the Senior Parties, any right, power or privilege hereunder
shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.

 

(c)                The
rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other
rights or remedies provided by law.

 

    10

     

    

 

SECTION 16.
Section Headings. The section headings used in this Agreement are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

 

SECTION 17.
Successors and Assigns. This Agreement shall be binding upon the successors and assigns of the Obligors and the Subordinated Parties
and shall inure to the benefit of the Senior Parties and their respective successors and assigns.

 

SECTION 18. Governing Law; Jurisdiction; Consent to Service
of Process.

 

(a)               
THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK.

 

(b)              
EACH SUBORDINATED PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF
ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE AGENT, ANY SENIOR PARTY OR
ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK,
AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION
OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE AGENT OR ANY SENIOR PARTY
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY SUBORDINATED PARTY, ANY SPECIFIED SUBSIDIARY
GUARANTOR, THE BORROWER OR HOLDINGS OR THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)                EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT
REFERRED TO IN PARAGRAPH (b) OF THIS SECTION 18. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT.

 

SECTION 19.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE INDENTURE BY, AMONG OTHERTHINGS,THEMUTUALWAIVERSANDCERTIFICATIONSIN THIS SECTION 19.

 

    11

     

    

 

SECTION 20.
Termination; Survival. This Agreement and all of the covenants and other obligations of each of the parties hereto shall, except
as otherwise expressly provided by the following sentence, terminate upon, and be of no further force or effect whatsoever after, the
payment in full of all of the Senior Obligations. The agreements and obligations of each party hereto under Sections 18 and 19
hereof shall survive the termination of this Agreement and Discharge of the Senior Obligations.

 

SECTION 21.
Subordination Agreement. This Agreement constitutes a “subordination agreement” within the meaning of such term as
used in section 510(a) of Title 11 of the United States Code, as amended from time to time.

 

SECTION 22.
Trustee. It is understood and agreed that the Trustee is entering into this Agreement solely in its capacity as trustee under the
Initial Indenture and the provisions of Article VI thereunder shall also apply to the Trustee hereunder.

 

[Remainder of page intentionally
left blank]

 

    12

     

    

 

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

 

	 	CITIBANK, N.A., as Agent
	 	 
	 	By:	                   
	 	Name: Ivan Davey
	 	Title: Vice President
	 	 
	 	[                    ] as Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature page to Subordination
Agreement]

 

    

     

    

 

	 	NABORS INDUSTRIES, INC., as Borrower
	 	 
	 	By:	                                         
	 	Name:
	 	Title:
	 	 
	 	NABORS INDUSTRIES LTD., as Holdings
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	NABORS INTERNATIONAL MANAGEMENT LIMITED, as a Specified Subsidiary
    Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	NABORS DRILLING TECHNOLOGIES USA, INC. as a Specified Subsidiary
    Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	NABORS LUX 2, a private limited liability company (société
    à responsabilité limitée) incorporated and existing under the laws of the Grand-Duchy of Luxembourg, having
    its registered office at 8-10, Avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg
    Register of Trade and Companies (Registre de Commerce et des Sociétés, Luxembourg) under number B 154034, as
    a Specified Subsidiary Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature
page to Subordination Agreement]

 

    

     

    

 

	 	CANRIG DRILLING TECHNOLOGY CANADA
    LTD., as a Specified Subsidiary Guarantor
	 	 
	 	By:	                     
	 	Name:
	 	Title:
	 	 
	 	[                                    ],
    as a Specified Subsidiary Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 

 

[Signature page to Subordination Agreement]

 

    

     

    

 

EXHIBIT A

[FORM OF ] JOINDER AGREEMENT
 –

ADDITIONAL SPECIFIED SUBSIDIARY
GUARANTOR

 

This JOINDER
AGREEMENT – ADDITIONAL SPECIFIED SUBSIDIARY GUARANTOR made by
[               ], a
[                            ]
(the “Additional Specified Subsidiary Guarantor”) is dated as of
[                                ],
20[_] (this “Guarantor Joinder”), and joins the Additional Specified Subsidiary Guarantor as a Specified
Subsidiary Guarantor under the Subordination Agreement, dated as of January 21, 2022 (as amended, amended and restated, supplemented
and otherwise modified from time to time, the “Subordination Agreement”), among CITIBANK, N.A., in its capacity
as administrative agent under the Credit Agreement (in such capacity, together with its successors and assigns in such capacity, the
 “Agent”), NABORS INDUSTRIES LTD., a Bermuda exempted company ( “Holdings”), NABORS INDUSTRIES,
INC., a Delaware corporation (the “Borrower”), the other Specified Subsidiary Guarantors party thereto and
Wilmington Trust, National Association, in its capacity as trustee under each of the Initial Indentures (the
 “Trustee”), for the benefit of the Holders.

 

A.       
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Subordination
Agreement.

 

B.       
This Guarantor Joinder is being executed in accordance with Section 7 of the Subordination Agreement, as a condition to the provision
of a Subsidiary Notes Guarantee by the Additional Specified Subsidiary Guarantor pursuant to Section 6.06(n) of the Credit Agreement and
pursuant to Section 7 of the Subordination Agreement.

 

Accordingly, the Additional Specified Subsidiary
Guarantor agrees as follows:

 

SECTION
1. The Additional Specified Subsidiary Guarantor by its signature below becomes a Specified Subsidiary Guarantor under the Subordination
Agreement with the same force and effect as if originally named therein as a Specified Subsidiary Guarantor and the Additional Specified
Subsidiary Guarantor hereby agrees to all the terms and provisions of the Subordination Agreement applicable to it as a Specified Subsidiary
Guarantor thereunder. The Subordination Agreement is hereby incorporated herein by reference.

 

SECTION
2. The Additional Specified Subsidiary Guarantor represents and warrants to Agent and Trustee that this Guarantor Joinder has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance
with its terms.

 

SECTION
3. This Guarantor Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Guarantor
Joinder shall become effective when Agent shall have received a counterpart of this Guarantor Joinder that bears the signature of
the Additional Specified Subsidiary Guarantor and the Agent and the Trustee have executed a counterpart hereof. The words
 “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Guarantor Joinder shall be deemed to include electronic signatures, deliveries or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent
to conduct the transactions contemplated hereunder by electronic means.

 

    

     

    

 

SECTION
4. Except as expressly supplemented hereby, the Subordination Agreement shall remain in full force and effect.

 

SECTION
5. SECTIONS 17 THRU 20 OF THE SUBORDINATION AGREEMENT ARE HEREBY INCORPORATED HEREIN MUTATIS MUTANDIS.

 

SECTION
6. In case any one or more of the provisions contained in this Guarantor Joinder should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Subordination Agreement
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
7. All communications and notices hereunder shall be in writing and given as provided in Section 11 of the Subordination Agreement.

 

SECTION
8. The Additional Specified Subsidiary Guarantor agrees that the Agent and Trustee shall be entitled to reimbursement of its expenses
incurred hereunder and indemnity for its actions in connection herewith as provided in the Credit Agreement or Indenture as applicable.

 

[Signature pages to follow]

 

    

     

    

 

IN WITNESS WHEREOF, Additional Specified
Subsidiary Guarantor has duly executed this Guarantor Joinder as of the day and year first above written.

 

	 	[ADDITIONAL   SPECIFIED   SUBSIDIARY
    GUARANTOR]
	 	 
	 	By:	                                                           
	 	Name:
	 	Title:

 

    

     

    

 

ACKNOWLEDGED BY:

 

	 	CITIBANK N.A., as Agent,
	 	 
	 	By:	                         
	 	Name:
	 	Title:
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION as Trustee,
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Joinder to Subordination Agreement]

 

    

     

    

 

EXHIBIT B

[FORM OF ]JOINDER AGREEMENT
 – 

ADDITIONAL TRUSTEE

 

This               JOINDER     AGREEMENT    –     ADDITIONAL      TRUSTEE      made       by
[ _______], in its capacity as trustee under the Additional Indenture (as defined below) (the “Additional
Trustee”) is dated as of [_______], 20[_] (this “Trustee Joinder”), and joins the Additional
Trustee as a Trustee under the Subordination Agreement, dated as of January 21, 2022 (as amended, amended and restated, supplemented
and otherwise modified from time to time, the “Subordination Agreement”), among CITIBANK, N.A., in its capacity
as administrative agent under the Credit Agreement (in such capacity, together with its successors and assigns in such capacity, the
 “Agent”), NABORS INDUSTRIES LTD., a Bermuda exempted company ( “Holdings”), NABORS INDUSTRIES,
INC., a Delaware corporation (the “Borrower”), the Specified Subsidiary Guarantors party thereto and Wilmington
Trust, National Association, in its capacity as trustee under each of the Initial Indentures (as the initial trustee, the
 “Initial Trustee” and together with the Additional Trustee, each a “Trustee”), for the benefit
of the holders of the obligations under the Initial Indentures.

 

A.       
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Subordination
Agreement.

 

B.       
Pursuant to the Indenture, dated as of [____________] (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Additional Indenture”), by and among [_] and the Additional Trustee, one or more Specified Subsidiary
Guarantors has incurred indebtedness in respect of the $[__________________] aggregate principal amount of [   ]% [Senior] Notes due [   ].

 

C.       
This Trustee Joinder is being executed by the Additional Trustee in accordance with Section 8 of the Subordination Agreement, as
a condition to the incurrence of indebtedness under the Additional Indenture by such Specified Subsidiary Guarantors pursuant to Section
6.06(n) of the Credit Agreement.

 

Accordingly, the Additional Trustee agrees as follows:

 

SECTION
1. The Additional Trustee by its signature below becomes a Trustee under the Subordination Agreement with the same force and effect
as if originally named therein as a Trustee and the Additional Trustee hereby agrees to all the terms and provisions of the Subordination
Agreement applicable to it as a Trustee thereunder. The Subordination Agreement is hereby incorporated herein by reference.

 

SECTION
2. The Additional Trustee represents and warrants to Agent that this Trustee Joinder has been duly authorized, executed and delivered
by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

SECTION
3. This Trustee Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. This Trustee Joinder
shall become effective when Agent shall have received a counterpart of this Trustee Joinder that bears the signature of the
Additional Trustee and the Agent. The words “execution,” “signed,” “signature,”
 “delivery,” and words of like import in or relating to this Trustee Joinder shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the
case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform
Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic
means.

 

SECTION
4. Except as expressly supplemented hereby, the Subordination Agreement shall remain in full force and effect.

 

SECTION
5. SECTIONS 17 THRU 20 OF THE SUBORDINATION AGREEMENT ARE HEREBY INCORPORATED HEREIN MUTATIS MUTANDIS.

 

SECTION
6. In case any one or more of the provisions contained in this Trustee Joinder should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Subordination Agreement
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
7. All communications and notices hereunder shall be in writing and given as provided in Section 11 of the Subordination Agreement.

 

SECTION
8. The Additional Trustee agrees that the Agent shall be entitled to reimbursement of its expenses incurred hereunder and indemnity
for its actions in connection herewith as provided in the Credit Agreement or Indenture as applicable.

 

[Signature pages to follow]

 

     

     

    

 

IN WITNESS WHEREOF, Additional Trustee has
duly executed this Trustee Joinder as of the day and year first above written.

 

	 	[ADDITIONAL
    TRUSTEE]
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Joinder
to Subordination Agreement]

 

     

     

    

 

	ACKNOWLEDGED BY:	 
	 	 
	 	CITIBANK N.A.,
	 	as Agent,
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

EXHIBIT B

[FORM OF] ASSIGNMENT
AND ASSUMPTION

 

This Assignment and Assumption
(the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement defined below, receipt of
a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the
Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below, (i) all of the Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage
interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified
below (including any letters of credit, guarantees, and swingline loans and participations therein included in such facilities), and (ii)
to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in
its capacity as a Lender) against any person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations
sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor.

 

	1.	Assignor:	 
	 	 	 
	2.	Assignee:	 
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]]

 

	3.	Borrower:	Nabors Industries, Inc.
	 	 	 
	4.	Administrative Agent: 	Citibank, N.A., as the administrative agent for the Lenders under the Credit Agreement
	 	 	 
	5.	Credit Agreement:	The Credit Agreement dated as of January 21, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Nabors Industries, Inc., a Delaware corporation, as Borrower (the “Borrower”), Nabors
Industries Ltd., a Bermuda exempted company (“Holdings”), the other Guarantors from time to time party thereto, the
lenders from time to time party thereto (the “Lenders”), Citibank, N.A., as administrative agent for the Lenders (the
 “Administrative Agent”), and the other persons party thereto.
	 	 	 
	6.	Assigned Interest:	 

 

     

     

    

 

	Facility
    Assigned	 	Aggregate
    Amount 

of Commitment/ 

Loans for all Lenders	 	Amount
    of 

Commitment/ Loans 

Assigned	 	Percentage
    Assigned 

of Commitment/ 

Loans
	Revolving
    Loans	 	$	 	$	 	%

 

Effective Date: ________________
___, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment and Assumption are hereby agreed
to:

 

	 	ASSIGNOR
	 	 	[NAME
    OF ASSIGNOR]
	 	 
	 	By:	 
	 	 	Title:
	 	 
	 	ASSIGNEE
	 	 	[NAME
    OF ASSIGNEE]
	 	 
	 	By:	 
	 	 	Title:

 

	Consented
    to and Accepted:	 
	 	 
	NABORS
    INDUSTRIES, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	CITIBANK,
    N.A.,	 
	 	as
    Administrative Agent	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	[CITIBANK,
    N.A.,	 
	 	as
    Issuing Bank	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:
    ]	 

 

     

     

    

 

	[BANK
    OF AMERICA, N.A.,	 
	 	as
    Issuing Bank	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:
    ]	 
	 	 
	[WELLS
    FARGO BANK, N.A.,	 
	 	as
    Issuing Bank	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:
    ]	 
	 	 
	[MIZUHO,	 
	 	as
    Issuing Bank	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:
    ]	 

 

     

     

    

 

ANNEX 1 to Assignment and Assumption

 

NABORS INDUSTRIES,
INC.

CREDIT AGREEMENT

 

STANDARD TERMS
AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.       Representations
and Warranties.

 

1.1       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest
is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is not a Defaulting
Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Loan Documents or any collateral thereunder, (iii) the financial condition of Holdings, the Borrower, any of their Subsidiaries
or Affiliates or any other person obligated in respect of any Loan Document or (iv) the performance or observance by Holdings, Borrower,
any of their Subsidiaries or Affiliates or any other person of any of their respective obligations under any Loan Document.

 

1.2.        Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may
be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement
as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated
with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion
in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of
the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements
delivered pursuant to Sections 4.01(d) or 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender,
(vi) if it is not already a Lender under the Credit Agreement, attached to the Assignment and Assumption an Administrative Questionnaire
in the form of Exhibit A to the Credit Agreement, (vii) the Administrative Agent has received a processing and recordation fee
of $3,500 as of the Effective Date, or the Administrative Agent has exercised its sole discretion to elect to waive such processing and
recordation fee and (viii) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to Section
2.18 of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without
reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the applicable Loan Documents, and (ii) it
will perform in accordance with their terms all of the obligations that by the terms of the applicable Loan Documents are required to
be performed by it as a Lender.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the
Effective Date and to the Assignee for amounts that have accrued from and after the Effective Date. Notwithstanding the foregoing,
the Administrative Agent shall make all such payments in respect of the Assigned Interest from and after the Effective Date to the
Assignee.

 

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and permitted assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be construed in
accordance with and governed by, the law of the State of New York without regard to conflicts of principles of law that would require
the application of the laws of another jurisdiction.

 

     

     

    

 

EXHIBIT C

[FORM OF] BORROWING REQUEST

 

Citibank, N.A.,

as Administrative Agent for

the Lenders,

1 Penn’s Way, OPS 2

New Castle, DE 19702

 

Attention: Agency

 

Re: Nabors Industries, Inc.

 

________________,
20[__]

Ladies and Gentlemen:

 

Reference is hereby made to that certain Credit
Agreement dated as of January 21, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Nabors Industries, Inc., a Delaware corporation, as Borrower (the “Borrower”), Nabors Industries
Ltd., a Bermuda exempted company (“Holdings”), the other Guarantors from time to time party thereto, the Lenders from
time to time party thereto (the “Lenders”), Citibank, N.A., as Administrative Agent for the Lenders, and the other
persons party thereto. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit
Agreement.

 

Borrower hereby gives you notice pursuant to Section
2.03 of the Credit Agreement that it requests a Loan under the Credit Agreement, and in that connection sets forth below the terms on
which such Loan is requested to be made:

 

	(A)	Loan	[Revolving
    Loan] 	 
	 	 	 	 
	(B)	Principal
    amount of Loan	$ 	 	 
	 	 	 	 
	(C)	Date
    of Loan (which is a Business Day)	[_____________],
    20__	 
	 	 	 	 
	(D)	Type
    of Loan	[SOFR
    Loan] [ABR Loan]	 
	 	 	 	 
	(E)	If
    a SOFR Borrowing, Interest Period and the last day thereof	 	 
	 	 	 	 
	(F)	Funds
    are requested to be disbursed to [ ]	 	 

 

	(G)	Availability
    Cap

     

    the
lesser of: 
	 
	 	 	 
	 	(i)
    (a) Revolving Commitments	 
	 	 	 
	 	and	 
	 	 	 
	 	(ii)
    (a) 10% of Consolidated Net Tangible Assets	 

 

     

     

    

 

	 	Minus	 
	 	 	 
	 	(b) Utilized CNTA Lien Amount	 	 
	 	 	 
	 	Availability Cap:	 
	 	 	 
	(H)	Collateral Rig Value	 

 

[Signature page to follow]

 

     

     

    

 

The undersigned hereby certifies on behalf of the Borrower that the
conditions set forth in Sections 4.02(b) – (g) have been satisfied as of the date of this Borrowing Request.

 

	 	Nabors Industries, Inc.

 

		By:	

                                                                 

	 	 	Name:
	 	 	Title: [Responsible Officer]

 

     

     

    

 

EXHIBIT D

[FORM OF] L/C ISSUANCE REQUEST

 

Citibank, N.A.,

as Administrative Agent for

the Lenders referred to below,

1 Penn’s Way, OPS 2

New Castle, DE 19702

 

[                               ]1,

as Issuing Bank

[                               ]

[                               ]

 

Re: Nabors Industries, Inc.

 

_______________, 20[  ]

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain Credit
Agreement dated as of January 21, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Nabors Industries, Inc., a Delaware corporation, as Borrower (the “Borrower”), Nabors Industries
Ltd., a Bermuda exempted company (“Holdings”), the other Guarantors from time to time party thereto, the lenders from
time to time party thereto (the “Lenders”), Citibank, N.A., as Administrative Agent for the Lenders, and the other
persons party thereto. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit
Agreement.

 

Pursuant to Section 2.22(b) of the Credit Agreement,
Borrower hereby requests the issuance of a Letter of Credit under the Credit Agreement, and in that connection sets forth below the terms
on which such Loan is requested to be made:

 

	(A)	Principal amount of Letter of Credit	$ _______________________
	 	 	 
	(B)	Date of issuance

        (which is a Business Day)	[______], 20__
	 	 	 
	(C)	Expiration date	[______], 20__
	 	 	 
	(D)	Name and address of beneficiary:	[________________________]
	 	 	 
	(E)	Letters of Credit Maximum Amount:	[______________]

 

 

1 NTD: Address to applicable Issuing Bank.

 

     

     

    

 

The undersigned hereby certifies on behalf of
the Borrower that the conditions set forth in Sections 4.02(b) – (g) have been satisfied as of the date of this Borrowing
Request and in making such determination, the Letters of Credit Maximum Amount was calculated after giving effect to the Letter of Credit
hereby contemplated.

 

	 	[Nabors Industries, Inc.]

 

		By:	 
	 	 	Name: 
	 	 	Title: [Responsible Officer]

 

     

     

    

 

 

 

EXHIBIT E

 

[See Attached]

 

 

     

     

    

 

EXHIBIT E

[FORM OF] INTEREST ELECTION REQUEST

 

[Revolving
Loan]

 

Citibank, N.A.,

as Administrative Agent for

the Lenders referred to below,

1615 Brett Road, OPS 3

New Castle, DE 19720

 

Attention: Agency

 

[Date]

 

Re: Nabors
Industries, Inc.

 

Ladies and Gentlemen:

 

This Interest Election Request
is delivered to you pursuant to Section 2.09 of the Credit Agreement dated as of January 21, 2022 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”) among Nabors Industries, Inc., a Delaware corporation,
as Borrower (the “Borrower”), Nabors Industries Ltd., a Bermuda exempted company (“Holdings”), the
other Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”), Citibank,
N.A., as Administrative Agent for the Lenders, and the other persons party thereto.

 

Borrower hereby requests that
on [                       ]
(the “Interest Election Date”),

 

1.       $[                       ]
of the presently outstanding principal amount of the Loans originally made on [                       ],

 

2.       and
all presently being maintained as [ABR Loans] [SOFR Loans],

 

3.       be
[converted into] [continued as],

 

4.       [SOFR
Loans having an Interest Period of [one/two/three/six months]] [ABR Loans].

 

The undersigned hereby certifies
that the following statements are true on the date hereof, and will be true on the proposed Interest Election Date, both before and after
giving effect thereto and to the application of the proceeds therefrom:

 

(a)       the
foregoing [conversion] [continuation] complies with the terms and conditions of the Credit Agreement (including, without limitation, Section
2.09 of the Credit Agreement);

 

(b)       no
Default has occurred and is continuing, or would result from such proposed [conversion] [continuation].

 

[Signature Page
Follows]

 

     

     

    

 

The Borrower has caused this
Interest Election Request to be executed and delivered by its duly authorized officer as of the date first written above.

  

	 	NABORS INDUSTRIES, INC.
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT F

[FORM OF] REVOLVING NOTE

 

	$                       	New York, New York
	 	[Date]

 

FOR VALUE RECEIVED, the undersigned,
NABORS INDUSTRIES, INC., a Delaware corporation (“Borrower”), hereby promises to pay to                        
(the “Lender”) or its registered assigns on the Maturity Date (as defined in the Credit Agreement referred to below),
in lawful money of the United States and in immediately available funds, the principal amount of the lesser of (a)                        
DOLLARS ($                       )
and (b) the aggregate unpaid principal amount of all Revolving Loans of the Lender outstanding under the Credit Agreement referred to
below. Borrower further agrees to pay interest in like money at such office specified in Section 2.17 of the Credit Agreement on the unpaid
principal amount hereof from time to time from the date hereof at the rates, and on the dates, specified in Section 2.06 of such Credit
Agreement.

 

The holder of this Note may
attach a schedule to reflect the date, Type and amount of each Revolving Loan of the Lender outstanding under the Credit Agreement, the
date and amount of each payment or prepayment of principal hereof, and the date of each interest rate conversion or continuation pursuant
to Section 2.09 of the Credit Agreement and the principal amount subject thereto; provided that the failure of the Lender to make
any such recordation (or any error in such recordation) shall not affect the obligations of Borrower hereunder or under the Credit Agreement.

 

This Note is one of the Notes
referred to in the Credit Agreement dated as of January 21, 2022 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”) among Nabors Industries, Inc., a Delaware corporation, as Borrower (the “Borrower”),
Nabors Industries Ltd., a Bermuda exempted company (“Holdings”), the other Guarantors from time to time party thereto,
the lenders from time to time party thereto (the “Lenders”), Citibank, N.A., as administrative agent for the Lenders
(the “Administrative Agent”), and the other persons party thereto, is subject to the provisions thereof and is subject
to optional and mandatory prepayment in whole or in part as provided therein. Terms used herein which are defined in the Credit Agreement
shall have such defined meanings unless otherwise defined herein or unless the context otherwise requires.

 

This Note is guaranteed as
provided in the Credit Agreement. Reference is hereby made to the Credit Agreement for a description of the nature and extent of the guarantee,
the terms and conditions upon which the guarantee was granted and the rights of the holder of this Note in respect thereof.

 

Upon the occurrence of any
one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or
may be declared to be, immediately due and payable, all as provided therein.

 

All parties now and hereafter
liable with respect to this Note, whether maker, principal, surety, guarantor or otherwise, hereby waive presentment, demand, protest
and all other notices of any kind.

 

THIS NOTE MAY NOT BE TRANSFERRED
EXCEPT IN COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT. TRANSFERS OF THIS NOTE MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE
ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF THE CREDIT AGREEMENT.

 

THIS NOTE SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

[Signature Page
Follows]

 

     

     

    

 

	 	NABORS INDUSTRIES, INC.,

as Borrower

 

		By:	
	 	 	Name:
	 	 	Title:

 

 

     

     

    

 

EXHIBIT G

[FORM OF] OFFICER’S CERTIFICATE

 

 

	TO:	CITIBANK, N.A., as Administrative Agent

 

RE: Credit Agreement dated as of January 21, 2022 among Nabors Industries,
Inc., a Delaware corporation, as Borrower (the “Borrower”), Nabors Industries Ltd., a Bermuda exempted company (“Holdings”),
the other Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”),
Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”), and the other persons party thereto
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

DATE: ________________, 20__

 

Pursuant to the terms of the Credit Agreement, we, the undersigned
officers of Borrower and Holdings, respectively, hereby certify as follows (all capitalized terms used below shall have the meanings set
forth in the Credit Agreement):

 

a.       Attached
hereto as Schedule 1 are calculations demonstrating compliance by Holdings with the financial covenants contained in Section 5.02
of the Credit Agreement as of the fiscal [quarter] [year] ending _______________, ______ (the “Reference Period”).

 

b.       No
Default or Event of Default exists under the Credit Agreement as of the last day of the Reference Period, except as indicated on a separate
page attached hereto, which also sets forth an explanation of the action taken or proposed to be taken by Borrower with respect thereto.

 

c.       The
documents required to be delivered by Section [5.01(a)][5.01(b)] for the Reference Period [have been made available to the
Administrative Agent by ___________][are attached hereto].

 

d.       The
quarterly/annual financial statements for the Reference Period, present fairly in all material respects the consolidated financial condition,
results of operations and cash flows of Holdings and its Subsidiaries as of such dates and for such periods therein indicated, provided
that any such quarterly financial statements are unaudited and are subject to audit and year-end adjustments and lack footnotes and
other presentation items.

 

e.       Schedule
2 sets forth, for each Covered Asset, the Person that owns such Covered Asset and the net book value of such Covered Asset.

 

f.       Schedule
3 sets forth the Collateral Rig Value, as determined on the basis of the latest Appraisal Report delivered pursuant to Section
5.01(c) of the Credit Agreement.

 

g.       Schedule
4 sets forth calculation of the Consolidated Net Tangible Assets as of the end of the fiscal quarter which this Officer’s Certificate
is being delivered.

 

     

     

    

 

	 	NABORS INDUSTRIES, INC.

 

		By:	
		Name:	
		Title:	

 

	 	NABORS INDUSTRIES LTD.

 

		By:	
		Name:	
		Title:	

 

     

     

    

 

Schedule 1

to Officer’s Certificate 

 

Compliance with
Financial Covenants

 

Compliance with Section 5.02(a) – Interest Coverage Ratio

 

	(a)	EBITDA for the latest four (4) consecutive fiscal quarters for which financial statements are required to have been delivered pursuant
to Section 5.01(a) or 5.01(b) of the Credit Agreement      	 	 
	 	 	 
	(1)	Consolidated Net Income	 	$	                
	 	 	 
	plus, without duplication, to the extent (other than in the case of XX) deducted in determining Consolidated Net Income	 	 
	 	 	 
	(2)	The sum of: 	 	 
	 	 	 
	(A)	interest expense including, without limitation, (A) original issue discount, non-cash interest payments,
the interest component of all payments associated with capitalized lease obligations, discounts and other fees and charges incurred in
respect of letters of credit or bankers’ acceptance financings, (B) the consolidated interest expense of such person and its subsidiaries
that was capitalized during such period, and (C) any interest expense on Funded Indebtedness of another person that is guaranteed by
such person or one of its subsidiaries or secured by a Lien on assets of such person or one of its subsidiaries, whether or not such
guarantee or Lien is called upon	 	$	                
	 	 	 
	plus      	 	 	 
	 	 	 
	(B)	net expense for Taxes measured by net income, profits or capital (or any similar measures), paid or accrued,
including federal and state and local income Taxes, foreign income Taxes and franchise Taxes (whether or not deferred)	 	$	                
	 	 	 
	plus 	 	 	 

 

     

     

    

 

	(C)	depreciation, amortization (including amortization of intangibles and amortization and write-off of financing
costs) and impairment charges (solely with respect to goodwill or other intangibles) and other non-cash charges or expenses, excluding
any non-cash charge or expense that represents an accrual for a cash expense to be taken in a future period		$	                
	 	 	 
	plus 	   	 	 
	 	 	 
	(D)	asset impairment charges (including with respect to fixed assets or goodwill or other intangible assets)	 	$	                
	 	 	 
	plus 	 	 	 
	 	 	 
	(E)	(A) extraordinary losses (excluding extraordinary losses from discontinued operations), and (B) unusual
or non-recurring non-cash losses or non-cash charges	 	$	                
	 	 	 
	plus 	 	 	 
	 	 	 
	(F)	investment losses from financial asset investments (other than from investments in Consolidated Subsidiaries)	 	$	                
	 	 	 
	plus 	   	 	 
	 	 	 
	(G)	any premiums paid in connection with redeeming or retiring any indebtedness prior to the stated maturity
thereof	 	$	                
	 	 	 
	plus 	 	 	 
	 	 	 
	(H) 	any non-cash compensation charge arising from any grant of stock, stock options or other equity-based awards                                                      	 	$	                
	 	 	 
	plus 	 	 	 
	 	 	 
	(I)	any non-cash FASB Accounting Standards Codification 815 loss related to hedging activities, to the extent
deducted in computing Consolidated Net Income	 	$	                
	 	 	 
	plus  	 	 	 
	 	 	 
	(J)	any unrealized non-cash losses resulting from foreign currency   balance sheet adjustments
required by GAAP	 	$	                
	 	 	 
	plus	 	 	 

 

     

     

    

 

 

	 	(K)      	all transaction fees, charges and other amounts (including any financing fees, merger and acquisition fees,
legal fees and expenses, due diligence fees or any other fees and expenses in connection therewith) in connection with any acquisition,
investment, disposition, issuance or repurchase of Capital Stock, or the incurrence, amendment or waiver of Indebtedness permitted hereunder,
in each case, whether or not consummated, in each case to the extent paid within twenty-four (24) months of the closing or effectiveness
of such event or the termination or abandonment of such transactions, as the case may be	 	$	                
	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(L)      	(A) any expenses associated with the discontinuation of a line of business, product line or operating unit;
(B) any charges consisting of any severance or relocation charges incurred in connection with employment termination, internal restructuring
or “right sizing” of Holdings and its Consolidated Subsidiaries; (C) other non-recurring internal restructuring charges;
(D) other unusual and non-recurring cash expenses or charges; and (E) the amount of “run rate” cost savings, operating expense
reductions, other operating improvements, revenue enhancements and synergies related to any Material Acquisition, any Material Disposition
and/or any restructuring, cost saving initiative or other initiative projected by Holdings or its Consolidated Subsidiaries in good faith
to be realized as a result of actions taken, committed to be taken or planned to be taken, in each case on or prior to the date that
is 12 months after the end of the relevant period (which cost savings, operating expense reductions, other operating improvements, revenue
enhancements and synergies shall be added to EBITDA until fully realized and calculated on a pro forma basis in accordance with Regulation
S-X (with respect to Material Acquisitions and Material Dispositions) as though such cost savings, operating expense reductions, other
operating improvements, revenue enhancements and synergies had been realized on the first day of the relevant period), net of the amount
of actual benefits realized from such actions; provided that (1) such cost savings, operating expense reductions, other operating
improvements, revenue enhancements and synergies are reasonably identifiable and quantifiable and (2) no cost savings, operating expense
reductions, other operating improvements, revenue enhancements or synergies shall be added pursuant to this clause (xii)
to the extent duplicative of any expenses or charges relating to such cost savings, operating expense reductions, other operating improvements,
revenue enhancements or synergies that are included in any other subclause of this clause (xii) (it being understood and
agreed that “run rate” shall mean the full recurring benefit that is associated with any action taken); provided that
the aggregate amount added pursuant to this clause (b)(xii) for any period shall in no event exceed 20% of EBITDA for such
period (calculated prior to any such add-backs pursuant to this clause (b)(xii)) and provided further that any add-back
permitted under any clause of this clause (b) (even if described in more than one add-back in this clause (b))
other than this clause (b)(xii) shall not be subject to such 20% cap            	 	$	                

 

    

     

    

 

	 	plus	 	 
	 	 	 	 
	 	(M)  	any losses from asset dispositions or retirements	 	$	                
	 	 	 	 	 
	 	less 	 	 
	 	 	 	 
	 	(3) 	The sum of the following, without duplication, to the extent included in determining Consolidated Net Income:	 	 
	 	 	 	 
	 	(A)	interest income	 	$	                
	 	 	 	 	 
	 	plus	 	 
	 	 	 	 
	 	(B)	net benefit for Taxes measured by net income, profits or capital (or any similar measures), paid or accrued,
including federal and state and local income Taxes, foreign income Taxes and franchise Taxes (whether or not deferred	 	$	                
	 	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(C)	any extraordinary gains      	 	$	                

 

    

     

    

 

	 	plus      	 	 
	 	 	 	 
	 	(D) 	other unusual or non-recurring non-cash gains or non-cash income items that did not turn into cash during
such period		$	                
	 	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(E)	any cash expense made during such period which represents the reversal of any non-cash expense that was
added in a prior period pursuant to clause (b)(iii) above subsequent to the fiscal quarter in which the relevant non-cash
expenses, charges or losses were incurred, but only to the extent such expense was not added back to Consolidated Net Income in calculating
EBITDA in a prior period	 	$	                
	 	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(F)	investment income from financial asset investments (other than from investments in Consolidated Subsidiaries)	 	$	                
	 	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(G)	any non-cash FASB Accounting Standards Codification 815 gains related to hedging activities, to the extent
deducted in computing Consolidated Net Income	 	$	                
	 	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(H)	any unrealized non-cash gains resulting from foreign currency balance sheet adjustments required by GAAP	 	$	                
	 	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(I)	any non-cash cancellation of indebtedness income arising in connection with redeeming or retiring any indebtedness
prior to its stated maturity	 	$	                
	 	 	 	 	 
	 	plus      	 	 
	 	 	 	 
	 	(J)	any gains from asset dispositions	 	$	                

 

    

     

    

 

	 	SUBTOTAL for (a):	 	$	                
	 	 	 	 
	 	 divided by	 	 
	 	 	 	 
	 	(b)	Interest Expense for the latest four (4) consecutive fiscal quarters for which financial statements are required to have been delivered
pursuant to Section 5.01(a) and Section 5.01(b) of the Credit Agreement = all cash interest expense (including
imputed interest with respect to Capitalized Lease Obligations and commitment fees) with respect to any Indebtedness (including, without
limitation, the Obligations) and Attributable Debt of such Person during such period pursuant to the terms of such Indebtedness	 	$	                
	 	 	 	 
	 	SUBTOTAL for (b):	 	$	                
	 	 	 	 
	 	INTEREST COVERAGE RATIO	 	 
	 	 	 	 
	 	(line (a) divided by line (b))    =	 	[●]:1.00
	 	 	 	 
	 	Minimum ratio permitted for applicable period =	 	[●]:1.00

  

	Minimum Ratio Permitted for Applicable Period
	Fiscal Quarter	 	Interest Coverage Ratio
	Following the Closing Date to the fiscal quarter ending March 31, 2022	 	1.75:1.00
	Ending June 30, 2022	 	1.875:1.00
	Ending September 30, 2022	 	1.875:1.00
	Ending December 31, 2022	 	2.00:1.00
	Ending March 31, 2023	 	2.125:1.00
	Ending June 30, 2023	 	2.25:1.00
	Ending September 30, 2023	 	2.375:1.00
	Ending December 31, 2023	 	2.50:1.00
	Ending March 31, 2024	 	2.625:1.00
	Ending June 30, 2024 to until the Maturity Date	 	2.75:1.00

 

    

     

    

 

Compliance with Section 5.02(b) –
Minimum Guarantor Value2

 

	 	A.	Book value of property, plant and equipment owned by Holdings and its Subsidiaries	 	$	                                                 
	 	 	 
	 	B.	Depreciation and amortization of such property, plant or equipment	 	$	                                                 
	 	 	 
	 	C. 	Book value of property, plant or equipment owned by the Guarantors (other than Holdings) and any of their
wholly owned Subsidiaries	 	$	                                                 
	 	 	 
	 	D.	Minimum Guarantor Value (Line C over the sum of (i) Line A less (ii) Line B)	 	$	                                                 
	 	 	 
	Requirement:  Line D shall be greater than or equal to 90%, when expressed as a percentage, of Line A.

 

 

2 Not to include property, plant or equipment owned by
SANAD.

 

    

     

    

 

Schedule 2

 

[attached]

 

    

     

    

 

Schedule 3

 

[attached]

 

    

     

    

 

Schedule 4

 

 

Consolidated Net Tangible Assets

 

	 	(i) total assets		 
	 	 	 	 
	 	minus	 	 
	 	 	 	 
	 	(ii) current liabilities

                                    (excluding the current portion of any long-term debt)
		 
	 	 	 	 
	 	minus	 	 
	 	 	 	 
	 	(iii) total goodwill and other intangible assets		 
	 	 	 	 
	 	Consolidated Net Tangible Assets:		 

 

    

     

    

 

EXHIBIT H-1

 

U.S. TAX COMPLIANCE
CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Credit Agreement (the “Credit Agreement”) dated as of January 21, 2022, among Nabors Industries, Inc., a Delaware
corporation, as Borrower (the “Borrower”), Nabors Industries Ltd., a Bermuda exempted company (“Holdings”),
the other Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”),
Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”), and the other persons party thereto.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.18(e) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the
Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) it is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent (10%) shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By
executing this certificate, the undersigned agrees that (a) if the information provided in this certificate changes, the undersigned shall
promptly so inform the Borrower and the Administrative Agent, and (b) the undersigned shall have at all times furnished the Borrower and
the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date:                  
    , 20     

 

    

     

    

 

EXHIBIT H-2

 

U.S. TAX COMPLIANCE
CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Credit Agreement (the “Credit Agreement”) dated as of January 21, 2022, among Nabors Industries, Inc., a Delaware
corporation, as Borrower (the “Borrower”), Nabors Industries Ltd., a Bermuda exempted company (“Holdings”),
the other Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”),
Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”), and the other persons party thereto.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.18(e) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the
participation in respect of which it is providing this certificate, (b) it is not a “bank” within the meaning of Section 881(c)(3)(A)
of the Code, (c) it is not a ten percent (10%) shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and
(d) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate,
the undersigned agrees that (a) if the information provided in this certificate changes, the undersigned shall promptly so inform such
Lender in writing, and (b) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years
preceding such payments.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date:                      ,
20     

 

    

     

    

 

EXHIBIT H-3

 

U.S. TAX COMPLIANCE
CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Credit Agreement (the “Credit Agreement”) dated as of January 21, 2022, among Nabors Industries, Inc., a Delaware
corporation, as Borrower (the “Borrower”), Nabors Industries Ltd., a Bermuda exempted company (“Holdings”),
the other Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”),
Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”), and the other persons party thereto.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.18(e) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the participation
in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such
participation, (c) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a
 “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a ten percent (10%) shareholder of
the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a “controlled
foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming
the portfolio interest exemption: (a) an IRS Form W-8BEN or IRS Form W-8BEN-E or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN
or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.
By executing this certificate, the undersigned agrees that (i) if the information provided in this certificate changes, the undersigned
shall promptly so inform such Lender and (ii) the undersigned shall have at all times furnished such Lender with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two (2) calendar years preceding such payments.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:   	 
	 	 	 
	Date:	                
       , 20      	 

 

     

     

    

 

EXHIBIT H-4

 

U.S. TAX COMPLIANCE
CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Credit Agreement (the “Credit Agreement”) dated as of January 21, 2022, among Nabors Industries, Inc., a Delaware
corporation, as Borrower (the “Borrower”), Nabors Industries Ltd., a Bermuda exempted company (“Holdings”),
the other Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”),
Citibank, N.A., as administrative agent for the Lenders (“Administrative Agent”), and the other persons party thereto.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

 

Pursuant to the provisions
of Section 2.18(e) of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole record owner of the Loan(s) (as well
as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) its direct or indirect partners/members
are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (c) with respect to the extension of
credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members
is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within
the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect partners/members is a “ten percent shareholder”
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a “controlled
foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with IRS Form W- 8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (a) an IRS Form W-8BEN or IRS Form W-8BEN-E or (b) an IRS Form W- 8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (i) if the information provided in this certificate changes,
the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (ii) the undersigned shall have at all times furnished
the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in
which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:   	 
	 	 	 
	Date:	                
       , 20      	 

 

     

     

    

 

EXHIBIT I

 

[Form of]

JOINDER (GUARANTOR) TO CREDIT
AGREEMENT

 

This JOINDER NO.
[_] is made by [                      ], a [                   ] (“Additional Guarantor”), in favor of Citibank N.A., as administrative
agent for the Lenders (“Administrative Agent”), is dated as of [                        ], 20[_] (this “Joinder”),
and joins Additional Guarantor as a Guarantor under the Credit Agreement, dated as of January 21, 2022 (as amended, restated, amended
and restated, supplemented, refinanced, renewed, replaced, extended or otherwise modified from time to time, the “Credit Agreement”)
among Nabors Industries Inc., a Delaware corporation, as Borrower, Nabors Industries Ltd., a Bermuda exempted company, as Holdings, and
the other Guarantors from time to time party thereto, Administrative Agent, each Person from time to time party thereto as a Lender or
an Issuing Bank (collectively, referred to herein as the “Lenders” and, individually, a “Lender”).

 

A.   Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

B.   The
Guarantors of Obligations have entered into the Credit Agreement in order to, among other things, induce the Lenders to make extensions
of credit to the Borrower. This Joinder is being executed in accordance with the terms of the Credit Agreement so that the Additional
Guarantor may qualify as an Eligible Notes Guarantor, which requires that additional Persons become Guarantors by execution and delivery
of Guarantor Joinder Documents.

 

Accordingly, Additional Guarantor agrees as follows:

 

SECTION 1. Additional
Guarantor by its signature below becomes a Guarantor under the Credit Agreement with the same force and effect as if originally named
therein as a Guarantor and Additional Guarantor hereby (a) agrees to all the terms and provisions of the Credit Agreement applicable to
it as a Guarantor thereunder (including, without limitation, Article VII), (b) guarantees all Guaranteed Obligations in accordance with
Article VII of the Credit Agreement and (c) represents and warrants that the representations and warranties made by it as a Guarantor
thereunder are true and correct in all material respects (or in all respects if otherwise already subject to a materiality qualifier)
on and as of the date hereof (except for representations and warranties that expressly refer to an earlier date in which case they shall
be true and correct in all material respects (or in all respects if otherwise already subject to a materiality qualifier) on and as of
such earlier date). The Credit Agreement is hereby incorporated herein by reference.

 

SECTION 2. Additional
Guarantor represents and warrants to Administrative Agent and the other Lenders that (a) this Joinder has been duly authorized, executed
and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms and (b)
the Additional Guarantor will obtain benefits from the extensions of credit under the Credit Agreement.

 

     

     

    

 

SECTION 3. This
Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Joinder shall become effective when Administrative
Agent shall have received a counterpart of this Joinder that bears the signature of Additional Guarantor and Administrative Agent has
executed a counterpart hereof. Delivery of an executed signature page to this Joinder by facsimile transmission or other electronic transmission
(i.e., a “PDF” or “TIF”) shall be as effective as delivery of a manually signed counterpart of this
Joinder.

 

SECTION 4. Additional
Guarantor hereby represents and warrants that set forth under its signature hereto is the true and correct legal name of Additional Guarantor,
its jurisdiction of formation and the location of its chief executive office.

 

SECTION 5. By acknowledging
receipt of this Joinder, Administrative Agent confirms that it has received Guarantor Joinder Documents in form and substance reasonably
satisfactory to the Administrative Agent.1

 

SECTION 6. Except
as expressly supplemented hereby, the Credit Agreement shall remain in full force and effect.

 

SECTION 7. SECTIONS
10.10 AND 10.11 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN MUTATIS MUTANDIS.

 

SECTION 8. In case
any one or more of the provisions contained in this Joinder should be held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein and in the Credit Agreement shall not in any way be affected
or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of
itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the invalid, illegal or unenforceable provisions.

 

SECTION 9. All communications
and notices hereunder shall be in writing and given as provided in Section 10.01 of the Credit Agreement.

 

SECTION 10. Additional
Guarantor agrees that Administrative Agent shall be entitled to reimbursement of its expenses incurred hereunder and indemnity for its
actions in connection herewith as provided in Section 10.03 of the Credit Agreement.

 

[Signature pages to follow]

 

 

1 [NTD: To include customary legal opinions, secretary’s
certificate and intercompany debt subordination agreement.]

 

     

     

    

 

IN WITNESS WHEREOF, Additional Guarantor
has duly executed this Joinder as of the day and year first above written.

 

	 	[ADDITIONAL GUARANTOR]

 

	 	By:	 
	 	Name:	 
	 	Title:	          
	 	 
	 	Jurisdiction of Formation:
	 	 
	 	Address of Chief Executive Office:

 

[Joinder No. [_] to Credit Agreement
 – Joinder]

     

     

    

 

	ACKNOWLEDGED BY:	 

 

	 	CITIBANK N.A., as Administrative Agent,
	 	 
	 	By:	                       
	 	Name:
	 	Title:

 

     

     

    

 

EXHIBIT J

 

[FORM OF]

 

JUNIOR LIEN INTERCREDITOR AGREEMENT

 

among

 

NABORS INDUSTRIES LTD.,

as Holdings

 

NABORS INDUSTRIES, INC.,

as Borrower

 

THE OTHER SUBSIDIARIES OF HOLDINGS
FROM TIME TO TIME PARTY

HERETO and

 

CITIBANK, N.A.,

as the Senior Representative,

 

and

 

[        ],

as the Initial Junior Representative

 

dated as of [           ], 20[_]

 

     

     

    

 

JUNIOR LIEN INTERCREDITOR AGREEMENT
dated as of [            ], 20[_] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
among NABORS INDUSTRIES LTD., as Holdings (“Holdings”), NABORS INDUSTRIES, INC., as Borrower (the “Borrower”),
the other Grantors (as defined herein) from time to time party hereto and CITIBANK, N.A., as administrative agent and collateral agent
under the First Lien Credit Agreement (the “Senior Representative”), [ ], as administrative agent and collateral agent
under the Junior Lien [               ] (in such capacity and together with its successors in such capacity, the “Initial Junior
Representative”), and each additional Junior Representative that from time to time becomes a party hereto pursuant to Section
8.08.

 

In consideration of the mutual
agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Senior Representative (for itself and on behalf of the First Lien Credit Agreement Secured Parties), the Initial Junior Representative
for itself and on behalf of the Initial Junior Priority Debt Parties and each additional Junior Representative (for itself and on behalf
of the Junior Priority Debt Parties under the applicable Junior Priority Debt Facility) agree as follows:

 

Article
I

 

Definitions

 

Section
1.01  Certain
Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth in the First Lien Credit Agreement
(as defined below) or, if defined in the New York UCC, the meanings specified therein. As used in this Agreement, the following terms
have the meanings specified below:

 

“Administrative Agent”
has the meaning assigned to such term in the definition of “First Lien Credit Agreement”.

 

“Agreement”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Bankruptcy Code”
means Title 11 of the United States Code, as amended.

 

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

 

“Borrower”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Collateral”
means the Senior Collateral and the Junior Priority Collateral.

 

“Collateral Documents”
means the Senior Collateral Documents and the Junior Priority Collateral Documents.

 

“Credit Agreement Loan
Documents” means the First Lien Credit Agreement and the other “Loan Documents” as defined in the First Lien Credit
Agreement.

 

    1

     

    

 

“Debt Facility”
means the Senior Facility and any Junior Priority Debt Facility.

 

“Designated Junior
Representative” means (i) the Initial Junior Representative, until such time as the Junior Priority Debt Facility under the
Junior Lien [               ] ceases to be the only Junior Priority Debt Facility under this Agreement and (ii) thereafter, the Junior Representative
designated from time to time by the Junior Priority Instructing Group, in a notice to the Senior Representative and the Borrower hereunder,
as the “Designated Junior Representative” for purposes hereof.

 

“DIP Financing”
has the meaning assigned to such term in Section 6.01.

 

“Discharge”
means, with respect to any Debt Facility, the date on which such Debt Facility and the Senior Obligations or Junior Priority Debt Obligations
thereunder, as the case may be, are no longer secured by any of the Shared Collateral pursuant to the terms of the documentation governing
such Debt Facility. The term “Discharged” shall have a corresponding meaning.

 

“Discharge of Senior
Obligations” means the date on which the Discharge of Senior Obligations has occurred.

 

“Disposition”
has the meaning assigned to such term in Section 5.01(a).

 

“First Lien Collateral
Agent” has the meaning assigned to the term “Collateral Agent” in the First Lien Credit Agreement and shall include
any successor administrative agent and collateral agent as provided in Article X of the First Lien Credit Agreement.

 

“First Lien Collateral
Agreement” means the Security Agreement (as defined in the Credit Agreement), as amended, restated, amended and restated, extended,
supplemented or otherwise modified from time to time.

 

“First Lien Credit
Agreement” means that certain Credit Agreement, dated as of January 21, 2022, among Holdings, the Borrower, the Subsidiary Guarantors
named therein, Citibank, N.A., as administrative agent (in such capacity, and together with successors and assigns in such capacity, the
 “Administrative Agent”) and as collateral agent, the lenders party thereto from time to time and the other agents named
therein, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 

“First Lien Credit
Agreement Obligations” means the “Obligations” as defined in the First Lien Credit Agreement.

 

“First Lien Credit
Agreement Secured Parties” means the “Secured Parties” as defined in the First Lien Credit Agreement.

 

“Grantors”
means Holdings, the Borrower, and each Subsidiary of Holdings which has granted a security interest pursuant to any Collateral Document
to secure any Secured Obligations.

 

    2

     

    

 

“Guarantors”
has the meaning assigned to the term in the First Lien Credit Agreement which have guaranteed any of the Secured Obligations pursuant
to the Senior Debt Documents or the Junior Priority Debt Documents.

 

“Holdings”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Indebtedness”
has the meaning assigned to the term in the First Lien Credit Agreement.

 

“Initial Junior Priority
Debt Parties” means the holders of the obligations issued pursuant to Junior Lien [              ].

 

“Initial Junior Representative”
has the meaning assigned to such term in the introductory paragraph of this Agreement and shall include any successor administrative agent
and collateral agent.

 

“Insolvency or Liquidation
Proceeding” means:

 

(a)       any
case commenced by or against Holdings or any other Grantor under the Bankruptcy Code or any similar federal or state law for the relief
of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of
Holdings or any other Grantor, any receivership or assignment for the benefit of creditors relating to Holdings or any other Grantor or
any similar case or proceeding relative to Holdings or any other Grantor or its creditors, as such, in each case whether or not voluntary;

 

(b)       any
liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to Holdings or any other Grantor, in
each case whether or not voluntary and whether or not involving bankruptcy or insolvency, in each case to the extent not permitted under
the Senior Debt Documents;

 

(c)       any proceeding seeking the
appointment of any trustee, receiver, liquidator, custodian or other insolvency official with similar powers with respect to Holdings
or any other Grantor or any of its assets; or

 

(d)       any
other proceeding of any type or nature in which substantially all claims of creditors of Holdings or any other Grantor are determined
and any payment or distribution is or may be made on account of such claims.

 

“Junior Lien [              ]”
means that certain [             ] dated as of [            ]
among [              ].1

 

“Junior Priority Class
Debt” has the meaning assigned to such term in Section 8.08.

 

“Junior Priority Class
Debt Parties” has the meaning assigned to such term in Section 8.08.

 

 

1 Note: Describe Junior Lien Credit Agreement, Note Purchase Agreement or other primary debt
document.

    3

     

    

 

“Junior Priority Class
Debt Representative” has the meaning assigned to such term in Section 8.08.

 

“Junior Priority Collateral”
means any “Collateral” as defined in any Junior Priority Debt Document or any other assets of Holdings or any other Grantor
with respect to which a Lien is granted or purported to be granted pursuant to a Junior Priority Collateral Document as security for any
Junior Priority Debt Obligation.

 

“Junior Priority Collateral
Documents” means the “Security Documents” as defined in the Junior Lien [             ] and each of the collateral
agreements, security agreements and other instruments and documents executed and delivered by Holdings or any Grantor for purposes of
providing collateral security for any Junior Priority Debt Obligation.

 

“Junior Priority Debt”
means any Indebtedness of the Borrower or any other Grantor guaranteed by the Guarantors, which Indebtedness and guarantees are secured
by the Junior Priority Collateral on a basis junior to all of the Senior Obligations and the applicable Junior Priority Debt Documents
which provide that such Indebtedness and guarantees are to be secured by such Junior Priority Collateral on a subordinate basis to the
Senior Obligations; provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on
such basis by each then extant Senior Debt Document and Junior Priority Debt Document and (ii) the Representative for the holders of such
Indebtedness shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in Section 8.08 hereof.
Junior Priority Debt shall include any Registered Equivalent Notes and guarantees thereof by the Guarantors issued in exchange therefor.

 

“Junior Priority Debt
Documents” means the Junior Lien [           ] and, with respect to any series, issue or class of Junior Priority Debt, the
credit agreements, promissory notes, indentures, collateral documents or other operative agreements evidencing or governing such Indebtedness,
including the Junior Priority Collateral Documents.

 

“Junior Priority Debt
Facility” means each of the Junior Lien [            ] and each indenture or other governing agreement with respect to any other
Junior Priority Debt.

 

“Junior Priority Debt
Obligations” means, with respect to any series, issue or class of Junior Priority Debt, (a) all principal of, and interest payable
with respect to, such Junior Priority Debt, (b) all other amounts payable to the related Junior Priority Debt Parties under the related
Junior Priority Debt Documents and (c) any renewals or extensions of the foregoing, including, without limitation, in each case, any interest,
fees and other amounts which accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not allowed or allowable
as a claim in any such proceeding.

 

“Junior Priority
Debt Parties” means with respect to any series, issue or class of Junior Priority Debt, the holders of such Indebtedness,
the Representative with respect thereto, any trustee or agent therefor under any related Junior Priority Debt Documents and the
beneficiaries of each indemnification obligation undertaken by the Borrower or any other Grantor under any related Junior Priority
Debt Documents.

 

    4

     

    

 

“Junior Priority Instructing
Group” means the Junior Representatives with respect to Junior Priority Debt Facilities under which at least a majority of the
then aggregate amount of Junior Priority Debt Obligations are outstanding.

 

“Junior Priority Lien”
means the Liens on the Junior Priority Collateral in favor of Junior Priority Debt Parties under Junior Priority Collateral Documents.

 

“Junior Priority Standstill
Period” has the meaning assigned to such term in Section 3.01(a).

 

“Junior Representative”
means (i) in the case of the Junior Lien [             ], the Initial Junior Representative and (ii) in the case of any other Junior Priority
Debt Facility and the Junior Priority Debt Parties thereunder the trustee, administrative agent, collateral agent, security agent or similar
agent under such Junior Priority Debt Facility that is named as the representative in respect of such Junior Priority Debt Facility in
the applicable Representatives Supplement together with its successors in such capacity.

 

“Lien” means,
with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale
or other title retention agreement, any lease in the nature thereof, any agreement to give a security interest therein and any filing
of or agreement to give any financing statement under the New York UCC (or equivalent statutes of any jurisdiction).

 

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

 

“Officer’s Certificate”
has the meaning assigned to such term in Section 8.08.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

“Pledged or Controlled
Collateral” has the meaning assigned to such term in Section 5.06(a).

 

“Proceeds”
means the proceeds of any sale, collection or other liquidation or disposition of Shared Collateral and any payment or distribution made
in respect of Shared Collateral in an Insolvency or Liquidation Proceeding and any amounts received by the Senior Representative or any
Senior Secured Party from a Junior Priority Debt Party in respect of Shared Collateral pursuant to this Agreement.

 

“Publishers”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Recovery”
has the meaning assigned to such term in Section 6.04.

 

    5

     

    

 

“Refinance”
means, in respect of any indebtedness of a Restricted Subsidiary, any indebtedness (other than any Indebtedness incurred under the Credit
Agreement) of a Restricted Subsidiary, issued in exchange for, or the net cash proceeds of which are used to extend, refinance, renew,
replace, defease or refund such indebtedness. “Refinanced” and “Refinancing” have correlative meanings.

 

“Registered Equivalent
Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement transaction under the Securities
Act of 1933, substantially identical notes (having the same guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an
exchange offer registered with the SEC.

 

“Representatives”
means the Senior Representative and the Junior Representatives.

 

“Representatives Supplement”
means a supplement to this Agreement substantially in the form of Annex II or Annex III hereof required to be delivered by a Representative
to the Senior Representative and Designated Junior Representative pursuant to Section 8.07 hereof in order to include an additional Debt
Facility hereunder and to become the Representative hereunder for the Junior Priority Debt Parties under such Debt Facility.

 

“SEC” means
the United States Securities and Exchange Commission and any successor agency thereto.

 

“Secured Obligations”
means the Senior Obligations and the Junior Priority Debt Obligations.

 

“Secured Parties”
means the Senior Secured Parties and the Junior Priority Debt Parties.

 

“Senior Collateral”
means any “Collateral” as defined in the First Lien Credit Agreement or any other Senior Debt Document or any other assets
of Holdings or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document
as security for the Senior Obligations.

 

“Senior Collateral
Documents” means the First Lien Collateral Agreement and the other “Security Documents” as defined in the First
Lien Credit Agreement and each of the collateral agreements, security agreements and other instruments and documents executed and delivered
by Holdings or any other Grantor for purposes of providing collateral security for the Senior Obligation.

 

“Senior Debt Documents”
means the Credit Agreement Loan Documents.

 

“Senior Facilities”
means the First Lien Credit Agreement.

 

“Senior Lien”
means the Liens on the Senior Collateral in favor of the Senior Secured Parties under the Senior Collateral Documents.

 

“Senior Obligations”
means the First Lien Credit Agreement Obligations.

 

“Senior Representative”
means the First Lien Collateral Agent and any successor thereto.

 

“Senior Secured Parties”
means the First Lien Credit Agreement Secured Parties.

 

    6

     

    

 

“Shared Collateral”
means, at any time, Collateral in which the holders of Senior Obligations (or the Senior Representative) and the holders of Junior Priority
Debt Obligations under at least one Junior Priority Debt Facility (or their Representatives) hold a security interest or Lien at such
time (or, in the case of the Senior Facilities, are deemed pursuant to Article II to hold a security interest). If, at any time, any portion
of the Senior Collateral does not constitute Junior Priority Collateral under one or more Junior Priority Debt Facilities, then such portion
of such Senior Collateral shall constitute Shared Collateral only with respect to the Junior Priority Debt Facilities for which it constitutes
Junior Priority Collateral and shall not constitute Shared Collateral for any Junior Priority Debt Facility which does not have a security
interest or Lien in such Collateral at such time.

 

“Uniform Commercial
Code” or “UCC” means, unless otherwise specified, the Uniform Commercial Code as from time to time in effect
in the State of New York.

 

Section
1.02          Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires
otherwise, (i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed
as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise
modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall
not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) the words “herein,”
 “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to
Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive.

 

Article
II

Priorities and Agreements with Respect to Shared Collateral

 

Section
2.01          Subordination.
Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or
perfection of any Liens granted to any Junior Representative or any Junior Priority Debt Parties on the Shared Collateral or of any
Liens granted to the Senior Representative or any other Senior Secured Party on the Shared Collateral (or any actual or alleged
defect in any of the foregoing) and notwithstanding any provision of the UCC, any applicable law, any Junior Priority Debt Document
or any Senior Debt Document or any other circumstance whatsoever, each Junior Representative, on behalf of itself and each Junior
Priority Debt Party under its Junior Priority Debt Facility, hereby agrees that (a) any Lien on the Shared Collateral securing or
purporting to secure the Senior Obligations now or hereafter held by or on behalf of the Senior Representative or any other Senior
Secured Party or other agent or trustee therefor, regardless of how acquired, whether by grant, statute, operation of law,
subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Shared Collateral
securing or purporting to secure any Junior Priority Debt Obligations and (b) any Lien on the Shared Collateral securing or
purporting to secure any Junior Priority Debt Obligations now or hereafter held by or on behalf of any Junior Representative, any
Junior Priority Debt Parties or any Junior Representative or other agent or trustee therefor, regardless of how acquired, whether by
grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the
Shared Collateral securing or purporting to secure the Senior Obligations. All Liens on the Shared Collateral securing or purporting
to secure the Senior Obligations shall be and remain senior in all respects and prior to all Liens on the Shared Collateral securing
or purporting to secure any Junior Priority Debt Obligations for all purposes, whether or not such Liens securing or purporting to
secure the Senior Obligations are subordinated to any Lien securing any other obligation of Holdings, any Grantor or any other
Person or otherwise subordinated, voided, avoided, invalidated or lapsed.

 

    7

     

    

 

Section
2.02          No
Payment Subordination; Nature of Senior Lender Claims.

 

(a)              
Except as otherwise set forth herein, the subordination of Liens securing Junior Priority Debt Obligations to Liens securing
Senior Obligations set forth in Section 2.01 affects only the relative priority of those Liens and all Proceeds thereof and does not subordinate
the Junior Priority Debt Obligations in right of payment to the Senior Obligations; provided, for the avoidance of doubt, that
all payments in respect of Shared Collateral and all Proceeds thereof shall be subject to Section 4.01. Except as otherwise set forth
herein, nothing in this Agreement will affect the entitlement of the Junior Priority Debt Parties to receive and retain required payments
of interest, principal, and other amounts in respect of Junior Priority Debt Obligations unless the receipt is expressly prohibited by,
or results from the Junior Priority Debt Parties’ breach of, this Agreement.

 

(b)               Each
Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, acknowledges
that (i) the Senior Obligations are revolving in nature and that the amount thereof that may be outstanding at any time or from time
to time may be increased or reduced and subsequently reborrowed, (ii) the terms of the Senior Debt Documents and the Senior
Obligations may be amended, supplemented or otherwise modified, and the Senior Obligations, or a portion thereof, may be Refinanced
from time to time and (iii) subject to the provisions of Section 5.03(a) of this Agreement, the aggregate amount of the Senior
Obligations may be increased, in each case, without notice to or consent by the Junior Representatives or the Junior Priority Debt
Parties and without affecting the provisions hereof. The Lien priorities provided for in Section 2.01 shall not be altered or
otherwise affected by any amendment, supplement or other modification, or any Refinancing, of either the Senior Obligations or the
Junior Priority Debt Obligations, or any portion thereof. As between Holdings and the other Grantors and the Junior Priority Debt
Parties, the foregoing provisions will not limit or otherwise affect the obligations of Holdings and the Grantors contained in any
Junior Priority Debt Document with respect to the incurrence of additional Senior Obligations.

 

Section
2.03          Prohibition
on Contesting Liens. Each of the Junior Representatives, for itself and on behalf of each Junior Priority Debt Party under its Junior
Priority Debt Facility, agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in
any proceeding (including any Insolvency or Liquidation Proceeding), the validity, extent, perfection, priority or enforceability of any
Lien securing, or the allowability of any claims asserted with respect to, the Senior Obligations held (or purported to be held) by or
on behalf of the Senior Representative or any of the other Senior Secured Parties or other agent or trustee therefor in any Senior Collateral.
The Senior Representative, for itself and on behalf of each Senior Secured Party under its Senior Facility, agrees that it shall not (and
hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation
Proceeding), the validity, extent, perfection, priority or enforceability of any Lien securing, or the allowability of any claims asserted
with respect to, any Junior Priority Debt Obligations held (or purported to be held) by or on behalf of any Junior Representative or any
of the Junior Priority Debt Parties in the Junior Priority Collateral. Notwithstanding the foregoing, no provision in this Agreement shall
be construed to prevent or impair the rights of the Senior Representative to enforce this Agreement (including the priority of the Liens
securing the Senior Obligations as provided in Section 2.01) or any of the Senior Debt Documents.

 

Section
2.04          No
New Liens. Subject to the terms hereof, the parties hereto agree that, so long as the Discharge of Senior Obligations has not
occurred, none of the Grantors shall (a) grant or permit any additional Liens on any asset or property of any Grantor to secure any
Junior Priority Debt Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset or property of such
Grantor to secure the Senior Obligations or (b) grant or permit any additional Liens on any asset or property of any Grantor to
secure the Senior Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset or property of such
Grantor to secure the Junior Priority Debt Obligations. If any Junior Representative or any Junior Priority Debt Party shall hold
any Lien on any assets or property of any Grantor securing any Junior Priority Debt Obligations that are not also subject to the
first-priority Liens securing all Senior Obligations under the Senior Collateral Documents, such Junior Representative or Junior
Priority Debt Party (i) shall notify the Senior Representative promptly upon becoming aware thereof and, unless such Grantor shall
promptly grant a similar Lien on such assets or property to the Senior Representative as security for the Senior Obligations, shall
assign such Lien to the Senior Representative as security for all Senior Obligations for the benefit of the Senior Secured Parties
(but may retain a junior lien on such assets or property subject to the terms hereof) and (ii) until such assignment or such grant
of a similar Lien to the Senior Representative, shall be deemed to hold and have held such Lien for the benefit of the Senior
Representative and the other Senior Secured Parties as security for the Senior Obligations. The parties hereto further agree that so
long as the Discharge of Senior Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against any of the Grantors, if any Junior Priority Debt Party shall acquire or hold any Lien on any assets of any
Grantor securing any Junior Priority Debt Obligation which assets are not also subject to the first priority Lien of the Senior
Secured Parties under the Senior Debt Documents, then, without limiting any other rights and remedies available to the Senior
Representative or the other Senior Secured Parties, the Junior Representative, on behalf of itself and the Junior Priority Debt
Parties, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens so granted shall be
subject to Section 4.02.

 

    8

     

    

 

Section
2.05          Perfection
of Liens. Except for the limited agreements of the Senior Representative pursuant to Section 5.06 hereof, none of the Senior Representative
or the Senior Secured Parties shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Shared Collateral
for the benefit of the Junior Representatives or the Junior Priority Debt Parties. The provisions of this Agreement are intended solely
to govern the respective Lien priorities as between the Senior Secured Parties and the Junior Priority Debt Parties and shall not impose
on the Senior Representative, the Senior Secured Parties, the Junior Representatives, the Junior Priority Debt Parties or any agent or
trustee therefor any obligations in respect of the disposition of Proceeds of any Shared Collateral which would conflict with prior perfected
claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law.

 

Section
2.06          Certain
Cash Collateral. Notwithstanding anything in this Agreement or any other Senior Debt Documents or Junior Priority Debt Documents to
the contrary, collateral consisting of cash and cash equivalents pledged to secure Senior Obligations consisting of reimbursement obligations
in respect of Letters of Credit or otherwise held by the Senior Representative pursuant to Section 2.10(b), 2.21(d), 2.21(f)(ii), 2.21(g)
or 2.22(h)(i) of the First Lien Credit Agreement (or any equivalent successor provision) shall be applied as specified in the First Lien
Credit Agreement and will not constitute Shared Collateral.

 

Article
III

 

Enforcement

 

Section
3.01          Exercise
of Remedies.

 

(a)               So
long as the Discharge of Senior Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against Holdings or any other Grantor, (i) neither any Junior Representative nor any Junior Priority Debt Party will
(w) institute (or direct or support any other Person in instituting) any Insolvency or Liquidation Proceeding against Holdings or
any other Grantor, (x) exercise or seek to exercise any rights or remedies (including setoff or recoupment) with respect to any
Shared Collateral in respect of any Junior Priority Debt Obligations, or institute any action or proceeding with respect to such
rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action
brought with respect to the Shared Collateral or any other Senior Collateral by the Senior Representative or any Senior Secured
Party in respect of the Senior Obligations, the exercise of any right by the Senior Representative or any Senior Secured Party (or
any agent or sub-agent on their behalf) in respect of the Senior Obligations under any lockbox agreement, control agreement,
landlord waiver or bailee’s letter, if applicable, or similar agreement or arrangement to which the Senior Representative or
any Senior Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party
of any rights and remedies relating to the Shared Collateral under the Senior Debt Documents or otherwise in respect of the Senior
Collateral or the Senior Obligations, or (z) object to the forbearance by the Senior Secured Parties from bringing or pursuing any
foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Shared Collateral in respect of
Senior Obligations and (ii) except as otherwise expressly provided for herein, the Senior Representative and the Senior Secured
Parties shall have the exclusive right to enforce rights, exercise remedies (including setoff, recoupment, and the right to credit
bid their debt) and make determinations regarding the release, disposition or restrictions with respect to the Shared Collateral,
and to determine and direct the time, method and place for exercising any such rights, enforcing any such remedies or conducting any
proceeding with respect to any such exercise or enforcement with respect to the Shared Collateral without any consultation with or
the consent of any Junior Representative or any Junior Priority Debt Party; provided, however, that any Junior
Representative or any Junior Priority Debt Party may exercise any or all such rights after the passage of a period of 180 days from
the date of delivery of a notice in writing to the Senior Representative of such Junior Representative’s or Junior Priority
Debt Party’s intention to exercise its right to take such actions which notice shall specify that an “Event of
Default” as defined in the applicable Junior Priority Debt Documents has occurred and as a result of such “Event of
Default”, the principal and interest under such Junior Priority Debt Documents have become due and payable in full (whether as
a result of acceleration or otherwise) (the “Junior Priority Standstill Period”) unless a Senior Representative
has commenced and is diligently pursuing remedies with respect to all or a material part of the Shared Collateral (or such exercise
of remedies is stayed by applicable Insolvency or Liquidation Proceedings); provided, further, that (A) in any
Insolvency or Liquidation Proceeding commenced by or against Holdings or any other Grantor, any Junior Representative may file a
claim, proof of claim, or statement of interest with respect to the Junior Priority Debt Obligations under its Junior Priority Debt
Facility, (B) any Junior Representative may take any action (not adverse to the prior Liens on the Shared Collateral securing the
Senior Obligations or the rights of the Senior Representative or the Senior Secured Parties to exercise remedies in respect thereof)
in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on,
the Shared Collateral, (C) any Junior Representative and the Junior Priority Debt Parties may exercise their rights and remedies as
unsecured creditors, as provided in Section 5.05, (D) any Junior Representative may exercise the rights and remedies provided for in
Section 6.03, (E) any Junior Representative and any Junior Priority Debt Party may file any necessary or appropriate responsive or
defensive pleadings in opposition to any motion, claim, adversary proceeding, or other pleading made by any Person objecting to or
otherwise seeking the disallowance that is not permitted by this Agreement of the claims or Liens of any Junior Priority Debt Party,
including any claims secured by the Shared Collateral, (F) subject to Section 6.05(b), any Junior Representative and any Junior
Priority Debt Party may vote on any plan of reorganization or similar dispositive restructuring plan that is consistent with this
Agreement, (G) any Junior Representative and any Junior Priority Debt Party may join (but not exercise any control with respect to)
any judicial foreclosure proceeding or other judicial lien enforcement proceeding with respect to the Shared Collateral initiated by
the Senior Representative or any other Senior Secured Party to the extent that any such action could not reasonably be expected, in
any material respect, to restrain, hinder, limit, delay for any material period or otherwise interfere with the exercise of remedies
by the Senior Representative or such other Senior Secured Party (it being understood that neither Designated Junior Representative
nor any other Junior Priority Debt Party shall be entitled to receive any Proceeds thereof unless otherwise expressly permitted
herein), and (H) any Junior Representative and any Junior Priority Debt Party may exercise any remedies after the termination of the
Junior Priority Standstill Period if and to the extent specifically permitted by this Section 3.01(a). Any recovery by any Junior
Priority Debt Party pursuant to the preceding clause (H) shall be subject to the terms of this Agreement. In exercising rights and
remedies with respect to the Senior Collateral, the Senior Representative and the Senior Secured Parties may enforce the provisions
of the Senior Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the
exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or
otherwise dispose of Shared Collateral upon foreclosure, to incur expenses in connection with such sale or disposition and to
exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of any applicable jurisdiction and of a
secured creditor under the Bankruptcy Laws of any applicable jurisdiction.

 

    9

     

    

 

(b)              
So long as the Discharge of Senior Obligations has not occurred, each Junior Representative, on behalf of itself and each
Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that it will not take or receive any Shared Collateral or any
Proceeds of Shared Collateral in connection with the exercise of any right or remedy (including setoff or recoupment) with respect to
any Shared Collateral in respect of Junior Priority Debt Obligations. Without limiting the generality of the foregoing, unless and until
the Discharge of Senior Obligations has occurred, except as expressly provided in Section 3.01(a), the sole right of the Junior Representatives
and the Junior Priority Debt Parties with respect to the Shared Collateral is to hold a Lien on the Shared Collateral in respect of Junior
Priority Debt Obligations pursuant to the Junior Priority Debt Documents for the period and to the extent granted therein and to receive
a share of the Proceeds thereof, if any, after the Discharge of Senior Obligations has occurred.

 

(c)              
Subject to Section 3.01(a), (i) each Junior Representative, for itself and on behalf of each Junior Priority Debt Party
under its Junior Priority Debt Facility, agrees that neither such Junior Representative nor any such Junior Priority Debt Party will take
any action that, notwithstanding the expiration of the Junior Priority Standstill Period, would hinder or delay any exercise of remedies
undertaken by the Senior Representative or any Senior Secured Party with respect to the Shared Collateral under the Senior Debt Documents,
including any sale, lease, exchange, transfer or other disposition of the Shared Collateral, whether by foreclosure or otherwise, and
(ii) each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility,
hereby waives any and all rights it or any such Junior Priority Debt Party may have as a junior lien creditor or otherwise to object to
the manner in which the Senior Representative or the Senior Secured Parties seek to enforce or collect the Senior Obligations or the Liens
granted on any of the Senior Collateral, regardless of whether any action or failure to act by or on behalf of the Senior Representative
or any other Senior Secured Party is adverse to the interests of the Junior Priority Debt Parties.

 

(d)              
Each Junior Representative hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Junior
Priority Debt Document shall be deemed to restrict in any way the rights and remedies of the Senior Representative or the Senior Secured
Parties with respect to the Senior Collateral as set forth in this Agreement and the Senior Debt Documents.

 

(e)              
Until the Discharge of Senior Obligations, the Senior Representative (or any Person authorized by it) shall have the exclusive
right to exercise any right or remedy with respect to the Shared Collateral and shall have the exclusive right to determine and direct
the time, method and place for exercising such right or remedy or conducting any proceeding with respect thereto;

 

provided, however, that the Junior
Representative and the Junior Priority Debt Parties may exercise any of their rights or remedies with respect to the Shared Collateral
to the extent permitted by the provisos in clause (ii) of Section 3.01(a). Following the Discharge of Senior Obligations, the Designated
Junior Representative (or any Person authorized by it) shall have the exclusive right to exercise any right or remedy with respect to
the Collateral, and the Designated Junior Representative (or any Person authorized by it) shall have the exclusive right to direct the
time, method and place of exercising or conducting any proceeding for the exercise of any right or remedy available to the Junior Priority
Debt Parties with respect to the Collateral, or of exercising or directing the exercise of any trust or power conferred on the Junior
Representatives, or for the taking of any other action authorized by the Junior Priority Collateral Documents; provided, that nothing
in this Section shall impair the ability of the Junior Representative and the Junior Priority Debt Parties to exercise any of their rights
or remedies with respect to the Shared Collateral to the extent permitted by Section 3.01(a); provided, further that nothing
in this Section shall impair the right of any Junior Representative or other agent or trustee acting on behalf of the Junior Priority
Debt Parties to take such actions with respect to the Collateral after the Discharge of Senior Obligations as may be otherwise required
or authorized pursuant to any intercreditor agreement governing the Junior Priority Debt Parties or the Junior Priority Debt Obligations.

 

    10

     

    

 

Section
3.02          Cooperation.
Subject to Section 3.01(a), each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority
Debt Facility, agrees that, unless and until the Discharge of Senior Obligations has occurred, it will not commence, or join with any
Person (other than the Senior Secured Parties and the Senior Representative upon the request of the Senior Representative) in commencing,
any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Shared Collateral
under any of the Junior Priority Debt Documents or otherwise in respect of the Junior Priority Debt Obligations.

 

Section
3.03          Actions
upon Breach. Should any Junior Representative or any Junior Priority Debt Party, contrary to this Agreement, in any way take, attempt
to take or threaten to take any action with respect to the Shared Collateral (including any attempt to realize upon or enforce any remedy
with respect to this Agreement) or fail to take any action required by this Agreement, the Senior Representative or other Senior Secured
Party (in its or their own name or in the name of Holdings or any other Grantor) may obtain relief against such Junior Representative
or such Junior Priority Debt Party by injunction, specific performance or other appropriate equitable relief. Each Junior Representative,
on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby (i) agrees that the Senior Secured
Parties’ damages from the actions of the Junior Representatives or any Junior Priority Debt Party may at that time be difficult
to ascertain and may be irreparable and waives any defense that Holdings, any other Grantor or the Senior Secured Parties cannot demonstrate
damage or be made whole by the awarding of damages and (ii) irrevocably waives any defense based on the adequacy of a remedy at law and
any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by the Senior Representative
or any other Senior Secured Party.

 

Article
IV

Payments

 

Section
4.01          Application
of Proceeds.

 

(a)              
After an event of default under any Senior Debt Document has occurred and until such event of default is cured or waived,
so long as the Discharge of Senior Obligations has not occurred, the Shared Collateral or Proceeds thereof received in connection with
the sale or other disposition of, or collection on, such Shared Collateral upon the exercise of remedies shall be applied: (a) first,
by the Senior Representative to the Senior Obligations in such order as specified in the relevant Senior Debt Documents until the Discharge
of Senior Obligations has occurred (together with, in the case of repayment of any revolving credit or similar loans, a permanent reduction
in the commitments thereunder), (b) second, shall be applied by the Designated Junior Representative to the Junior Priority Debt Obligations
in such order and as specified in the relevant Junior Priority Debt Documents (subject to the terms of any other applicable intercreditor
agreements entered into among the Junior Priority Debt Parties and that is contemplated by this Agreement) until Discharge of Junior Priority
Debt Obligations, and (c) third, to the relevant Grantor or, to the extent directed by such Grantor or a court of competent jurisdiction,
to whomever may be lawfully entitled to receive the then remaining amount to be distributed. Upon the Discharge of Senior Obligations,
the Senior Representative shall deliver promptly to the Designated Junior Representative any Shared Collateral or Proceeds thereof held
by it in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to
be applied by the Designated Junior Representative to the Junior Priority Debt Obligations in such order as specified in the relevant
Junior Priority Debt Documents.

 

(b)              
In exercising remedies, whether as a secured creditor or otherwise, no Senior Representative shall have any obligation or
liability to the Designated Junior Priority Representative or to any other Junior Priority Debt Party, and no Junior Priority Representative
shall have any obligation or liability to the Senior Representative or to any other Senior Secured Party, in each case regarding the adequacy
of any Proceeds or for any action or omission, except solely for an action or omission that breaches the express obligations undertaken
by such Person under the terms of this Agreement.

 

Section
4.02          Payments
Over. Prior to the Discharge of Senior Obligations, any Shared Collateral or Proceeds thereof received by any Junior Representative
or any Junior Priority Debt Party in connection with the exercise of any right or remedy (including setoff or recoupment) relating to
the Shared Collateral, (except as otherwise set forth in Article VI) in any Insolvency or Liquidation Proceeding, or in contravention
of this Agreement shall be segregated and held in trust for the benefit of and forthwith paid over to the Senior Representative for the
benefit of the Senior Secured Parties in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction
may otherwise direct. The Senior Representative is hereby authorized to make any such endorsements as agent for each of the Junior Representatives
or any such Junior Priority Debt Party. This authorization is coupled with an interest and is irrevocable.

 

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Article
V

Other Agreements

 

Section
5.01          Releases.

 

(a)              
Subject to the penultimate sentence of this Section 5.01(a), each Junior Representative, for itself and on behalf of each
Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that, in the event of a sale, transfer or other disposition
of any specified item of Shared Collateral (including all or substantially all of the equity interests of any subsidiary of Holdings)
(a “Disposition”), the Liens granted to the Junior Representatives and the Junior Priority Debt Parties upon such Shared
Collateral to secure Junior Priority Debt Obligations shall terminate or shall be released, automatically and without any further action,
concurrently with the termination or release of all Liens granted upon such Shared Collateral to secure Senior Obligations, provided
that the parties’ respective Liens shall attach to the net proceeds of such Disposition with the same Lien priorities as provided
in this Agreement to the extent such proceeds are not otherwise utilized to permanently reduce the Senior Obligations. Upon delivery to
a Junior Representative of an Officer’s Certificate stating that any such termination or release of Liens securing the Senior Obligations
has become effective (or shall become effective concurrently with such termination or release of the Liens granted to the Junior Priority
Debt Parties and the Junior Representatives) and any necessary or proper instruments of termination or release prepared by Holdings, any
other Grantor, such Junior Representative will promptly execute, deliver or acknowledge, at Holdings’ or the other Grantor’s
sole cost and expense, such instruments to evidence such termination or release of the Liens; provided, however that such
Officer’s Certificate shall not be required for any termination or release in connection with the exercise of remedies following
an event of default. Nothing in this Section 5.01(a) will be deemed to (x) affect any agreement of a Junior Representative, for itself
and on behalf of the Junior Priority Debt Parties under its Junior Priority Debt Facility, to release the Liens on the Junior Priority
Collateral as set forth in the relevant Junior Priority Debt Documents or (y) except in the case of a Disposition in connection with the
exercise of secured creditors’ rights and remedies, require the release of Liens granted upon such Shared Collateral to secure Junior
Priority Debt Obligations if such Disposition is not permitted under the terms of the Junior Priority Debt Documents. If in connection
with any enforcement action or other exercise of rights and remedies by the Senior Representative, in each case, prior to a Discharge
of Senior Obligations, the equity interests of any Person are foreclosed upon or otherwise disposed of and such Senior Representative
releases its Lien on the property or assets of such Person, then the liens of each Junior Representative and Junior Priority Debt Parties
will be released to the same extent as the Liens of such Senior Representative and Senior Secured Parties are released.

 

(b)               Each
Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby
irrevocably constitutes and appoints the Senior Representative and any officer or agent of the Senior Representative, with full
power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of
such Junior Representative or such Junior Priority Debt Party or in the Senior Representative’s own name, from time to time in
the Senior Representative’s discretion, for the purpose of carrying out the terms of Section 5.01(a), to take any and all
appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the
purposes of Section 5.01(a), including any termination statements, endorsements or other instruments of transfer or release.

 

(c)              
Unless and until the Discharge of Senior Obligations has occurred, each Junior Representative, for itself and on behalf
of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby consents to the application, whether prior to or after
an event of default under any Senior Debt Document of Proceeds of Shared Collateral to the repayment of Senior Obligations pursuant to
the Senior Debt Documents, provided that nothing in this Section 5.01(c) shall be construed to prevent or impair the rights of
the Junior Representatives or the Junior Priority Debt Parties to receive proceeds in connection with the Junior Priority Debt Obligations
not otherwise in contravention of this Agreement.

 

(d)              
Subject to Sections 5.06(a) and 5.06(f), notwithstanding anything to the contrary in any Junior Priority Collateral Document,
in the event the terms of a Senior Collateral Document and a Junior Priority Collateral Document each require any Grantor to (i) make
any payment in respect of any item of Shared Collateral to, (ii) deliver or afford control over any item of Shared Collateral to, or deposit
any item of Shared Collateral with, (iii) register ownership of any item of Shared Collateral in the name of or make an assignment of
ownership of any Shared Collateral or the rights thereunder to, (iv) cause any securities intermediary, commodity intermediary or other
Person acting in a similar capacity to agree to comply, in respect of any item of Shared Collateral, with instructions or orders from,
or to treat, in respect of any item of Shared Collateral, as the entitlement holder, (v) hold any item of Shared Collateral in trust for
(to the extent such item of Shared Collateral cannot be held in trust for multiple parties under applicable law), (vi) obtain the agreement
of a bailee or other third party to hold any item of Shared Collateral for the benefit of or subject to the control of or, in respect
of any item of Shared Collateral, to follow the instructions of or (vii) obtain the agreement of a landlord with respect to access to
leased premises where any item of Shared Collateral is located or waivers or subordination of rights with respect to any item of Shared
Collateral in favor of, in any case, the Senior Representative or Senior Secured Party and any Junior Representative or Junior Priority
Debt Party, such Grantor may, until the applicable Discharge of Senior Obligations has occurred, comply with such requirement under the
Junior Priority Collateral Document as it relates to such Shared Collateral by taking any of the actions set forth above only with respect
to, or in favor of, the Senior Representative.

 

    12

     

    

 

Section
5.02          Insurance
and Condemnation Awards. Unless and until the Discharge of Senior Obligations has occurred, the Senior Representative and the
Senior Secured Parties shall have the sole and exclusive right, subject to the rights of the Grantors under the Senior Debt
Documents, (a) to be named as additional insured and loss payee under any insurance policies maintained from time to time by any
Grantor other persons, in addition to the Junior Representative, (b) to adjust settlement for any insurance policy covering the
Shared Collateral in the event of any loss thereunder and (c) to approve any award granted in any condemnation or similar proceeding
affecting the Shared Collateral. Unless and until the Discharge of Senior Obligations has occurred, all proceeds of any such policy
and any such award, if in respect of the Shared Collateral, shall be applied (i) first, prior to the occurrence of the Discharge of
Senior Obligations, to the Senior Representative for the benefit of Senior Secured Parties pursuant to the terms of the Senior Debt
Documents, (ii) second, after the occurrence of the Discharge of Senior Obligations, to the Designated Junior Representative for the
benefit of the Junior Priority Debt Parties pursuant to the terms of the applicable Junior Priority Debt Documents and (iii) third,
if no Junior Priority Debt Obligations or Senior Obligations are outstanding, to the owner of the subject property, such other
Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Junior Representative or any
Junior Priority Debt Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention
of this Agreement, it shall pay such proceeds over to the Senior Representative in accordance with the terms of Section 4.02.

 

Section
5.03          Matters
Relating to Loan Documents.

 

(a)              
The Senior Debt Documents and the terms thereof may be amended, restated, supplemented, waived or otherwise modified (including
in connection with the incurrence of any incremental facilities) in accordance with their terms, and the Indebtedness under the Senior
Debt Documents may be Refinanced, in each case, without the consent of any Junior Priority Debt Parties; provided, however,
that, without the consent of the Designated Junior Representative, no such amendment, restatement, supplement, modification, waiver or
Refinancing (or successive amendments, restatements, supplements, modifications, waivers or Refinancings) shall contravene any provision
of this Agreement.

 

(b)              
Without the prior written consent of the Senior Representative, no Junior Priority Debt Document may be amended, restated,
supplemented or otherwise modified, or entered into, to the extent such amendment, restatement, supplement or modification, or the terms
of such new Junior Priority Debt Document, would (i) contravene the provisions of this Agreement or (ii) unless expressly permitted by
the terms of each then extant Senior Debt Document, change any scheduled (other than mandatory prepayments) dates for payment of principal
on Indebtedness under the Junior Priority Debt Documents to a date on or prior to the Maturity Date (as defined in the First Lien Credit
Agreement as in effect on the date hereof).

 

Section
5.04          Amendments
to Junior Priority Collateral Documents.

 

(a)              
No Junior Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent
such amendment, supplement or modification, or the terms of any new Junior Priority Collateral Document, would be prohibited by or inconsistent
with any of the terms of this Agreement. Each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under
its Junior Priority Debt Facility, agrees that each Junior Priority Collateral Document under its Junior Priority Debt Facility shall
include the following language (or language to similar effect reasonably approved by the Senior Representative):

 

 

“Notwithstanding anything herein
to the contrary, (i) the liens and security interests granted to the Junior Representative pursuant to this Agreement are expressly
subject and subordinate to the liens and security interests granted in favor of the Senior Secured Parties (as defined in the
Intercreditor Agreement referred to below), including liens and security interests granted to (A) Citibank, N.A.,
(“Citi”), as collateral agent, pursuant to or in connection with that certain Credit Agreement dated as of
January 21, 2022 (as amended, restated, supplemented or otherwise modified from time to time), among Nabors Industries Ltd.
(“Holdings”), Nabors Industries Inc. (the “Borrower”), Citi, as administrative agent (in such
capacity, and together with successors and assigns in such capacity, the “Administrative Agent”) and as
collateral agent and the other parties thereto, as amended, restated, amended and restated, extended, supplemented or otherwise
modified from time to time, and (ii) the exercise of any right or remedy by the Junior Representative hereunder is subject to the
limitations and provisions of the Junior Intercreditor Agreement dated as of [], 20[_] (as amended, restated, supplemented or
otherwise modified from time to time, the “Intercreditor Agreement”), among Citi, as collateral agent, Holdings,
the Borrower, the other Grantors from time to time party thereto and [            ], as the Senior Representative and [ ],
as the Initial Junior Representative. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of
this Agreement, the terms of the Intercreditor Agreement shall govern.”

 

    13

     

    

 

(b)              
In the event that the Senior Representative and/or the Senior Secured Parties enter into any amendment, waiver or consent
in respect of any of the Senior Collateral Documents for the purpose of adding to or deleting from, or waiving or consenting to any departures
from any provisions of, any Senior Collateral Document or changing in any manner the rights of the Senior Representative, the Senior Secured
Parties, Holdings or any other Grantor thereunder (including the release of any Liens in Senior Collateral) in a manner that is applicable
to all Senior Facilities, then such amendment, waiver or consent shall apply automatically to any comparable provision of each comparable
Junior Priority Collateral Document without the consent of any Junior Representative or any Junior Priority Debt Party and without any
action by any Junior Representative, Holdings, any other Grantor; provided, however, that (A) no such amendment, waiver
or consent shall have the effect of (i) removing assets subject to the Lien of the Junior Priority Collateral Documents, except to the
extent that such release is permitted by Section 5.01 and there is a corresponding release of the Lien securing the Senior Obligations,
(ii) imposing duties that are adverse on any Junior Representative without its consent or (iii) altering the terms of the Junior Priority
Debt Documents to permit other Liens on the Collateral not permitted under the terms of the Junior Priority Debt Documents as in effect
on the date hereof or under Article VI hereof and (B) written notice of such amendment, waiver or consent shall have been given to each
Junior Representative within [10 Business Days] after the effectiveness of such amendment, waiver or consent, provided that the
failure to give such notice shall not affect the effectiveness and validity thereof.

 

Section
5.05          Rights
as Unsecured Creditors. The Junior Representatives and the Junior Priority Debt Parties may exercise rights and remedies as
unsecured creditors against Holdings or the Guarantors in accordance with the terms of the Junior Priority Debt Documents and
applicable law so long as such rights and remedies do not violate any other provision of this Agreement. Nothing in this Agreement
shall prohibit the receipt by any Junior Representative or any Junior Priority Debt Party of the required payments of principal,
premium, interest, fees and other amounts due under the Junior Priority Debt Documents so long as such receipt is not the direct or
indirect result of the exercise by a Junior Representative or any Junior Priority Debt Party of rights or remedies as a secured
creditor in respect of Shared Collateral. In the event any Junior Representative or any Junior Priority Debt Party becomes a
judgment lien creditor in respect of Shared Collateral as a result of its enforcement of its rights as an unsecured creditor in
respect of Junior Priority Debt Obligations, such judgment lien shall be subordinated to the Liens securing Senior Obligations on
the same basis as the other Liens securing the Junior Priority Debt Obligations are so subordinated to such Liens securing Senior
Obligations under this Agreement. Nothing in this Agreement shall impair or otherwise adversely affect any rights or remedies the
Senior Representative or the Senior Secured Parties may have with respect to the Senior Collateral.

 

Section
5.06          Gratuitous
Bailee for Perfection.

 

(a)              
The Senior Representative acknowledges and agrees that if it shall at any time hold a Lien securing the Senior Obligations
on any Shared Collateral that can be perfected by the possession or control of such Shared Collateral or of any account in which such
Shared Collateral is held, and if such Shared Collateral or any such account is in fact in the possession or under the control of such
Senior Representative, or of agents or bailees of such Person (such Shared Collateral being referred to herein as the “Pledged
or Controlled Collateral”), or if it shall at any time obtain any landlord waiver or bailee’s letter or any similar agreement
or arrangement granting it rights or access to Shared Collateral, the Senior Representative shall also hold such Pledged or Controlled
Collateral, or take such actions with respect to such landlord waiver, bailee’s letter or similar agreement or arrangement, as sub-agent
or gratuitous bailee for the relevant Junior Representatives (such bailment and agency being intended, among other things, to satisfy
the requirement of Sections 8-301(a)(2), 9-313(c), 9-104, 9-105, 9-106, and 9-107 of the UCC), in each case solely for the purpose of
perfecting the Liens granted under the relevant Junior Priority Collateral Documents and subject to the terms and conditions of this Section
5.06.

 

(b)              
Except as otherwise specifically provided herein, until the Discharge of Senior Obligations has occurred, the Senior Representative
and the Senior Secured Parties shall be entitled to deal with the Pledged or Controlled Collateral in accordance with the terms of the
Senior Debt Documents as if the Liens under the Junior Priority Collateral Documents did not exist. The rights of the Junior Representatives
and the Junior Priority Debt Parties with respect to the Pledged or Controlled Collateral shall at all times be subject to the terms of
this Agreement.

 

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(c)              
The Senior Representative and the Senior Secured Parties shall have no obligation whatsoever to the Junior Representatives
or any Junior Priority Debt Party to assure that any of the Pledged or Controlled Collateral is genuine or owned by the Grantors or to
protect or preserve rights or benefits of any Person or any rights pertaining to the Shared Collateral, except as expressly set forth
in this Section 5.06. The duties or responsibilities of the Senior Representative under this Section 5.06 shall be limited solely to holding
or controlling the Shared Collateral and the related Liens referred to in paragraphs (a) and (b) of this Section 5.06 as sub-agent and
gratuitous bailee for the relevant Junior Representative for purposes of perfecting the Lien held by such Junior Representative and delivering
the Shared Collateral upon a Discharge of Senior Obligations as set forth in Section 5.06(f).

 

(d)              
The Senior Representative shall not have by reason of the Junior Priority Collateral Documents or this Agreement, or any
other document, a fiduciary relationship in respect of any Junior Representative or any Junior Priority Debt Party, and each Junior Representative,
for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby waives and releases the Senior
Representative from all claims and liabilities arising pursuant to the Senior Representative’ roles under this Section 5.06 as sub-agents
and gratuitous bailees with respect to the Shared Collateral.

 

(e)              
 Upon the Discharge of Senior Obligations, the Senior Representative shall, at the Grantors’ sole cost and expense,
(i) (A) deliver to the Designated Junior Representative, to the extent that it is legally permitted to do so, all Shared Collateral, including
all proceeds thereof, held or controlled by the Senior Representative or any of its agents or bailees, including the transfer of possession
and control, as applicable, of the Pledged or Controlled Collateral, together with any necessary endorsements and notices to depositary
banks, securities intermediaries and commodities intermediaries, and to the extent that it is able to do so assign its rights under any
landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, or
(B) direct and deliver such Shared Collateral as a court of competent jurisdiction may otherwise direct, (ii) notify any applicable insurance
carrier that it is no longer entitled to be a loss payee or additional insured under the insurance policies of any Grantor issued by such
insurance carrier and (iii) notify any governmental authority involved in any condemnation or similar proceeding involving any Grantor
that the Designated Junior Representative is entitled to approve any awards granted in such proceeding. Holdings and the other Grantors
shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify the Senior Representative
for loss or damage suffered by such Senior Representative as a result of such transfer, except for loss or damage suffered by any such
Person as a result of its own willful misconduct, gross negligence or bad faith or the willful misconduct, gross negligence or bad faith
of a Representative (as determined by a final non-appealable judgment of a court of competent jurisdiction). The Senior Representative
have no obligations to follow instructions from any Junior Representative or any other Junior Priority Debt Party in contravention of
this Agreement.

 

(f)               
None of the Senior Representative nor any of the other Senior Secured Parties shall be required to marshal any present or
future collateral security for any obligations of Holdings or any Subsidiary to the Senior Representative or any Senior Secured Party
under the Senior Debt Documents or any assurance of payment in respect thereof, or to resort to such collateral security or other assurances
of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect
thereof shall be cumulative and in addition to all other rights, however existing or arising.

 

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Section
5.07          When
Discharge of Senior Obligations is Deemed Not to Have Occurred. If, at any time substantially concurrently with or after the
Discharge of Senior Obligations has occurred, Holdings or any other Subsidiary Guarantor incurs the Senior Obligations (other than
in respect of the payment of indemnities surviving the Discharge of Senior Obligations), then such Discharge of Senior Obligations
shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken
prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Obligations) and the
applicable agreement governing such Senior Obligations shall automatically be treated as a Senior Debt Document for all purposes of
this Agreement, including for purposes of the Lien priorities and rights in respect of Shared Collateral set forth herein and the
agent, representative or trustee for the holders of such Senior Obligations shall be a Senior Representative for all purposes of
this Agreement. Upon receipt of notice of such incurrence (including the identity of the new Senior Representative), each Junior
Representative (including the Designated Junior Representative) shall promptly (a) enter into such documents and agreements (at the
expense of the Borrower), including amendments or supplements to this Agreement, as the Borrower or such new Senior Representative
shall reasonably request in writing in order to provide the new Senior Representative the rights of a Senior Representative
contemplated hereby, (b) deliver to such Senior Representative, to the extent that it is legally permitted to do so, all Shared
Collateral, including all proceeds thereof, held or controlled by such Junior Representative or any of its agents or bailees,
including the transfer of possession and control, as applicable, of the Pledged or Controlled Collateral, together with any
necessary endorsements and notices to depositary banks, securities intermediaries and commodities intermediaries, and assign its
rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to
Shared Collateral, and (c) notify any governmental authority involved in any condemnation or similar proceeding involving a Grantor
that the new Senior Representative is entitled to approve any awards granted in such proceeding.

 

Article
VI

Insolvency or Liquidation Proceedings

 

Section
6.01          Financing
Issues. Until the Discharge of Senior Obligations has occurred, if Holdings or any other Grantor shall be subject to any
Insolvency or Liquidation Proceeding the Senior Representative or any Senior Secured Party shall desire to consent (or not object)
to the sale, use or lease of cash or other collateral or to consent (or not object) to Holdings’ or any other Grantor’s
obtaining financing (including, for the avoidance of doubt, from any Senior Secured Party) under Section 363 or Section 364 of the
Bankruptcy Code or any similar provision of any other Bankruptcy Law (“DIP Financing”), then each Junior
Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that it
will raise no objection to and will not otherwise contest such sale, use or lease of such cash or other collateral or such DIP
Financing and, except to the extent permitted by Section 3.01(a) and Section 6.03, will not request adequate protection or any other
relief in connection therewith and, to the extent the Liens securing the Senior Obligations are subordinated to or pari passu with
such DIP Financing, will subordinate (and will be deemed hereunder to have subordinated) its Liens in the Shared Collateral to (x)
such DIP Financing (and all obligations relating thereto) on the same basis as the Liens securing the Junior Priority Debt
Obligations are so subordinated to the Liens securing the Senior Obligations under this Agreement, (y) all adequate protection Liens
granted to the Senior Secured Parties, and (z) to any “carve-out” for professional and United States Trustee fees or
payment of any other amounts agreed to by applicable Senior Secured Parties. Each Junior Representative, for itself and on behalf of
each Junior Priority Debt Party under its Junior Priority Debt Facility, further agrees that until the Discharge of Senior
Obligations has occurred, it will raise no (a) objection to (and will not otherwise contest) any motion for relief from the
automatic stay or from any injunction against foreclosure or enforcement in respect of Senior Obligations made by the Senior
Representative, (b) objection to (and will not otherwise contest) any lawful exercise by any Senior Secured Party of the right to
credit bid Senior Obligations at any sale in foreclosure of Senior Collateral (including pursuant to Section 363(k) of the
Bankruptcy Code or any similar provision under the Bankruptcy Code or any other applicable law), (c) objection to (and will not
otherwise contest) any other request for judicial relief made in any court by any Senior Secured Party relating to the lawful
enforcement of any Lien on Senior Collateral or (d) objection to (and will not otherwise contest or oppose) any order relating to a
sale or other disposition of assets of any Grantor (including under Section 363 of the Bankruptcy Code or any similar provision of
any other Bankruptcy Law) for which the Senior Representative has consented (or not objected) that provides, to the extent such sale
or other disposition is to be free and clear of Liens, that the Liens securing the Senior Obligations and the Junior Priority Debt
Obligations will attach to the proceeds of the sale on the same basis of priority as the Liens on the Shared Collateral securing the
Senior Obligations rank to the Liens on the Shared Collateral securing the Junior Priority Debt Obligations pursuant to this
Agreement; provided, however, that nothing in this Section 6.01 shall prohibit any Junior Priority Debt Party from (a)
subject to Section 6.05(b), exercising its rights to vote in favor of or against a plan of reorganization, (b) proposing a DIP
Financing to any Grantor or (c) objecting to any provision in any DIP Financing relating, describing or requiring any provision or
content of a plan of reorganization.

 

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Section
6.02          Relief
from the Automatic Stay. Until the Discharge of Senior Obligations has occurred, each Junior Representative, for itself and on behalf
of each Junior Priority Debt Party under its Junior Priority Debt Facility, agrees that none of them shall seek relief from the automatic
stay or any other stay in any Insolvency or Liquidation Proceeding or take any action in derogation thereof, or support or join, directly
or indirectly, any party in doing or performing the same, in each case in respect of any Shared Collateral, without the prior written
consent of the Senior Representative.

 

Section
6.03          Adequate
Protection. Each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority
Debt Facility, agrees that none of them shall (x) object, contest or support any other Person objecting to or contesting (a) any
request by the Senior Representative or any Senior Secured Parties for adequate protection in any form, (b) any objection by the
Senior Representative or any Senior Secured Parties to any motion, relief, action or proceeding based on any claims by a Senior
Representative or Senior Secured Party of a lack of adequate protection or (c) the allowance and/or payment of interest, fees,
expenses or other amounts of the Senior Representative or any other Senior Secured Party under Section 506(b) or 506(c) of the
Bankruptcy Code or any similar provision of any other Bankruptcy Law or (y) request any form of adequate protection except as
permitted by the following sentence. Notwithstanding anything contained in this Section 6.03 or in Section 6.01, in any Insolvency
or Liquidation Proceeding, (i) if the Senior Secured Parties (or any subset thereof) are granted adequate protection in the form of
a Lien on additional or replacement collateral in connection with any DIP Financing or use of cash collateral under Section 363 or
364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law and/or a superpriority administrative claim, then
each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, may
seek or request, without objection by any Senior Secured Party, adequate protection in the form of (as applicable) a Lien on such
additional or replacement collateral and/or a superpriority administrative claim, which Lien is subordinated to the Liens securing
and granted as adequate protection for all Senior Obligations and such DIP Financing (and all obligations relating thereto) on the
same basis as the other Liens securing the Junior Priority Debt Obligations are so subordinated to the Liens securing Senior
Obligations under this Agreement and which superpriority claim is junior and subordinated to the superpriority administrative claim
granted as adequate protection to the Senior Secured Parties; provided, that each Junior Priority Debt Representative shall
have irrevocably agreed, pursuant to Section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and on behalf of each Junior
Priority Debt Party under its Junior Priority Debt Facility, in any stipulation and/or order granting such adequate protection, that
such junior superpriority claims may be paid under any plan of reorganization in any combination of cash, debt, equity or other
property having a value on the effective date of such plan equal to the allowed amount of such junior superpriority claims, and (ii)
in the event any Junior Representatives, for themselves and on behalf of the Junior Priority Debt Parties under their Junior
Priority Debt Facilities, seek or request adequate protection and such adequate protection is granted in the form of a Lien on
additional or replacement collateral and/or a superpriority administrative claim, then such Junior Representatives, for themselves
and on behalf of each Junior Priority Debt Party under their Junior Priority Debt Facilities, agree that the Senior Representative
shall also be entitled to seek without objection from any Junior Priority Debt Party, a senior Lien on such additional or
replacement collateral as adequate protection for the Senior Obligations and/or a superpriority administrative claim, and that any
Lien on such additional or replacement collateral granted as adequate protection for the Junior Priority Debt Obligations shall be
subordinated to the Liens on such collateral securing the Senior Obligations and any such DIP Financing (and all obligations
relating thereto) and any other Liens granted to the Senior Secured Parties as adequate protection on the same basis as the other
Liens securing the Junior Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this
Agreement, and that any superpriority claim is junior and subordinated to the superpriority administrative claim granted as adequate
protection to the Senior Secured Parties, and to the extent the Senior Secured Parties are not granted such adequate protection in
such form, any amounts recovered by or distributed to any Junior Priority Debt Party pursuant to or as a result of any Lien on such
additional or replacement collateral and/or a superpriority administrative claim so granted to the Junior Priority Debt Parties
shall be subject to Section 4.02.

 

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Section
6.04          Preference
Issues. If any Senior Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to disgorge, turn over or
otherwise pay any amount to the estate of either Holdings or any other Grantor (or any trustee, receiver or similar Person therefor),
because the payment of such amount was declared to be or avoided as fraudulent or preferential or otherwise under Chapter 5 of the Bankruptcy
Code or otherwise, in any respect or for any other reason, any amount (a “Recovery”), whether received as proceeds
of security, enforcement of any right of setoff, recoupment, or otherwise, then the Senior Obligations shall be reinstated to the extent
of such Recovery and deemed to be outstanding as if such payment had not occurred and the Senior Secured Parties shall be entitled to
the benefits of this Agreement until a Discharge of Senior Obligations with respect to all such recovered amounts. If this Agreement shall
have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall
not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. Each Junior Representative, for itself
and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby agrees that none of them shall be entitled
to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement,
whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them
shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement the Senior Debt
Documents and/or Collateral Documents, as applicable.

 

Section
6.05          Separate
Grants of Security and Separate Classifications; Plans of Reorganization.Each Junior Representative, for itself and on behalf of
each Junior Priority Debt Party under its Junior Priority Debt Facility, acknowledges and agrees that (a) the grants of Liens
pursuant to the Senior Collateral Documents and the Junior Priority Collateral Documents constitute separate and distinct grants of
Liens and (b) because of, among other things, their differing rights in the Shared Collateral, the Junior Priority Debt Obligations
are fundamentally different from the Senior Obligations and must be separately classified in any plan of reorganization or similar
dispositive restructuring plan proposed, confirmed or adopted in an Insolvency or Liquidation Proceeding. To further effectuate the
intent of the parties as provided in the immediately preceding sentence, if it is held that any claims of the Senior Secured Parties
and the Junior Priority Debt Parties in respect of the Shared Collateral constitute a single class of claims (rather than separate
classes of senior and junior secured claims), then each Junior Representative, for itself and on behalf of each Junior Priority Debt
Party under its Junior Priority Debt Facility, hereby acknowledges and agrees that all distributions shall be made as if there were
separate classes of senior and junior secured claims against the Grantors in respect of the Shared Collateral (with the effect being
that, to the extent that the aggregate value of the Shared Collateral is sufficient (for this purpose ignoring all claims held by
the Junior Priority Debt Parties), the Senior Secured Parties shall be entitled to receive, in addition to amounts distributed to
them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees,
and expenses (whether or not allowed or allowable) before any distribution is made from the Shared Collateral in respect of the
Junior Priority Debt Obligations, with each Junior Representative, for itself and on behalf of each Junior Priority Debt Party under
its Junior Priority Debt Facility, hereby acknowledging and agreeing to turn over to the Senior Representative amounts otherwise
received or receivable by them from the Shared Collateral to the extent necessary to effectuate the intent of this sentence, even if
such turnover has the effect of reducing the claim or recovery of the Junior Priority Debt Parties.

 

(a)              
Each Junior Priority Debt Party (whether in the capacity of a secured creditor or an unsecured creditor in accordance with
Section 506(a) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law) shall not propose, vote in favor of, or otherwise
directly or indirectly support any plan of reorganization or similar dispositive restructuring plan that is inconsistent with the terms
of this Agreement unless such plan is proposed or supported by the number of Senior Secured Parties required under Section 1126(c) of
the Bankruptcy Code or any similar provision or any other Bankruptcy Law.

 

Section
6.06          No
Waivers of Rights of Senior Secured Parties. Nothing contained herein shall, except as expressly provided herein, prohibit or in any
way limit the Senior Representative or any other Senior Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise
to any action taken by any Junior Priority Debt Party, including the seeking by any Junior Priority Debt Party of adequate protection
or the asserting by any Junior Priority Debt Party of any of its rights and remedies under the Junior Priority Debt Documents or otherwise.

 

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Section
6.07          Application.
This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the
Bankruptcy Code or any similar provision of any other Bankruptcy Law, shall be effective and enforceable before, during and after the
commencement of any Insolvency or Liquidation Proceeding. The relative rights as to the Shared Collateral and Proceeds thereof shall continue
after the commencement of any Insolvency or Liquidation Proceeding on the same basis as prior to the date of the petition therefor, subject
to any court order approving the financing of, or use of cash collateral by, any Grantor. All references herein to any Grantor shall include
such Grantor as a debtor-in-possession and any receiver or trustee for such Grantor.

 

Section
6.08         
Other Matters. To the extent that any Junior Representative or any Junior Priority Debt Party has or acquires rights
under Section 363 or Section 364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law with respect to any of the
Shared Collateral, such Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority Debt
Facility, agrees not to assert any such rights without the prior written consent of the Senior Representative, provided that if
requested by the Senior Representative, such Junior Representative shall timely exercise such rights in the manner requested by such
Senior Representative, including any rights to payments in respect of such rights.

 

Section
6.09          506(c)
Claims. Until the Discharge of Senior Obligations has occurred, each Junior Representative, on behalf of itself and each Junior Priority
Debt Party, agrees that it will not assert, support or enforce any claim under Section 506(c) of the Bankruptcy Code or any similar provision
of any other Bankruptcy Law or seek to recover any amounts that any Grantor may obtain by virtue of any claim under Section 506(c) of
the Bankruptcy Code or any similar provision of any other Bankruptcy Law, in each case, for costs or expenses of preserving or disposing
of any Shared Collateral or otherwise, and it will not accept the benefit of any such claims. Until the Discharge of Senior Obligations
has occurred, to the extent any Junior Priority Debt Party receives any payments or consideration on account of or resulting from claims
under 506(c) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law in violation of the immediately-preceding sentence,
then such Junior Priority Debt Party will turn over to the Senior Representative such amounts, even if such turnover has the effect of
reducing the claim or recovery of the Junior Priority Debt Parties.

 

Section
6.10          Reorganization
Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any
property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, on
account of both the Senior Obligations and the Junior Priority Debt Obligations, then, to the extent the debt obligations distributed
on account of the Senior Obligations and on account of the Junior Priority Debt Obligations are secured by Liens upon the same assets
or property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply
with like effect to the Liens securing such debt obligations.

 

Section
6.11          Section
1111(b) of the Bankruptcy Code. Until the Discharge of Senior Obligations has occurred, none of the Junior Representatives nor any
Junior Priority Debt Party shall seek to exercise any rights under Section 1111(b) of the Bankruptcy Code or any similar provision under
any Bankruptcy Law. All rights of the Senior Secured Parties to exercise any rights under Section 1111(b) of the Bankruptcy Code or any
similar provision under any Bankruptcy Law, if any, are reserved and unaltered by this Agreement.

 

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Article
VII

 

Reliance; etc.

 

Section
7.01          Reliance.
The consent by the Senior Secured Parties to the execution and delivery of the Junior Priority Debt Documents to which the Senior
Secured Parties have consented and all loans and other extensions of credit made or deemed made on and after the effective date of
this Agreement by the Senior Secured Parties to the Borrower or any Subsidiary shall be deemed to have been given and made in
reliance upon this Agreement. Each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior
Priority Debt Facility, acknowledges that it and such Junior Priority Debt Parties have, independently and without reliance on the
Senior Representative or other Senior Secured Party, and based on documents and information deemed by them appropriate, made their
own credit analysis and decision to enter into the Junior Priority Debt Documents to which they are party or by which they are
bound, this Agreement and the transactions contemplated hereby and thereby, and they will continue to make their own credit decision
in taking or not taking any action under the Junior Priority Debt Documents or this Agreement.

 

Section
7.02          No
Warranties or Liability. Each Junior Representative, on behalf of itself and each Junior Priority Debt Party under its Junior Priority
Debt Facility, acknowledges and agrees that neither the Senior Representative nor any other Senior Secured Party has made any express
or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability
of any of the Senior Debt Documents, the ownership of any Shared Collateral or the perfection or priority of any Liens thereon. The Senior
Secured Parties will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Debt Documents
in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the Senior Secured Parties may manage
their loans and extensions of credit without regard to any rights or interests that the Junior Representatives and the Junior Priority
Debt Parties have in the Shared Collateral or otherwise, except as otherwise provided in this Agreement. Neither the Senior Representative
nor any other Senior Secured Party shall have any duty to any Junior Representative or Junior Priority Debt Party to act or refrain from
acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreement with
Holdings or any Subsidiary (including the Junior Priority Debt Documents), regardless of any knowledge thereof that they may have or be
charged with. Except as expressly set forth in this Agreement, the Senior Representative, the Senior Secured Parties, the Junior Representatives
and the Junior Priority Debt Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express
or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectability of
any of the Senior Obligations, the Junior Priority Debt Obligations or any guarantee or security which may have been granted to any of
them in connection therewith, (b) any Grantor’s title to or right to transfer any of the Shared Collateral or (c) any other matter
except as expressly set forth in this Agreement.

 

Section
7.03          Obligations
Unconditional. All rights, interests, agreements and obligations of the Senior Representative, the Senior Secured Parties, the Junior
Representatives and the Junior Priority Debt Parties hereunder shall remain in full force and effect irrespective of:

 

(a)              
any lack of validity or enforceability of any Senior Debt Document or any Junior Priority Debt Document;

 

(b)               any
change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Obligations or Junior Priority
Debt Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course
of conduct or otherwise, of the terms of the Senior Debt Document or of the terms of any Junior Priority Debt Document;

 

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(c)              
any exchange of any security interest in any Shared Collateral or any other collateral or any amendment, waiver or other
modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Obligations or Junior Priority Debt
Obligations or any guarantee thereof;

 

(d)              
the commencement of any Insolvency or Liquidation Proceeding in respect of Holdings or any other Grantor; or

 

(e)              
any other circumstances that otherwise might constitute a defense available to, or a discharge of, (i) Holdings or any other
Grantor in respect of the Senior Obligations or (ii) any Junior Representative or Junior Priority Debt Party in respect of this Agreement.

 

Article
VIII

 

Miscellaneous

 

Section
8.01          Conflicts.

 

(a)              
Subject to Section 8.22, in the event of any conflict between the provisions of this Agreement and the provisions of any
Senior Debt Document or any Junior Priority Debt Document, the provisions of this Agreement shall govern.

 

Section
8.02          Continuing
Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until
the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured
Parties may continue, at any time and without notice to the Junior Representatives or any Junior Priority Debt Party, to extend credit
and other financial accommodations and lend monies to or for the benefit of Holdings or any Subsidiary constituting Senior Obligations
in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding.
Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section
8.03          Amendments;
Waivers.

 

(a)               No
failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a
right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of
any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any
other or further notice or demand in similar or other circumstances.

 

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(b)              
Neither this Agreement nor any provision hereof may be amended or modified or any provision waived except pursuant to an
instrument in writing signed by each Representative (in each case, acting in accordance with the documents governing the applicable Debt
Facility), Holdings and the Borrower (or any successor Borrowers under the First Lien Credit Agreement); provided that (x) the
Senior Representative may, without the written consent of any other Secured Party, agree to modifications of this Agreement solely for
the purpose of securing additional extensions of credit (including pursuant to the First Lien Credit Agreement or any Refinancing or extension
thereof) and adding new creditors as “Secured Parties” and “Senior Secured Parties” hereunder, so long as such
extensions (and resulting additions) do not otherwise give rise to a violation of the express terms of the First Lien Credit Agreement
or any other Senior Debt Documents or the Junior Priority Debt Document and (y) additional Grantors may be added as parties hereto in
accordance with the provisions of Section 8.07. Any such amendment, supplement or waiver shall be in writing and shall be binding upon
the Senior Secured Parties and the Junior Priority Debt Parties and their respective successors and assigns. Each waiver of the terms
of this Agreement, if any, shall be a waiver only with respect to the specific instance involved and shall not impair the rights of the
parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time.

 

(c)              
Notwithstanding the foregoing, without the consent of any Secured Party, any Representative may become a party hereto by
execution and delivery of a Representatives Supplement in accordance with Section 8.08 of this Agreement and upon such execution and delivery,
such Representative and the Secured Parties and Senior Obligations or Junior Priority Debt Obligations of the Debt Facility for which
such Representative is acting shall be subject to the terms hereof.

 

Section
8.04          Information
Concerning the Financial Condition of Holdings, the Borrower and the Subsidiaries. The Senior Representative, the Senior Secured
Parties, the Junior Representatives and the Junior Priority Debt Parties shall each be responsible for keeping themselves informed
of (a) the financial condition of Holdings, the Borrower and the Subsidiaries and all endorsers or guarantors of the Senior
Obligations or the Junior Priority Debt Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the
Senior Obligations or the Junior Priority Debt Obligations. The Senior Representative, the Senior Secured Parties, the Junior
Representatives and the Junior Priority Debt Parties shall have no duty to advise any other party hereunder of information known to
it or them regarding such condition or any such circumstances or otherwise. In the event that the Senior Representative, any Senior
Secured Party, any Junior Representative or any Junior Priority Debt Party, in its sole discretion, undertakes at any time or from
time to time to provide any such information to any other party, it shall be under no obligation to (i) make, and the Senior
Representative, the Senior Secured Parties, the Junior Representatives and the Junior Priority Debt Parties shall not make or be
deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness,
truthfulness or validity of any such information so provided, (ii) provide any additional information or to provide any such
information on any subsequent occasion, (iii) undertake any investigation or (iv) disclose any information that, pursuant to
accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain
confidential.

 

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Section
8.05          Subrogation.
Subject to the Discharge of Senior Obligations, with respect to the value of any payments or distributions in cash, or other assets that
the Junior Priority Debt Parties or any Junior Representative pays over to the Senior Representative or any of the other Senior Secured
Parties under the terms of this Agreement, the Junior Priority Debt Parties and each Junior Representative shall be subrogated to the
rights of the Senior Representative and such other Senior Secured Parties; provided that each Junior Representative, on behalf
of itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, hereby agrees not to assert any rights of subrogation
it may acquire as a result of any payment hereunder until the Discharge of Senior Obligations has occurred. Each Grantor acknowledges
and agrees that the value of any payments or distributions in cash or other assets received by any Junior Representative or the other
Junior Priority Debt Party and paid over to the Senior Representative or the other Senior Secured Parties pursuant to, and applied in
accordance with, this Agreement, shall not relieve or reduce any of the Obligations owed by any Grantor under the Junior Priority Debt
Documents.

 

Section
8.06          Application
of Payments. Except as otherwise provided herein, all payments received by the Senior Secured Parties may be applied, reversed and
reapplied, in whole or in part, to such part of the Senior Obligations as the Senior Secured Parties, in their sole discretion, deem appropriate,
consistent with the terms of the Senior Debt Documents. Except as otherwise provided herein, each Junior Representative, on behalf of
itself and each Junior Priority Debt Party under its Junior Priority Debt Facility, assents to any such extension or postponement of the
time of payment of the Senior Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange
or release of any security that may at any time secure any part of the Senior Obligations and to the addition or release of any other
Person primarily or secondarily liable therefor.

 

Section
8.07          Additional
Grantors. Holdings and the Borrower agree that, if any Subsidiary shall become a Grantor after the date hereof, it will promptly cause
such Subsidiary to become party hereto by executing and delivering an instrument in the form of Annex I. Upon such execution and
delivery, such Subsidiary will become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The
execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the
Designated Junior Representative and the Senior Representative. The rights and obligations of each Grantor hereunder shall remain in full
force and effect notwithstanding the addition of any new Grantor as a party to this Agreement.

 

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Section
8.08          Additional
Debt Facilities. To the extent, but only to the extent, permitted by the provisions of the then extant Senior Debt Documents and
the Junior Priority Debt Documents and this Agreement, the Borrower may incur or issue and sell one or more series or classes of
Junior Priority Debt. Any such additional class or series of Junior Priority Debt (the “Junior Priority Class
Debt”) may be secured by a junior priority, subordinated Lien on Shared Collateral, in each case under and pursuant to the
relevant Junior Priority Collateral Documents for such Junior Priority Class Debt, if and subject to the condition that the
Representative of any such Junior Priority Class Debt (each, a “Junior Priority Class Debt Representative”),
acting on behalf of the holders of such Junior Priority Class Debt (such Representative and holders in respect of any Junior
Priority Class Debt being referred to as the “Junior Priority Class Debt Parties”), becomes a party to this
Agreement by satisfying conditions (i) through (iii), as applicable, in this Section 8.08. In order for a Junior Priority Class Debt
Representative to become a party to this Agreement:

 

(i)                
such Junior Priority Class Debt Representative shall have executed and delivered a Representatives Supplement substantially
in the form of Annex II (with such changes as may be reasonably approved by the Senior Representative and such Junior Priority Class Debt
Representative) pursuant to which it becomes a Representative hereunder, and the Junior Priority Class Debt in respect of which such Junior
Priority Class Debt Representative is the Representative and the related Junior Priority Class Debt Parties become subject hereto and
bound hereby;

 

(ii)             
the Borrower shall have delivered to the Senior Representative and Designated Junior Representative a certificate of an
appropriate officer of each Borrower (an “Officer’s Certificate”) stating that the conditions set forth in this
Section 8.08 are satisfied with respect to such Junior Priority Class Debt and, if requested, true and complete copies of each of the
Junior Priority Debt Documents relating to such Junior Priority Class Debt, certified as being true and correct by a Responsible Officer
of each Borrower; and

 

(iii)           
the Junior Priority Debt Documents relating to such Junior Priority Class Debt shall provide that each Junior Priority Class
Debt Party with respect to such Junior Priority Class Debt will be subject to and bound by the provisions of this Agreement in its capacity
as a holder of such Junior Priority Class Debt.

 

Section
8.09          Consent
to Jurisdiction; Waivers. Each party hereto irrevocably and unconditionally:

 

(a)              
submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting
in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement and the Collateral Documents, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement and/or the Collateral Documents shall affect
any right that any Representative may otherwise have to bring any action or proceeding relating to any Senior Debt Document against any
Guarantor or its respective properties in the courts of any jurisdiction;

 

    24

     

    

 

(b)              
 waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement and/or the Collateral Documents in
any court referred to in paragraph (a) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court;

 

(c)              
consents to service of process in the manner provided for notices in Section 8.09 and nothing in this Agreement will affect
the right of any other party hereto (or any Secured Party) to effect service of process in any other manner permitted by law;

 

(d)              
as it relates to any Grantor, such Grantor designates, appoints and empowers Holdings as its designee, appointee and agent
to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons,
notices and documents that may be served in any such action or proceeding and Holdings hereby accepts such designation and appointment;
and

 

(e)              
waives, to the maximum extent not prohibited by law, any right it may have against another party hereto or any other Representative
or Secured Party to claim or recover in any legal action or proceeding referred to in this Section 8.09 any special, exemplary, punitive
or consequential damages; provided that the foregoing waiver shall not apply to claims or recoveries resulting from a third party’s
claim for special, exemplary, punitive or consequential damages in connection with which indemnity obligations of the Company are otherwise
owing to the First Lien Collateral Agent pursuant to Section 10.03 of the First Lien Credit Agreement.

 

Section
8.10          Notices.
All notices, requests, demands and other communications provided for or permitted hereunder shall be in writing and shall be sent: if
to Holdings or any Grantor, to Holdings, at its address specified in Section 10.01 of the First Lien Credit Agreement;

 

(i)                
if to the Initial Junior Representative to it at the address specified for the [                               ] Agent in Section [       ]
of the Junior Lien [       ];

 

(ii)             
if to the Senior Representative, to it at the address specified for the First Lien Collateral Agent in Section 10.01 of
the First Lien Credit Agreement;

 

(iii)           
if to any other Representative, to it at the address specified by it in the Representatives Supplement delivered by it pursuant
to Section 8.08.

 

Unless otherwise specifically provided
herein, any notice or other communication herein required or permitted to be given shall be in writing and, may be personally
served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when
delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered
or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as
set forth above or, as to each party, at such other address as may be designated by such party in a written notice to all of the
other parties. As agreed to in writing among each Representative from time to time, notices and other communications may also be
delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such
person.

 

    25

     

    

 

Section
8.11          Further
Assurances. The Senior Representative, on behalf of itself and each Senior Secured Party under the Senior Facility for which it is
acting, each Junior Representative, on behalf of itself and each Junior Priority Debt Party under the Junior Priority Debt Facility for
which it is acting, and Holdings, on behalf of itself and the Grantors, agrees that it will take such further action and shall execute
and deliver such additional documents and instruments (in recordable form, if requested) as the other parties hereto may reasonably request
to effectuate the terms of, and the Lien priorities contemplated by, this Agreement.

 

Section
8.12         
GOVERNING LAW; WAIVER OF JURY TRIAL. (a) This Agreement
shall be construed in accordance with and governed by the laws of the State of New York.

 

(b)              
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.12.

 

Section
8.13          Binding
on Successors and Assigns. This Agreement shall be binding upon the Senior Representative, the Senior Secured Parties, the Junior
Representatives, the Junior Priority Debt Parties, Holdings, the other Grantors party hereto and their permitted respective successors
and assigns.

 

Section
8.14          Section
Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever
and are not a part of this Agreement.

 

Section
8.15          Counterparts.
This Agreement may be executed in one or more counterparts, including by means of electronic mail of a PDF, facsimile, each of which shall
be an original and all of which shall together constitute one and the same document. Delivery of an executed signature page to this Agreement
by electronic mail of a PDF, facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart
of this Agreement.

 

Section
8.16          Authorization.
By its signature, each party to this Agreement represents and warrants to the other parties hereto that it is duly authorized to
execute this Agreement. The Designated Junior Representative, in its capacity as the Initial Junior Representative, represents and
warrants that this Agreement is binding upon the Initial Junior Priority Debt Parties.

 

    26

     

    

 

Section
8.17          No
Third Party Beneficiaries; Successors and Assigns. The lien priorities set forth in this Agreement and the rights and benefits hereunder
in respect of such lien priorities shall inure solely to the benefit of the Senior Representative, the Senior Secured Parties, the Junior
Representatives and the Junior Priority Debt Parties, and their respective permitted successors and assigns, and no other Person (including
the Grantors, or any trustee, receiver, debtor-in-possession or bankruptcy estate in a bankruptcy or like proceeding) shall have or be
entitled to assert such rights (other than any provision hereof expressly preserving any right of, or directly affecting, Holdings or
any other Grantor under this Agreement or any Senior Debt Document or Junior Priority Debt Document).

 

Section
8.18          Effectiveness.
This Agreement shall become effective when executed and delivered by the parties hereto.

 

Section
8.19         
Representatives. It is understood and agreed that (a) the Senior Representative is entering into this Agreement
in its capacity as administrative agent and collateral agent under the First Lien Credit Agreement and the provisions of Article IX of
the First Lien Credit Agreement applicable to the Agents (as defined therein) thereunder shall also apply to the Senior Representative
hereunder and (b) Initial Junior Representative is entering into this Agreement in its capacity as administrative agent and collateral
agent under the Junior Lien [                         ]
and the provisions of [             ] of such agreement applicable
to the Agents (as defined therein) thereunder shall also apply to the Initial Junior Representative solely in its capacity as the Initial
Junior Representative hereunder.

 

Section
8.20          Relative
Rights. Notwithstanding anything in this Agreement to the contrary (except to the extent contemplated by Section 5.01(a), 5.01(d)
or 5.04(b)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of any Senior Debt Document
or any Junior Priority Debt Documents, or permit Holdings or any Grantor to take any action, or fail to take any action, to the extent
such action or failure would otherwise constitute a breach of, or default under any Senior Debt Document or any Junior Priority Debt Documents,
(b) change the relative priorities of the Senior Obligations or the Liens granted under the Senior Collateral Documents on the Shared
Collateral (or any other assets) as among the Senior Secured Parties, (c) otherwise change the relative rights of the Senior Secured Parties
in respect of the Shared Collateral as among such Senior Secured Parties or (d) obligate Holdings or any Grantor to take any action, or
fail to take any action, that would otherwise constitute a breach of, or default under any Senior Debt Document or any Junior Priority
Debt Document.

 

Section
8.21          Survival
of Agreement. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to
have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.

 

    27

     

    

 

Section
8.22          Additional
Intercreditor Agreements. Each party hereto agrees that the Junior Priority Debt Parties and/or the Junior Representatives (as
among themselves) may each enter into any other intercreditor agreement governing the rights, benefits and privileges as among the
Junior Priority Debt Parties in respect of the Collateral, this Agreement and the other Junior Priority Collateral Documents, as the
case may be, including as to application of Proceeds of the Collateral, voting rights, control of the Collateral and waivers with
respect to the Collateral, in each case so long as the terms thereof do not violate or conflict with the provisions of this
Agreement or Junior Priority Debt Documents, as the case may be (or unless Junior Priority Debt Parties otherwise authorize their
applicable Representative to enter into any such intercreditor arrangement).

 

Section
8.23          Junior
Priority Debt Parties. Notwithstanding anything to the contrary in this Agreement, it is understood and agreed that this Agreement
only applies to the Junior Priority Debt Parties in their capacities as holders of the Junior Priority Debt Obligations. Without limiting
the foregoing, this Agreement does not restrict or apply to the Junior Priority Debt Parties in their capacities as holders of any Indebtedness
or other obligations of the Grantors other than the Junior Priority Debt Obligations.

 

[Remainder of page intentionally left blank;
signature pages follow.]

 

    28

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	CITIBANK, N.A., as Senior Representative
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[         ] as Initial Junior
  Representative
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	NABORS INDUSTRIES LTD., as
  Holdings
	 	
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	NABORS INDUSTRIES, INC., as
  Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[●], as a Grantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[●], as a Grantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

ANNEX I

 

SUPPLEMENT NO. [●] dated
as of , (the “Supplement”) to the JUNIOR LIEN INTERCREDITOR AGREEMENT dated as of [      ],
20[     ] (the “Junior Intercreditor Agreement”), among Nabors Industries, Inc. (the
 “Borrower”), the other Grantors from time to time party hereto and Citibank, N.A., as administrative agent and collateral
agent under the First Lien Credit Agreement, as the Senior Representative, [          ],
as the Designated Junior Representative, and the additional Representatives from time to time a party thereto.

 

A.       Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Junior Intercreditor Agreement.

 

B.       The
Grantors have entered into the Junior Intercreditor Agreement. Pursuant to the First Lien Credit Agreement and certain Junior Priority
Debt Documents, certain newly acquired or organized Subsidiaries of Holdings are required to enter into the Junior Intercreditor Agreement.
Section 8.07 of the Junior Intercreditor Agreement provides that such Subsidiaries may become party to the Junior Intercreditor Agreement
by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Grantor”)
is executing this Supplement in accordance with the requirements of the First Lien Credit Agreement and the Junior Priority Debt Documents.

 

Accordingly, the Senior Representative,
the Junior Priority Class Debt Representative and the New Grantor agree as follows:

 

SECTION 1.     In accordance
with Section 8.07 of the Junior Intercreditor Agreement, the New Grantor by its signature below becomes a Grantor under the Junior Intercreditor
Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees to all the terms
and provisions of the Junior Intercreditor Agreement applicable to it as a Grantor thereunder. Each reference to a “Grantor”
in the Junior Intercreditor Agreement shall be deemed to include the New Grantor. The Junior Intercreditor Agreement is hereby incorporated
herein by reference.

 

SECTION 2.     The New Grantor
represents and warrants to the Senior Representative, the Junior Priority Class Debt Representative and the other Secured Parties that
this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws
affecting creditors’ rights generally and subject to general principles of equity.

 

SECTION 3.     This Supplement
may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Supplement shall become effective when the Senior Representative and the Junior Priority Class Debt Representative shall
have received a counterpart of this Supplement that bears the signature of the New Grantor. Delivery of an executed signature page to
this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.

 

     

     

    

 

SECTION 4.       Except as expressly
supplemented hereby, the Junior Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.     THIS SUPPLEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.        In case any one
or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto
shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the
validity, legality and enforceability of the remaining provisions contained herein and in the Junior Intercreditor Agreement shall not
in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

 

SECTION 7.       All communications
and notices hereunder shall be in writing and given as provided in Section 8.10 of the Junior Intercreditor Agreement. All communications
and notices hereunder to the New Grantor shall be given to it in care of Holdings as specified in the Junior Intercreditor Agreement.

 

     

     

    

 

IN WITNESS WHEREOF, the New
Grantor, and the Senior Representative have duly executed this Supplement to the Junior Intercreditor Agreement as of the day and year
first above written.

 

	 	[NAME OF NEW SUBSIDIARY GRANTOR],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Acknowledged by:	 
	 	 
	CITIBANK, N.A., as Senior Representative	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

	[                  ], as [Initial Junior Representative],	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

ANNEX II

 

[FORM OF] REPRESENTATIVE SUPPLEMENT
NO. [         ] dated as of [       ],
20[ ] to the JUNIOR LIEN INTERCREDITOR AGREEMENT dated as of [       ], 20[ _]
(the “Junior Intercreditor Agreement”), among Nabors Industries Ltd. (“Holdings”), Nabors Industries,
Inc., (the “Borrower”), the other Grantors from time to time party hereto and Citibank, N.A., as First Lien Collateral
Agent under the First Lien Credit Agreement and as Senior Representative under the Junior Intercreditor Agreement, [], as
Initial Junior Representative, and the additional Representatives from time to time a party thereto.

 

A.      Capitalized
terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Junior Intercreditor Agreement.

 

B.      As
a condition to the ability of the Borrower to incur Junior Priority Debt and to secure such Junior Priority Class Debt with the Junior
Priority Lien and to have such Junior Priority Class Debt guaranteed by the Grantors on a subordinated basis, in each case under and pursuant
to the Junior Priority Collateral Documents, the Junior Priority Class Debt Representative in respect of such Junior Priority Class Debt
is required to become a Representative under, and such Junior Priority Class Debt and the Junior Priority Class Debt Parties in respect
thereof are required to become subject to and bound by, the Junior Intercreditor Agreement. Section 8.08 of the Junior Intercreditor Agreement
provides that such Junior Priority Class Debt Representative may become a Representative under, and such Junior Priority Class Debt and
such Junior Priority Class Debt Parties may become subject to and bound by, the Junior Intercreditor Agreement, pursuant to the execution
and delivery by the Junior Priority Class Debt Representative of an instrument in the form of this Representative Supplement and the satisfaction
of the other conditions set forth in Section 8.08 of the Junior Intercreditor Agreement. The undersigned Junior Priority Class Debt Representative
(the “New Representative”) is executing this Representative Supplement in accordance with the requirements of the Senior
Debt Documents and the Junior Priority Debt Documents.

 

Accordingly, the New Representative
agree as follows:

 

SECTION 1.In accordance
with Section 8.08 of the Junior Intercreditor Agreement, the New Representative by its signature below becomes a Representative under,
and the related Junior Priority Class Debt and Junior Priority Class Debt Parties become subject to and bound by, the Junior Intercreditor
Agreement with the same force and effect as if the New Representative had originally been named therein as a Representative, and the New
Representative, on behalf of itself and such Junior Priority Class Debt Parties, hereby agrees to all the terms and provisions of the
Junior Intercreditor Agreement applicable to it as a Junior Representative and to the Junior Priority Class Debt Parties that it represents
as Junior Priority Debt Parties. Each reference to a “Representative” or “Junior Representative” in the Junior
Intercreditor Agreement shall be deemed to include the New Representative. The Junior Intercreditor Agreement is hereby incorporated herein
by reference.

 

SECTION 2.The New
Representative represents and warrants to the Senior Representative and the other Secured Parties that (i) it has full power and
authority to enter into this Representative Supplement, in its capacity as [agent] [trustee] under [describe new debt facility],
(ii) this Representative Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and
binding obligation, enforceable against it in accordance with the terms of such Agreement and (iii) the Junior Priority Debt
Documents relating to such Junior Priority Class Debt provide that, upon the New Representative’s entry into this Agreement,
the Junior Priority Class Debt Parties in respect of such Junior Priority Class Debt will be subject to and bound by the provisions
of the Junior Intercreditor Agreement as Junior Priority Debt Parties.

 

     

     

    

 

SECTION 3.This Representative
Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Representative Supplement shall become effective when each of the Senior Representative and the Junior Priority
Class Debt Representative shall have received a counterpart of this Representative Supplement that bears the signature of the New Representative.
Delivery of an executed signature page to this Representative Supplement by facsimile transmission shall be effective as delivery of a
manually signed counterpart of this Representative Supplement.

 

SECTION 4.Except as expressly
supplemented hereby, the Junior Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.THIS REPRESENTATIVE
SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.In case any one
or more of the provisions contained in this Representative Supplement should be held invalid, illegal or unenforceable in any respect,
no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable,
but the validity, legality and enforceability of the remaining provisions contained herein and in the Junior Intercreditor Agreement shall
not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

 

SECTION 7.All communications
and notices hereunder shall be in writing and given as provided in Section 8.10 of the Junior Intercreditor Agreement. All communications
and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto.

 

     

     

    

 

IN WITNESS WHEREOF, the New
Representative has duly executed this Representative Supplement to the Junior Intercreditor Agreement as of the day and year first above
written.

 

	 	[NAME OF NEW REPRESENTATIVE],
	 	as [          ] for the holders of [                   ]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Address for notices:
	 	 
	 	 	 
	 	 	 
	 	 	attention of:	 
	 	 	Telecopy:	 

 

     

     

    

 

	Acknowledged by:	 
	 	 
	THE GRANTORS	 
	LISTED ON SCHEDULE I HERETO	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule I to the

Representative Supplement to the

Junior Intercreditor Agreement

 

Grantors

 

	 	
    Name	Jurisdiction of Formation
	1.	 	 
	2.	 	 
	3.	 	 
	4.	 	 
	5.	 	 
	6.EXHIBIT 4.1

 

INDENTURE

 

between

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_],

as Issuer

 

and

 

[                          ],

as Indenture Trustee

 

Dated as of [            ],
20[__]

 

    (20[__]-[ ] Indenture)

     

    

 

Table
of Contents

 

Page

 

	ARTICLE I.              DEFINITIONS AND INCORPORATION BY REFERENCE	2
	  	 	 
	Section 1.01	Definitions	2
	Section 1.02	Other Definitional Provisions	2
	Section 1.03	Incorporation by Reference of Trust Indenture Act	3
	 	 	 
	ARTICLE II.            THE NOTES	3
	 	 	 
	Section 2.01	Form	3
	Section 2.02	Execution, Authentication and Delivery	4
	Section 2.03	Temporary Notes	4
	Section 2.04	Registration; Registration of Transfer and Exchange	5
	Section 2.05	[Reserved]	6
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	7
	Section 2.07	Persons Deemed Note Owners	7
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	8
	Section 2.09	Cancellation	9
	Section 2.10	Book-Entry Notes	9
	Section 2.11	Notices to Clearing Agency	10
	Section 2.12	Definitive Notes	10
	Section 2.13	Tax Treatment	10
	Section 2.14	Tax Forms	11
	Section 2.15	Transfer Restrictions on Restricted Notes	11
	 	 	 
	ARTICLE III.           COVENANTS	15
	 	 	 
	Section 3.01	Payment of Principal and Interest	15
	Section 3.02	Maintenance of Office or Agency	16
	Section 3.03	Money for Payments To Be Held in Trust	16
	Section 3.04	Existence	18
	Section 3.05	Protection of Trust Estate	18
	Section 3.06	Opinions as to Trust Estate	18
	Section 3.07	Performance of Obligations; Servicing of Receivables	19
	Section 3.08	Negative Covenants	20
	Section 3.09	Annual Statement as to Compliance	21
	Section 3.10	Issuer May Consolidate, etc., Only on Certain Terms	21
	Section 3.11	Successor or Transferee	23
	Section 3.12	No Other Business	23
	Section 3.13	No Borrowing	23
	Section 3.14	Compliance with Regulation AB	23
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	23
	Section 3.16	Capital Expenditures	23
	Section 3.17	Removal of Administrator	23
	Section 3.18	Restricted Payments	23
	Section 3.19	Notice of Events of Default	24
	Section 3.20	Further Instruments and Acts	24

 

    	 	 ii	(20[__]-[ ] Indenture)

     

    

 

TABLE
OF CONTENTS

(continued)

 

Page

 

	ARTICLE IV.           SATISFACTION AND DISCHARGE	24
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	24
	Section 4.02	Application of Trust Money	25
	Section 4.03	Repayment of Moneys Held by Paying Agent	25
	Section 4.04	Release of Collateral	25
	 	 	 
	ARTICLE V.            REMEDIES	26
	 	 	 
	Section 5.01	Events of Default	26
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	28
	Section 5.04	Remedies; Priorities	30
	Section 5.05	Optional Preservation of the Receivables	33
	Section 5.06	Limitation of Suits	33
	Section 5.07	Unconditional Rights of Noteholders To Receive Principal and Interest	34
	Section 5.08	Restoration of Rights and Remedies	34
	Section 5.09	Rights and Remedies Cumulative	34
	Section 5.10	Delay or Omission Not a Waiver	34
	Section 5.11	Control by the Controlling Class of Noteholders	35
	Section 5.12	Waiver of Past Defaults	35
	Section 5.13	Undertaking for Costs	35
	Section 5.14	Waiver of Stay or Extension Laws	36
	Section 5.15	Action on Notes	36
	Section 5.16	Performance and Enforcement of Certain Obligations	36
	 	 	 
	ARTICLE VI.           THE INDENTURE TRUSTEE	37
	 	 	 
	Section 6.01	Duties of Indenture Trustee	37
	Section 6.02	Representations and Warranties of the Indenture Trustee	39
	Section 6.03	Rights of Indenture Trustee	40
	Section 6.04	Individual Rights of Indenture Trustee	41
	Section 6.05	Indenture Trustee’s Disclaimer	41
	Section 6.06	Notice of Defaults	41
	Section 6.07	Reports by Indenture Trustee to Holders	41
	Section 6.08	Compensation and Indemnity	42
	Section 6.09	Replacement of Indenture Trustee	42
	Section 6.10	Successor Indenture Trustee by Merger	43
	Section 6.11	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	44
	Section 6.12	Eligibility; Disqualification	45
	Section 6.13	[Reserved]	45
	Section 6.14	Preferential Collection of Claims Against Issuer	45
	Section 6.15	Waiver of Setoffs	45

 

    	 	 iii	(20[__]-[ ] Indenture)

     

    

 

TABLE
OF CONTENTS

(continued)

 

Page

 

	ARTICLE VII.          NOTEHOLDERS’ LISTS AND REPORTS	45
	  	 	 
	Section 7.01	Note Registrar To Furnish Names and Address of Noteholders	45
	Section 7.02	Preservation of Information; Communications Among Noteholders	46
	Section 7.03	Reports by Issuer	47
	Section 7.04	Reports by Indenture Trustee	47
	Section 7.05	Noteholder and Note Owner Demand for Asset Representations Review	48
	 	 	 
	ARTICLE VIII.        ACCOUNTS, DISBURSEMENTS AND RELEASES	48
	 	 	 
	Section 8.01	Collection of Money	48
	Section 8.02	Trust Accounts	48
	Section 8.03	General Provisions Regarding Accounts	50
	Section 8.04	Release of Trust Estate	51
	Section 8.05	Opinion of Counsel	52
	 	 	 
	ARTICLE IX.           SUPPLEMENTAL INDENTURES	52
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	52
	Section 9.02	Supplemental Indentures with Consent of Noteholders	53
	Section 9.03	Execution of Supplemental Indentures	55
	Section 9.04	Effect of Supplemental Indenture	55
	Section 9.05	Reference in Notes to Supplemental Indentures	55
	Section 9.06	Conformity with Trust Indenture Act	55
	 	 	 
	ARTICLE X.            REDEMPTION OF NOTES	55
	 	 	 
	Section 10.01	Redemption	55
	Section 10.02	Form of Redemption Notice	56
	Section 10.03	Notes Payable on Redemption Date	56
	 	 	 
	ARTICLE XI.           MISCELLANEOUS	56
	 	 	 
	Section 11.01	Compliance Certificates and Opinions, etc	56
	Section 11.02	Form of Documents Delivered to Indenture Trustee	58
	Section 11.03	Acts of Noteholders	59
	Section 11.04	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	59
	Section 11.05	Notices to Noteholders; Waiver	60
	Section 11.06	Alternate Payment and Notice Provisions	60
	Section 11.07	Effect of Headings and Table of Contents	61
	Section 11.08	Successors and Assigns	61
	Section 11.09	Separability	61
	Section 11.10	Benefits of Indenture	61
	Section 11.11	Legal Holidays	61
	Section 11.12	GOVERNING LAW	61
	Section 11.13	Counterparts; Electronic Signatures and Transmission	61

 

    	 	 iv	(20[__]-[ ] Indenture)

     

    

 

TABLE
OF CONTENTS

(continued)

 

Page

 

	Section 11.14	Recording of Indenture	62
	Section 11.15	Trust Obligation	62
	Section 11.16	No Petition	63
	Section 11.17	Inspection	63
	Section 11.18	Conflict with Trust Indenture Act	64
	Section 11.19	Limitation of Liability	64
	Section 11.20	Representations and Warranties	64
	Section 11.21	Perfection Representations and Warranties	65
	Section 11.22	Communications with Rating Agencies	66

 

EXHIBITS

 

	SCHEDULE A     	Schedule of Receivables
	EXHIBIT A-1          	Form of Class A-1 Note
	EXHIBIT A-2[-A]     	Form of Class A-2[-A] Note
	[EXHIBIT A-2-B]     	[Form of Class A-2-B Note]
	EXHIBIT A-3          	Form of Class A-3 Note
	EXHIBIT A-4          	Form of Class A-4 Note
	EXHIBIT B          	Form of Class B Note
	EXHIBIT C          	Form of Class C Note
	EXHIBIT D          	Form of Class D Note
	ANNEX A          	Form of Transferee Letter for Restricted Notes

 

    	 	 v	(20[__]-[ ] Indenture)

     

    

 

 

THIS INDENTURE, dated as of [            ],
20[__], is between HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_], a Delaware statutory trust (the “Issuer”), and [                          ],
a [                                      ],
as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows for the benefit of
the other party and for the equal and ratable benefit of the Holders of the Issuer’s [     ]% Asset Backed
Notes, Class A-1 (the “Class A-1 Notes”), [     ]% Asset Backed Notes, Class A-2[-A]
(the “Class A-2[-A] Notes”), [insert applicable floating rate benchmark] + [___]% Asset Backed Notes,
Class A-2-B (the “Class A-2-B Notes”),] [     ]% Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”), [     ]% Asset Backed Notes, Class A-4
(the “Class A-4 Notes”), [     ]% Asset Backed Notes, Class B (the “Class B
Notes”), [     ]% Asset Backed Notes, Class C (the “Class C Notes”) and
[     ]% Asset Backed Notes, Class D (the “Class D Notes” and, together with the
Class A-1 Notes, Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes, Class A-4
Notes, Class B Notes and Class C Notes, the “Notes”):

 

GRANTING CLAUSE

 

The Issuer hereby Grants to the Indenture
Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of the Issuer’s right,
title and interest in and to, whether now owned or hereafter acquired, now existing or hereafter arising and wherever located
(a) the Receivables listed on Schedule A and all moneys received thereon on or after the Cutoff Date; (b) the security
interests in the Financed Vehicles and any accessions thereto granted by Obligors pursuant to the Receivables and any other interest
of the Depositor in such Financed Vehicles; (c) any Liquidation Proceeds and any other proceeds from claims on any physical
damage, credit, life or disability insurance policies covering Financed Vehicles or the related Obligors, including any
vendor’s single interest or other collateral protection insurance policy; (d) any property that shall have secured a
Receivable and that shall have been acquired by or on behalf of the Depositor, the Servicer, or the Issuer; (e) all documents
and other items contained in the Receivable Files; (f) the Sale and Servicing Agreement including all of the Depositor’s
rights, but none of its obligations, under the Receivables Purchase Agreement assigned to the Issuer pursuant to the Sale and
Servicing Agreement; (g) all right, title and interest in the Trust Accounts, all funds, securities or other assets credited
from time to time to the Trust Accounts and all investments therein and proceeds thereof (including all Investment Earnings on the
Reserve Account and the initial Reserve Account Deposit); (h) any proceeds from any Receivable repurchased by a Dealer pursuant
to a Dealer Agreement; and (i) all present and future claims, demands, causes of action and choses in action in respect of any
or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all
of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments
and other property that at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively,
the “Collateral”).

 

The foregoing Grant is made in trust to secure
(i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without
prejudice, priority or distinction, and (ii) to secure compliance with the provisions of this Indenture, all as provided in this
Indenture.

 

    
	 	 1	(20[__]-[ ] Indenture)

     

    

 

Without limiting the foregoing Grant, any Receivable
repurchased or purchased by the Seller or the Servicer pursuant to Section 3.03 or Section 4.07, as applicable,
of the Sale and Servicing Agreement or repurchased or purchased by the Seller pursuant to Section 7.02 of the Receivables
Purchase Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being taken by the
Indenture Trustee upon payment by the Seller or the Servicer, as applicable, of the related Purchased Amount for such Purchased Receivable.

 

The Indenture Trustee, on behalf of the Holders
of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and
agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders of the
Notes may be adequately and effectively protected.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01     Definitions.

 

Except as otherwise defined herein or as the context
may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the
Sale and Servicing Agreement, which contains rules as to usage that are applicable herein.

 

Section 1.02     Other
Definitional Provisions.

 

(a)            All
terms defined in this Indenture shall have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

 

(b)            As
used in this Indenture and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined
in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture or in any such certificate
or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles.
To the extent that the definitions of accounting terms in this Indenture or in any such certificate or other document are inconsistent
with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Indenture or in any
such certificate or other document shall control.

 

(c)            The
words “hereof,” “herein,” “hereunder” and words of similar import when used in this Indenture shall
refer to this Indenture as a whole and not to any particular provision of this Indenture; Article, Section, Schedule and Exhibit references
contained in this Indenture are references to Articles, Sections, Schedules and Exhibits in or to this Indenture unless otherwise specified;
 “or” shall include “and/or”; and the term “including” shall mean “including without limitation”.

 

    
	 	 2	(20[__]-[ ] Indenture)

     

    

 

(d)            The
definitions contained in this Indenture are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms.

 

(e)            Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means
such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted
successors and assigns.

 

Section 1.03     Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by reference
in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the Securities
and Exchange Commission.

 

“indenture securities” means
the Notes.

 

“indenture security holder”
means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

“obligor” on the indenture securities
means the Issuer 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 Commission rule have the meaning assigned to them
by such definitions.

 

ARTICLE II.

THE NOTES

 

Section 2.01     Form.
The Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3
Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes, in each case
together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in
Exhibit A-1, Exhibit A-2[-A],[Exhibit A-2-B,] Exhibit A-3, Exhibit A-4,
Exhibit B, Exhibit C and Exhibit D, respectively, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of such Note.

 

    
	 	 3	(20[__]-[ ] Indenture)

     

    

 

The Definitive Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by
the officers executing such Notes, as evidenced by their execution of such Notes.

 

Each Note shall be dated the date of its authentication.
The terms of the Notes set forth in Exhibit A-1, Exhibit A-2[-A], [Exhibit A-2-B,] Exhibit A-3,
Exhibit A-4, Exhibit B, Exhibit C and Exhibit D are part of the terms of this Indenture.

 

Section 2.02     Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature
of any such Authorized Officer on the Notes may be manual or facsimile.

 

Notes bearing the manual or facsimile signature
of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the
date of such Notes.

 

The Indenture Trustee shall upon Issuer Order authenticate
and deliver Class A-1 Notes for original issue in an aggregate principal amount of $[                     ],
Class A-2[-A] Notes for original issue in an aggregate principal amount of $[                     ],
[Class A-2-B Notes for original issue in an aggregate principal amount of $[____________],] Class A-3 Notes for
original issue in an aggregate principal amount of $[                     ],
Class A-4 Notes for original issue in an aggregate principal amount of $[                     ],
Class B Notes for original issue in an aggregate principal amount of $[                     ],
Class C Notes for original issue in an aggregate principal amount of $[                     ],
and Class D Notes for original issue in an aggregate principal amount $[                     ].
The aggregate principal amount of Class A-1 Notes, Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3
Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes outstanding at any time may not exceed
such respective amounts except as provided in Section 2.06.

 

The Notes shall be issuable as registered Notes
in minimum denominations of $[1,000] and in integral multiples of $[1,000] in excess thereof (except for one Note of each class which
may be issued in a denomination other than an integral multiple of $[1,000]).

 

No Note shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially
in the form provided for herein executed by the Indenture Trustee by the manual or facsimile signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

 

Section 2.03     Temporary
Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee
shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture
as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

 

    
	 	 4	(20[__]-[ ] Indenture)

     

    

 

If temporary Notes are issued, the Issuer shall
cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall
be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided
in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer
shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes
of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this
Indenture as Definitive Notes.

 

Section 2.04     Registration;
Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”) in which,
subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of Notes and the registration
of all transfers of Notes. The Indenture Trustee initially shall be the “Note Registrar” for the purpose of registering Notes
and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or,
if it elects not to make such an appointment, assume the duties of Note Registrar. If a Person other than the Indenture Trustee is appointed
by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar
and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the
Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely
upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders
of the Notes and the principal amounts and number of such Notes.

 

Upon surrender for registration of transfer
of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, if the requirements of Section 8-401(a) of
the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any
authorized denominations, of a like aggregate principal amount.

 

At the option of the Holder, Notes may be exchanged
for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of
the UCC are met, the Issuer shall execute, and the Indenture Trustee, without having to verify that the requirements of Section 8-401(a) have
been met, shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes that the Noteholder making the exchange
is entitled to receive.

 

All Notes issued upon any registration of transfer
or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Notes surrendered upon such registration of transfer or exchange. Every Note presented or surrendered for registration
of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Exchange Act.

 

    
	 	 5	(20[__]-[ ] Indenture)

     

    

 

No service charge shall be made to a Holder for
any registration of transfer or exchange of Notes, but the Issuer or the Indenture Trustee 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 Notes, other
than exchanges pursuant to Section 2.03 or 9.05 not involving any transfer.

 

The preceding provisions of this Section notwithstanding,
the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes selected for redemption
or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note.

 

Any Notes (or interests therein) retained by the
Issuer or a Person that is considered the same person as the Issuer for U.S. federal income tax purposes may not be transferred for U.S.
federal income tax purposes to another Person (other than a Person that is considered the same person as the Issuer for U.S. federal income
tax purposes) unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture Trustee at
such time stating that either (x) such Notes will be debt for U.S. federal income tax purposes or (y) the sale of such Notes
will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income
tax purposes.

 

In addition, if for tax or other reasons it may
be necessary to track such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes
be in definitive registered form may be required by the Administrator as a condition to such transfer. The Indenture Trustee shall have
no duty to monitor the compliance of the provisions of this paragraph and may conclusively rely on the Administrator to do the same.

 

By acquiring a Note (or interest therein), each
Noteholder and Note Owner (and if the Noteholder or Note Owner is a Plan, its fiduciary) is deemed to (a) represent and warrant that
either (i) it is not acquiring such Note (or interest therein) with the assets of a Benefit Plan Investor or Plan subject to Similar
Law; or (ii) the acquisition and holding of such Note (or interest therein) will not, in the case of a Benefit Plan Investor, give
rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of Plan that
is subject to Similar Law, result in a violation of such Similar Law and (b) acknowledge and agree that Benefit Plan Investors and
Plans that are subject to Similar Law may not acquire such Note (or any interest therein) at any time that such Note does not have an
investment grade rating from at least one nationally recognized statistical rating organization.

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the transfer of Notes.

 

Section 2.05     [Reserved].

 

    
	 	 6	(20[__]-[ ] Indenture)

     

    

 

Section 2.06     Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture
Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence
of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, and provided
that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and upon an Issuer Order the Indenture
Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement
Note of the same Class; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall
have become or within 15 days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note,
the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If,
after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note, a bona fide purchaser of the original Note
in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall
be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement
Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall
be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith.

 

Upon the issuance of any replacement Note under
this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses (including the fees, expenses and indemnities of the
Indenture Trustee) connected therewith.

 

Every replacement Note issued pursuant to this
Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation
of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note 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 Notes duly issued hereunder.

 

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

 

Section 2.07     Persons
Deemed Note Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent
of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the
owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

    
	 	 7	(20[__]-[ ] Indenture)

     

    

 

Section 2.08     Payment
of Principal and Interest; Defaulted Interest.

 

(a)            The
Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes,
the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes shall accrue interest at the
Class A-1 Rate, the Class A-2[-A] Rate, [the Class A-2-B Rate,] the Class A-3 Rate, the
Class A-4 Rate, the Class B Rate, the Class C Rate and the Class D Rate, respectively, as set forth in
Exhibit A-1, Exhibit A-2[-A], [Exhibit A-2-B,] Exhibit A-3, Exhibit A-4,
Exhibit B, Exhibit C and Exhibit D, respectively, and such interest shall be payable on each Payment Date as
specified therein, subject to Section 3.01. Any installment of interest or principal payable on a Note that is
punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such
Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class postage prepaid to such
Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued
pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to
the account designated by such nominee, if an account is so designated; provided, however, that the final installment of principal
payable with respect to such Note on a Payment Date or on the related Stated Maturity Date (including the Redemption Price for any
Note called for redemption pursuant to Section 10.01) shall be payable as provided in paragraph (b) below. The
funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.

 

(b)            The
principal of each Note shall be payable in installments on each Payment Date as provided in Section 3.01 hereof and the forms
of the Notes set forth in Exhibit A-1, Exhibit A-2[-A], [Exhibit A-2-B,] Exhibit A-3, Exhibit A-4,
Exhibit B, Exhibit C and Exhibit D. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes may
be declared immediately due and payable, if not previously paid, in the manner provided in Section 5.02 on any date on which
an Event of Default shall have occurred and be continuing, by the Indenture Trustee or the Indenture Trustee acting at the direction of
the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class. All principal payments
on each Class of Notes shall be made pro rata to the Noteholders of the related Class entitled thereto. Upon written notice
thereof, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date
preceding the Payment Date on which the Issuer expects the final installment of principal of and interest on such Note to be paid. Such
notice shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes
shall be mailed to Noteholders as provided in Section 10.02.

 

(c)            For
purposes of distributions from the Reserve Account pursuant to Section 5.06(b) of the Sale and Servicing Agreement, any portion
of the First Priority Principal Distribution Amount, the Second Priority Principal Distribution Amount and the Regular Principal Distribution
Amount shall be deemed to be due and payable on any Payment Date on which funds sufficient to pay such portion would be available to make
such payment from funds withdrawn from the Reserve Account and distributed with the priorities set forth in accordance with 5.05(b) of
the Sale and Servicing Agreement. For the avoidance of doubt, the First Priority Principal Distribution Amount, the Second Priority Principal
Distribution Amount and the Regular Principal Distribution Amount, or any portion thereof, shall not be due (other than in accordance
with Section 2.08(b) above) unless amounts are actually available to make such payments in accordance with Section 5.05(b) of
the Sale and Servicing Agreement. Additionally, any portion of the First Priority Principal Distribution Amount, the Second Priority Principal
Distribution Amount and the Regular Principal Distribution Amount shall be deemed to be due and payable on any date where the Servicer
elects to exercise its Optional Purchase and the Issuer redeems the outstanding Notes pursuant to Section 10.01.

 

    
	 	 8	(20[__]-[ ] Indenture)

     

    

 

(d)            If
the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful) at the applicable Interest Rate in any lawful manner on the next Payment Date.

 

Section 2.09     Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than
the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer
may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that
the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as
expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with
its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be
destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee.

 

Section 2.10     Book-Entry
Notes. The Notes (other than any Restricted Notes, which may be issued in the form of Definitive Notes at the Issuer’s option
pursuant to Section 2.12), upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry
Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry
Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency,
and no Note Owner thereof will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided
in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been
issued to such Note Owners pursuant to Section 2.12:

 

(a)            the
provisions of this Section shall be in full force and effect;

 

(b)            the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including
the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole holder of the
Notes, and shall have no obligation to the Note Owners;

 

(c)            to
the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall
control;

 

    
	 	 9	(20[__]-[ ] Indenture)

     

    

 

(d)            the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the Clearing Agency or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless
and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers
among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency
Participants; and

 

(e)            whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount of the Notes or the Controlling Class of Notes, the Clearing Agency shall be deemed to represent
such percentage only to the extent that it has received instructions to such effect from Note Owners or Clearing Agency Participants owning
or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to
the Indenture Trustee.

 

Section 2.11     Notices
to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until
Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all
such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency, and shall have no obligation
to such Note Owners.

 

Section 2.12     Definitive
Notes. Any of the Restricted Notes, upon original issuance, and at the Issuer’s option, may be in the form of Definitive Notes;
provided, however, that at the request of all of the holders thereof, such Restricted Notes may be exchanged for Book-Entry Notes. If
(a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to the Book-Entry Notes and the Administrator is unable to locate a qualified successor
or (b) after the occurrence of an Event of Default or a Servicer Termination Event, Note Owners of the Book-Entry Notes representing
beneficial interests aggregating at least a majority of the Outstanding Amount of such Notes advise the Clearing Agency in writing that
the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners, then the
Clearing Agency shall notify all Note Owners, the Administrator and the Indenture Trustee of the occurrence of any such event and of the
availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes
representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the
Indenture Trustee upon an Issuer Order shall authenticate the Definitive Notes in accordance with the written instructions of the Clearing
Agency. None of the Issuer, the Note Registrar, the Administrator or the Indenture Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

 

Section 2.13     Tax
Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for purposes of U.S.
federal and state income tax, franchise tax and any other tax measured in whole or in part by income, the Notes (other than Notes, if
any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes) will be characterized
as indebtedness secured by the Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other than
Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes)
for such purposes as indebtedness.

 

    
	 	 10	(20[__]-[ ] Indenture)

     

    

 

Section 2.14     Tax
Forms. Prior to the first Payment Date and promptly upon request, each Noteholder shall provide Tax Information to the Indenture
Trustee, the Paying Agent (if any) and/or the Issuer (or other person responsible for withholding of taxes, including but not
limited to FATCA Withholding Tax, or delivery of information under FATCA). Each Noteholder (or other owner of a beneficial interest
in a Note) is deemed to understand, acknowledge and agree that the Indenture Trustee, Paying Agent and Issuer (or other person
responsible for withholding of taxes) have the right to withhold on payments with respect to a Note where an applicable party fails
to comply with the requirements set forth in the preceding sentence or the Indenture Trustee, Paying Agent or Issuer (or other
person responsible for withholding of taxes) is otherwise required to so withhold under applicable law.

 

Section 2.15     Transfer
Restrictions on Restricted Notes.

 

(a)            Prior
to any sale or transfer of any Restricted Note (or any interest therein), each prospective transferee of such Restricted Note (or any
interest therein) shall be required to provide to the Indenture Trustee and Depositor a certification of non-foreign status, in such form
that is acceptable to the Depositor or the Indenture Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such
other certification, representations or opinion of counsel as may be requested by the Depositor) or other information or documentation
requested by the Depositor to determine, in its sole discretion, that payments on such Restricted Notes will not be subject to withholding
under U.S. tax law.

 

(b)            Prior
to any sale or transfer of any Restricted Note (or any interest therein) (except for (x) transfers of Notes to the Depositor or any
Affiliate of the Depositor that is a “United States person” within the meaning of Section 7701(a)(30) of the Code and
(y) to the extent that the Depositor has received an opinion of nationally recognized tax counsel to the effect that the transfer
of the Restricted Note without any or all of the representations described below will not cause the Issuer to be treated as an association
or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and the Depositor has consented to such transfer
in writing), each prospective transferee of such Restricted Note (or any interest therein) shall be required to provide to the Indenture
Trustee, Note Registrar and Depositor a written representation letter, in a form acceptable to the recipients, in which such prospective
transferee shall have represented and agreed as follows (unless the Depositor shall have received (and provided notice of such receipt
to the Indenture Trustee and the Note Registrar) an opinion of nationally recognized tax counsel to the effect that such transfer without
such an accompanying representation letter will not cause the Issuer to be treated as an association or publicly traded partnership taxable
as a corporation for U.S. federal income tax purposes and the Depositor shall consent in writing that no such written representation letter
is required, in which case such prospective transferee shall be deemed to have represented and agreed as follows):

 

    
	 	 11	(20[__]-[ ] Indenture)

     

    

 

(i)            The
transferee will provide notice to each Person to whom it proposes to transfer any interest in the Restricted Notes of the transfer restrictions
and representations set forth in this Section 2.15(b). Further, the transferee will not transfer any Restricted Note (or any
interest therein) to a subsequent transferee unless, prior to the transfer, the subsequent transferee shall have provided to the Indenture
Trustee, the Note Registrar and the Depositor a written representation letter as set forth previously in this Section 2.15(b) (unless
the Depositor shall have received an opinion of nationally recognized tax counsel as set forth previously in this Section 2.15(b).

 

(ii)            No
transfer of Restricted Notes (or any interest therein) will be permitted to the extent that such transfer would cause the number of direct
or indirect holders of an interest in the Restricted Notes and the Certificates to exceed a number equal to 95 Persons. Neither the Indenture
Trustee nor the Note Registrar shall have any duty or obligation with respect to the foregoing to ascertain the number of direct or indirect
holders of an interest in the Restricted Notes and the Certificates.

 

(iii)            The
transferee warrants it (a) is not, and will not become, a partnership, a corporation taxed under Subchapter S of the Code or grantor
trust for U.S. federal income tax purposes (or a disregarded entity the single owner of which is any of the foregoing) or (b) is
such an entity, but (x) no more than 50% of the value of any of the direct or indirect beneficial interests in such transferee (or
in the case of a disregarded entity, the interests of its single owner)  is or will be attributable to such transferee’s (or
in the case of a disregarded entity, the single owner’s) interest in Restricted Notes and Certificates and (y) it is not and
will not be a principal purpose of the arrangement involving such entity’s beneficial interest in any Restricted Notes or Certificates
to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation Section 1.7704-1(h)(1)(ii) necessary
for such partnership not to be classified as a publicly traded partnership under the Code.

 

(iv)            No
Noteholder of a Restricted Note shall acquire or transfer any Restricted Note (or any interest therein) or cause any Restricted Notes
(or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of
the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm
buy or sell quotations.

 

(v)            If
any Restricted Note held by the transferee is required to be treated other than as described under Section 2.13, then the
transferee, or, if different, the beneficial owner of such Restricted Note, shall agree to the designation made pursuant to the Trust
Agreement of the partnership representative (and the tax matters partner for any applicable state or local tax purposes) of any partnership
in which such Noteholder or beneficial owner is deemed to be a partner under Section 6223(a) of the Code and any applicable
Treasury Regulations thereunder (and any corresponding provision of state law).

 

    
	 	 12	(20[__]-[ ] Indenture)

     

    

 

 

(vi)            (A) Each
Noteholder of a Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor any further information
required by the Issuer to comply with the Sections 6221 through 6241 of the Code (and any corresponding provision of state law), including
Section 6226(a) of the Code, (B) if such Noteholder is not the beneficial owner of such Restricted Note, the beneficial
owner of such Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor any further information required
by the Issuer to comply with Sections 6221 through 6241 of the Code (and any corresponding provision of state law), including
Section 6226(a) of the Code and, to the extent the Issuer determines such appointment necessary for it to make an election
under Section 6226(a) of the Code (or any corresponding provision of state law), hereby appoints the Noteholder as its agent
for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of
the Code (and any corresponding provision of state law) and (C) to the extent applicable, each Noteholder of a Restricted Note and,
if different, each beneficial owner of a Restricted Note, shall hold the Issuer and its affiliates harmless for any expenses or losses
(i) resulting from a beneficial owner of a Restricted Note not properly taking into account or paying its allocated adjustment or
liability under Section 6226 of the Code (or any corresponding provision of state law) or (ii) suffered that are attributable
to the management or defense of an audit under Sections 6221 through 6241 of the Code (or any corresponding provision of state law) or
otherwise due to actions the Issuer and its affiliates take with respect to and to comply with the rules under Sections 6221 through
6241 of the Code (or any corresponding provision of state law).

 

(vii)            The
transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void ab initio,
and will not operate to transfer any rights to the transferee.

 

(c)            Unless
the Depositor has received an opinion of nationally recognized tax counsel to the effect that the transfer of the Restricted Note without
the representation pursuant to this subsection (c) will not cause the Issuer to be treated as an association or publicly traded
partnership taxable as a corporation for U.S. federal income tax purposes and the Depositor has consented to such transfer in writing
(with notice to the Indenture Trustee and Note Registrar), (i) the interests in the Restricted Notes and the Certificates together
may at no time be held by more than 95 Persons and (ii) no transfer of Restricted Notes (or any interest therein) will be permitted
to the extent that such transfer could cause the number of direct or indirect holders of an interest in the Restricted Notes and the
Certificates to exceed a number equal to 95 Persons. Neither the Indenture Trustee nor the Note Registrar shall have any duty or obligation
with respect to the foregoing to ascertain the number of direct or indirect holders of an interest in the Restricted Notes and the Certificates.

 

(d)            Any
transfer in violation of the provisions of Section 2.15 of the Indenture will be of no force and effect, will be void ab
initio, and will not operate to transfer any rights to the transferee.  The provisions of Section 2.15(b) and
(c) of the Indenture generally are intended to prevent the Issuer from being characterized as a “publicly traded partnership”
within the meaning of Section 7704 of the Code, in reliance on Treasury Regulations Sections 1.7704-1, and the provisions shall
be interpreted taking such intent into account in determining whether or not the requirements of Section 2.15(b) and
(c) of the Indenture have been complied with in connection with any proposed transfer of any Restricted Note (or interest
therein).

 

    
	 	 13	(20[__]-[ ] Indenture)

     

    

 

(e)            Each
Restricted Note will bear a legend in substantially the following form:

 

THIS NOTE OR ANY INTEREST HEREIN HAS
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

EACH PURCHASER OR TRANSFEREE OF THIS
NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A
TO THE INDENTURE CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN
WILL BE PERMITTED IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES AND CERTIFICATES
ISSUED UNDER THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS
BEEN DELIVERED. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE
TO TRANSFER ANY RIGHTS TO THE TRANSFEREE.

 

    
	 	 14	(20[__]-[ ] Indenture)

     

    

 

EACH PURCHASER OR TRANSFEREE OF THIS
NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH
FORM AS MAY BE ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY or
other information or documentation requested by the Depositor to determine, in its sole discretion, that payments on the Notes will
not be subject to withholding under U.S. tax law.

 

(f)            The
restrictions on transfer of any Notes retained by the Issuer or a Person that is considered the same person as the Issuer for U.S. federal
income tax purposes provided in the seventh paragraph of Section 2.04 shall not continue to apply in the event the Indenture
Trustee and the Depositor have received the Initial Certificate Transfer Opinion.

 

(g)            Upon
any sale or transfer of any Note (or interest therein) that was retained by the Issuer or a Person that is considered the same person
as the Issuer for U.S. federal income tax purposes as of the Closing Date, if for tax or other reasons it may be necessary to track any
such Note (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered
form may be required by the Depositor or the Administrator as a condition to such transfer and the Administrator shall provide prior
written notice of such sale or transfer and tracking condition to the Indenture Trustee.

 

ARTICLE III.

COVENANTS

 

Section 3.01     Payment
of Principal and Interest.

 

(a)            The
Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and
this Indenture. Without limiting the foregoing, subject to Section 8.02(c), on each Payment Date, the Issuer will cause to
be distributed all amounts deposited in the Collection Account which represent Available Amounts for such Payment Date pursuant to the
Sale and Servicing Agreement (a) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (b) for
the benefit of the Class A-2[-A] Notes, to the Class A-2[-A] Noteholders, (c) [for the benefit of the
Class A-2-B Notes, to the Class A-2-B Noteholders, (d)] for the benefit of the Class A-3 Notes, to
the Class A-3 Noteholders, (e) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders,
(f) for the benefit of the Class B Notes, to the Class B Noteholders, (g) for the benefit of the Class C Notes,
to the Class C Noteholders and (h) for the benefit of the Class D Notes to the Class D Noteholders. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been
paid by the Issuer to such Noteholder for all purposes of this Indenture.

 

    
	 	 15	(20[__]-[ ] Indenture)

     

    

 

(b)            [So
long as the Class A-2-B Notes are Outstanding, the Indenture Trustee shall obtain [insert applicable floating rate benchmark] in
accordance with the definition of “[insert applicable floating rate benchmark]” on each [insert applicable floating rate
benchmark] Determination Date and shall promptly provide such rate to the Administrator or such person as directed by the Administrator.]

 

Section 3.02     Maintenance
of Office or Agency. The Issuer will maintain in [                          ],
an office or agency where Notes may be surrendered for registration of transfer or exchange. Such office will initially be located at
[                                           ]
[                                                      ],
Attention: [                        ].
The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office
or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee
with the address thereof, such surrenders may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture
Trustee as its agent to receive all such surrenders. In addition, notices and demands to or upon the Issuer in respect of the Notes and
this Indenture may be served at the address set forth in Section 11.04(b) hereof.

 

Section 3.03     Money
for Payments To Be Held in Trust. All payments of amounts due and payable with respect to any Notes that are to be made from amounts
withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts
so withdrawn from the Collection Account or the Reserve Account for payments of Notes shall be paid over to the Issuer except as provided
in this Section.

 

On or before the Business Day preceding each Payment
Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Collection Account an aggregate sum sufficient to
pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and
(unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act; provided,
that the amount deposited on any Redemption Date may be reduced by amounts transferred from the Reserve Account to the Collection Account
pursuant to Section 5.06(e) of the Sale and Servicing Agreement.

 

The Issuer will cause each Paying Agent other
than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with
the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section,
that such Paying Agent will:

 

(a)            hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein
provided;

 

(b)            give
the Indenture Trustee notice of any default by the Issuer (or any other obligor on the Notes) of which it has actual knowledge in the
making of any payment required to be made with respect to the Notes;

 

    
	 	 16	(20[__]-[ ] Indenture)

     

    

 

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

 

(d)            immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time
it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment;

 

(e)            comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect
to the Notes any Tax Information and making any withholdings with respect to the Notes as required by the Code (including FATCA) and
paying over such withheld amounts to the appropriate governmental authority); and

 

(f)            comply
with respect to any withholding and reporting requirements that it reasonably believes are applicable under the Code or any similar provision
of state, local or foreign law in connection with the Notes and any withholding of taxes therefrom, and, upon request, provide any Tax
Information to the Issuer.

 

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

 

Subject to applicable laws with respect to escheat
of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any
Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid
upon Issuer Request to the Issuer; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer
for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such
Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent,
before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt
and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including, but
not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption
or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or
of any Paying Agent, at the last address of record for each such Holder).

 

    
	 	 17	(20[__]-[ ] Indenture)

     

    

 

Section 3.04     Existence.
Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder
is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep in
full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

 

Section 3.05     Protection
of Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary
or advisable to:

 

(a)            maintain
or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;

 

(b)            perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 

(c)            enforce
any of the Collateral; or

 

(d)            preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims
of all persons and parties.

 

The Issuer hereby designates the Indenture Trustee,
as its agent and attorney-in-fact, to execute upon an Issuer Order any financing statement, continuation statement or other instrument
required to be executed pursuant to this Section 3.05.

 

Section 3.06     Opinions
as to Trust Estate.

 

(a)            On
the Closing Date, the Issuer shall cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto,
and any other requisite documents, and with respect to the filing of any financing statements and continuation statements, as are necessary
to perfect and make effective the lien and security interest of this Indenture and reciting the details of such action, or stating that,
in the opinion of such counsel, no such action is necessary to make such lien and security interest effective.

 

(b)            On
or before [             ] in each calendar year, beginning in 20[__], the Issuer shall furnish or cause to be furnished to the Indenture Trustee
an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording,
filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the
lien and security interest created by this Indenture and reciting the details of such action, or stating that in the opinion
of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe
the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other
requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion
of such counsel, be required to maintain the lien and security interest of this Indenture until [          ] in the following calendar
year.

 

    
	 	 18	(20[__]-[ ] Indenture)

     

    

 

Section 3.07     Performance
of Obligations; Servicing of Receivables.

 

(a)            The
Issuer will not take any action and will use its reasonable best efforts not to permit any action to be taken by others that would release
any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust
Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness
of, any such instrument or agreement, except as expressly provided in this Indenture, the Sale and Servicing Agreement or such other
instrument or agreement.

 

(b)            The
Issuer may contract with other Persons with notification to the Rating Agencies to assist it in performing its duties under this Indenture,
and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall
be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture.

 

(c)            The
Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but not limited to filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance
with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not
waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of either the Indenture
Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes.

 

(d)            If
the Issuer shall have knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer
shall promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the
Issuer is taking with respect to such default.

 

(e)            [Reserved].

 

(f)            Upon
any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly
notify the Indenture Trustee thereof. As soon as a successor servicer (a “Successor Servicer”) is
appointed, the Issuer shall notify the Indenture Trustee in writing of such appointment, specifying in such notice the name and
address of such Successor Servicer.

 

    
	 	 19	(20[__]-[ ] Indenture)

     

    

 

(g)            Without
limitation of the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuer agrees (i) except to the extent otherwise provided in any Basic Documents, that it will not, without
the prior written consent of the Indenture Trustee acting at the direction of the Holders of at least a majority in Outstanding Amount
of the Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement) or
the Basic Documents, or waive timely performance or observance by the Servicer or the Seller under the Sale and Servicing Agreement;
and (ii) that any such amendment shall not (A) reduce the interest rate or principal amount of any Note or delay the Stated
Maturity Date of any Note without the consent of the Holder of such Note (B) reduce the aforesaid percentage of the Notes that is
required to consent to any such amendment, without the consent of the Holders of all Outstanding Notes. If the Indenture Trustee acting
at the direction of such Holders agrees to any such amendment, modification, supplement or waiver, the Indenture Trustee agrees, promptly
following a request by the Issuer to do so, to execute and deliver, at the Issuer’s own expense, such agreements, instruments,
consents and other documents as the Issuer may deem necessary or appropriate in the circumstances.

 

Section 3.08     Negative
Covenants. So long as any Notes are Outstanding, the Issuer shall not:

 

(a)            except
to the extent as expressly permitted by this Indenture or the Sale and Servicing Agreement, sell, transfer, exchange or otherwise dispose
of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture
Trustee acting on direction of at least a majority in Outstanding Amount of the Controlling Class given pursuant to this Agreement;

 

(b)            claim
any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld
from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Trust Estate; or

 

(c)            (i) permit
the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security
interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise
upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens,
mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and
arising solely as a result of an action or omission of the related Obligor) or (iii) permit the lien of this Indenture not to
constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the
Trust Estate.

 

    
	 	 20	(20[__]-[ ] Indenture)

     

    

 

Section 3.09     Annual
Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and the Rating Agencies, within 120 days after the end
of each fiscal year of the Issuer (commencing with the calendar year of 20[__]), an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that:

 

(a)            a
review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized
Officer’s supervision; and

 

(b)            to
the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants
under this Indenture throughout such year or, if there has been a default in its compliance with any such condition or covenant, specifying
each such default known to such Authorized Officer and the nature and status thereof.

 

Section 3.10     Issuer
May Consolidate, etc., Only on Certain Terms.

 

(a)            The
Issuer shall not consolidate or merge with or into any other Person, unless:

 

(i)            the
Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under
the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest
on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed
or observed, all as provided herein;

 

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

 

(iii)            the
Rating Agency Condition shall have been satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification
with respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to such transaction;

 

(iv)            the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse U.S. federal income tax consequences to the Issuer, any Noteholder
or any Certificateholder;

 

(v)            any
action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 

(vi)            the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act) in all
material respects.

 

    
	 	 21	(20[__]-[ ] Indenture)

     

    

 

(b)            The
Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person, unless:

 

(i)            the
Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby
restricted (A) shall be a United States citizen or a Person organized and existing under the laws of the United States of America
or any State and treated as a United States person under Section 7701(a)(30) of the Code, (B) expressly assumes, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture
on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of
the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless
the Issuer and the Indenture Trustee against and from any loss, liability or expense arising under or related to this Indenture and the
Notes and (E) expressly agrees by means of such supplemental indenture that such Person (or, if a group of Persons, one specified
Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with
the Notes;

 

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

 

(iii)            the
Rating Agency Condition shall have been satisfied with respect to such transaction (other than with respect to S&P, but with satisfaction
of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes);

 

(iv)            the
Issuer shall have received an Opinion of Counsel which may not be in-house counsel (and shall have delivered copies thereof to the
Indenture Trustee) to the effect that such transaction will not have any material adverse U.S. federal income tax consequences to the
Issuer, any Noteholder or any Certificateholder;

 

(v)            any
action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 

(vi)            the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided
for relating to such transaction have been complied with (including any filing required by the Exchange Act) in all material respects.

 

    
	 	 22	(20[__]-[ ] Indenture)

     

    

 

Section 3.11     Successor
or Transferee.

 

(a)            Upon
any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation
or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer
under this Indenture with the same effect as if such Person had been named as the Issuer herein.

 

(b)            Upon
a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), Hyundai Auto Receivables
Trust 20[__]-[_] will be released from every covenant and agreement of this Indenture to be observed by or performed on the part of the
Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that Hyundai Auto Receivables
Trust 20[__]-[_] is to be so released.

 

Section 3.12     No
Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables
in the manner contemplated by this Indenture and the Basic Documents and any activities incidental thereto.

 

Section 3.13     No
Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness
except for the Notes.

 

Section 3.14     Compliance
with Regulation AB. For so long as the Issuer is subject to the reporting requirements under the Exchange Act, the Issuer agrees
to perform all duties and obligations applicable to or required of the Issuer set forth in Appendix B to the Sale and Servicing
Agreement and makes the representations and warranties therein applicable to it.

 

Section 3.15     Guarantees,
Loans, Advances and Other Liabilities. Except as contemplated by the Trust Agreement, the Sale and Servicing Agreement or this
Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or
dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities
of, or any other interest in, or make any capital contribution to, any Person.

 

Section 3.16     Capital
Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either
realty or personalty).

 

Section 3.17     Removal
of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator unless the Rating Agency Condition
shall have been satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with respect to
S&P if S&P is rating any Outstanding Class of Notes) in connection with such removal and the Indenture Trustee receives
written notice of the foregoing and consents thereto.

 

Section 3.18     Restricted
Payments. Except with respect to the proceeds from issuance of the Notes, the Issuer shall not, directly or indirectly, (a) pay
any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer or to the Servicer, (b) redeem, purchase, retire or otherwise acquire for value any such
ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided, however,
that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available for such purpose
under, the Sale and Servicing Agreement, this Indenture or the Trust Agreement. The Issuer will not, directly or indirectly, make payments
to or distributions from the Trust Accounts except in accordance with this Indenture and the Basic Documents.

 

    
	 	 23	(20[__]-[ ] Indenture)

     

    

 

Section 3.19     Notice
of Events of Default. The Issuer shall give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default hereunder, and of each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement
and on the part of the Seller or the Depositor of its obligations under the Receivables Purchase Agreement.

 

Section 3.20     Further
Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will 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.

 

ARTICLE IV.

SATISFACTION AND DISCHARGE

 

Section 4.01     Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to
(a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes,
(c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.11, 3.12, 3.13, 3.15, 3.16
and 3.18, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.08 and the obligations of the Indenture Trustee under Section 4.02) and
(f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when

 

(i)            either:

 

(A)            all
Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.06 and (2) Notes for the payment of which money has theretofore been deposited
in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided
in Section 3.03), have been delivered to the Indenture Trustee for cancellation; or

 

(B)            all
Notes not theretofore delivered to the Indenture Trustee for cancellation

 

(1)            have
become due and payable,

 

(2)            will
become due and payable, as of, [_________], 20[__],within one year of such date or

 

(3)            are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption
by the Indenture Trustee in the name, and at the expense, of the Issuer;

 

and the Issuer, in the case of (A) or (B) above, has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by
the United States of America (that will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient
to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due
to the applicable Stated Maturity Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01),
as the case may be;

 

    
	 	 24	(20[__]-[ ] Indenture)

     

    

 

 

(ii)            the
Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer including, but not limited to, fees, reimbursements,
indemnities and expenses due to the Indenture Trustee; and

 

(iii)            the
Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the
Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of
Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Section 4.02     Application
of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust
and applied by it in accordance with the provisions of the Notes and this Indenture to the payment, either directly or through any Paying
Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys
have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such moneys
need not be segregated from other funds except to the extent required herein, in the Sale and Servicing Agreement or by law.

 

Section 4.03     Repayment
of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes
shall, upon written demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03;
and thereupon, such Paying Agent shall be released from all further liability with respect to such moneys.

 

Section 4.04     Release
of Collateral. Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion
of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

 

    
	 	 25	(20[__]-[ ] Indenture)

     

    

 

ARTICLE V.

REMEDIES

 

Section 5.01     Events
of Default. “Event of Default”, wherever used herein, 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):

 

(a)            default
in the payment of any interest on any Controlling Class of Note when the same becomes due and payable, and such default shall continue
for a period of thirty-five (35) days;

 

(b)            default
in the payment of the principal of or any installment of the principal of any Note on its related Stated Maturity Date;

 

(c)            default
in the observance or performance of any representation, warranty, covenant or agreement of the Issuer made in this Indenture (other than
a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with)
or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material
respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition
in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of
sixty (60) days (extendable to ninety (90) days if breach is of the type that can be cured within 90 days) after there shall have been
given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders
of at least 25% of the Outstanding Amount of the Controlling Class of Notes, a written notice specifying such default or incorrect
representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder;

 

(d)            the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part
of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer
or for any substantial part of the Trust Estate, or the ordering of the winding-up or liquidation of the Issuer’s affairs, and
such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or

 

(e)            the
commencement by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment of or taking of possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment
for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action
by the Issuer in furtherance of any of the foregoing.

 

    
	 	 26	(20[__]-[ ] Indenture)

     

    

 

The Issuer shall promptly deliver to the Indenture
Trustee written notice in the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time
would become an Event of Default under clause (c), its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 5.02     Acceleration
of Maturity; Rescission and Annulment.

 

(a)            If
an Event of Default shall occur and be continuing, then and in every such case the Indenture Trustee may, and if so directed in
writing by the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes shall, declare all the Notes to be then immediately due and payable, by a notice in writing to the Issuer (and
to the Indenture Trustee if given by Noteholders), and upon any such declaration the Outstanding Amount of such Notes, together with
accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable.

 

(b)            If
an Event of Default under this Indenture shall have occurred, the Indenture Trustee may, or if so requested in writing by Holders of Notes
representing at least a majority of the Outstanding Amount of the Controlling Class of Notes, shall, declare by written notice to
the Issuer all of the Notes to be immediately due and payable, and upon any such declaration, the Outstanding Amount of the Notes, together
with accrued interest thereon through the date of acceleration, shall become immediately due and payable as provided in the Notes set
forth in Exhibit A-1, Exhibit A-2[-A], [Exhibit A-2-B,] Exhibit A-3, Exhibit A-4,
Exhibit B, Exhibit C and Exhibit D. Notwithstanding anything to the contrary in this paragraph (b), if an Event of Default
specified in clauses (d) or (e) of Section 5.01 shall have occurred and be continuing the Notes shall become immediately
due and payable at par, together with accrued interest thereon.

 

(c)            At
any time after such declaration of acceleration of maturity has been made, the Holders of Notes representing a majority of the Outstanding
Amount of the Controlling Class of Notes, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration
and its consequences if:

 

(i)            the
Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

 

(A)            all
payments of principal of and interest on the Notes and all other amounts that would then be due hereunder or upon such Notes if the Event
of Default giving rise to such acceleration had not occurred; and

 

(B)            all
sums paid by the Indenture Trustee hereunder and the reasonable compensation, indemnity, reimbursement, expenses and disbursements of
the Indenture Trustee and its agents and counsel and the reasonable compensation, expenses and disbursements of the Owner Trustee and
its agents and counsel; and

 

(ii)            all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been
cured or waived as provided in Section 5.12.

 

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

 

    
	 	 27	(20[__]-[ ] Indenture)

     

    

 

 

Section 5.03     Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee.

 

(a)            The
Issuer covenants that if (i) a default is made in the payment of any interest on any Note when the same becomes due and payable,
and such default continues for a period of thirty-five (35) days or (ii) a default is made in the payment of the principal of
or any installment of the principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee,
pay to it, for the benefit of the Holders of the Notes, the entire amount then due and payable on such Notes in respect of principal and
interest, with interest on the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, on
overdue installments of interest at the related Interest Rate and, in addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses and disbursements of the Indenture Trustee
and its agents and counsel.

 

(b)            In
case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment
or final decree, and may enforce the same against the Issuer or other obligor on such Notes and collect in the manner provided by law
out of the Trust Estate or the property of any other obligor on such Notes, wherever situated, the moneys adjudged or decreed to be payable.

 

(c)            If
an Event of Default occurs, the Indenture Trustee may, as more particularly provided in Section 5.04, or shall, at the directions
of the Holders of at least a majority of the Outstanding Amount of the Controlling Class of Notes, proceed to protect and enforce
its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or the Indenture Trustee at the
direction of the Holders of at least a majority of the Outstanding Amount of the Controlling Class of Notes shall reasonably deem
most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

 

(d)            In
case there shall be pending, relative to the Issuer or any other obligor on the Notes or any Person having or claiming an ownership interest
in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency
or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of
any other comparable Proceedings relative to the Issuer or other obligor on the Notes, or to the creditors or property of the Issuer or
such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the
provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

(i)            to
file and prove a claim or claims for the entire amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of reasonable out-of-pocket expenses and liabilities incurred, by the
Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders
allowed in such Proceedings;

 

    
	 	 28	(20[__]-[ ] Indenture)

     

    

 

 

(ii)            unless
prohibited by applicable law or regulation, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee
or a Person performing similar functions in any such Proceedings;

 

(iii)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

 

(iv)            to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuer, its creditors or its property;

 

and any trustee, receiver, liquidator, custodian or other similar official
in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that
the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts
as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents, attorneys and counsel, and all other expenses, reimbursements, indemnities and liabilities incurred by the Indenture Trustee and
each predecessor Indenture Trustee except as a result of negligence or bad faith.

 

(e)            Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof
or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to
vote for the election of a trustee in bankruptcy or similar Person.

 

(f)            All
rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without
the possession of any of the Notes or the production thereof in any Proceedings relative thereto, and any such Proceedings instituted
by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the
payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

 

    
	 	 29	(20[__]-[ ] Indenture)

     

    

 

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

 

Section 5.04     Remedies;
Priorities.

 

(a)            If
an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section 5.05):

 

(i)            institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this
Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any
other obligor on such Notes moneys adjudged due;

 

(ii)            institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

 

(iii)            exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of
the Indenture Trustee and the Holders of the Notes; and

 

(iv)            sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in
any manner permitted by law;

 

provided that Indenture Trustee may not sell or otherwise liquidate
the Trust Estate following an Event of Default unless:

 

(A)          the
Event of Default is of the type described in Section 5.01(a) or (b); or

 

(B)          with
respect to an Event of Default described in Section 5.01(c):

 

(1)            the
Noteholders of all Outstanding Notes and the Certificateholders of all outstanding Certificates consent thereto; or

 

(2)            the
proceeds of such sale or liquidation are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes and
outstanding Certificates.

 

    
	 	 30	(20[__]-[ ] Indenture)

     

    

 

(C)           with
respect to any Event of Default described in Section 5.01 (d) and (e):

 

(1)           the
Noteholders of Notes evidencing 100% of the Outstanding Amount of the Controlling Class consent thereto; or

 

(2)           the
proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes;
or

 

(3)           the
Indenture Trustee

 

(x)            determines
(but shall have no obligation to make such determination) that the Trust Estate will not continue to provide sufficient funds for the
payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable; and

 

(y)            the
Indenture Trustee obtains the consent of Noteholders of Notes evidencing not less than 66 2/3% of the Outstanding Amount of the Controlling
Class.

 

In determining such sufficiency or insufficiency
with respect to clause 5.04(a)(iv)(B)(2) and 5.04(a)(iv)(C)(2) or 5.04(a)(iv)(C)(3)(x) above, Indenture Trustee may,
but need not, obtain at the Issuer’s expense, and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

(b)     (i)     Notwithstanding
the provisions of Section 8.02, following the occurrence and during the continuation of an Event of Default specified in Section 5.01(a),
5.01(b), 5.01(d) or 5.01(e) which has resulted in an acceleration of the Notes (or following the occurrence
of any such event after an Event of Default specified in Section 5.01(c) has occurred and the Trust Estate has been liquidated),
if the Indenture Trustee collects any money or property, it shall pay out such money or property (and other amounts including amounts
held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders, net of liquidation costs associated with
the sale of the Trust Estate, in the following order:

 

FIRST:  to the Indenture Trustee, any
amounts due under Section 6.08 and to the Owner Trustee, any amounts due under Article 8 of the Trust Agreement, pro
rata, to the extent that such amounts were not previously paid by the Servicer or the Administrator, as applicable;

 

SECOND:  to the Servicer for due
and unpaid Servicing Fees [(except amounts on deposit in the [Risk Retention] Reserve Account may not be used for this purpose as
long as the Servicer is HCA or an Affiliate thereof)], and Advances not previously reimbursed [(except amounts on deposit in the
[Risk Retention] Reserve Account may not be used for this purpose)];

 

THIRD: to the Asset Representations Reviewer, any
amounts due under the Asset Representations Review Agreement that were not previously paid by the Servicer;

 

    
	 	 31	(20[__]-[ ] Indenture)

     

    

 

FOURTH:  to Class A Noteholders
for amounts due and unpaid on the Class A Notes in respect of interest, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Class A Notes in respect of interest; provided that if there are not sufficient funds available
to pay the entire amount of the accrued and unpaid interest on the Class A Notes, the amounts available shall be applied to the payment
of such interest on the Class A Notes on a pro rata basis based upon the amount of interest due on each Class of Class A
Notes;

 

FIFTH:  to Holders of the Class A-1
Notes for amounts due and unpaid on the Class A-1 Notes in respect of principal, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Class A-1 Notes in respect of principal, until the Outstanding Amount of
the Class A-1 Notes is reduced to zero;

 

SIXTH:  to Holders of the Class A-2[-A]
Notes, [Class A-2-B Notes,] Class A-3 Notes and Class A-4 Notes for amounts due and unpaid on the Class A-2[-A]
Notes, [Class A-2-B Notes,] Class A-3 Notes and Class A-4 Notes in respect of principal, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Class A-2[-A] Notes, [Class A-2-B
Notes,] Class A-3 Notes and Class A-4 Notes in respect of principal, until the Outstanding Amount of the Class A-2[-A]
Notes, [Class A-2-B Notes,] Class A-3 Notes and Class A-4 Notes is reduced to zero; provided that if there
are not sufficient funds available to pay the principal amount of the Outstanding Class A-2[-A] Notes, [Class A-2-B
Notes,] Class A-3 Notes and Class A-4 Notes in full, the amounts available shall be applied to the payment of principal
of the Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes and Class A-4 Notes on a
pro rata basis;

 

SEVENTH:  to Holders of the Class B
Notes for amounts due and unpaid on the Class B Notes in respect of interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class B Notes in respect of interest;

 

EIGHTH:  to Holders of the Class B
Notes for amounts due and unpaid on the Class B Notes in respect of principal, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class B Notes in respect of principal, until the Outstanding Amount of the Class B
Notes is reduced to zero;

 

NINTH:  to Holders of the Class C
Notes for amounts due and unpaid on the Class C Notes in respect of interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class C Notes in respect of interest;

 

TENTH:  to Holders of the Class C
Notes for amounts due and unpaid on the Class C Notes in respect of principal, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class C Notes in respect of principal, until the Outstanding Amount of the Class C
Notes is reduced to zero;

 

ELEVENTH:  to Holders of the Class D
Notes for amounts due and unpaid on the Class D Notes in respect of interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class D Notes in respect of interest;

 

TWELFTH:  to Holders of the Class D
Notes for amounts due and unpaid on the Class D Notes in respect of principal, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class D Notes in respect of principal, until the Outstanding Amount of the Class D
Notes is reduced to zero; and

 

    
	 	 32	(20[__]-[ ] Indenture)

     

    

 

THIRTEENTH:  to the Certificate Distribution
Account, any remaining amounts for distribution to the Certificateholders.

 

The Indenture Trustee may fix a record date and
payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before such record date, the Issuer shall
mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

 

(ii)            Except
as otherwise provided in Section 5.04(b)(i), the Indenture Trustee shall make all payments and distributions of the Trust
Estate in accordance with Section 8.02.

 

Section 5.05     Optional
Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 following an
Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need
not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all
times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the Trust Estate. In determining whether or not to maintain possession
of the Trust Estate, the Indenture Trustee may, at the expense of the Issuer and paid in the priority set forth in Section 5.05(b) of
the Sale and Servicing Agreement, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting
firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

Section 5.06     Limitation
of Suits. No Holder of any Note 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, except pursuant to the dispute resolution provisions
described in Section 7.17 of the Receivables Purchase Agreement unless:

 

(a)            such
Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

 

(b)            the
Event of Default arises from the Servicer’s failure to remit payments when due or the Holders of not less than 25% of the Outstanding
Amount of the Controlling Class of Notes have made written request to the Indenture Trustee to institute such Proceeding in respect
of such Event of Default in its own name as Indenture Trustee hereunder;

 

(c)            such
Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities that may be incurred
in complying with such request;

 

(d)            the
Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;
and

 

(e)            no
direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Holders
of a majority of the Outstanding Amount of the Controlling Class of Notes.

 

    
	 	 33	(20[__]-[ ] Indenture)

     

    

 

It is understood and intended that no one or more
Holders of Notes shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Holders of Notes 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.

 

In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes pursuant to this Section, each representing
less than a majority of the Outstanding Amount of the Controlling Class of Notes, the Indenture Trustee shall act at the direction
of the group representing the greater percentage of the Outstanding Amount of Notes and if there is no such group then in its sole discretion
may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

 

Section 5.07     Unconditional
Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any
Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note
on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the
Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent
of such Holder.

 

Section 5.08     Restoration
of Rights and Remedies. If the Indenture Trustee or any Noteholder 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 Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders
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 Indenture Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted.

 

Section 5.09     Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

Section 5.10     Delay
or Omission Not a Waiver. No delay or omission of the Indenture Trustee, or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event
of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders,
as the case may be.

 

    
	 	 34	(20[__]-[ ] Indenture)

     

    

 

Section 5.11     Control
by the Controlling Class of Noteholders. The Holders of a majority of the Outstanding Amount of the Controlling Class of
Notes shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that:

 

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

 

(b)            subject
to the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be
by Holders of Notes representing not less than 100% of the Outstanding Amount of the Controlling Class of Notes;

 

(c)            if
the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant
to such Section, then any written direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding
Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

 

(d)            the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

 

Notwithstanding the rights of Noteholders set forth
in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve
it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.

 

Section 5.12     Waiver
of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02,
the Holders of Notes of not less than a majority of the Outstanding Amount of the Controlling Class of Notes may waive any past Default
or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in
respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note. In the case
of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

 

Upon any such waiver, such Default shall cease
to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have
been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereto.

 

Section 5.13     Undertaking
for Costs. All parties to this Indenture agree, and each Holder of a Note by such Holder’s 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 Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, 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 shall not apply to (a) any suit instituted
by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate
more than 10% of the Outstanding Amount of the Notes (or in the case of a right or remedy under this Indenture which is instituted by
the Controlling Class, more than 10% of the Outstanding Amount of the Controlling Class) or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note
and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

 

    
	 	 35	(20[__]-[ ] Indenture)

     

    

 

Section 5.14     Waiver
of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

 

Section 5.15     Action
on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected
by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture
nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture
Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the
assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

 

Section 5.16     Performance
and Enforcement of Certain Obligations.

 

(a)            Promptly
following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful
action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller or the Servicer, as applicable,
of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement or the Receivables Purchase Agreement,
as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement or the Receivables Purchase Agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of either Seller or the Servicer thereunder and the institution
of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations
under the Sale and Servicing Agreement and the Receivables Purchase Agreement; provided, however, nothing herein shall in any way impose
on the Indenture Trustee the duty to monitor the performance of the Seller or the Servicer of any of their liabilities, duties or obligations
under any Basic Document.

 

    
	 	 36	(20[__]-[ ] Indenture)

     

    

 

 

(b)           If
an Event of Default has occurred, the Indenture Trustee may, and at the direction (which direction shall be in writing) of the Holders
of not less than a majority of the Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement and
the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the
Seller or the Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under the Sale and Servicing Agreement and the Receivables Purchase Agreement, as the case may
be, and any right of the Issuer to take such action shall be suspended.

 

ARTICLE VI.

THE INDENTURE TRUSTEE

 

Section 6.01       Duties
of Indenture Trustee.

 

(a)           If
an Event of Default has occurred and is continuing of which a Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture
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.

 

Except during the continuance of an Event of Default
of which a Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture 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 Indenture Trustee. In the absence of bad faith or negligence on its part, the Indenture Trustee may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon the face value of the certificates, reports,
resolutions, documents, orders, opinions or other instruments furnished to the Indenture Trustee and conforming to the requirements of
this Indenture; provided, however, that the Indenture Trustee shall not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument; however, the Indenture Trustee shall examine the certificates
and opinions to determine whether or not they conform to the requirements of this Indenture. If any such instrument is found not to conform
in any material respect to the requirements of this Agreement, the Indenture Trustee shall notify the Noteholders of such instrument in
the event that the Indenture Trustee, after so requesting, does not receive a satisfactorily corrected instrument.

 

(b)           The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

 

(i)            this
paragraph does not limit the effect of paragraph (a) of this Section;

 

    
	 	 37	(20[__]-[ ] Indenture)

     

    

 

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

 

(iii)          the
Indenture 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 the terms of this Indenture or any other Basic Documents.

 

(c)           The
Indenture Trustee shall not incur any liability for not performing any act if such delay or failure was caused by forces beyond the
control of the Indenture Trustee, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or
natural catastrophes or acts of God, epidemic or pandemic, interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services provided to the Indenture Trustee; it being understood that the Indenture Trustee shall
use reasonable efforts which are consistent with accepted practice in the banking industry to resume performance as soon as
practicable under the circumstances.

 

(d)           Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to this Section.

 

(e)           The
Indenture Trustee shall not be liable for indebtedness evidenced by or arising under any of the Basic Documents, including principal of
or interest on the Notes, or interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

 

(f)            Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.

 

(g)           No
provision of this Indenture shall require the Indenture 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, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(h)           Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall
be subject to the provisions of this Section and to the provisions of the TIA.

 

(i)            In
no event shall the Indenture Trustee be required to perform, or be responsible for the manner of performance of, any of the obligations
of the Servicer or any other party under the Sale and Servicing Agreement.

 

(j)            The
Indenture Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any agreement referred
to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such
recording or filing or depositing or to any rerecording, re-filing or redepositing of any thereof, (ii) to see to any insurance,
or (iii) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any
kind owing with respect to, assessed or levied against, any part of the Trust Fund.

 

    
	 	 38	(20[__]-[ ] Indenture)

     

    

 

The Indenture Trustee, or a Responsible
Officer thereof, shall only be charged with actual knowledge of any default, an Event of Default or a breach of any representation
or warranty by the Servicer, the Owner Trustee, the Depositor, the Seller or the Issuer under any Basic Document if a Responsible
Officer actually knows of such default, Event of Default or breach or the Indenture Trustee receives written notice of such default,
Event of Default or breach from the Issuer, the Servicer or Noteholders owning Notes aggregating not less than 10% of the
Outstanding Amount of the Notes. Notwithstanding the foregoing, the Indenture Trustee shall not be required to take notice and in
the absence of such actual notice and knowledge, the Indenture Trustee may conclusively assume that there is no such default, Event
of Default or breach.

 

Section 6.02       Representations
and Warranties of the Indenture Trustee. The Indenture Trustee
represents and warrants to the Issuer as of the Closing Date as follows:

 

(a)           The
Indenture Trustee is a [________________] duly organized and validly existing as a [_________] in good standing, with power and authority
to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

 

(b)           The
Indenture Trustee has the corporate power and authority to execute and deliver this Indenture and to carry out its terms and the execution,
delivery and performance of this Indenture has been duly authorized by the Indenture Trustee by all necessary corporate action.

 

(c)           The
Indenture Trustee has duly executed and delivered this Indenture, and this Indenture constitutes a legal, valid and binding obligation
of the Indenture Trustee, enforceable against the Indenture Trustee, in accordance with its terms, except as such enforcement may be limited
by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors' rights generally or by general
equitable principles.

 

(d)           The
consummation of the transactions contemplated by this Indenture and the fulfillment of the terms hereof do not conflict with, result in
any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles
and bylaws of the Indenture Trustee, or any indenture, agreement or other instrument to which the Indenture Trustee is a party or by which
it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Indenture Trustee’s
knowledge, any order, rule or regulation applicable to the Indenture Trustee of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties.

 

    
	 	 39	(20[__]-[ ] Indenture)

     

    

 

(e)            There
are no proceedings or investigations pending or, to the knowledge of the Indenture Trustee, threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties (i) asserting
the invalidity of this Indenture or any other Basic Document to which the Indenture Trustee is a party, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Indenture or any other Basic Document to which the Indenture Trustee is a
party or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Indenture Trustee
of its obligations under, or the validity or enforceability of, this Indenture or any other Basic Document to which the Indenture Trustee
is a party.

 

(f)            The
Indenture Trustee satisfies the eligibility criteria set forth in this Indenture.

 

Section 6.03       Rights
of Indenture Trustee.

 

(a)            The
Indenture Trustee may conclusively rely on the face value of any document believed by it to be genuine and to have been signed or presented
by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.

 

(b)           Before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel from the appropriate
party. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s
Certificate or Opinion of Counsel from the appropriate party. The right of the Indenture Trustee to perform any discretionary act enumerated
in this Indenture or in any Basic Document shall not be construed as a duty of the Indenture Trustee and the Indenture Trustee shall not
be answerable for other than its negligence or willful misconduct in the performance of such discretionary act.

 

(c)           The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys or a custodian or nominee and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part
of any such agent, attorney or custodian appointed by the Indenture Trustee with due care.

 

(d)           The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

 

(e)            The
Indenture Trustee may consult, at the Issuer’s expense and paid in accordance with Section 4.16 of the Sale and Servicing
Agreement or, to the extent not so paid, in accordance with and in the priority set forth in Section 5.05(b) of the Sale
and Servicing Agreement, with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and
the Notes 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)            In
the event that the Indenture Trustee is also acting as Paying Agent, Note Registrar, Calculation Agent or collateral agent, the rights
and protections afforded to the Indenture Trustee pursuant to this Article 6 shall be afforded to such Paying Agent, Note Registrar,
Calculation Agent or collateral agent.

 

    
	 	 40	(20[__]-[ ] Indenture)

     

    

 

(g)           The
Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or to
institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the
Noteholders, pursuant to the provisions of this Indenture, other than requests, demands or directions relating to an Asset
Representations Review pursuant to Section 7.05, unless such Noteholders shall have offered to the Indenture
Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby;

 

(h)           The
right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty, and the
Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; and

 

(i)            The
Indenture Trustee shall not be required to give any bond or surety in respect of the powers granted hereunder.

 

Section 6.04       Individual
Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, Calculation Agent, co-registrar or co-paying agent may do the same with like rights. However, the Indenture
Trustee must comply with Section 6.12.

 

Section 6.05       Indenture
Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy
of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes,
and it shall not be responsible for any statement of the Issuer in the Indenture, any Basic Document or in any document issued in connection
with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 

Section 6.06       Notice
of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default within thirty (30) days after it occurs. Except in the case
of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of
such Note), the Indenture Trustee may withhold the notice to Noteholders if and so long as a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of Noteholders.

 

Section 6.07       Reports
by Indenture Trustee to Holders. Solely from information provided by the Servicer, the Indenture Trustee shall make available to each
Noteholder such information as may be required to enable such holder to prepare its U.S. federal and state income tax returns.

 

    
	 	 41	(20[__]-[ ] Indenture)

     

    

 

Section 6.08       Compensation
and Indemnity. The Issuer shall cause the Servicer to pay to the Indenture Trustee from time to time reasonable compensation for
its services. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall cause the Servicer to reimburse the Indenture Trustee 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
but are not limited to the reasonable out-of-pocket compensation and expenses, disbursements and advances of the
Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Indenture
Trustee against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by it in connection
with the administration of this trust and the performance of its duties hereunder or under the Sale and Servicing Agreement or under
any other Basic Document or in connection with the Notes. The Indenture Trustee shall notify the Issuer and the Servicer promptly of
any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not
relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such
claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees
and expenses of such counsel. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or
bad faith. Anything in this Agreement to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for
special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the
Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

The Issuer’s obligations to the Indenture
Trustee pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Indenture
Trustee. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(d) or
(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United
States Code or any other applicable federal or state bankruptcy, insolvency or similar law.

 

Section 6.09       Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.09. The
Indenture Trustee may resign at any time by so notifying the Issuer, the Servicer and the Administrator (and the Administrator shall notify
each Rating Agency). The Holders of a majority in Outstanding Amount of the Controlling Class of Notes may remove the Indenture Trustee
by notifying the Indenture Trustee if:

 

(a)            the
Indenture Trustee fails to comply with Section 6.12;

 

(b)           the
Indenture Trustee is adjudged a bankrupt or insolvent;

 

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

 

(d)           the
Indenture Trustee otherwise becomes incapable of acting; or

 

(e)           the
Indenture Trustee breaches any representation, warranty or covenant made by it under any Basic Document.

 

    
	 	 42	(20[__]-[ ] Indenture)

     

    

 

If the Indenture Trustee resigns or is removed
or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein
as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

 

A successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee and the Issuer. Thereupon the resignation or removal of the retiring Indenture
Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee
under this Indenture. The retiring Indenture Trustee shall be paid all amounts owed to it upon its resignation or removal. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as Indenture Trustee to the successor Indenture Trustee. The retiring Indenture Trustee shall not be liable for the acts or
omissions of any Successor Indenture Trustee.

 

If a successor Indenture Trustee does not take
office within 30 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders
of a majority in Outstanding Amount of the Controlling Class of Notes may petition any court of competent jurisdiction for the appointment
of a successor Indenture Trustee.

 

If the Indenture Trustee fails to comply with Section 6.12,
any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor
Indenture Trustee.

 

Notwithstanding the replacement of the Indenture
Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under Section 6.08 shall continue
for the benefit of the retiring Indenture Trustee.

 

Section 6.10       Successor
Indenture Trustee by Merger. If the Indenture 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 Indenture Trustee; provided, that such corporation or banking association shall be qualified
and eligible under Section 6.12.

 

In case at the time such successor or successors
by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes
shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication
of any predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates shall have the full force that it is anywhere in the Notes
or in this Indenture provided that the certificate of the Indenture Trustee shall have.

 

    
	 	 43	(20[__]-[ ] Indenture)

     

    

 

Section 6.11       Appointment
of Co-Indenture Trustee or Separate Indenture Trustee.

 

(a)            Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any
part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments
to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any
part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust
Estate, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet
the terms of eligibility as a successor trustee under Section 6.12 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.09 hereof.

 

(b)           Every
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and
conditions:

 

(i)            all
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised
or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under
any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate
or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Indenture Trustee;

 

(ii)            no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iii)          the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

(c)            Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Agreement and the conditions of this Article VI. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of
this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

 

(d)           Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its
name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment
of a new or successor trustee.

 

    
	 	 44	(20[__]-[ ] Indenture)

     

    

 

Section 6.12       Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Indenture Trustee
shall have a combined capital and surplus of at least $50,000,000.00 as set forth in its most recent published annual report of condition,
and the time deposits of the Indenture Trustee shall be rated at least [____] by [____] or [____] by [____] and [____] by [____]. The
Indenture Trustee shall comply with TIA Section 310(b), including the optional provision permitted by the second sentence of TIA
Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture
or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are
met.

 

Section 6.13       [Reserved].

 

Section 6.14       Preferential
Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to
the extent indicated.

 

Section 6.15       Waiver
of Setoffs. The Indenture Trustee hereby expressly waives any and all rights of setoff that the Indenture Trustee may otherwise at
any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times
be held and applied solely in accordance with the provisions hereof and of the other Basic Documents.

 

ARTICLE VII.

NOTEHOLDERS’ LISTS AND REPORTS

 

Section 7.01       Note
Registrar To Furnish Names and Address of Noteholders. The Note Registrar shall furnish or cause to be furnished to the
Indenture Trustee, the Owner Trustee, the Servicer or the Administrator, within 15 days after receipt by the Note Registrar of a
written request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most recent Record Date.
If three or more Noteholders of any Class, or one or more Holders of such Class evidencing not less than 25% of the Outstanding
Amount of such Class (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such
application states that the Applicants desire to communicate with other Noteholders with respect to their rights under this
Indenture or under the Notes and such application is accompanied by a copy of the communication that such Applicants propose to
transmit, then the Indenture Trustee shall, within five Business Days after the receipt of such application, afford such Applicants
access, during normal business hours, to the current list of Noteholders. The Indenture Trustee may elect not to afford the
Applicants access to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the
expense of such Applicants, to all Noteholders of such series. Every Noteholder, by receiving and holding a Note, agrees with the
Indenture Trustee and the Issuer that none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the
Administrator shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
Noteholders under this Indenture, regardless of the source from which such information was derived. If the Indenture Trustee shall
cease to be the Note Registrar, then thereafter the Administrator will furnish or cause to be furnished to the Indenture Trustee not
more than five days after the most recent Record Date or at such other times as the Indenture Trustee reasonably may request in
writing, a list, in such form as the Indenture Trustee reasonably may require, of the names and addresses of the Holders of Notes as
of such Record Date.

 

    
	 	 45	(20[__]-[ ] Indenture)

     

    

 

Section 7.02       Preservation
of Information; Communications Among Noteholders.

 

(a)           The
Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained
in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders
of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to
it as provided in such Section 7.01 upon receipt of a new list so furnished. The Indenture Trustee shall make such list available
to the Owner Trustee on written request, and to the Noteholders upon written request of three or more Noteholders or one or more Noteholders
evidencing not less than 25% of the Outstanding Amount of the Notes. Upon receipt by the Indenture Trustee of any request by a Noteholder
to receive a copy of the current list of Noteholders, the Indenture Trustee shall promptly notify the Administrator thereof by providing
to the Administrator a copy of such request and a copy of the list of Noteholders in response thereto.

 

(b)           Noteholders
may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or
under the Notes. A Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by
Book-Entry Notes), as applicable, that seeks to communicate with other Noteholders or Note Owners, as applicable, about the exercise
of Noteholder and Note Owner rights under this Indenture or the other Basic Documents may send a request to the Depositor to include
information regarding the communication in the Form 10-D to be filed by the Servicer, on behalf of the Issuer, with the
Commission relating to the Collection Period in which such request was received. Each request must include (i) the name of the
requesting Noteholder or Note Owner, (ii) the method by which the other Noteholders or Note Owners, as applicable, may contact
the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Note Owner that
it is a Note Owner, together with at least one form of documentation, acceptable to the Indenture Trustee, evidencing its ownership
of a Note, including, but not limited to, a trade confirmation, account statement, letter from a broker or dealer or other similar
document. On receipt of such a request, the Servicer will include in the Form 10-D to be filed (i) a statement that the
Issuer has received a request from a Noteholder or a Note Owner, as applicable, that is interested in communicating with other
Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents,
(ii) the name of the requesting Noteholder or Note Owner, (C) the date the request was received and (iv) a
description of the date and method by which the other Noteholders or Note Owners, as applicable, may contact the requesting
Noteholder or Note Owner. The Servicer will be responsible for any costs associated with including the Noteholder or Note Owner
requests in the Form 10-D.

 

(c)           The
Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

 

    
	 	 46	(20[__]-[ ] Indenture)

     

    

 

Section 7.03       Reports
by Issuer.

 

(a)            The
Issuer shall:

 

(i)            file
with the Indenture Trustee, within 15 days after the Issuer is required (if at all) 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) that the Issuer may be required to file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act;

 

(ii)           file
with the Indenture 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 Issuer with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and

 

(iii)          supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such
summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this
Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission.

 

(b)           Unless
the Issuer otherwise determines, the fiscal year of the Issuer shall end on [December 31] of each year.

 

Section 7.04       Reports
by Indenture Trustee. If required by TIA Section 313(a), within 60 days after each
[             ], beginning with
[             ], 20[__], the Indenture Trustee shall mail to
each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its
mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the
Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

 

    
	 	 47	(20[__]-[ ] Indenture)

     

    

 

Section 7.05       Noteholder
and Note Owner Demand for Asset Representations Review. If the Delinquency Percentage on any Payment Date exceeds the Delinquency
Trigger for that Payment Date, the Servicer will notify the Noteholders and Note Owners of that occurrence on the Form 10-D filed
for that Payment Date. On or after such Payment Date, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if
the Notes are represented by Book-Entry Notes), which in each case provides the documentation set forth in Section 7.02(b)(iii),
may make a demand on the Indenture Trustee in accordance with Section 11.03 to cause a vote of the Noteholders or Note Owners,
as applicable, about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review. The Servicer will
notify investors of the initiation of such a vote on the Form 10-D filed for that Payment Date. If Noteholders and Note Owners of
at least 5% in the aggregate of the Outstanding Amount of the Notes demand a vote within 90 days after the filing of the Form 10-D
in which the occurrence of the Delinquency Trigger being met or exceeded was reported, the Indenture Trustee will promptly request a vote
of the Noteholders (through the Clearing Agency) and Note Owners. The Indenture Trustee shall set a record date for purposes of determining
the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(c) as of the
date of filing of the Form 10-D that disclosed that the Delinquency Percentage met or exceeded the Delinquency Trigger. The vote
will be initiated no later than 90 days after the filing of the Form 10-D reporting that the Delinquency Percentage met or exceeded
the Delinquency Trigger for that Payment Date and will be completed no later than 150 days after such Form 10-D filing. The Servicer
shall pay the costs, expenses and liabilities incurred by the Indenture Trustee, the Owner Trustee and the Issuer in connection with the
voting process, including the costs and expenses of counsel.  The Servicer and the Administrator on behalf of the Issuer shall cooperate
with the Indenture Trustee to facilitate the voting process. If the Noteholders and Note Owners of a majority of the Outstanding Amount
of the Notes that are voted agree for an Asset Representations Review to be conducted, the Indenture Trustee will promptly send a Review
Notice to the Asset Representations Reviewer, the Servicer and the Issuer and will direct the Asset Representations Reviewer to commence
the Asset Representations Review. Following the completion of the voting process, the next Form 10-D filed by the Depositor will
disclose whether or not the Noteholders and Note Owners have voted for an Asset Representations Review.

 

ARTICLE VIII.

ACCOUNTS, DISBURSEMENTS AND RELEASES

 

Section 8.01       Collection
of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and
other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all
such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default
occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture
Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution
of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under
this Indenture and any right to proceed thereafter as provided in Article V.

 

Section 8.02       Trust
Accounts.

 

(a)            On
or prior to the Closing Date, the Issuer shall, or shall cause the Servicer to, establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders the Trust Accounts as provided in Section 5.01 of the Sale and Servicing Agreement.

 

    
	 	 48	(20[__]-[ ] Indenture)

     

    

 

 

(b)            The
Issuer shall cause the Servicer to deposit all Available Amounts with respect to the Collection Period preceding such Payment Date in
the Collection Account not later than two Business Days after receipt as provided in Sections 5.02 and 5.04 of the Sale
and Servicing Agreement. However, if each condition to making monthly deposits as may be required by the Sale and Servicing Agreement
(including, the satisfaction of specified ratings criteria by the Servicer and the absence of any Servicer Default) is satisfied, the
Servicer may retain these amounts until the Business Day immediately preceding the related Payment Date. On or before the Business Day
prior to each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant
to Section 5.05 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and
deposited to the Collection Account as provided therein, as to which Issuer shall cause Servicer to timely provide the related instructions.

  

(c)            On
each Payment Date, except as provided in Section 5.04(b), the Indenture Trustee (based on the information contained in the
Servicer’s report delivered on or before the related Determination Date pursuant to Section 4.09 of the Sale and Servicing
Agreement) shall make the withdrawals from the Collection Account and make deposits, distributions and payments, to the extent of funds
on deposit in the Collection Account with respect to the Collection Period preceding such Payment Date (including funds, if any, deposited
therein from the Reserve Account), (as to which Issuer shall cause Servicer to timely provide the related instructions) in accordance
with and as set forth in Section 5.05 of the Sale and Servicing Agreement.

 

(d)            Prior
to the acceleration of the Notes pursuant to Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the
Indenture Trustee shall distribute the First Priority Principal Distribution Amount, the Second Priority Principal Distribution Amount,
the Third Priority Principal Distribution Amount and the Regular Principal Distribution Amount as follows:

 

(i)            first,
to the Noteholders of the Class A Notes, in the following order of priority:

 

(A)            first,
to the Noteholders of the Class A-1 Notes in reduction of principal until the principal amount of the Outstanding Class A-1
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-1 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-1 Notes on
a pro rata basis;

 

(B)            second,
to the Noteholders of the Class A-2[-A] Notes [and Class A-2-B Notes, pro rata] in reduction of principal until
the principal amount of the Outstanding Class A-2[-A] Notes [and Class A-2-B Notes have] [has] been paid in
full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding Class A-2[-A]
Notes [and Class A-2-B Notes] in full, the amounts available shall be applied to the payment of principal of the Class A-2[-A]
Notes [and Class A-2-B Notes] on a pro rata basis;

 

    
	 	 49	(20[__]-[ ] Indenture)

     

    

 

(C)            third,
to the Noteholders of the Class A-3 Notes in reduction of principal until the principal amount of the Outstanding Class A-3
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-3 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-3 Notes on
a pro rata basis; and

  

(D)            fourth,
to the Noteholders of the Class A-4 Notes in reduction of principal until the principal amount of the Outstanding Class A-4
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-4 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-4 Notes on
a pro rata basis;

 

(ii)            second,
to the Noteholders of the Class B Notes in reduction of principal, until the principal amount of the Outstanding Class B Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding Class B
Notes in full, the amounts available shall be applied to the payment of principal of the Class B Notes on a pro rata basis;

 

(iii)            third,
to the Noteholders of the Class C Notes in reduction of principal, until the principal amount of the Outstanding Class C Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding Class C
Notes in full, the amounts available shall be applied to the payment of principal of the Class C Notes on a pro rata basis; and

 

(iv)            fourth,
to the Noteholders of the Class D Notes in reduction of principal, until the principal amount of the Outstanding Class D Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding Class D
Notes in full, the amounts available shall be applied to the payment of principal of the Class D Notes on a pro rata basis.

 

Section 8.03           General
Provisions Regarding Accounts. (a) The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in
any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture
Trustee’s failure, in its commercial capacity as principal obligor and not as trustee, to make payments on such Eligible Investments
issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

 

(b)            The
Indenture Trustee, to the extent it is acting in the capacity of securities intermediary with respect to the Trust Accounts, represents,
warrants and covenants that:

 

(i)            it
is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the relevant UCC, that in
the ordinary course of its business maintains “securities accounts” for others, as such term is used in Section 8-501
of the relevant UCC, and an “intermediary” as defined in the Hague Securities Convention;

 

    
	 	 50	(20[__]-[ ] Indenture)

     

    

 

(ii)            pursuant
to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC and the Hague Securities Convention, the local law
of the jurisdiction of the Indenture Trustee as securities intermediary is the law of the State of New York;

 

(iii)            the
Indenture Trustee is not a “clearing corporation,” as such term is defined in Section 8-102(a)(5) of the relevant
UCC; and

 

(iv)            the
Indenture Trustee has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
Convention) in the United States of America which satisfies the requirements of clauses (1) and (2) of Article 4 of the
Hague Securities Convention.

 

(c)            To
the extent that there are any other agreements with the Indenture Trustee governing the Trust Accounts, the parties agree that each and
every such agreement is hereby amended to provide that with respect to the Trust Accounts, the law applicable to all issues specified
in Article 2(1) of the Hague Securities Convention shall be the laws of the State of New York. Further, the parties hereto agree
that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention with
respect to the Trust Accounts.

 

Section 8.04           Release
of Trust Estate.

 

(a)            Subject
to the payment of its fees and expenses pursuant to Section 6.08, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying
upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

 

(b)            The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.08
have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release
to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts (including any amounts remaining on
deposit in the Reserve Account). The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only
upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

 

    
	 	 51	(20[__]-[ ] Indenture)

     

    

 

(c)            The
Issuer agrees, upon request by the Servicer and representation by the Servicer that it has complied with the procedure in Section 9.01
of the Sale and Servicing Agreement, to render the Issuer Request to the Indenture Trustee in accordance with Section 4.04,
and take such other actions as are required in that Section.

  

Section 8.05           Opinion
of Counsel. The Indenture Trustee shall receive at least seven days prior written notice when requested by the Issuer to take
any action pursuant to Section 8.04(b), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture
Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair
the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however,
that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering
any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument
delivered to the Indenture Trustee in connection with any such action.

 

ARTICLE IX.

SUPPLEMENTAL INDENTURES

 

Section 9.01            Supplemental
Indentures Without Consent of Noteholders.

 

(a)            Without
the consent of the Holders of any Notes but with prior written notice to the Rating Agencies (with copy to the Indenture Trustee), the
Issuer and the Indenture Trustee, when authorized by an Issuer Order and provided with an Officer’s Certificate from the Issuer
stating that the supplement will have no material adverse effect on any Noteholder, at any time and from time to time, may enter into
one or more supplemental indentures hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of
the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

 

(i)            to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and
confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property;

 

(ii)            to
evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any
such successor of the covenants of the Issuer herein and in the Notes contained;

 

(iii)            to
add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon
the Issuer;

 

(iv)            to
convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

 

(v)            to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other
provision herein or in any supplemental indenture or with the Prospectus or to make any other provisions with respect to matters or questions
arising under this Indenture or in any supplemental indenture; provided, that such action shall not adversely affect the interests of
the Holders of the Notes;

 

    
	 	 52	(20[__]-[ ] Indenture)

     

    

 

(vi)            to
evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to
or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article VI; or

 

(vii)            to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this
Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may
be expressly required by the TIA.

 

The Indenture Trustee is hereby authorized to join
in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained.

 

(b)            The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes
but with prior notice to the Rating Agencies, 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 modifying in any manner the rights
of the Holders of the Notes under this Indenture subject to the satisfaction of one of the following conditions:

 

(i)            the
Issuer delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such amendment will
not materially and adversely affect the interests of the Noteholders; or

 

(ii)            the
Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with
respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to such action.

 

Section 9.02            Supplemental
Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior
notice to the Rating Agencies delivered by the Issuer with a copy to the Indenture Trustee and with the consent of the Holders of not
less than a majority of the Outstanding Amount of the Controlling Class of the Notes, by Act of such Holders delivered to the Issuer
and the Indenture Trustee, 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 modifying in any manner the rights of the Holders of the Notes
under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding
Note affected thereby:

 

(a)            change
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of
collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any
place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to
institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as
provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof
(or, in the case of redemption, on or after the Redemption Date);

 

    
	 	 53	(20[__]-[ ] Indenture)

     

    

 

(b)            reduce
the percentage of the Outstanding Amount of the Notes or the Controlling Class, the consent of the Holders of which is required for any
such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 

(c)            modify
or alter (i) the provisions of the proviso as to the definition of the term “Outstanding” or (ii) the definition
of Controlling Class;

 

(d)            reduce
the percentage of the Outstanding Amount of the Notes or the Controlling Class of Notes, as applicable, required to direct the Indenture
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04;

 

(e)            modify
any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions
of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby;

 

(f)            modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal
due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the
rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or

 

(g)            permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate
or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto
or deprive the Holder of any Note of the security provided by the lien of this Indenture.

 

It shall not be necessary for any Act of Noteholders
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.

 

Promptly after the execution by the Issuer and
the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of the Notes
to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.
Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

 

    
	 	 54	(20[__]-[ ] Indenture)

     

    

 

Section 9.03            Execution
of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by
this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive
and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. The Administrator
shall provide a fully executed copy of any supplemental indentures to this Indenture to each Rating Agency.

  

Section 9.04           Effect
of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer
and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

 

Section 9.05           Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so
modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and
executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

Section 9.06            Conformity
with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under
the Trust Indenture Act.

 

ARTICLE X.

REDEMPTION OF NOTES

 

Section 10.01     Redemption.
The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01
of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises the Optional Purchase. The Notes shall be
deemed to be due and payable on the date of the Optional Purchase for a purchase price equal to the Redemption Price (including any
amounts transferred from the Reserve Account to the Collection Account pursuant to Section 5.06(e) of the Sale and
Servicing Agreement upon the exercise of the Optional Purchase); provided, that the Issuer has available funds
sufficient to pay the Redemption Price. The Servicer or the Issuer shall furnish the Rating Agencies and the Indenture Trustee
notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.01, the Servicer shall furnish
notice of such election to the Indenture Trustee not later than 10 days prior to the Redemption Date and shall deposit no later than
the Business Day prior to the Redemption Date with the Indenture Trustee in the Collection Account (i) the Redemption Price of
the Notes to be redeemed, less (ii) any amounts transferred from the Reserve Account to the Collection Account pursuant to
Section 5.06(e) of the Sale and Servicing Agreement upon the exercise of the Optional Purchase.

 

    
	 	 55	(20[__]-[ ] Indenture)

     

    

 

Section 10.02          Form of
Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class
mail, postage prepaid, or by facsimile mailed or transmitted not later than 10 days prior to the applicable Redemption Date to each Holder
of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile
number appearing in the Note Register.

 

All notices of redemption shall state:

 

(a)            the
Redemption Date;

 

(b)            the
Redemption Price;

 

(c)            the
place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to
be maintained as provided in Section 3.02); and

 

(d)            that
interest on the Notes shall cease to accrue on the Redemption Date.

 

Notice of redemption of the Notes shall be given
by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to
any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 

Section 10.03          Notes
Payable on Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required by Section 10.02
(in the case of redemption pursuant to Section 10.01), on the Redemption Date become due and payable at the Redemption Price
and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

 

ARTICLE XI.

MISCELLANEOUS

 

Section 11.01         Compliance
Certificates and Opinions, etc.

 

(a)            Upon
any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with and (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent
Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case
of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished.

 

    
	 	 56	(20[__]-[ ] Indenture)

     

    

 

Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

 

(i)            a
statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions
herein relating thereto;

 

(ii)            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;

 

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

 

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

 

(b)     (i)     Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release
of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each
person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property
or securities to be so deposited.

 

(ii)            Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any
signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an
Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all
other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal
year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or
more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so
deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or
less than one percent of the Outstanding Amount of the Notes.

 

    
	 	 57	(20[__]-[ ] Indenture)

     

    

 

(iii)            Whenever
any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within
90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed
release will not impair the security under this Indenture in contravention of the provisions hereof.

  

(iv)            Other
than with respect to the release of any Purchased Receivable, the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer
shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities
and of all other property, other than property as contemplated by clause (v) below, or securities released from the lien of this
Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above
and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case
of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than
$25,000 or less than one percent of the then Outstanding Amount of the Notes.

 

(v)            Notwithstanding
Section 4.04 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other
provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the
extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted
or required by the Basic Documents.

 

Section 11.02         Form of
Documents Delivered to Indenture 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 Authorized Officer
of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized
Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Servicer, the Seller, the Issuer or the Administrator, stating that the information with respect to
such factual matters is in the possession of the Servicer, the Seller, the Issuer or the Administrator, unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 

    
	 	 58	(20[__]-[ ] Indenture)

     

    

 

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

  

Whenever in this Indenture, in connection with
any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition
of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth
and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may
be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the
Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided
in Article VI.

 

Section 11.03         Acts
of Noteholders.

 

(a)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture
Trustee and the Issuer, if made in the manner provided in this Section.

 

(b)            The
fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

 

(c)            The
ownership of Notes shall be proved by the Note Register.

  

(d)            Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of
every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered
to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

 

Section 11.04          Notices, etc.,
to Indenture Trustee, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act
of Noteholders or other documents provided or permitted by this Indenture shall be in writing and, if such request, demand, authorization,
direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed with:

 

(a)            the
Indenture Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Indenture Trustee at its Corporate Trust Office; or

  

(b)            the
Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid to the Issuer addressed to: Hyundai Auto Receivables Trust 20[__]-[_], in care of [                                       ],
as Owner Trustee, [                                                       ],
Attention: [                               ],
or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator. The Issuer shall
promptly transmit any notice received by it from the Noteholders to the Indenture Trustee.

 

    
	 	 59	(20[__]-[ ] Indenture)

     

    

 

Notices required to be given to the Rating Agencies
shall be in writing, personally delivered, electronically delivered or mailed by certified mail, return receipt requested, to (i) in
the case of [Moody’s, at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade
Center, 250 Greenwich Street, 25th Floor, New York, NY 10007 and (ii) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com
or at the following address: S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention of Asset Backed Surveillance
Department]; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

 

Section 11.05          Notices
to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by
such event, at such Holder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure
to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been
duly given.

  

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by any 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 Noteholders shall be filed with the Indenture Trustee but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

  

In case, by reason of the suspension of regular
mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

 

Where this Indenture provides for notice to the
Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute a Default or Event of Default.

 

Section 11.06          Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may
enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying
Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices, provided that the
Issuer agrees to pay any additional expenses incurred as a result of such alternative payment or notice provision. The Issuer will furnish
to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given
in accordance with such agreements. The Indenture Trustee shall provide a copy of any request made pursuant to this Section 11.06
to the Owner Trustee.

 

    
	 	 60	(20[__]-[ ] Indenture)

     

    

 

 

Section 11.07     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 11.08     Successors
and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether
so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents.

 

Section 11.09     Separability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 11.10     Benefits
of Indenture. The Owner Trustee is an express third party beneficiary of this Indenture. Except as provided in this Section,
nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in
any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 11.11     Legal
Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision
of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal
date.

 

Section 11.12     GOVERNING
LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 11.13     Counterparts;
Electronic Signatures and Transmission.

 

(a)        This
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Indenture
by Electronic Transmission shall be effective as delivery of a manually executed counterpart of this Indenture

 

    
	 	 61	(20[__]-[ ] Indenture)

     

    

 

(b)        For
purposes of this Indenture, any reference to “written” or “in writing” means any form of written communication,
including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission.
The Indenture Trustee and the Issuer are authorized to accept written instructions, directions, reports, notices or other communications
signed manually, by way of faxed signatures, or delivered by Electronic Transmission. In the absence of bad faith or negligence on its
part, each of the Indenture Trustee and the Issuer may conclusively rely on the fact that the Person sending instructions, directions,
reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions,
directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission
and, in the absence of bad faith or negligence, shall not have any liability for any losses, liabilities, costs or expenses incurred or
sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications
or information to the Indenture Trustee or the Issuer, including, without limitation, the risk of either the Indenture Trustee or Issuer
acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse
by third parties.

 

(c)        The
words “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to any document to be signed in connection with this Indenture and the transactions contemplated hereby shall be deemed to
include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act.
Notwithstanding anything to the contrary in this Indenture, documentation with respect to a transfer of securities presented to the
Issuer, the Indenture Trustee or any transfer agent must be in the form of original documents with manually executed
signatures.

 

(d)        Notwithstanding
anything to the contrary in this Indenture, any and all communications (both text and attachments) by or from the Indenture Trustee that
the Indenture Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic
Transmission will be encrypted. The recipient of the Electronic Transmission may be required to complete a one-time registration process.

 

Section 11.14     Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected
by the Issuer and at the expense of the Servicer accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or
any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection
of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee
under this Indenture.

 

Section 11.15     Trust
Obligation. (a) No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller, or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity). For all purposes of this Indenture, in the performance of any duties or obligations of the
Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI,
VII and VIII of the Trust Agreement.

 

    
	 	 62	(20[__]-[ ] Indenture)

     

    

 

(b)        In
furtherance of and not in derogation of the foregoing, to the extent the Depositor enters into other securitization transactions,
each Noteholder, by accepting a Note, acknowledges and agrees that it shall have no right, title or interest in or to Other Assets.
To the extent that, notwithstanding the agreements and provisions contained herein, a Noteholder either (i) asserts an interest
or claim to, or benefit from, Other Assets, whether asserted against or through the Depositor or any other Person owned by the
Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of law,
legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of
Section 1111(b) of the Federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy
Code), and whether deemed asserted against or through the Depositor or any other Person owned by the Depositor, then each
Noteholder, by accepting a Note, further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is
and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the Depositor which,
under the terms of the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from,
entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to priority of distribution or application under applicable law, including insolvency laws,
and whether asserted against Depositor or any other Person owned by the Depositor), including the payment of post-petition interest
on such other obligations and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning
of Section 510(a) of the Bankruptcy Code. Each Noteholder, by acceptance of a Note, further acknowledges and agrees that
no adequate remedy at law exists for a breach of this paragraph and the terms of this paragraph may be enforced by an action for
specific performance. The provisions of this paragraph shall be for the third party benefit of those entitled to rely thereon and
shall survive the termination of this Indenture.

 

Section 11.16     No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note or a beneficial interest
in a Note, hereby covenant and agree that they will not at any time institute against the Issuer or the Depositor, or join in any institution
against the Issuer or the Depositor, of any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture
or any of the Basic Documents.

 

Section 11.17     Inspection.
The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s
normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts
therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances
and accounts with the Issuer’s officers, employees and Independent certified public accountants, all at such reasonable times and
as often as may be reasonably requested; provided, however, that the Indenture Trustee may only cause the books of the Issuer
to be audited on an annual basis, unless there occurs an Event of Default hereunder. The Indenture Trustee shall, and shall cause its
representatives to, hold in confidence all such information except to the extent such information is publicly available or such disclosure
may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture
Trustee may reasonably determine with the advice of counsel and after consultation with the Issuer that such disclosure is consistent
with its obligations hereunder.

 

    
	 	 63	(20[__]-[ ] Indenture)

     

    

 

Section 11.18     Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control.

 

The provisions of TIA Sections 310 through
317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this
Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

 

Section 11.19     Limitation
of Liability. It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by
[                                       ],
not individually or personally but solely as Owner Trustee of Hyundai Auto Receivables Trust 20[__]-[_], in the exercise of the powers
and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of
the Issuer is made and intended not as personal representations, undertakings and agreements by [                                       ]
but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating
any liability on [                                       ]
individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly
waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) [                                       ]
has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Indenture
and (e) under no circumstances shall [                                       ]
be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any other related documents.

 

Section 11.20     Representations
and Warranties. The Issuer hereby represents and warrants to the Indenture Trustee as follows on the Closing Date:

 

(a)        The
Issuer is a statutory trust duly formed, validly existing and in good standing under the laws of the state of its organization.

 

(b)        The
Issuer has the power and authority to execute, deliver and perform its obligations under this Indenture; and the execution, delivery and
performance of this Indenture been duly authorized by the Issuer.

 

    
	 	 64	(20[__]-[ ] Indenture)

     

    

 

(c)        This
Indenture constitutes the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement
of creditors’ rights generally and to general principles of equity whether applied in a proceeding in equity or at law.

 

(d)        The
consummation of the transactions contemplated by this Indenture and the fulfillment of its terms do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the organizational
documents of the Issuer, or any indenture, agreement or other instrument to which the Issuer is a party or by which it is bound, or result
in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other
instrument (other than this Indenture), or violate any law or, to the best of the Issuer’s knowledge, any order, rule or regulation
applicable to the Issuer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Issuer or its properties. There shall be no breach of the representations and warranties in this paragraph
resulting from any of the foregoing breaches, violations, Liens or other matters which, individually or in the aggregate, would not materially
and adversely affect the Issuer’s ability to perform its obligations under this Indenture.

 

(e)        There
are no proceedings or investigations pending or, to the Issuer’s knowledge, threatened in writing against the Issuer before any
court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties
(i) asserting the invalidity of this Indenture, (ii) seeking to prevent the consummation of any of the transactions contemplated
by this Indenture or (iii) seeking any determination or ruling that would materially and adversely affect the performance by the
Issuer of its obligations under, or the validity or enforceability of, this Indenture.

 

(f)        The
Issuer is not an investment company or “controlled by an investment company” within the meaning of the Investment Company
Act of 1940.

 

Section 11.21     Perfection
Representations and Warranties. If the transfer of the Collateral under this Indenture is determined to be a pledge relating to a
financing or is determined not to be an absolute sale and assignment, the Issuer makes the following representations and warranties on
which the Indenture Trustee is relying. The representations and warranties are made as of the Closing Date, but shall survive the pledge
of the Collateral to the Indenture Trustee pursuant to this Indenture:

 

(a)        This
Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture
Trustee, which security interest is prior to all other Liens other than permitted liens and any Lien that will be released prior to the
pledge hereof, and is enforceable as such against creditors of and purchasers from the Issuer.

 

(b)        Each
Receivable constitutes either “tangible chattel paper” or “electronic chattel paper” within the meaning of the
UCC as in effect in the state of origination.

 

    
	 	 65	(20[__]-[ ] Indenture)

     

    

 

(c)       Immediately
upon the transfer thereof from the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, the Issuer shall have good and
marketable title to each Receivable, free and clear of any Lien of any Person.

 

(d)       Each
Trust Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC.

 

(e)       The
Issuer has caused, or will have caused, within ten days of the Closing Date, the filing of all appropriate financing statements in the
proper filling office in the appropriate jurisdiction under the applicable UCC in order to perfect the security interest in the Collateral
granted to the Indenture Trustee under this Indenture.

 

(f)       Other
than the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not aware of
any financing statements against the Issuer that include a description of collateral describing the Receivables other than any financing
statement relating to the security interest granted to the Indenture Trustee under this Indenture. The Issuer is not aware of any judgment
or tax lien filings against the Issuer.

 

(g)       The
Contracts that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than the Indenture Trustee, except for such marks or notations indicating that they have been
pledged, assigned or otherwise conveyed (i) to the Depositor or the Issuer in accordance with the Basic Documents or (ii) to
HCA in accordance with Dealer Agreements. All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee
in connection with this Indenture describing the Receivables contain a statement to the following effect: “A purchase of or security
interest in any collateral described in this financing statement, except as provided in the Indenture, will violate the rights of the
Indenture Trustee.”

 

Notwithstanding anything herein to the contrary, the representations
and warranties set forth in this Section 11.21 shall remain in full force and effect until such time as all Obligations hereunder
have been finally paid and performed and this Indenture shall be discharged.

 

Section 11.22     Communications
with Rating Agencies. If the Indenture Trustee shall receive any written or oral communication from any Rating Agency (or any of their
respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents or in any
way relating to the Notes, the Indenture Trustee agrees to refrain from communicating with such Rating Agency and to promptly (and, in
any event, within one Business Day) notify the Administrator of such communication.  The Indenture Trustee agrees to act at
the direction of the Administrator with respect to any communication to a Rating Agency and further agrees that in no event shall the
Indenture Trustee engage in any oral communication with respect to the transactions contemplated hereby or under the Basic Documents or
in any way relating to the Notes with any Rating Agency (or any of their respective officers, directors or employees) without the participation
of the Administrator.

 

    
	 	 66	(20[__]-[ ] Indenture)

     

    

 

IN WITNESS WHEREOF, the Issuer and the Indenture
Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized and duly attested, all
as of the day and year first above written.

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]
	 	 	 
		By:	[                                     ],
not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	S-1	(20[__]-[ ] Indenture)

     

    

 

	 	[                          ],
not in its individual capacity but solely as Indenture Trustee
	 	 	 
		By:	
	 		Name:
	 		Title:

 

    	 	S-2	(20[__]-[ ] Indenture)

     

    

 

	STATE OF [                   ]	 )
		)  ss.:
	COUNTY OF [                ]	)

 

BEFORE ME, the undersigned authority, a Notary
Public in and for said county and state, on this day personally appeared [                         ],
a [                         ]
of [                                       ],
not in its individual capacity but solely as Owner Trustee of Hyundai Auto Receivables Trust 20[__]-[_], a Delaware statutory trust (the
 “Trust”), known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to
me that the same was the act of the said Trust, and that he/she executed the same as the act of said statutory trust for the purpose and
consideration therein expressed, and in the capacities therein stated.

 

GIVEN UNDER MY HAND AND
 SEAL OF OFFICE, this         
 day of [             ] [    ].

 

	 	 	 
	Notary Public – State of [                  ]	 

 

	My commission expires:	 	 

 

    	 	S-3	(20[__]-[ ] Indenture)

     

    

 

	STATE OF [                   ]	 )
		)  ss.:
	COUNTY OF [                ]	)

 

BEFORE ME, the undersigned authority, a Notary
Public in and for said county and state, on this day personally appeared [                   ],
[                     ],
known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was
the act of [                          ],
a [                                      ],
and that he/she executed the same as the act of said [_________] for the purpose and consideration therein stated.

 

GIVEN UNDER MY HAND AND

SEAL OF OFFICE, this [     ] day of [             ]
[    ].

 

	 	 	 
	Notary Public – State of [                     ]	 

 

	My commission expires:	 	 

 

    	 	S-4	(20[__]-[ ] Indenture)

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

[To be Delivered to the Trust at Closing]

 

    	 		(20[__]-[ ] Indenture)

     

    

 

 

EXHIBIT A-1

 

[FORM OF CLASS A-1 NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.]

 

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN),
EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT
AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT
IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE
TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN
THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLAN INVESTORS AND PLANS
THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT
GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR PURPOSES OF THE FOREGOING, “PLAN”
MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA,
A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

    	 	A-1-1	(20[__]-[ ] Indenture)

     

    

 

[For Restricted Notes: THIS NOTE OR ANY INTEREST
HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940,
AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A TO THE INDENTURE
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE PERMITTED
IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES AND CERTIFICATES ISSUED UNDER
THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED.
ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS MAY BE
ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR TO DETERMINE, IN
ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

	REGISTERED      	$__________(1)
	No. R-_____      	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[     ]%
ASSET BACKED NOTE, CLASS A-1

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_], a statutory
trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________________________________ DOLLARS,
payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class A-1 Notes
pursuant to Section 3.01 of the Indenture dated as of [            ],
20[__] (the “Indenture”), between the Issuer and [                          ],
a [                                      ],
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of [             ], 20[__]
(the “Class A-1 Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
terms used but not defined herein are defined in Appendix A to the Sale and Servicing Agreement, which also contains rules as
to construction that shall be applicable herein.

 

 

1       Denominations of $1,000 and
integral multiples of $1,000 in excess thereof (except for one such Note which may be issued in a denomination other than an integral
multiple of $1,000).

 

    	 	A-1-2	(20[__]-[ ] Indenture)

     

    

 

The Issuer will pay interest on this Note at the
rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding
Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture. Interest on this Note
will accrue for each Payment Date on the basis of a 360-day year and the actual number of days from the previous Payment Date (or, in
the case of the first Payment Date, from the Closing Date) to but excluding the next Payment Date. Such principal of and interest on this
Note shall be paid in the manner specified herein.

 

The principal of and interest on this Note are
payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one of a duly authorized issue of
Notes of the Issuer, designated as its [     ]% Asset Backed Notes, Class A-1 (herein called the “Class A-1
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Class A-1 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes are and will be secured
by the collateral pledged as security therefor as provided in the Indenture. The Class A-1 Notes are senior in right of payment
to the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes, the Class A-4 Notes,
the Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.

 

Principal of the Class A-1 Notes will
be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the [     ]
day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing [              ],
20[__].

 

    	 	A-1-3	(20[__]-[ ] Indenture)

     

    

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-1 Maturity Date and the Redemption Date, if any, pursuant
to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes may declare the Notes
to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-1
Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

 

Payments of interest on this Note due and
payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note,
shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the
Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without
requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or
more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount
of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note
at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such
purposes located in [________________].

 

The Issuer shall pay interest on overdue installments
of interest at the Class A-1 Rate to the extent lawful.

 

As provided in the Indenture and subject to the
limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange subject to certain exceptions set forth in the Indenture.

 

    	 	A-1-4	(20[__]-[ ] Indenture)

     

    

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, including the Seller or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that,
except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have
no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture
that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor, or join in any institution against
the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic
Documents.

 

The Issuer has entered into the Indenture and this
Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax and any other tax measured in
whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person as
the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust Estate. Each Noteholder, by
acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than Notes,
if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes) for such
purposes as indebtedness.

 

Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

 

    	 	A-1-5	(20[__]-[ ] Indenture)

     

    

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling Class of Notes representing
a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

The term “Issuer” as used in this Note
includes any successor to the Issuer under the Indenture.

 

The Notes are issuable only in registered form
in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

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

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, none of [                                       ]
in its individual capacity, [                          ]
in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

 

    	 	A-1-6	(20[__]-[ ] Indenture)

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]
	 	 	 	 
	 	 	 	By:	[                                       ],
not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 	 	 
	 	 	 	Authorized Signatory

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:	 	 	[                          ],
    not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 	By:	
	 	 	 	 	Authorized Signatory

 

    	 	A-1-7	(20[__]-[ ] Indenture)

     

    

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee: ___________________ FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	(name and address of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________________, attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	Dated:		        */
	 
	Signature Guaranteed:

 

 

*/     NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-1-8	(20[__]-[ ] Indenture)

     

    

 

EXHIBIT A-2[-A]

 

[FORM OF CLASS A-2[-A] NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.

 

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN),
EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT
AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT
IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE
TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN
THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLAN INVESTORS AND PLANS
THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT
GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR PURPOSES OF THE FOREGOING, “PLAN”
MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA,
A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

    	 	A-2[-A]-1	(20[__]-[ ] Indenture)

     

    

 

[For Restricted Notes: THIS NOTE OR ANY INTEREST
HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940,
AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A TO THE INDENTURE
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE PERMITTED
IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES AND CERTIFICATES ISSUED UNDER
THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED.
ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS MAY BE
ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR TO DETERMINE, IN
ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

	REGISTERED      	$__________(2)
	No. R-________      	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[     ]%
ASSET BACKED NOTE, CLASS A-2[-A]

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_], a statutory
trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ______________________________ DOLLARS,
payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class A-2[-A]
Notes pursuant to Section 3.01 of the Indenture dated as of [            ],
20[__] (the “Indenture”), between the Issuer and [                          ],
a [                                      ],
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of [             ],
20[  ] (the “Class A-2[-A] Maturity Date”) and the Redemption Date, if any, pursuant to Article X
of the Indenture. Capitalized terms used but not defined herein are defined in Appendix A to the Sale and Servicing Agreement,
which also contains rules as to construction that shall be applicable herein.

 

 

2       Denominations of $1,000 and
integral multiples of $1,000 in excess thereof (except for one such Note which may be issued in a denomination other than an integral
multiple of $1,000).

 

    	 	A-2[-A]-2	(20[__]-[ ] Indenture)

     

    

 

The Issuer will pay interest on this Note at the
rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding
Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the [     ] day of the month preceding the month of such
Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [     ]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest on this Note are
payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one of a duly authorized issue
of Notes of the Issuer, designated as its [     ]% Asset Backed Notes, Class A-2[-A] (herein
called the “Class A-2[-A] Notes”), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Holders of the Notes. The Class A-2[-A] Notes are subject to all terms of the Indenture.

 

The Class A-2[-A] Notes are and will
be secured by the collateral pledged as security therefor as provided in the Indenture. [The Class A-2[-A] Notes will receive
payments pro rata with the Class A-2-B Notes to the extent provided in the Indenture.] The Class A-2[-A] Notes
[and the Class A-2-B Notes] are subordinated in right of payment to the Class A-1 Notes and are senior in right
of payment to the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, to the extent
provided in the Indenture.

 

    	 	A-2[-A]-3	(20[__]-[ ] Indenture)

     

    

 

Principal of the Class A-2[-A] Notes
will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the [     ]
day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing [          ],
20[__].

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-2[-A] Maturity Date and the Redemption Date, if
any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture Trustee
or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes may declare
the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. [All principal payments on the
Class A-2[-A] Notes shall be made pro rata to the Class A-2[-A] Noteholders [and the Class A-2-B Noteholders]
entitled thereto.]

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name
of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment
Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in [_______________].

 

The Issuer shall pay interest on overdue installments
of interest at the Class A-2[-A] Rate to the extent lawful.

 

As provided in the Indenture and subject to the
limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange subject to certain exceptions set forth in the Indenture.

 

    	 	A-2[-A]-4	(20[__]-[ ] Indenture)

     

    

 

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, including the Seller or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, Indenture Trustee
or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note, agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the
Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor, or join in any
institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the other Basic Documents.

 

The Issuer has entered into the Indenture and
this Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax and any other tax measured
in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person
as the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust Estate. Each Noteholder,
by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than
Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes)
for such purposes as indebtedness.

 

    	 	A-2[-A]-5	(20[__]-[ ] Indenture)

     

    

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person
in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered
as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling Class of Notes representing
a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

 

The term “Issuer” as used in this
Note includes any successor to the Issuer under the Indenture.

 

The Notes are issuable only in registered form
in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, none of [                                       ]
in its individual capacity, [                          ]
in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    	 	A-2[-A]-6	(20[__]-[ ] Indenture)

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

		By:	[                                       ],
                                            not in its individual capacity but solely as Owner Trustee under the Trust Agreement

 

	 	 
	 	Authorized Signatory

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:	 	 	[                          ],
    not in its individual capacity
    but solely as Indenture Trustee
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized
    Signatory

 

    	 	A-2[-A]-7	(20[__]-[ ] Indenture)

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying number of
    assignee:    ____________________
	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
	 
	(name and address of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _________________________________________, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

 

	Dated:	 	*/ 	 
	 	 	 
	Signature
    Guaranteed:	 	 
	 	 	 
	 	 	 

 

*/          NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-2[-A]-8	(20[__]-[ ] Indenture)

     

    

 

[EXHIBIT A-2-B]

 

[FORM OF CLASS A-2-B NOTE]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.

 

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN),
EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT
AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT
IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE
TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN
THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLAN INVESTORS AND PLANS
THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT
GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR PURPOSES OF THE FOREGOING, “PLAN”
MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA,
A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

    	 	A-2-B-1	(20[__]-[ ] Indenture)

     

    

 

[For Restricted Notes: THIS NOTE OR ANY INTEREST
HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940,
AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A TO THE INDENTURE
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE PERMITTED
IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES AND CERTIFICATES ISSUED
UNDER THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN
DELIVERED. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS MAY BE
ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR TO DETERMINE, IN
ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

	REGISTERED	$__________(3) 
	No. R-________	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 20[ ]-[ ]

 

[insert applicable floating rate benchmark] +
[___]% ASSET BACKED NOTE, CLASS A-2-B

 

HYUNDAI AUTO RECEIVABLES TRUST 2015-B, a statutory
trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class A-2-B
Notes pursuant to Section 3.01 of the Indenture dated as of [________], 20[__] (the “Indenture”), between the
Issuer and [_________], a [___________], as Indenture Trustee (the “Indenture Trustee”); provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the earlier of [_________], 20[__] (the “Class A-2-B
Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in Appendix A to the Sale and Servicing Agreement, which also contains rules as to construction
that shall be applicable herein.

 

 

3 Denominations of $1,000 and integral multiples
of $1,000 in excess thereof (except for one such Note which may be issued in a denomination other than an integral multiple of $1,000).

 

    	 	A-2-B-2	(20[__]-[ ] Indenture)

     

    

 

The Issuer will pay interest
on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture.
Interest on this Note will accrue for each Payment Date on the basis of a 360-day year and the actual number of days from the previous
Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the next Payment Date. Such principal
of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one of a duly authorized issue of
Notes of the Issuer, designated as its [insert applicable floating rate benchmark] + [___]% Asset Backed Notes, Class A-2-B (herein
called the “Class A-2-B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee
and the Holders of the Notes. The Class A-2-B Notes are subject to all terms of the Indenture.

 

The Class A-2-B Notes are and will be secured
by the collateral pledged as security therefor as provided in the Indenture. The Class A-2-B Notes will receive payments pro rata
with the Class A-2-A Notes to the extent provided in the Indenture. The Class A-2-B Notes and the Class A-2-A Notes are
subordinated in right of payment to the Class A-1 Notes and are senior in right of payment to the Class A-3 Notes,
the Class A-4 Notes, the Class B Notes and the Class C Notes, to the extent provided in the Indenture.

 

Principal of the Class A-2-B Notes will be
payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the [__] day of each month,
or, if any such date is not a Business Day, the next succeeding Business Day, commencing [_________], 20[__].

 

    	 	A-2-B-3	(20[__]-[ ] Indenture)

     

    

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-2-B Maturity Date and the Redemption Date, if any, pursuant
to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes may declare the Notes
to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-2-B
Notes shall be made pro rata to the Class A-2-B Noteholders and the Class A-2-A Noteholders entitled thereto.

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall
be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in [___________________].

 

The Issuer shall pay interest on overdue installments
of interest at the Class A-2-B Rate to the extent lawful.

 

As provided in the Indenture and subject to the
limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof
or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon
one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange subject to certain exceptions set forth in the Indenture.

 

    	 	A-2-B-4	(20[__]-[ ] Indenture)

     

    

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, including the Seller or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, Indenture Trustee
or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial
interest in a Note, agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the
Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor, or join in any
institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the other Basic Documents.

 

The Issuer has entered into the Indenture and
this Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax and any other tax measured
in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person
as the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust Estate. Each Noteholder,
by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than
Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes)
for such purposes as indebtedness.

 

    	 	A-2-B-5	(20[__]-[ ] Indenture)

     

    

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person
in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered
as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such
agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling Class of Notes representing
a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

 

The term “Issuer” as used in this
Note includes any successor to the Issuer under the Indenture.

 

The Notes are issuable only in registered form
in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, none of [_________________] in its individual capacity, [_________________] in its
individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    	 	A-2-B-6	(20[__]-[ ] Indenture)

     

    

 

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[__]

 

		By:	[_________________],

not in its individual capacity

but solely as Owner Trustee

under the Trust Agreement

 

	 	By:	 
	 	 	Authorized Signatory

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: 	 	 	[_________________],
	 	not in its individual capacity

but solely as Indenture Trustee

 

	 	By:	 
	 	 	Authorized Signatory

 

    	 	A-2-B-7	(20[__]-[ ] Indenture)

     

    

 

ASSIGNMENT

 

	 	Social Security or taxpayer I.D. or other identifying number of assignee:	

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

(name
and address of assignee)

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                      ,
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated: 		     */

 

	Signature Guaranteed:	 
	 	 

 

*/     NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-2-B-8	(20[__]-[ ] Indenture)

     

    

 

EXHIBIT A-3

 

[FORM OF CLASS A-3 NOTE]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.

 

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN),
EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT
AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT
IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE
TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN
THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLAN INVESTORS AND PLANS
THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT
GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR PURPOSES OF THE FOREGOING, “PLAN”
MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA,
A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

    	 	A-3-1	(20[__]-[ ] Indenture)

     

    

 

[For Restricted Notes: THIS NOTE OR ANY INTEREST
HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940,
AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A TO THE INDENTURE
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE PERMITTED
IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES AND CERTIFICATES ISSUED UNDER
THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED.
ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS MAY BE
ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR TO DETERMINE, IN
ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

    	 	A-3-2	(20[__]-[ ] Indenture)

     

    

 

	REGISTERED	     $__________(4)
	No. R-________	     CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[     ]%
ASSET BACKED NOTE, CLASS A-3

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_], a statutory
trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co. or registered assigns, the principal sum of                                                    DOLLARS,
payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class A-3 Notes
pursuant to Section 3.01 of the Indenture dated as of [            ],
20[__] (the “Indenture”), between the Issuer and [                          ],
a [                                      ],
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of [         ], 20[  ] (the
 “Class A-3 Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
terms used but not defined herein are defined in Appendix A to the Sale and Servicing Agreement, which also contains rules as
to construction that shall be applicable herein.

 

The Issuer will pay interest on this Note at the
rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding
Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the [     ] day of the month preceding the month of such
Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [     ]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest on this Note are
payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one of a duly authorized issue
of Notes of the Issuer, designated as its [     ]% Asset Backed Notes, Class A-3 (herein called
the “Class A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Class A-3 Notes are subject to all terms of the Indenture.

 

 

4
              Denominations of $1,000 and integral multiples of $1,000
in excess thereof (except for one such Note which may be issued in a denomination other than an integral multiple of $1,000).  

 

    	 	A-3-3	(20[__]-[ ] Indenture)

     

    

 

The Class A-3 Notes are and will be secured
by the collateral pledged as security therefor as provided in the Indenture. The Class A-3 Notes are subordinated in right of
payment to the Class A-1 Notes [and][,] the Class A-2[-A] Notes [and the Class A-2-B Notes] and are
senior in right of payment to the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes,
to the extent provided in the Indenture.

 

Principal of the Class A-3 Notes will
be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the [     ]
day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing [          ],
20[__].

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-3 Maturity Date and the Redemption Date, if any, pursuant
to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes may declare the Notes
to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-3
Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.

 

Payments of interest on this Note due and
payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note,
shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the
Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without
requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or
more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount
of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note
at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such
purposes located in [_________________].

 

The Issuer shall pay interest on overdue installments
of interest at the Class A-3 Rate to the extent lawful.

 

    	 	A-3-4	(20[__]-[ ] Indenture)

     

    

 

As provided in the Indenture and subject to the
limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof
or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon
one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange subject to certain exceptions set forth in the Indenture.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, including the Seller or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that,
except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have
no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture
that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor, or join in any institution against
the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic
Documents.

 

    	 	A-3-5	(20[__]-[ ] Indenture)

     

    

 

The Issuer has entered into the Indenture and
this Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax and any other tax measured
in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person
as the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust Estate. Each Noteholder,
by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than
Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes)
for such purposes as indebtedness.

 

Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling Class of Notes representing
a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

The term “Issuer” as used in this Note
includes any successor to the Issuer under the Indenture.

 

The Notes are issuable only in registered form
in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

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

 

    	 	A-3-6	(20[__]-[ ] Indenture)

     

    

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, none of [                                       ]
in its individual capacity, [                          ]
in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    	 	A-3-7	(20[__]-[ ] Indenture)

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

		By:	[                                       ],
not in its individual capacity but solely as Owner Trustee under the Trust Agreement

 

	 	_______________________________________________
	 	Authorized Signatory

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:	 	 	[                          ],
  not in its individual capacity but solely as Indenture Trustee

 

	 	By:	
	 		Authorized Signatory

 

    	 	A-3-8	(20[__]-[ ] Indenture)

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying number
of assignee: 	 	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

 

(name
and address of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints                                                                             ,
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated: 		     */

 

	Signature Guaranteed:	 
	 	 

 

*/     NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-3-9	(20[__]-[ ] Indenture)

     

    

 

EXHIBIT A-4

 

[FORM OF CLASS A-4 NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.]

 

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN),
EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT
AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT
IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE
TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN
THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLAN INVESTORS AND PLANS
THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT
GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR PURPOSES OF THE FOREGOING, “PLAN”
MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA,
A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

    	 	A-4-1	(20[__]-[ ] Indenture)

     

    

 

[For Restricted Notes: THIS NOTE OR ANY INTEREST
HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940,
AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A TO THE INDENTURE
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS AS SET FORTH IN THE INDENTURE, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST
HEREIN WILL BE PERMITTED IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES
AND CERTIFICATES ISSUED UNDER THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX
OPINION HAS BEEN DELIVERED. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL
NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL BE REQUIRED TO PROVIDE
TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS MAY BE ACCEPTABLE TO
THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR TO DETERMINE, IN
ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

    	 	A-4-2	(20[__]-[ ] Indenture)

     

    

 

 

	REGISTERED	$	__________(5)
	No. R-________	 CUSIP NO.	 

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[     ]%
ASSET BACKED NOTE, CLASS A-4

 

HYUNDAI AUTO RECEIVABLES
TRUST 20[__]-[_], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class A-4
Notes pursuant to Section 3.01 of the Indenture dated as of [            ],
20[__] (the “Indenture”), between the Issuer and [                          ],
a [                                      ],
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of [                    ],
20[  ] (the “Class A-4 Maturity Date”) and the Redemption Date, if any, pursuant to Article X
of the Indenture. Capitalized terms used but not defined herein are defined in Appendix A to the Sale and Servicing Agreement,
which also contains rules as to construction that shall be applicable herein.

 

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [     ] day
of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding
the [     ] day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its [     ]% Asset Backed Notes, Class A-4
(herein called the “Class A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee
and the Holders of the Notes. The Class A-4 Notes are subject to all terms of the Indenture.

 

 

5          Denominations
of $1,000 and integral multiples of $1,000 in excess thereof (except for one such Note which may be issued in a denomination other than
an integral multiple of $1,000).

 

    	 	 A-4-3	(20[__]-[ ] Indenture)

     

    

 

The Class A-4
Notes are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-4 Notes
are subordinated in right of payment to the Class A-1 Notes, the Class A-2[-A] Notes[, the Class A-2-B
Notes] and the Class A-3 Notes and are senior in right of payment to the Class B Notes, the Class C Notes and the
Class D Notes, to the extent provided in the Indenture.

 

Principal of the
Class A-4 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the [     ] day of each month, or, if any such date is not a Business Day, the next succeeding Business Day,
commencing [              ], 20[__].

 

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-4 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the
Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of
Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled thereto.

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment
of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this
Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then
due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office
or at the office of the Indenture Trustee’s agent appointed for such purposes located in [________________].

 

The Issuer shall
pay interest on overdue installments of interest at the Class A-4 Rate to the extent lawful.

 

    	 	 A-4-4	(20[__]-[ ] Indenture)

     

    

 

As provided in the
Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed
by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set forth in the Indenture.

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the
Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer,
the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution
or failure to pay any installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes,
the Indenture or the other Basic Documents.

 

    	 	 A-4-5	(20[__]-[ ] Indenture)

     

    

 

The Issuer has entered
into the Indenture and this Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax
and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered
to be the same person as the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal
income tax purposes) for such purposes as indebtedness.

 

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and
the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling
Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions
set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

 

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin
or currency herein prescribed.

 

    	 	 A-4-6	(20[__]-[ ] Indenture)

     

    

 

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of [                                       ]
in its individual capacity, [                          ]
in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    	 	 A-4-7	(20[__]-[ ] Indenture)

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]
	 	 	 	 
		 	 	By:	[                                       ],
                                            not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 	 	 
	 	 	 	 
	 	 	 	Authorized Signatory

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:	 	 	[                          ],
    not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
		 	 	By:	       
			 	 	Authorized Signatory

 

    	 	 A-4-8	(20[__]-[ ] Indenture)

     

    

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee: __________________ 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

	(name
    and address of assignee)

 

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints _________________________________________, attorney, to transfer said Note on the books
kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	*/
	 	 	 

Signature Guaranteed:

_______________________________________

 

*/     NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	 A-4-9	(20[__]-[ ] Indenture)

     

    

 

EXHIBIT B

 

[FORM OF CLASS B
NOTE]

 

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.

 

BY ACQUIRING THIS
NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS
FIDUCIARY) IS DEEMED TO (A) REPRESENT AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR
INTEREST HEREIN) WITH THE ASSETS OF A PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT
PLAN INVESTOR”), OR A PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE
CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE
OF A BENEFIT PLAN INVESTOR, GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR, IN THE CASE OF A PLAN THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE
THAT BENEFIT PLAN INVESTORS AND PLANS THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME
THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR
PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA
WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT
DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING.

 

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

    	 	B-1	(20[__]-[ ] Indenture)

     

    

 

[For Restricted
Notes: THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER) OR IN A TRANSACTION NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

EACH PURCHASER OR
TRANSFEREE OF THIS NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF
ANNEX A TO THE INDENTURE CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS AS SET FORTH IN THE INDENTURE, INCLUDING THAT NO TRANSFER
OF THIS NOTE OR ANY INTEREST HEREIN WILL BE PERMITTED IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST
IN THE RESTRICTED NOTES AND CERTIFICATES ISSUED UNDER THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95
PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT,
WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS
NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS
MAY BE ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR
TO DETERMINE, IN ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

	REGISTERED	$	__________(6)
	No. R-________	 CUSIP NO.	 

 

HYUNDAI AUTO RECEIVABLES
TRUST 20[__]-[_]

 

[     ]%
ASSET BACKED NOTE, CLASS B

 

HYUNDAI AUTO RECEIVABLES
TRUST 20[__]-[_], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class B
Notes pursuant to Section 3.01 of the Indenture dated as of [            ],
20[__] (the “Indenture”), between the Issuer and [                          ],
a [                                      ],
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of [                      ],
20[  ] (the “Class B Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture.
Capitalized terms used but not defined herein are defined in Appendix A to the Sale and Servicing Agreement, which also contains
rules as to construction that shall be applicable herein.

 

 

6         Denominations
of $1,000 and integral multiples of $1,000 in excess thereof (except for one such Note which may be issued in a denomination other than
an integral multiple of $1,000).

 

    	 	B-2	(20[__]-[ ] Indenture)

     

    

 

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [     ] day
of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding
the [     ] day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its [     ]% Asset Backed Notes, Class B
(herein called the “Class B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee
and the Holders of the Notes. The Class B Notes are subject to all terms of the Indenture.

 

The Class B
Notes are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class B Notes are
subordinated in right of payment to the Class A Notes and are senior in right of payment to the Class C Notes and the Class D
Notes, to the extent provided in the Indenture.

 

    	 	B-3	(20[__]-[ ] Indenture)

     

    

 

Principal of the
Class B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the
[     ] day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
[             ], 20[__].

 

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class B Maturity Date and the Redemption
Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments
on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto.

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment
of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this
Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then
due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office
or at the office of the Indenture Trustee’s agent appointed for such purposes located in [__________________].

 

The Issuer shall
pay interest on overdue installments of interest at the Class B Rate to the extent lawful.

 

As provided in the
Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed
by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange subject to certain exceptions set forth in the Indenture.

 

    	 	B-4	(20[__]-[ ] Indenture)

     

    

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the
Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution
or failure to pay any installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly provided in the Basic Documents, in the case
of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor,
or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes,
the Indenture or the other Basic Documents.

 

The Issuer has entered
into the Indenture and this Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax
and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered
to be the same person as the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal
income tax purposes) for such purposes as indebtedness.

 

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture
Trustee or any such agent shall be affected by notice to the contrary.

 

    	 	B-5	(20[__]-[ ] Indenture)

     

    

 

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling Class of Notes representing
a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

The term “Issuer” as used in this Note
includes any successor to the Issuer under the Indenture.

 

The Notes are issuable only in registered form
in denominations as provided in the Indenture, subject to certain limitations therein set forth. This Note and the Indenture shall be
construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations,
rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

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

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, none of [                                       ]
in its individual capacity, [                          ]
in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    
	 	B-6	(20[__]-[ ] Indenture)

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: ___________________	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

		By:	[                                       ],
not in its individual capacity but solely as Owner Trustee under the Trust Agreement

 

	 	 
	 	Authorized Signatory

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ___________________	[                          ],
not in its individual capacity but solely as Indenture Trustee

 

	 	By:	 
	 	 	Authorized Signatory

 

    
	 	B-7	(20[__]-[ ] Indenture)

     

    

 

ASSIGNMENT

 

Social
Security or taxpayer I.D. or other identifying number of assignee: __________________

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

	 	 
	(name
and address of assignee)	 

     

 

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________________, attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

 

	Dated: ________________________	     */	 

 

Signature Guaranteed:

 

	 	 

 

*/     NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    
	 	B-8	(20[__]-[ ] Indenture)

     

    

 

 

EXHIBIT C

 

[FORM OF CLASS C NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.]

 

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN),
EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT
AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT
IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE
TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN
THAT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLAN INVESTORS AND PLANS
THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT
GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR PURPOSES OF THE FOREGOING, “PLAN”
MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA,
A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

[For Restricted Notes: THIS NOTE OR ANY INTEREST
HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940,
AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

 

    
	 	C-1	(20[__]-[ ] Indenture)

     

    

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A TO THE INDENTURE
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE PERMITTED
IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES AND CERTIFICATES ISSUED UNDER
THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED.
ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS MAY BE
ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR TO DETERMINE, IN
ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

    
	 	C-2	(20[__]-[ ] Indenture)

     

    

 

	REGISTERED	     $__________(7)
	No. R-________	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[     ]%
ASSET BACKED NOTE, CLASS C

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_], a statutory
trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ____________________________________ DOLLARS,
payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class C Notes pursuant
to Section 3.01 of the Indenture dated as of [            ], 20[__] (the
 “Indenture”), between the Issuer and [                          ],
a [                                      ],
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of
this Note shall be due and payable on the earlier of [               ],
20[ ] (the “Class C Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
terms used but not defined herein are defined in Appendix A to the Sale and Servicing Agreement, which also contains rules as
to construction that shall be applicable herein.

 

The Issuer will pay interest on this Note at the
rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding
Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the [     ] day of the month preceding the month of such
Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [     ]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest on this Note are
payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one of a duly authorized issue of
Notes of the Issuer, designated as its [     ]% Asset Backed Notes, Class C (herein called the “Class C
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Class C Notes are subject to all terms of the Indenture.

 

 

 

7            Denominations
of $1,000 and integral multiples of $1,000 in excess thereof (except for one such Note which may be issued in a denomination other than
an integral multiple of $1,000).

 

    
	 	C-3	(20[__]-[ ] Indenture)

     

    

 

 

The Class C Notes are and will be secured
by the collateral pledged as security therefor as provided in the Indenture. The Class C Notes are subordinated in right of payment
to the Class A Notes and the Class B Notes and are senior in right of payment to the Class D Notes, to the extent provided
in the Indenture.

 

Principal of the Class C Notes will be payable
on each Payment Date in an amount described on the face hereof. “Payment Date” means the [     ]
day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing [          ],
20[__].

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class C Maturity Date and the Redemption Date, if any, pursuant
to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes may declare the Notes
to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class C
Notes shall be made pro rata to the Class C Noteholders entitled thereto.

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name
of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment
Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in [_________________].

 

The Issuer shall pay interest on overdue installments
of interest at the Class C Rate to the extent lawful.

 

As provided in the Indenture and subject to the
limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange subject to certain exceptions set forth in the Indenture.

 

    
	 	C-4	(20[__]-[ ] Indenture)

     

    

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, including the Seller or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that,
except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have
no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the
Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor, or join in any
institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the other Basic Documents.

 

The Issuer has entered into the Indenture and this
Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax and any other tax measured in
whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person as
the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust Estate. Each Noteholder, by
acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than Notes,
if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes) for such
purposes as indebtedness.

 

    
	 	C-5	(20[__]-[ ] Indenture)

     

    

 

Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling Class of Notes representing
a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

The term “Issuer” as used in this Note
includes any successor to the Issuer under the Indenture. The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

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

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, none of [                                       ]
in its individual capacity, [                          ]
in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    
	 	C-6	(20[__]-[ ] Indenture)

     

    

 

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: ___________________	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

		By:	[                                       ],
not in its individual capacity but solely as Owner Trustee under the Trust Agreement

 

	 	 
	 	Authorized Signatory

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ___________________	[                          ],
not in its individual capacity but solely as Indenture Trustee

 

	 	By: 	
	 	 	Authorized Signatory

 

    
	 	C-7	(20[__]-[ ] Indenture)

     

    

 

 

 

ASSIGNMENT

  

Social
Security or taxpayer I.D. or other identifying number of assignee: __________________ 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

      

(name
and address of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________________, attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

 

	Dated:	 	 	*/

 

Signature Guaranteed:

 

_____________________________

 

*/     NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

    	 	C-8	(20[__]-[ ] Indenture)

     

    

 

ANNEX A

 

FORM OF TRANSFEREE LETTER FOR RESTRICTED NOTES

 

[__________] 

[__________] 

[__________] 

Attention: [__________]

 

[__________]

[__________]

[__________]

Attention: [__________]

 

Ladies and Gentlemen:

 

___________ (the “Transferee”)
intends to purchase of such of the Class [__] Notes that were issued pursuant to that certain indenture dated [__________] (the “Indenture”),
between [__________], a Delaware statutory trust (the “Issuer”), and [__________], a national banking association,
as trustee and not in its individual capacity, that are Restricted Notes (the “Restricted Notes”) of the Issuer. All
capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. The Transferee represents
and warrants to you, as the Indenture Trustee and the Note Registrar, that:

 

		1.	The Transferee will provide notice to each Person to whom it proposes to transfer any interest in the
Restricted Notes of the transfer restrictions and representations set forth in Section 2.15(b) of the Indenture. Further,
the Transferee will not transfer any Restricted Note (or any interest therein) to a subsequent transferee unless, prior to the transfer,
the subsequent transferee shall have provided to the Indenture Trustee, the Note Registrar and the Depositor a written representation
letter as set forth previously in Section 2.15(b) of the Indenture (unless the Depositor shall have received an opinion
of nationally recognized tax counsel as set forth previously in Section 2.15(b) of the Indenture.

 

		2.	No transfer of Restricted Notes (or any interest therein) will be permitted to the extent that such transfer
would cause the number of direct or indirect holders of an interest in the Restricted Notes and the Certificates to exceed a number equal
to 95 Persons. Neither the Indenture Trustee nor the Note Registrar shall have any duty or obligation with respect to the foregoing to
ascertain the number of direct or indirect holders of an interest in the Restricted Notes and the Certificates.

 

		3.	The Transferee warrants it (a) is not, and will not become, a partnership, a corporation taxed under
Subchapter S of the Code or grantor trust for U.S. federal income tax purposes (or a disregarded entity the single owner of which is any
of the foregoing) or (b) is such an entity, but (x) no more than 50% of the value of any of the direct or indirect beneficial
interests in such Transferee (or in the case of a disregarded entity, the interests of its single owner)  is or will be attributable
to such Transferee’s (or in the case of a disregarded entity, the single owner’s) interest in Restricted Notes and Certificates
and (y) it is not and will not be a principal purpose of the arrangement involving such entity’s beneficial interest in any
Restricted Notes or Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation Section 1.7704-1(h)(1)(ii) necessary
for such partnership not to be classified as a publicly traded partnership under the Code.

 

    	 	D-1	(20[__]-[ ] Indenture)

     

    

 

		4.	No Noteholder of a Restricted Note shall acquire or transfer any Restricted Note (or any interest therein)
or cause any Restricted Notes (or any interest therein) to be marketed on or through an “established securities market” within
the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation
system that regularly disseminates firm buy or sell quotations.

 

		5.	If any Restricted Note held by the Transferee is required to be treated other than as described under
Section 2.13 of the Indenture, then the Transferee, or, if different, the beneficial owner of such Restricted Note, shall
agree to the designation made pursuant to the Trust Agreement of the partnership representative (and the tax matters partner for any applicable
state or local tax purposes) of any partnership in which such Noteholder or beneficial owner is deemed to be a partner under Section 6223(a) of
the Code and any applicable Treasury Regulations thereunder (and any corresponding provision of state law).

 

		6.	(A) Each Noteholder of a Restricted Note shall provide to the Administrator on behalf of the Issuer
and the Depositor any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code (and any corresponding
provision of state law), including Section 6226(a) of the Code, (B) if such Noteholder is not the beneficial owner of such
Restricted Note, the beneficial owner of such Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor
any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code (and any corresponding provision
of state law), including Section 6226(a) of the Code and, to the extent the Issuer determines such appointment necessary for
it to make an election under Section 6226(a) of the Code (or any corresponding provision of state law), hereby appoints the
Noteholder as its agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of
the Code (and any corresponding provision of state law) and (C) to the extent applicable, each Noteholder of a Restricted Note and,
if different, each beneficial owner of a Restricted Note shall hold the Issuer and its affiliates harmless for any expenses or losses
(i) resulting from a beneficial owner of a Restricted Note not properly taking into account or paying its allocated adjustment or
liability under Section 6226 of the Code (or any corresponding provision of state law) or (ii) attributable
to the management or defense of an audit under Sections 6221 through 6241 of the Code (or any corresponding provision of state law) or
otherwise suffered due to actions the Issuer and its affiliates take with respect to and to comply with the rules under Sections
6221 through 6241 of the Code (or any corresponding provision of state law).

 

		7.	The Transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect,
will be void ab initio, and will not operate to transfer any rights to the Transferee.

 

    	 	D-2	(20[__]-[ ] Indenture)

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER]
	 	 	 as Transferee
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Date:	 

 

    	 	D-3	(20[__]-[ ] Indenture)

     

    

 

EXHIBIT D

 

[FORM OF CLASS D NOTE]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.

 

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN),
EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT
AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT
IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE
TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN
THT IS SUBJECT TO SIMILAR LAW, A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLAN INVESTORS AND PLANS
THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE (OR ANY INTEREST HEREIN) ANY TIME THAT SUCH NOTE DOES NOT HAVE AN INVESTMENT
GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION. FOR PURPOSES OF THE FOREGOING, “PLAN”
MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA,
A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE
FOREGOING.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

    	 	D-1	(20[__]-[ ] Indenture)

     

    

 

[For Restricted Notes: THIS NOTE OR ANY INTEREST
HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940,
AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM (INCLUDING TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIIED INSTITUTIONAL BUYER) OR IN A TRANSACTION
NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

  

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER IN THE FORM OF ANNEX A TO THE INDENTURE
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS, INCLUDING THAT NO TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE PERMITTED
IF SUCH TRANSFER WOULD CAUSE THE NUMBER OF DIRECT OR INDIRECT HOLDERS OF AN INTEREST IN THE RESTRICTED NOTES AND CERTIFICATES ISSUED UNDER
THE TRUST AGREEMENT (AS DEFINED IN THE INDENTURE) TO EXCEED A NUMBER EQUAL TO 95 PERSONS UNLESS A DEBT-FOR-TAX OPINION HAS BEEN DELIVERED.
ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE.

 

EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL
BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE AND THE DEPOSITOR A CERTIFICATION OF NON-FOREIGN STATUS, IN SUCH FORM AS MAY BE
ACCEPTABLE TO THE DEPOSITOR, SIGNED UNDER PENALTIES OF PERJURY OR OTHER INFORMATION OR DOCUMENTATION REQUESTED BY THE DEPOSITOR TO DETERMINE, IN
ITS SOLE DISCRETION, THAT PAYMENTS ON THE NOTES WILL NOT BE SUBJECT TO WITHHOLDING UNDER U.S. TAX LAW.]

 

    	 	D-2	(20[__]-[ ] Indenture)

     

    

 

	REGISTERED	$_________(8) 
	No. R-________	CUSIP NO. _____________

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[     ]%
ASSET BACKED NOTE, CLASS D

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_], a statutory
trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of _____________________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the Class D
Notes pursuant to Section 3.01 of the Indenture dated as of [            ],
20[__] (the “Indenture”), between the Issuer and [                          ],
a [                                      ],
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of
this Note shall be due and payable on the earlier of [                 ],
20[  ] (the “Class D Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture.
Capitalized terms used but not defined herein are defined in Appendix A to the Sale and Servicing Agreement, which also contains
rules as to construction that shall be applicable herein.

 

The Issuer will pay interest on this Note at the
rate per annum set forth above, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding
Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the [     ] day of the month preceding the month of such
Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but excluding the [     ]
day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest on this Note are
payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

This Note is one of a duly authorized issue of
Notes of the Issuer, designated as its [     ]% Asset Backed Notes, Class D (herein called the “Class D
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Class D Notes are subject to all terms of the Indenture.

 

 

8       Denominations
of $1,000 and integral multiples of $1,000 in excess thereof (except for one such Note which may be issued in a denomination other than
an integral multiple of $1,000).

 

    	 	D-3	(20[__]-[ ] Indenture)

     

    

  

The Class D Notes are and will be secured
by the collateral pledged as security therefor as provided in the Indenture. The Class D Notes are subordinated in right of payment
to the Class A Notes, the Class B Notes and the Class C Notes, to the extent provided in the Indenture.

 

Principal of the Class D Notes will be payable
on each Payment Date in an amount described on the face hereof. “Payment Date” means the [     ]
day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing [            ],
20[__].

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class D Maturity Date and the Redemption Date, if any, pursuant
to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes may declare the Notes
to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class D
Notes shall be made pro rata to the Class D Noteholders entitled thereto.

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name
of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment
Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in [_________________].

 

The Issuer shall pay interest on overdue installments
of interest at the Class D Rate to the extent lawful.

 

    	 	D-4	(20[__]-[ ] Indenture)

     

    

 

As provided in the Indenture and subject to the
limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange subject to certain exceptions set forth in the Indenture.

  

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, including the Seller or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.
Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that,
except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have
no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the
Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or the Depositor, or join in any
institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the
Notes, the Indenture or the other Basic Documents.

 

The Issuer has entered into the Indenture and this
Note is issued with the intention that, for purposes of U.S. federal and state income tax, franchise tax and any other tax measured in
whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person as
the Issuer for U.S. federal income tax purposes) will be characterized as indebtedness secured by the Trust Estate. Each Noteholder, by
acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than Notes,
if any, retained by the Issuer or a Person considered to be the same person as the Issuer for U.S. federal income tax purposes) for such
purposes as indebtedness.

 

    	 	D-5	(20[__]-[ ] Indenture)

     

    

 

Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the Controlling Class of Notes representing
a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

The term “Issuer” as used in this Note
includes any successor to the Issuer under the Indenture. The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

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

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, none of [                                       ]
in its individual capacity, [                          ]
in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    	 	D-6	(20[__]-[ ] Indenture)

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

  

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]
		 	By:	[                                       ],
                   not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
	 	 	 
	 	 	Authorized Signatory

  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: 	 	 	[                          ],
not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Authorized
Signatory

      

    	 	D-7	(20[__]-[ ] Indenture)

     

    

 

ASSIGNMENT

  

Social
Security or taxpayer I.D. or other identifying number of assignee: __________________ 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

(name
and address of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________________, attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

 

	Dated:	 	 	*/

 

Signature Guaranteed:

 

_____________________________

 

*/     NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	D-8	(20[__]-[ ] Indenture)

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