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IDEANOMICS, INC.
AMENDED AND RESTATED 2010 EQUITY INCENTIVE PLAN

1.Purposes of the Plan. YOU on Demand Holdings, Inc., a Nevada corporation (the “Company”) hereby establishes the Seven Stars Cloud Group, Inc. Amended and Restated 2010 Equity Incentive Plan (the “Plan”). The purposes of this Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants, and to promote the long-term growth and profitability of the Company. The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units and Performance Shares as the Administrator may determine.
						
		
	2.	Definitions. The following definitions will apply to the terms in the Plan:

“Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4.
“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
“Award” means, individually or collectively, a grant under the Plan of Options, SARs, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares.
“Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.
“Board” means the Board of Directors of the Company.
“Change in Control” means the occurrence of any of the following events:
(i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company's then outstanding voting securities; provided however, that for purposes of this subsection (i) any acquisition of securities directly from the Company shall not constitute a Change in Control; or
(ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company's assets;
(iii) A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or
(iv) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.
For avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is the change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
“Code” means the Internal Revenue Code of 1986, as amended. Any reference in the Plan to a section of the Code will be a reference to any successor or amended section of the Code.
“Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof.
“Common Stock” means the common stock of the Company.
“Company” means YOU on Demand Holdings, Inc., a Nevada corporation, or any successor thereto.
“Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.
“Director” means a member of the Board.
“Disability” means total and permanent disability as determined by the Administrator in its discretion in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.
“Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have lower exercise prices and different terms), Awards of a different type and/or cash, and/or (ii) the exercise price of an outstanding Award is reduced.
“Fair Market Value” means, as of any date, the value of Common Stock determined as follows:
(i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation any division or subdivision of the Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, including without limitation quotation through the over the counter bulletin board (“OTCBB”) quotation service administered by the Financial Industry Regulatory Authority (“FINRA”) , the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
(iii) In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator, and to the extent Section 15 applies (a) with respect to ISOs, the Fair Market Value shall be determined in a manner consistent with Code section 422 or (b) with respect to NSOs or SARs, the Fair Market Value shall be determined in a manner consistent with Code section 409A.
“Fiscal Year” means the fiscal year of the Company.
“Grant Date” means, for all purposes, the date on which the Administrator determines to grant an Award, or such other later date as is determined by the Administrator, provided that the Administrator cannot grant an Award prior to the date the material terms of the Award are established. Notice of the Administrator’s determination to grant an Award will be provided to each Participant within a reasonable time after the Grant Date.
“Incentive Stock Option” or “ISO” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.
“Nonstatutory Stock Option” or “NSO” means an Option that by its terms does not qualify or is not intended to qualify as an ISO.
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.
“Option” means a stock option granted pursuant to the Plan.
“Optioned Shares” means the Common Stock subject to an Option.
“Optionee” means the holder of an outstanding Option.
“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.
“Participant” means the holder of an outstanding Award.
“Performance Share” means an Award denominated in Shares which may vest in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10.
“Performance Unit” means an Award which may vest in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10.
“Period of Restriction” means the period during which Shares of Restricted Stock are subject to forfeiture or restrictions on transfer pursuant to Section 7.
“Plan” means this 2010 Equity Incentive Plan.
“Restricted Stock” means Shares awarded to a Participant which are subject to forfeiture and restrictions on transferability in accordance with Section 7.
“Restricted Stock Unit” means the right to receive one Share at the end of a specified period of time, which right is subject to forfeiture in accordance with Section 8 of the Plan.
“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3.
“Section” means a paragraph or section of this Plan.
“Section 16(b)” means Section 16(b) of the Exchange Act.
“Service Provider” means an Employee, Director or Consultant.
“Share” means a share of the Common Stock, as adjusted in accordance with Section 13.
“Stock Appreciation Right” or “SAR” means the right to receive payment from the Company in an amount no greater than the excess of the Fair Market Value of a Share at the date the SAR is exercised over a specified price fixed by the Administrator in the Award Agreement, which shall not be less than the Fair Market Value of a Share on the Grant Date. In the case of a SAR which is granted in connection with an Option, the specified price shall be the Option exercise price.
“Subsidiary” means a "subsidiary corporation", whether now or hereafter existing, as defined in Section 424(f) of the Code.
“Ten Percent Owner” means any Service Provider who is, on the grant date of an ISO, the owner of Shares (determined with application of ownership attribution rules of Code Section 424(d)) possessing more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries.

						
	3.	Stock Subject to the Plan.

									
		a.	Stock Subject to the Plan. Subject to the provisions of Section 13, the maximum aggregate number of Shares that may be issued under the Plan is thirty one million five hundred thousand (56,800,000) Shares. The Shares may be authorized but unissued, or reacquired Common Stock.

									
		b.	Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full or, with respect to Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units, is forfeited in whole or in part to the Company, the unpurchased Shares (or for Awards other than Options and SARs, the forfeited or unissued Shares) which were subject to the Award will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to SARs, only Shares actually issued pursuant to a SAR will cease to be available under the Plan; all remaining Shares subject to the SARs will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are forfeited to the Company, such Shares will become available for future grant under the Plan. Shares withheld by the Company to pay the exercise price of an Award or to satisfy tax withholding obligations with respect to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan.

									
		c.	Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.

						
	4.	Administration of the Plan.

									
		a.	Procedure. The Plan shall be administered by the Board or a Committee (or Committees) appointed by the Board, which Committee shall be constituted to comply with Applicable Laws. If and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the Administrator and the membership of any committee acting as Administrator the requirements regarding (i) “nonemployee directors” within the meaning of Rule 16b-3 under the Exchange Act; (ii) “independent directors” as described in the listing requirements for any stock exchange on which Shares are listed; and (iii) Section 15(b)(i) of the Plan if the Company pays salaries for which it claims deductions that are subject to the Code section 162(m) limitation on its U.S. tax returns. The Board may delegate the responsibility for administering the Plan with respect to designated classes of eligible Participants to different committees consisting of two or more members of the Board, subject to such limitations as the Board or the Administrator deems appropriate. Committee members shall serve for such term as the Board may determine, subject to removal by the Board at any time.

		b.	Powers of the Administrator. Subject to the provisions of the Plan and the approval of any relevant authorities, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

									
		i.	to determine the Fair Market Value;

									
		ii.	to select the Service Providers to whom Awards may be granted hereunder;

									
		iii.	to determine the number of Shares to be covered by each Award granted hereunder;

									
		iv.	to approve forms of agreement for use under the Plan;

									
		v.	to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on continued employment, continued service or performance criteria), any vesting acceleration (whether by reason of a Change of Control or otherwise) or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, will determine;

									
		vi.	subject to Section 15(c) of the Plan, to reduce, without prior stockholder approval, the exercise price of any Award to the then current Fair Market Value of the Common Stock covered by such Award if the Fair Market Value has declined since the Grant Date;

									
		vii.	to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan, including the right to construe disputed or doubtful Plan and Award provisions;

									
		viii.	to prescribe, amend and rescind rules and regulations relating to the Plan;

									
		ix.	to modify or amend each Award (subject to Section 19(c)) to the extent any modification or amendment is consistent with the terms of the Plan. The Administrator shall have the discretion to extend the exercise period of Options generally provided the exercise period is not extended beyond the earlier of the original term of the Option or 10 years from the original grant date, or specifically (1) if the exercise period of an Option is extended (but to no more than 10 years from the original grant date) at a time when the exercise price equals or exceeds the fair market value of the Optioned Shares or (2) an Option cannot be exercised because such exercise would violate Applicable Laws, provided that the exercise period is not extended more than 30 days after the exercise of the Option would no longer violate Applicable Laws.
		x.	to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section 14;

									
		xi.	to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;

									
		xii.	to delay issuance of Shares or suspend Participant’s right to exercise an Award as deemed necessary to comply with Applicable Laws; and

									
		xiii.	to make all other determinations deemed necessary or advisable for administering the Plan.

									
		c.	Effect of Administrator's Decision. The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards. Any decision or action taken or to be taken by the Administrator, arising out of or in connection with the construction, administration, interpretation and effect of the Plan and of its rules and regulations, shall, to the maximum extent permitted by Applicable Laws, be within its absolute discretion (except as otherwise specifically provided in the Plan) and shall be final, binding and conclusive upon the Company, all Participants and any person claiming under or through any Participant.

						
	5.	Eligibility. NSOs, Restricted Stock, Restricted Stock Units, SARs, Performance Units and Performance Shares may be granted to Service Providers. ISOs may be granted as specified in Section 15(a).

						
	6.	Stock Options.

									
		a.	Grant of Options. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Options to Service Providers in such amounts as the Administrator will determine in its sole discretion. For purposes of the foregoing sentence, Service Providers shall include prospective employees or consultants to whom Options are granted in connection with written offers of employment or engagement of services, respectively, with the Company; provided that no Option granted to a prospective employee or consultant may be exercised prior to the commencement of employment or services with the Company. The Administrator may grant NSOs, ISOs, or any combination of the two. ISOs shall be granted in accordance with Section 15(a) of the Plan.

									
		b.	Option Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the type of Option granted, the Option price, the exercise date, the term of the Option, the number of Shares to which the Option pertains, and such other terms and conditions (which need not be identical among Participants) as the Administrator shall determine in its sole discretion. If the Award Agreement does not specify that the Option is to be treated as an ISO, the Option shall be deemed a NSO.

		c.	Exercise Price. The per Share exercise price for the Shares to be issued pursuant to exercise of an Option will be no less than the Fair Market Value per Share on the Grant Date.

									
		d.	Term of Options. The term of each Option will be stated in the Award Agreement. Unless terminated sooner in accordance with the remaining provisions of this Section 6, each Option shall expire either ten (10) years after the Grant Date, or after a shorter term as may be fixed by the Board.

									
		e.	Time and Form of Payment.

									
		i.	Exercise Date. Each Award Agreement shall specify how and when Shares covered by an Option may be purchased. The Award Agreement may specify waiting periods, the dates on which Options become exercisable or “vested” and, subject to the termination provisions of this section, exercise periods. The Administrator may accelerate the exercisability of any Option or portion thereof.

									
		ii.	Exercise of Option. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (1) notice of exercise (in such form as the Administrator specify from time to time) from the person entitled to exercise the Option, and (2) full payment for the Shares with respect to which the Option is exercised (together with all applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan (together with all applicable withholding taxes). Shares issued upon exercise of an Option will be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Optioned Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13.

		iii.	Payment. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. Such consideration may consist entirely of:

(1) cash;
(2) check;
(3) to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;
(4) other Shares, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option will be exercised;

(5) to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, in accordance with any broker-assisted cashless exercise procedures approved by the Company and as in effect from time to time;
(6) by asking the Company to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares having a value equal to the aggregate Exercise Price of the Shares being acquired;
(7) any combination of the foregoing methods of payment; or
(8) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

									
		f.	Forfeiture of Options. All unexercised Options shall be forfeited to the Company in accordance with the terms and conditions set forth in the Award Agreement and again will become available for grant under the Plan.

						
	7.	Restricted Stock.

									
		a.	Grant of Restricted Stock. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator will determine in its sole discretion.

									
		b.	Restricted Stock Award Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed.

		c.	Vesting Conditions and Other Terms.

									
		i.	Vesting Conditions. The Administrator, in its sole discretion, may impose such conditions on the vesting of Shares of Restricted Stock as it may deem advisable or appropriate, including but not limited to, achievement of Company- wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. The Administrator may, in its discretion, also provide for such complete or partial exceptions to an employment or service restriction as it deems equitable.

									
		ii.	Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

									
		iii.	Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator determines otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

									
		iv.	Transferability. Except as provided in this Section, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

									
		d.	Removal of Restrictions. All restrictions imposed on Shares of Restricted Stock shall lapse and the Period of Restriction shall end upon the satisfaction of the vesting conditions imposed by the Administrator. Vested Shares of Restricted Stock will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine, but in no event later than the 15th day of the third month following the end of the year in which vesting occurred.

									
		e.	Forfeiture of Restricted Stock. On the date set forth in the Award Agreement, the Shares of Restricted Stock for which restrictions have not lapsed will be forfeited and revert to the Company and again will become available for grant under the Plan.

						
	8.	Restricted Stock Units.

									
		a.	Grant of Restricted Stock Units. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Restricted Stock Units to Service Providers in such amounts as the Administrator will determine in its sole discretion.

									
		b.	Restricted Stock Units Award Agreement. Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the number of Restricted Stock Units granted, vesting criteria, form of payout, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion.

		c.	Vesting Conditions. The Administrator shall set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. At any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

									
		d.	Time and Form of Payment. Upon satisfaction of the applicable vesting conditions, payment of vested Restricted Stock Units shall occur in the manner and at the time provided in the Award Agreement, but in no event later than the 15th day of the third month following the end of the year in which vesting occurred. Except as otherwise provided in the Award Agreement, Restricted Stock Units may be paid in cash, Shares, or a combination thereof at the sole discretion of the Administrator. Restricted Stock Units that are fully paid in cash will not reduce the number of Shares available for issuance under the Plan.

									
		e.	Forfeiture of Restricted Stock Units. All unvested Restricted Stock Units shall be forfeited to the Company on the date set forth in the Award Agreement and again will become available for grant under the Plan.

						
	9.	Stock Appreciation Rights.

									
		a.	Grant of SARs. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant SARs to Service Providers in such amounts as the Administrator will determine in its sole discretion.

									
		b.	Award Agreement. Each SAR grant will be evidenced by an Award Agreement that will specify the exercise price, the number of Shares underlying the SAR grant, the term of the SAR, the conditions of exercise, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion.

									
		c.	Exercise Price and Other Terms. The per Share exercise price for the exercise of an SAR will be no less than the Fair Market Value per Share on the Grant Date.

									
		d.	Time and Form of Payment of SAR Amount. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount no greater than: (i) the difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times (ii) the number of Shares with respect to which the SAR is exercised. An Award Agreement may provide for a SAR to be paid in cash, Shares of equivalent value, or a combination thereof.

		e.	Forfeiture of SARs. All unexercised SARs shall be forfeited to the Company in accordance with the terms and conditions set forth in the Award Agreement and again will become available for grant under the Plan.

						
	10.	Performance Units and Performance Shares.

									
		a.	Grant of Performance Units and Performance Shares. Performance Units or Performance Shares may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant.

									
		b.	Award Agreement. Each Award of Performance Units and Shares will be evidenced by an Award Agreement that will specify the initial value, the Performance Period, the number of Performance Units or Performance Shares granted, and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion.

									
		c.	Value of Performance Units and Performance Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before the Grant Date. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the Grant Date.

									
		d.	Vesting Conditions and Performance Period. The Administrator will set performance objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units or Performance Shares that will be paid out to the Service Providers. The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.” The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual goals or any other basis determined by the Administrator in its discretion.

									
		e.	Time and Form of Payment. After the applicable Performance Period has ended, the holder of Performance Units or Performance Shares will be entitled to receive a payout of the number of vested Performance Units or Performance Shares by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. Vested Performance Units or Performance Shares will be paid as soon as practicable after the expiration of the applicable Performance Period, but in no event later than the 15th day of the third month following the end of the year the applicable Performance Period expired. An Award Agreement may provide for the satisfaction of Performance Unit or Performance Share Awards in cash or Shares (which have an aggregate Fair Market Value equal to the value of the vested Performance Units or Performance Shares at the close of the applicable Performance Period) or in a combination thereof.

									
		f.	Forfeiture of Performance Units and Performance Shares. All unvested Performance Units or Performance Shares will be forfeited to the Company on the date set forth in the Award Agreement, and again will become available for grant under the Plan.

	11.	Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise or as required by Applicable Laws, vesting of Awards will be suspended during any unpaid leave of absence. An Employee will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary.

						
	12.	Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate.

						
	13.	Adjustments; Dissolution or Liquidation; Merger or Change in Control.

									
		a.	Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, shall appropriately adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award.

									
		b.	Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.

									
		c.	Change in Control. In the event of a merger or Change in Control, any or all outstanding Awards may be assumed by the successor corporation, which assumption shall be binding on all Participants. In the alternative, the successor corporation may substitute equivalent Awards (after taking into account the existing provisions of the Awards). The successor corporation may also issue, in place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to vesting requirements and repurchase restrictions no less favorable to the Participant than those in effect prior to the merger or Change in Control.

In the event that the successor corporation does not assume or substitute for the Award, unless the Administrator provides otherwise, the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and SARs, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Performance Shares and Performance Units, all Performance Goals or other vesting criteria will be deemed achieved at target levels and all other terms and conditions met. In addition, if an Option or SAR is not assumed or substituted in the event of a Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or SAR will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or SAR will terminate upon the expiration of such period.
For the purposes of this Section 13(c), an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) or, in the case of a SAR upon the exercise of which the Administrator determines to pay cash or a Performance Share or Performance Unit which the Administrator can determine to pay in cash, the fair market value of the consideration received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or 

SAR or upon the payout of a Restricted Stock Unit, Performance Share or Performance Unit, for each Share subject to such Award (or in the case of Restricted Stock Units and Performance Units, the number of implied shares determined by dividing the value of the Restricted Stock Units and Performance Units, as applicable, by the per share consideration received by holders of Common Stock in the Change in Control), to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.
Notwithstanding anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant's consent; provided, however, a modification to such performance goals only to reflect the successor corporation's post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

						
	14.	Tax Withholding.

									
		a.	Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes required by Applicable Laws to be withheld with respect to such Award (or exercise thereof).

									
		b.	Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the amount required to be withheld, or (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

	15.	Provisions Applicable in the Event the Company or the Service Provider is Subject to U.S. Taxation.

									
		a.	Grant of Incentive Stock Options. If the Administrator grants Options to Employees subject to U.S. taxation, the Administrator may grant such Employee an ISO and the following terms shall also apply:

									
		i.	Maximum Amount. Subject to the provisions of Section 13, to the extent consistent with Section 422 of the Code, not more than an aggregate of thirty one million five hundred thousand (31,500,000) Shares may be issued as ISOs under the Plan.

									
		ii.	General Rule. Only Employees shall be eligible for the grant of ISOs.

									
		iii.	Continuous Employment. The Optionee must remain in the continuous employ of the Company or its Subsidiaries from the date the ISO is granted until not more than three months before the date on which it is exercised. A leave of absence approved by the Company may exceed ninety (90) days if reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three (3) months following the ninety-first (91st) day of such leave any ISO held by the Optionee will cease to be treated as an ISO.

									
		iv.	Award Agreement.

(1) The Administrator shall designate Options granted as ISOs in the Award Agreement. Notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which ISOs are exercisable for the first time by the Optionee during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), Options will not qualify as an ISO. For 

purposes of this section, ISOs will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted.
(2) The Award Agreement shall specify the term of the ISO. The term shall not exceed ten (10) years from the Grant Date or five (5) years from the Grant Date for Ten Percent Owners.
(3) The Award Agreement shall specify an exercise price of not less than the Fair Market Value per Share on the Grant Date or one hundred ten percent (110%) of the Fair Market Value per Share on the Grant Date for Ten Percent Owners.
(4) The Award Agreement shall specify that an ISO is not transferable except by will, beneficiary designation or the laws of descent and distribution.

									
		v.	Form of Payment. The consideration to be paid for the Shares to be issued upon exercise of an ISO, including the method of payment, shall be determined by the Administrator at the time of grant in accordance with Section 6(e)(iii).

									
		vi.	“Disability”, for purposes of an ISO, means total and permanent disability as defined in Section 22(e)(3) of the Code.

									
		vii.	Notice. In the event of any disposition of the Shares acquired pursuant to the exercise of an ISO within two years from the Grant Date or one year from the exercise date, the Optionee will notify the Company thereof in writing within thirty (30) days after such disposition. In addition, the Optionee shall provide the Company with such information as the Company shall reasonably request in connection with determining the amount and character of Optionee’s income, the Company’s deduction, and the Company’s obligation to withhold taxes or other amounts incurred by reason of a disqualifying disposition, including the amount thereof.

									
		b.	Performance-based Compensation. If the Company pays salaries for which it claims deductions that are subject to the Code section 162(m) limitation on its U.S. tax returns, then the following terms shall be applied in a manner consistent with the requirements of, and only to the extent required for compliance with, the exclusion from the limitation on deductibility of compensation under Code Section 162(m):

									
		i.	Outside Directors. The Board shall consider in selecting the Administrator and the membership of any committee acting as Administrator the provisions regarding “outside directors” within the meaning of Code Section 162(m).

									
		ii.	Maximum Amount.

(1) Subject to the provisions of Section 13, the maximum number of Shares that can be awarded to any individual Participant in the aggregate in any one fiscal year of the Company is one hundred million (100,000,000) Shares;
(2) For Awards denominated in Shares and satisfied in cash, the maximum Award to any individual Participant in the aggregate in any one fiscal year of the Company is the Fair Market Value of fifty million (50,000,000) Shares on the Grant Date; and
(3) The maximum amount payable pursuant to any cash Awards to any individual Participant in the aggregate in any one fiscal year of the Company is the Fair Market Value of fifty million (50,000,000) Shares on the Grant Date.

									
		iii.	Performance Criteria. All performance criteria must be objective and be established in writing prior to the beginning of the performance period or at later time as permitted by Code Section 162(m). Performance criteria may include alternative and multiple performance goals and may be based on one or more business and/or financial criteria. In establishing the performance goals, the Committee in its discretion may include one or any combination of the following criteria in either absolute or relative terms, for the Company or any Subsidiary:

(1) Increased revenue;
(2) Net income measures (including but not limited to income after capital costs and income before or after taxes);

(3) Stock price measures (including but not limited to growth measures and total stockholder return);
(4) Market share;
(5) Earnings per Share (actual or targeted growth);
(6) Earnings before interest, taxes, depreciation, and amortization (“EBITDA”);
(7) Cash flow measures (including but not limited to net cash flow and net cash flow before financing activities);
(8) Return measures (including but not limited to return on equity, return on average assets, return on capital, risk-adjusted return on capital, return on investors’ capital and return on average equity);
(9) Operating measures (including operating income, funds from operations, cash from operations, after-tax operating income, sales volumes, production volumes, and production efficiency);
(10) Expense measures (including but not limited to overhead cost and general and administrative expense);
(11) Margins;
(12) Stockholder value;
(13) Total stockholder return;
(14) Proceeds from dispositions;
(15) Production volumes;
(16) Total market value; and
(17) Corporate values measures (including but not limited to ethics compliance, environmental, and safety).

									
		c.	Stock Options and SARs Exempt from Code section 409A. If the Administrator grants Options or SARs to Employees subject to U.S. taxation the Administrator may not modify or amend the Options or SARs to the extent that the modification or amendment adds a feature allowing for additional deferral within the meaning of Code section 409A.

									
		16.	No Effect on Employment or Service. Neither the Plan nor any Award will confer upon any Participant any right with respect to continuing the Participant's relationship as a Service Provider with the Company or any Parent or Subsidiary of the Company, nor will they interfere in any way with the Participant's right or the Company's or its Parent’s or Subsidiary’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

									
		17.	Effective Date. The Plan’s effective date is the date on which it is adopted by the Board, so long as it is approved by the Company’s stockholders at any time within 12 months of such adoption. Upon approval of the Plan by the stockholders of the Company, all Awards issued pursuant to the Plan on or after the Effective Date shall be fully effective as if the stockholders of the Company had approved the Plan on the Effective Date. If the stockholders fail to approve the Plan within one year before or after the Effective Date, any Awards made hereunder shall be null and void and of no effect.

						
	18.	Term of Plan. The Plan will terminate on the earlier of (i) August 31, 2030, or (ii) the date it is terminated by the Board pursuant to Section 19.

						
	19.	Amendment and Termination of the Plan.

									
		a.	Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

									
		b.	Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.

									
		c.	Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator's ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

	20.	Conditions Upon Issuance of Shares.

									
		a.	Legal Compliance. The Administrator may delay or suspend the issuance and delivery of Shares, suspend the exercise of Options or SARs, or suspend the Plan as necessary to comply with Applicable Laws. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.

									
		b.	Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

						
	21.	Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.

						
	22.	Exchange Programs. The Administrator may authorize the Company, without prior stockholder approval, to institute one or more Exchange Programs. An Exchange Program may, at the discretion of the Administrator, be offered to individual Participants selected by the Administrator on a case-by-case basis, or to a class of Participants identified by the Administrator. The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion, not inconsistent with the terms of the Plan, including without limitation, Section 15(c); provided however, that no Exchange Program may adversely affect the rights of a Participant under an outstanding Award unless the Participant consents in writing to be bound by the terms and conditions of the Exchange Program.

						
	23.	Substitution and Assumption of Awards. The Administrator may make Awards under the Plan that assume, substitute or replace performance shares, phantom shares, stock awards, stock options, stock appreciation rights or similar awards granted by another entity (including a Parent or Subsidiary), if such assumption, substitution or replacement is in connection with an asset acquisition, stock acquisition, merger, consolidation or similar transaction involving the Company (and/or its Parent or Subsidiary) and such other entity (and/or its affiliate). The Administrator may also cause the Plan to assume an equity-based award granted by the Company prior to the adoption and approval of the Plan or substitute or replace such prior award with a similar type of Award under this Plan. Notwithstanding any provision of the Plan (other than the maximum number of shares of Common Stock that may be issued under the Plan), ,(i) in the case of an Award that assumes, substitutes or replaces an award of another entity pursuant to a corporate transaction, such Award shall be subject to the same terms and conditions as the original award, with such adjustments or modifications as the Administrator deems necessary and appropriate to give effect to the relevant provisions of any agreement entered into in connection with the such corporate transaction or (ii) in the case of an Award that assumes, substitutes or replaces a prior Company award, such Award shall be subject to the same terms and conditions as the original award, except to the extent that any such term or condition is inconsistent with the Plan, in which event the terms of the Plan shall control. Notwithstanding the foregoing, in no event may the assumption, substitution or replacement of a prior Company award with an Award under the Plan adversely affect the Participant’s rights under the prior Company award unless the Participant consents in writing to such assumption, substitution or replacement. Shares issued pursuant to assumed, substituted or replaced awards shall count against the total number of shares authorized to be issued under the Plan pursuant to Section 3.

						
	24.	Governing Law. The Plan and all Agreements shall be construed in accordance with and governed by the laws of the State of Nevada.Exhibit 7.6 to Form F-10

Exhibit 4.4 to Form F-3

 

BROOKFIELD
CAPITAL FINANCE LLC

 

AND

 

BROOKFIELD ASSET MANAGEMENT INC.

 

AND

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

AND

 

COMPUTERSHARE TRUST COMPANY, N.A.

 

 

INDENTURE

 

 

Dated as of [          ],
20[  ]

 

     

     

    

 

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture,

dated as of [            ], 20[    ]

 

	Trust Indenture	 	 
	Act Section	 	Indenture Section
	§310(a)	 	7.12
	         (b)	 	7.11
	§311	 	7.16
	§312	 	8.1
	§313	 	8.2
	§314(a)	 	8.3; 11.6
	         (c)(1) and (2)	 	1.2
	         (e)	 	1.2
	§315(a)	 	7.5
	         (b)	 	7.4
	         (c) and (d)	 	7.5
	         (e)	 	6.14
	§316(a)(last sentence)	 	1.1 (Definition of “Outstanding”
	         (a)(1)(A)	 	6.12
	         (a)(1)(B)	 	6.13
	         (b)	 	6.8
	         (c)	 	1.4
	§317(a)	 	6.4
	         (b)	 	11.3
	§318	 	1.7

 

 

Note: This reconciliation
and tie shall not, for any purpose, be deemed to be a part of the Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	2
	 	 
	1.1	Definitions	2
	1.2	Compliance Certificates and Opinions	10
	1.3	Form of Documents Delivered to Trustees	10
	1.4	Acts of Holders; Record Dates	11
	1.5	Notices, Etc., to Trustees, Issuer and Company	12
	1.6	Notice to Holders; Waiver	13
	1.7	Trust Indenture Laws Control	14
	1.8	Access to the Securityholder Lists	14
	1.9	Effect of Headings and Table of Contents	14
	1.10	Successors and Assigns	14
	1.11	Separability Clause	15
	1.12	Benefits of Indenture	15
	1.13	Governing Law	15
	1.14	Legal Holidays	15
	1.15	Counterparts	15
	1.16	Agent for Service; Submission to Jurisdiction; Waiver of Immunities; Waiver of Jury Trial	16
	1.17	Currency Equivalent	16
	1.18	Language Clause	17
	1.19	Shareholders, Officers and Directors Exempt from Individual Liability	17
	1.20	Securities in a Foreign Country	17
	 	 	 
	Article 2 SECURITY FORMS	18
	 	 
	2.1	Forms Generally	18
	2.2	Form of Trustees’ Certificate of Authentication	18
	 	 	 
	Article 3 THE SECURITIES	19
	 	 
	3.1	Amount Unlimited; Issuable in Series	19
	3.2	Denominations	21
	3.3	Execution, Authentication, Delivery and Dating	22
	3.4	Temporary Securities	23
	3.5	Registration, Registration of Transfer and Exchange	23
	3.6	Mutilated, Destroyed, Lost and Stolen Securities	25
	3.7	Payment of Interest; Interest Rights Preserved	26
	3.8	Persons Deemed Owners	27
	3.9	Cancellation	27
	3.10	Computation of Interest	28
	3.11	Affiliate Purchase on Maturity	28
	 	 	 
	Article 4 SATISFACTION AND DISCHARGE	28
	 	 
	4.1	Satisfaction and Discharge of Indenture	28

 

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TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	4.2	Application of Trust Money	30
	 	 	 
	Article 5 guarantee of the company	30
	 	 
	5.1	Guarantee	30
	5.2	Demand	30
	5.3	Trustee Statement	31
	5.4	Liability of Company Absolute	31
	5.5	Dealings by Trustees	32
	 	 	 
	Article 6 remedies	33
	 	 
	6.1	Events of Default	33
	6.2	Acceleration of Maturity; Rescission and Annulment	34
	6.3	Collection of Indebtedness and Suits for Enforcement by Trustees	35
	6.4	Trustees May File Proofs of Claim	36
	6.5	Trustees May Enforce Claims Without Possession of Securities	36
	6.6	Application of Money Collected	37
	6.7	Limitation on Suits	37
	6.8	Unconditional Right of Holders to Receive Principal, Premium and Interest	38
	6.9	Restoration of Rights and Remedies	38
	6.10	Rights and Remedies Cumulative	38
	6.11	Delay or Omission Not Waiver	38
	6.12	Control by Holders	38
	6.13	Waiver of Past Defaults	39
	6.14	Undertaking for Costs	39
	6.15	Waiver of Usury, Stay or Extension Laws	39
	 	 	 
	Article 7 THE TRUSTEES	40
	 	 
	7.1	Certain Duties and Responsibilities	40
	7.2	Compliance With Anti-Money Laundering and Suppression of Terrorism Legislation	41
	7.3	Compliance with Privacy Laws	41
	7.4	Notice of Defaults	42
	7.5	Certain Rights of Trustees	42
	7.6	Indemnification of the Trustees	43
	7.7	Not Responsible for Recitals or Issuance of Securities	44
	7.8	May Hold Securities	44
	7.9	Money Held in Trust	44
	7.10	Compensation and Reimbursement	44
	7.11	Conflicting Interests	45
	7.12	Required Trustee Eligibility	45
	7.13	Resignation and Removal; Appointment of Successor	46
	7.14	Acceptance of Appointment by Successor	48

 

    -ii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	7.15	Merger, Conversion, Consolidation or Succession to Business	49
	7.16	Certain Trustee Restrictions	49
	7.17	Appointment of Authenticating Agent	49
	 	 	 
	Article 8 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER	51
	 	 
	8.1	Preservation of Information; Communications to Holders	51
	8.2	Reports by Trustees	51
	8.3	Reports by Issuer	52
	 	 	 
	Article 9 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	52
	 	 
	9.1	Issuer and Company May Consolidate, Etc., Only on Certain Terms	52
	9.2	Successor Substituted	53
	 	 	 
	Article 10 SUPPLEMENTAL INDENTURES	53
	 	 
	10.1	Supplemental Indentures Without Consent of Holders	53
	10.2	Supplemental Indentures With Consent of Holders	55
	10.3	Execution of Supplemental Indentures	56
	10.4	Effect of Supplemental Indentures	56
	10.5	Conformity with Trust Indenture Laws	56
	10.6	Reference in Securities to Supplemental Indentures	56
	 	 	 
	Article 11 COVENANTS	56
	 	 
	11.1	Payment of Principal, Premium and Interest	56
	11.2	Maintenance of Office or Agency	57
	11.3	Money for Securities Payments to Be Held in Trust	57
	11.4	Statements by Officers	58
	11.5	Existence	59
	11.6	Waiver of Certain Covenants	59
	 	 	 
	Article 12 REDEMPTION OF SECURITIES	60
	 	 
	12.1	Applicability of Article	60
	12.2	Election to Redeem; Notice to Trustees	60
	12.3	Selection by Trustees of Securities to Be Redeemed	60
	12.4	Notice of Redemption	61
	12.5	Deposit of Redemption Price	61
	12.6	Securities Payable on Redemption Date	62
	12.7	Securities Redeemed in Part	62
	 	 	 
	Article 13 SINKING FUNDS	62
	 	 
	13.1	Applicability of Article	62
	13.2	Satisfaction of Sinking Fund Payments with Securities	63
	 	 	 

    -iii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	13.3	Redemption of Securities for Sinking Fund	63
	 	 	 
	Article 14 DEFEASANCE AND COVENANT DEFEASANCE	63
	 	 
	14.1	Issuer’s Option to Effect Defeasance or Covenant Defeasance	63
	14.2	Defeasance and Discharge	64
	14.3	Covenant Defeasance	64
	14.4	Conditions to Defeasance or Covenant Defeasance	65
	14.5	Deposited Money and Government Obligations to Be Held in Trust; Miscellaneous Provisions	67
	14.6	Reinstatement	67
	 	 	 
	Article 15 MEETINGS OF HOLDERS OF NOTES	68
	 	 
	15.1	Call, Notice and Place of Meetings	68
	15.2	Persons Entitled to Vote at Meetings	68
	15.3	Quorum; Action	69
	15.4	Determination of Voting Rights; Conduct and Adjournment of Meetings	70
	15.5	Counting Votes and Recording Action of Meetings	71
	15.6	Instruments in Writing	71

 

    -iv-

     

    

 

INDENTURE

 

Dated as of [            ],
20[  ],

 

BETWEEN

 

Brookfield
capital finance llc, a limited liability company organized under the laws of Delaware,

 

(herein called the “Issuer”)

 

and

 

BROOKFIELD
ASSET MANAGEMENT INC., a corporation amalgamated under the laws of Ontario, Canada,

 

(herein called the “Company”)

 

and

 

COMPUTERSHARE
TRUST COMPANY OF CANADA, a trust company organized under the laws of Canada,

 

(herein called the “Canadian
Trustee”)

 

and

 

COMPUTERSHARE
TRUST COMPANY, N.A., a national banking association company existing under the laws of the United States,

 

(herein called the “U.S. Trustee”
and together with the Canadian Trustee, the “Trustees”).

 

RECITALS OF THE ISSUER AND THE COMPANY

 

The Issuer and the Company have
duly authorized the execution and delivery of this Indenture to provide for the issuance by the Issuer from time to time of unsecured
debentures, notes or other evidences of indebtedness in one or more series (herein called the “Securities”), each of
which is unconditionally guaranteed by the Company as provided herein.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

     

     

    

 

Article 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

		1.1	Definitions.

 

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

 

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

 

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

 

		(c)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with
International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and,
except as otherwise herein expressly provided, the terms “generally accepted accounting principles” with respect to any determination
required or permitted hereunder shall mean such accounting principles as are in accordance with IFRS at the date of such determination;

 

		(d)	unless the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Indenture;

 

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

 

		(f)	any reference to any Person shall include such Person’s successors and assigns.

 

“Act”, when used with respect
to any Holder, has the meaning specified in Section 1.4.

 

“Additional Amounts” if applicable
in respect of the Securities of any series, will have the meaning attributed to such term in the supplemental indenture pursuant to which
such series of Securities were created.

 

“Additional Securities” has
the meaning specified in Section 3.3.

 

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

 

“Agent” means any of the Authenticating
Agent, Paying Agent, transfer agent and/or Security Registrar, as applicable.

 

    - 2 -

    

    

 

“Authenticating Agent” means
any Person authorized by the Trustees pursuant to Section 7.17 to act on behalf of the Trustees to authenticate Securities of one
or more series.

 

“Board of Directors” means
the board of directors (or equivalent) of the Issuer or any duly authorized committee of that board.

 

“Board Resolution” means a
copy of a resolution that is certified by any director or officer (or equivalent) of the Issuer to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustees.

 

“Business Day”, when used with
respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment are authorized or obligated by law or executive order to close.

 

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

 

“Capital Lease Obligation”
of any Person means the obligation to pay rent or other payment amounts under a lease of (or other Debt arrangements conveying the right
to use) real or personal property of such Person which is required to be classified and accounted for as a capital lease or a liability
on the face of a balance sheet of such Person in accordance with generally accepted accounting principles and which has a term of at least
36 months. The stated maturity of such obligation shall be the date of the last payment of rent or any other amount due under such lease
prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty.

 

“Capital Stock” of any Person
means any and all shares, units, interests, participations or other equivalents (however designated) of corporate stock or other equity
participations, including partnership interests, whether general or limited, of such Person.

 

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

 

“Common Stock” of any Person
means Capital Stock of such Person that does not rank prior, as to the payment of dividends or as to the distribution of assets upon any
voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Capital Stock of any other class of such
Person.

 

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

 

    - 3 -

    

    

 

“Co-Obligor” has the meaning
specified in Section 10.1(b).

 

“Corporate Trust Office” means,
in the case of the Canadian Trustee, the principal office of the Canadian Trustee in Toronto, Ontario at which at any particular time
its corporate trust business shall be administered, which office at the date hereof is located at 100 University Avenue, 8th Floor, Toronto,
Canada M5J 2Y1, and in the case of the U.S. Trustee, the principal office of the U.S. Trustee in the United States at which at any particular
time its corporate trust business shall be administered, which office at the date hereof is located at 6200 South Quebec Street, Greenwood
Village, Colorado 80111, Attention: Corporate Trust.

 

“corporation” means a corporation,
association, company, joint-stock company or business trust.

 

“Covenant Defeasance” has the
meaning specified in Section 14.3.

 

“Debt” means (without duplication),
with respect to any Person, whether recourse is to all or a portion of the assets of such Person and whether or not contingent, (i) every
obligation of such Person for money borrowed, (ii) every obligation of such Person evidenced by bonds, debentures, notes or other
similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses, (iii) every
reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for
the account of such Person, (iv) every obligation of such Person issued or assumed as the deferred purchase price of property or
services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business which are not overdue
or which are being contested in good faith), (v) every Capital Lease Obligation of such Person, (vi) every obligation of such
Person the payment of which could not be considered as interest in accordance with generally accepted accounting principles under Interest
Rate or Currency Protection Agreements of such Person and (vii) every obligation of the type referred to in clauses (i) through
(vi) of another Person and all dividends of another Person the payment of which, in either case, such Person has Guaranteed or for
which such Person is responsible or liable, directly or indirectly, as obligor, Guarantor or otherwise.

 

“Defaulted Interest” has the
meaning specified in Section 3.7.

 

“Defeasance” has the meaning
specified in Section 14.2.

 

“Depositary” means, with respect
to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency that is designated
to act as Depositary for such Securities as contemplated by Section 3.1.

 

“Dollars” and “$”
means lawful money of the United States, and “Canadian Dollars” and “CDN$” means lawful money of
Canada.

 

“Event of Default” has the
meaning specified in Section 6.1.

 

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

 

    - 4 -

    

    

 

“Foreign Currency” means a
currency issued by the government of a country other than the United States.

 

“Global Security” means a Security
that evidences all or part of the Securities of any series, registered in the name of the Depositary (or nominee thereof) designated for
such Global Security.

 

“Government Obligation” has
the meaning specified in Section 14.4.

 

“Guarantee” by any Person means
any obligation, contingent or otherwise, of such Person guaranteeing, or having the economic effect of guaranteeing, any Debt of any other
Person (the “primary obligor”) in any manner, whether directly or indirectly, and including, without limitation, any
obligation of such Person, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or to purchase
(or to advance or supply funds for the purchase of) any security for the payment of such Debt, (ii) to purchase property, securities
or services for the purpose of assuring the holder of such Debt of the payment of such Debt, or (iii) to maintain working capital,
equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such
Debt (and “Guaranteed”, “Guaranteeing” and “Guarantor” shall have meanings correlative
to the foregoing); provided, however, that the Guarantee by any Person shall not include endorsements by such Person for collection or
deposit, in either case, in the ordinary course of business.

 

“Holder” means a Person in
whose name a Security is registered in the Security Register.

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture,
the provisions of the Trust Indenture Laws that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated
by Section 3.1.

 

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

 

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

 

“Interest Rate or Currency Protection
Agreement” of any Person means any interest rate protection agreement (including, without limitation, interest rate swaps, caps,
floors, collars and similar agreements), and/or other types of interest hedging agreements, and any currency protection agreement (including
foreign exchange contracts, currency swap agreements or other currency hedging arrangements).

 

“Investment Company Act” means
the U.S. Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

    - 5 -

    

    

 

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

 

“Issuer Request” or “Issuer
Order” means a written request or order signed in the name of the Issuer by any director or officer (or equivalent) of the Issuer
and delivered to the Trustees.

 

“Lien” means, with respect
to any property or assets, any mortgage, charge, hypothecation, pledge, encumbrance on, or other security interest in, such property or
assets.

 

“Market Exchange Rate” has
the meaning specified in Section 1.20.

 

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

 

“Notice of Default” means a
written notice of the kind specified in Section 6.1(e).

 

“Obligations”
means, with respect to the Securities of any series, the principal of, premium and Additional Amounts, if any, and interest on all Securities
of such series issued by the Issuer under this Indenture when and as the same shall become due and payable, whether at maturity, upon
redemption, acceleration or otherwise, and all other obligations and liabilities, including without limitation, all indemnities, owing
by the Issuer and any Co-Obligor to the Trustees under this Indenture in respect of such series, whether present or future, absolute or
contingent, liquidated or unliquidated, as principal or as surety, alone or with others, of whatsoever nature or kind, in any currency,
under or in respect of this Indenture.

 

“Officer’s Certificate”
means a certificate signed by any director or officer (or equivalent) of the Issuer and delivered to the Trustees. The person signing
an Officer’s Certificate given pursuant to Section 11.4 shall be the principal executive, financial or accounting officer of
the Issuer (or person(s) performing equivalent functions).

 

“Opinion of Counsel” means
a written opinion of counsel, who may be counsel for the Issuer and/or the Company, and who shall be acceptable to the Trustees, and which
opinion may be subject to customary assumptions and qualifications.

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to Section 6.2.

 

“Original Securities” has the
meaning specified in Section 3.3.

 

    - 6 -

    

    

 

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

 

		(a)	Securities theretofore cancelled by the Trustees or delivered to the Trustees for cancellation;

 

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

 

		(c)	Securities as to which Defeasance has been effected pursuant to Section 14.2; and

 

		(d)	Securities which have been cancelled pursuant to Section 3.6 or in exchange for or in lieu of which
other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which
there shall have been presented to the Trustees proof satisfactory to them that such Securities are held by a protected purchaser in whose
hands such Securities are valid obligations of the Issuer;

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount
Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such
date upon acceleration of the Maturity thereof to such date pursuant to Section 6.2, (B) if, as of such date, the principal
amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to
be Outstanding shall be the amount as specified or determined as contemplated by Section 3.1, (C) the principal amount of a
Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated by Section 1.17 or 3.1, of the principal amount
of such Security (or, in the case of a Security described in clause (A) or (B) above, of the amount determined as provided in
such clause), and (D) Securities owned by the Issuer, the Company or any other obligor upon the Securities or any Affiliate of the
Issuer, the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether
the Trustees shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action,
only Securities which the Trustees know to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustees the pledgee’s right so to act with
respect to such Securities and that the pledgee is not the Issuer, the Company or any other obligor upon the Securities or any Affiliate
of the Issuer, the Company or of such other obligor.

 

“Paying Agent” means any Person
authorized by the Issuer to pay the principal of or any premium or interest on any Securities on behalf of the Issuer in accordance with
Section 11.3.

 

    - 7 -

    

    

 

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

 

“Place of Payment”, when used
with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities
of that series are payable as specified as contemplated by Section 3.1.

 

“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Security.

 

“Proceeding” means any receivership,
insolvency, proposal, bankruptcy, compromise, arrangement, winding-up, dissolution or other similar judicial proceeding.

 

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

 

“Redemption Price”, when used
with respect to any Securities to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 3.1.

 

“Responsible Officer” means,
with respect to any Trustee, any officer assigned to the corporate trust office of such Trustee customarily performing functions similar
to those performed by such officer and having direct responsibility for the administration of this Indenture, and also, with respect to
a particular matter, any other officer, to whom such matter is referred because of such officer's knowledge of and familiarity with the
particular subject.

 

“Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

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

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5.

 

“Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustees pursuant to Section 3.7.

 

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

 

    - 8 -

    

    

 

“Subsidiary” of any Person
means (i) a corporation 50% or more of the combined voting power of the outstanding Voting Stock of which is owned, directly or indirectly,
by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or (ii) any
other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such Person and one
or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management
and affairs thereof.

 

“Trust Indenture Act” or “TIA”
means the U.S. Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however,
that in the event the U.S. Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” or
 “TIA” means, to the extent required by any such amendment, the U.S. Trust Indenture Act of 1939 as so amended.

 

“Trust Indenture Laws” means,
as to the Canadian Trustee, the Trust Indenture Legislation, and as to the U.S. Trustee, the Trust Indenture Act and regulations thereunder.

 

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

 

“Trustee” and “Trustees”
means, as the context requires, either or both of the Canadian Trustee and the U.S. Trustee, and if at any time it is not necessary to
have both a Canadian Trustee and a U.S. Trustee, and either such Trustee is removed pursuant to Section 7.12.1, references to “Trustees”
shall mean only the remaining Trustee after such removal.

 

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

 

“Voting Stock” of any Person
means Capital Stock of such Person which ordinarily has voting power for the election of directors (or persons performing similar functions)
of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency.

 

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		1.2	Compliance Certificates and Opinions.

 

Upon any application or request
by the Issuer to the Trustees to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustees such
certificates and opinions as may be required under the Trust Indenture Laws, including, without limitation, whether all conditions precedent
to such action have been satisfied and any other statement as required pursuant to the terms of this Indenture. Each such certificate
or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the Issuer, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Laws and any other requirements set
forth in this Indenture.

 

Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

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

 

		(b)	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;

 

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

 

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

 

		1.3	Form of Documents Delivered to Trustees.

 

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

 

Any certificate or opinion of
an officer of the Issuer or the Company 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 his or her certificate or opinion is based are erroneous. Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Issuer or the Company (as applicable) stating that the information with respect to such factual matters is in its possession, 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.

 

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.

 

    - 10 -

    

    

 

		1.4	Acts of Holders; Record Dates.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument is or
instruments are delivered to the Trustees and, where it is hereby expressly required, to the Issuer and the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders 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 conclusive in favor of the Trustees, the Issuer and the Company, if made in
the manner provided in this Section.

 

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

 

The ownership of Securities
shall be proved by the Security Register.

 

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

 

The Issuer may set any day as
a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or
taken by Holders of Securities of such series, which may be not less than five nor more than 60 days prior to the first solicitation of
any such request, demand, authorization, direction, notice, consent, waiver or other action; provided that the Issuer may not set a record
date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request
or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date. Nothing in this paragraph shall be construed to prevent the Issuer from setting a new record date
for any action for which a record date has previously been set pursuant to this paragraph, provided that it is not less than five nor
more than 60 days prior to such reset (whereupon the record date previously set shall automatically and with no action by any Person be
cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the
requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Issuer, at its own expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Trustees in writing and to each Holder of Securities of the relevant series
in the manner set forth in Section 1.6.

 

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The Trustees may set any day
as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or
making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 6.2, or (iii) any
request to institute proceedings referred to in Section 6.7(b), in each case with respect to Securities of such series. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders,
shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record
date. Nothing in this paragraph shall be construed to prevent the Trustees from setting a new record date for any action for which a record
date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken
by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Trustees, at the Issuer’s expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuer in writing and to each Holder of Securities
of the relevant series in the manner set forth in Section 1.6.

 

Without limiting the foregoing,
a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment
with regard to all or any part of such principal amount.

 

		1.5	Notices, Etc., to Trustees, Issuer and Company.

 

Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other documents, or any payment or deposit of monies or Securities, in each case
as provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:

 

		(a)	the Trustee(s) by any Holder or by the Issuer shall be sufficient for every purpose hereunder if
delivered to either (i) an officer of the Canadian Trustee at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Yl, Attention:
Manager, Corporate Trust Services, or if sent by facsimile transmission, e-mail or other electronic communication (with receipt confirmed)
to (416) 981-9777 or corporatetrust.toronto@computershare.com, Attention: Manager, Corporate Trust Services, or (ii) an officer of
the U.S. Trustee at 6200 South Quebec Street, Greenwood Village, Colorado 80111, Attention: Corporate Trust, or if sent by facsimile transmission,
e-mail or other electronic communication to (303) 262-0608 or corporate.trust@computershare.com, Attention: Corporate Trust, with a copy
to Computershare, 480 Washington Boulevard, Jersey City, New Jersey 07310, Attention: General Counsel, and in either case shall be deemed
to be validly given at the time of delivery or transmission if it is received prior to 4:00 p.m. (New York time) on a Business Day,
failing which it shall be deemed to have been given on the next Business Day. The Trustees may from time to time notify the Issuer of
a change in address, facsimile number or email address which thereafter, until changed by like notice, shall be the address, facsimile
number or e-mail address of the Trustees for the purposes of this Indenture; or

 

    - 12 -

    

    

 

		(b)	the Issuer or the Company by the Trustees or by any Holder shall be sufficient for every purpose hereunder
if delivered to the Issuer or the Company at Brookfield Place, 250 Vesey Street, 15th Floor, New York, New York 10281-1023, Attention:
Finance & Treasury Group, or, if sent by e-mail, at kathy.sarpash@brookfield.com (or pursuant to such other delivery instructions
as may be provided to the Trustees in writing hereinafter) shall be deemed to be validly given at the time of delivery or transmission
if it is received prior to 4:00 p.m. (Toronto time) on a Business Day, failing which it shall be deemed to have been given on the
next Business Day. The Issuer or the Company may from time to time notify the Trustees of a change in address or facsimile number which
thereafter, until changed by like notice, shall be the address or facsimile number of the Issuer or the Company (as applicable) for the
purposes of this Indenture. Copies of any notices that are sent to the Issuer or the Company by any Holder will be sent by such Holder
to the Trustees.

 

		1.6	Notice to Holders; Waiver.

 

Where this Indenture provides
for notice to Holders 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 Holder affected by such event, at his, her or its address as it appears in the Security
Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such
notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustees, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. Any notice mailed to a Holder
in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually
receives such notice.

 

In case by reason of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustees shall constitute a sufficient notification for every purpose hereunder.

 

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		1.7	Trust Indenture Laws Control.

 

The Issuer and each of the Trustees
agrees to comply with all provisions of the Trust Indenture Laws applicable to or binding upon it in connection with this Indenture and
any action to be taken hereunder. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with any mandatory
requirement of Trust Indenture Laws, such mandatory requirements shall prevail.

 

		1.8	Access to the Securityholder Lists.

 

		(a)	A Holder may, upon payment to the Trustees of a reasonable fee, require the Trustees to furnish within
10 days after receiving the affidavit or statutory declaration referred to below, a list setting out (i) the name and address of
every holder of Securities, (ii) the aggregate stated amount at maturity of Securities owned by each such Holder, and (iii) the
aggregate stated amount at maturity of the Securities then outstanding, each as shown on the records of the Trustees on the day that the
affidavit or statutory declaration is delivered to the Trustees. The affidavit or statutory declaration, as the case may be, shall contain
(i) the name and address of the Holder, (ii) where the applicant is a corporation, its name and address for service, and (iii) a
statement that the list will not be used except in connection with an effort to influence the voting of the Holders of Securities, an
offer to acquire Securities, or any other matter relating to the Securities or the affairs of the Issuer. Where the Holder is a corporation,
the affidavit or statutory declaration shall be made by a director or officer of the corporation. Notwithstanding anything in this subsection
to the contrary, Holders shall have the right to communicate with other Holders as described in Section 8.1 hereof.

 

		(b)	Every Holder of Securities, by receiving and holding the same, agrees with the Issuer and the Trustees
that none of the Issuer, the Company nor the Trustees nor any agent of any of them shall be held accountable by reason of the disclosure
of any such list of the names and addresses of Holders of Securities, regardless of the source from which such information was derived,
and that the Trustees shall not be held accountable by reason of mailing any material to any Person pursuant to any request made under
Trust Indenture Laws.

 

		1.9	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.

 

		1.10	Successors and Assigns.

 

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

 

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		1.11	Separability Clause.

 

In case any provision in this
Indenture or in the Securities 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.

 

		1.12	Benefits of Indenture.

 

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

 

		1.13	Governing Law.

 

This Indenture and the Securities
shall be governed by and construed in accordance with the law of the State of New York. Notwithstanding the preceding sentence of this
Section, the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder
shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable thereto.

 

		1.14	Legal Holidays.

 

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

 

		1.15	Counterparts.

 

This instrument 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. This instrument may be executed and delivered by facsimile or electronic transmission (in .pdf
or another acceptable format) of a counterpart hereof bearing a manual, facsimile or other electronic signature. Signatures of the parties
hereto transmitted by facsimile or such electronic format shall be deemed to be their original signatures for all purposes.

 

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		1.16	Agent for Service; Submission to Jurisdiction; Waiver of Immunities; Waiver of Jury Trial.

 

By the execution and delivery
of this Indenture, each of the Issuer and the Company (i) acknowledges that the Company has, by separate written instrument, irrevocably
designated and appointed Brookfield Asset Management LLC, Brookfield Place, 250 Vesey Street, 15th Floor, New York, New York 10281-1023
as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Securities or this
Indenture that may be instituted in any U.S. Federal or State court in the Borough of Manhattan, The City of New York or brought under
U.S. Federal or State securities laws or brought by either Trustee (whether in its individual capacity or in its capacity as a trustee
hereunder), and acknowledges that Brookfield Asset Management LLC has accepted, irrevocably and unconditionally, such designation, (ii) submits
to the non-exclusive jurisdiction of any such court in any such suit or proceeding, and (iii) agrees that service of process upon
Brookfield Asset Management LLC and written notice of said service to the Company (mailed or delivered to its Secretary at its principal
office at the address specified in the first paragraph of this instrument or at any other address previously furnished in writing to the
Trustees) shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company further
agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary
to continue such designation and appointment of Brookfield Asset Management LLC in full force and effect so long as this Indenture shall
be in full force and effect and so long as any of the Securities shall be outstanding.

 

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

 

EACH PARTY HERETO, AND EACH
HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

		1.17	Currency Equivalent.

 

For purposes of the construction
of the terms of this Indenture or of the Securities, in the event that any amount is stated herein in the currency of one nation (the
 “First Currency”), as of any date such amount shall also be deemed to represent the amount in the currency of any other
relevant nation (the “Other Currency”) which is required to purchase such amount in the First Currency at the average
daily rate of exchange for Canadian interbank transactions applied in converting the Other Currency into the First Currency published
by the Bank of Canada for the date of determination. If such exchange rate shall not be available for any reason with respect to such
First Currency or Other Currency, the Trustees shall use, at the direction of the Issuer and without liability on the part of the Trustees,
such quotation by a comparable financial publication in general circulation as of the most recent available date, or quotations or rates
of exchange from one or more major banks in Toronto, Canada or in the country of issue of the First Currency or Other Currency in question,
or such other quotations or rates of exchange as the Issuer shall direct.

 

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		1.18	Language Clause.

 

Les parties aux présentes
ont exigé que la présente convention ainsi que tous les documents et avis qui s’y rattachent et/ou qui en découleront
soient rédigés en langue anglaise. The parties hereto have required that this Indenture and all documents and notices related
thereto be drawn up in English.

 

		1.19	Shareholders, Officers and Directors Exempt from Individual Liability.

 

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

 

		1.20	Securities in a Foreign Country.

 

Unless otherwise specified in
or pursuant to a Board Resolution, a supplemental indenture or an Officer’s Certificate delivered pursuant to Section 3.1 with
respect to a particular series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of the Securities of one or more series at the time Outstanding and, at such time, there are
Outstanding Securities of any such affected series which are denominated in a Foreign Currency, then the principal amount of the Securities
of such series which shall be deemed to be Outstanding for the purpose of taking such action shall be the amount of Dollars which could
be obtained for such principal amount at the Market Exchange Rate on the applicable record date established pursuant to Section 1.4
or, if no such record date shall have been established, on the date that the taking of such action shall be authorized by Act of the Holders
of the Securities of all such affected series. For the purposes of this Section, “Market Exchange Rate” shall mean
the average daily rate of exchange for the Foreign Currency in Dollars quoted by the Bank of Canada. If such Market Exchange Rate shall
not be available for any reason with respect to such Foreign Currency, the Trustees shall use, at the direction of the Issuer and without
liability on the part of the Trustees, such quotation by a comparable financial publication in general circulation as of the most recent
available date, or quotations or rates of exchange from one or more major banks in Toronto, Canada or in the country of issue of the Foreign
Currency in question, or such other quotations or rates of exchange as the Issuer shall direct. The provisions of this paragraph shall
also apply in connection with any other action taken by the Holders pursuant to the terms of this Indenture, including without limitation
any action under Section 6.2.

 

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All decisions and determinations
of the Trustees regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in
its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably
binding upon the Issuer, the Company and all Holders.

 

Article 2

SECURITY FORMS

 

		2.1	Forms Generally.

 

The Securities of each series
shall be in substantially the form established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by a director or officer
(or equivalent) of the Issuer and delivered to the Trustees at or prior to the delivery of the Issuer Order contemplated by Section 3.3
for the authentication and delivery of such Securities.

 

The definitive Securities shall
be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers
executing such Securities, as evidenced by their execution of such Securities.

 

		2.2	Form of Trustees’ Certificate of Authentication.

 

The Trustees’ certificates
of authentication shall be authenticated by one or both of the Trustees, acting as Authenticating Agent as appointed in an indenture supplemental
hereto (subject to compliance with applicable Trust Indenture Laws), or by any Authenticating Agent appointed pursuant to Section 7.17,
and shall be in substantially the following form:

 

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

 

	 	                                                                                              ,
	 	As [Trustee] [Authenticating Agent]
	 	 
	 	By	                                                           
	 	Authorized Officer
	 	 
	 	Dated:                                                                                                                     ”

 

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Article 3

THE SECURITIES

 

		3.1	Amount Unlimited; Issuable in Series.

 

The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution of the Issuer and consented to in writing by the Company, subject
to Section 3.3, set forth or determined in the manner provided in an Officer’s Certificate of the Issuer, or established in
one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

		(a)	the title of the Securities of the series (which shall distinguish the Securities of the series from Securities
of any other series);

 

		(b)	any limit upon the aggregate principal amount of the Securities of the series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Sections 3.4, 3.5, 3.6, 10.6 or 12.7 and except for any Securities
which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder);

 

		(c)	the Person to whom any interest on a Security of the series shall be payable, if other than the Person
in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest;

 

		(d)	the date or dates on which the principal of any Securities of the series is payable;

 

		(e)	the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates
from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record
Date for any such interest payable on any Interest Payment Date;

 

		(f)	the place or places where the principal of and any premium and interest on any Securities of the series
shall be payable;

 

		(g)	the period or periods within which, the price or prices at which and the terms and conditions upon which
any Securities of the series may be redeemed, in whole or in part, at the option of the Issuer and, if other than by a Board Resolution,
the manner in which any election by the Issuer to redeem the Securities shall be evidenced;

 

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

 

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		(i)	if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any
Securities of the series shall be issuable;

 

		(j)	if the amount of principal of or any premium or interest on any Securities of the series may be determined
with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined;

 

		(k)	if other than the currency of the United States of America, the currency, currencies or currency units
in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the
equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding”
in Section 1.1;

 

		(l)	if the principal of or any premium or interest on any Securities of the series is to be payable, at the
election of the Issuer or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities
are stated to be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such Securities
as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is
to be made and the amount so payable (or the manner in which such amount shall be determined);

 

		(m)	if other than the entire principal amount thereof, the portion of the principal amount of any Securities
of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.2;

 

		(n)	if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable
as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities
as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon
any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or,
in any such case, the manner in which such amount deemed to be the principal amount shall be determined);

 

		(o)	if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible
pursuant to Section 14.2 or Section 14.3 or both such Sections and, if other than by a Board Resolution, the manner in which
any election by the Issuer to defease such Securities shall be evidenced;

 

		(p)	if applicable, that any Securities of the series shall be issuable in whole or in part in the form of
one or more Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends
which shall be borne by any such Global Securities and any circumstances in addition to or in lieu of those set forth in Section 3.5.2
in which any such Global Securities may be exchanged in whole or in part for Securities registered, and any transfer of such Global Securities
in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Securities or a nominee
thereof;

 

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		(q)	any addition to or change in the Events of Default which applies to any Securities of the series;

 

		(r)	any addition to or change in the covenants set forth in Article 11 (subject to compliance with Trust
Indenture Laws) which applies to Securities of the series;

 

		(s)	whether the Securities of such series are subject to subordination and the terms of such subordination
and any related provision;

 

		(t)	if the Securities of the series are to be convertible or exchangeable for any securities of any Person,
the terms and conditions upon which such Securities shall be convertible or exchangeable, and any additions or changes, if any, to permit
or facilitate such conversion or exchange;

 

		(u)	any applicable terms or conditions related to the addition of any Co-Obligor or additional Guarantor in
respect of Securities of the series; and

 

		(v)	any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).

 

All Securities of any one series
shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officer’s Certificate
referred to above or in any such indenture supplemental hereto. All Securities of any series need not be issued at the same time and may
be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board Resolution, Officer’s
Certificate or supplemental indenture.

 

If any of the terms of the series
are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by a
director or officer (or equivalent) of the Issuer and delivered to the Trustees at or prior to the delivery of the Officer’s Certificate
setting forth the terms of the series.

 

		3.2	Denominations.

 

Unless otherwise provided in
accordance with Section 3.1, the Securities of each series shall be issuable only in registered form without coupons and only in
such denominations as shall be specified as contemplated by Section 3.1. In the absence of any such specified denomination with respect
to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple
thereof.

 

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		3.3	Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed
on behalf of the Issuer by any director or officer (or equivalent) of the Issuer. The signature of any of these officers on the Securities
may be manual or by facsimile, e-mail or other electronic means.

 

Securities bearing the manual,
facsimile or electronic signatures of individuals who were at any time the proper 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 Securities or did
not hold such offices at the date of such Securities.

 

At any time and from time to
time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any series executed by the Issuer to one
or both Trustees for authentication, together with an Issuer Order for the authentication and delivery of such Securities, and the Trustees
in accordance with the Issuer Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series
have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustees shall be entitled
to receive, and (subject to Section 7.1) shall be fully protected in relying upon (in addition to the compliance certificate(s) and
opinion(s) provided for in Section 1.2), an Opinion of Counsel stating:

 

		(a)	if the form of such Securities has been established by or pursuant to a Board Resolution as permitted
by Section 2.1, that such form has been established in conformity with the provisions of this Indenture; and

 

		(b)	that such Securities, when authenticated and delivered by the Trustees and issued by the Issuer in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the
Issuer enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

Such Opinion of Counsel may
be combined with any Opinion of Counsel required to be delivered in connection with Section 1.2.

 

If such form or terms have been
so established, the Trustees shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture
will affect the Trustees’ own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustees.

 

Notwithstanding the provisions
of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall
not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.1 or the Issuer Order and Opinion
of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if
such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.

 

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Each Security shall be dated
the date of its authentication or, in the case of the original issuance of the Securities of a series, the date of original issuance of
such Securities, as the case may be. If any additional Securities of a series (“Additional Securities”) issued after
the date of original issuance of Securities of such series (“Original Securities”) are not fungible with such Original
Securities for U.S. federal income tax purposes, then such Additional Securities shall be issued with a separate CUSIP or ISIN number
so that they are distinguishable from the Original Securities.

 

No Security shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by a Trustee or both Trustees by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.
Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the
Issuer, and the Issuer shall deliver such Security to the Trustees for cancellation as provided in Section 3.9, for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to
the benefits of this Indenture.

 

		3.4	Temporary Securities.

 

Pending the preparation of definitive
Securities of any series, the Issuer may execute, and upon receipt of the Issuer Order the Trustees shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any
series are issued, the Issuer will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such
series upon surrender of the temporary Securities of such series at the office or agency of the Issuer in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Issuer
shall execute and the Trustees shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series,
of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor.

 

		3.5	Registration, Registration of Transfer and Exchange.

 

The Issuer shall cause to be
kept at the Corporate Trust Office of a Trustee a register, as provided in an indenture supplemental hereto (the register maintained in
such office and in any other office or agency of the Issuer in a Place of Payment being herein sometimes collectively referred to as the
 “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide
for the registration of Securities and of transfers of Securities. The Issuer may appoint one or more “Security Registrars”
for the purpose of registering Securities and transfers of Securities as herein provided.

 

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

 

At the option of the Holder,
Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and
aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Issuer shall execute, and the Trustees shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

 

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

 

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

 

No service charge shall be made
for any registration of transfer or exchange of Securities, but the Issuer may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 3.4, 10.6 or 12.7 not involving any transfer.

 

If the Securities of any series
(or of any series and specified tenor) are to be redeemed in part, the Issuer shall not be required (A) to issue, register the transfer
of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption
under Section 12.3 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

The provisions of Sections 3.5.1,
3.5.2, 3.5.3 and 3.5.4 below shall apply only to Global Securities:

 

3.5.1        Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security
or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

 

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3.5.2        Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer
of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security
or a nominee thereof unless (A) such Depositary (i) has notified the Issuer that it is unwilling or unable to continue as Depositary
for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, and a successor securities
depositary is not obtained, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security,
(C) the Issuer determines, in its sole discretion, that the Securities of such series shall no longer be represented by such Global
Security and executes and delivers to the Trustees an Issuer Order that such Global Security shall be so exchangeable and the transfer
thereof so registerable or (D) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been
specified for this purpose as contemplated by Section 3.1.

 

3.5.3        Subject
to Section 3.5.2 above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security
shall direct.

 

3.5.4        Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Section, Section 3.4, 3.6, 10.6 or 12.7 or otherwise, shall be authenticated and delivered in the
form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such
Global Security or a nominee thereof.

 

		3.6	Mutilated, Destroyed, Lost and Stolen Securities.

 

If any Security issued and certified
hereunder becomes mutilated or is lost, destroyed or stolen, the Issuer, in its discretion, may issue, and thereupon the Trustees shall
certify and deliver, a replacement Security of like date and tenor as the one mutilated, lost, destroyed or stolen in exchange for and
in place of and upon cancellation of such mutilated Security or in lieu of and in substitution for such lost, destroyed or stolen Security.
The substituted Security shall be substantially in a form reasonably approved by the Issuer and the Trustees and shall be entitled to
the benefit hereof and rank equally in accordance with its terms with all other Securities. The applicant for a replacement Security shall
bear the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish
to the Issuer and the Trustees such evidence of ownership and of the loss, destruction or theft of the Security so lost, destroyed or
stolen as shall be satisfactory to each of the Issuer and the Trustees in their discretion, and such applicant shall also furnish an indemnity
and surety bond, in amount and form satisfactory to each of the Issuer and the Trustees in their discretion, and shall pay the reasonable
charges and expenses of the Issuer and the Trustees in connection therewith. Any instructions by the Issuer to the Trustees under this
section shall include such indemnity for the protection of the Trustees as the Trustees may reasonably require.

 

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

 

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 Securities.

 

		3.7	Payment of Interest; Interest Rights Preserved.

 

Unless otherwise provided in
accordance with Section 3.1 for the Securities of any series, payments of principal of (and premium, if any) and interest on any
Security will be made at the Corporate Trust Office of the Trustees and the office or agency of the Issuer maintained for that purpose
in New York, New York or Toronto, Ontario, except that at the option of the Issuer payment of interest may be made by (a) check mailed
to the address of the Person entitled thereto as such address shall appear on the Security Register or (b) wire transfer to an account
maintained by the Person entitled thereto as specified in the Security Register.

 

Except as otherwise provided
as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any Security
of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Issuer, at its election in each case, as provided in Section 3.7.1 or 3.7.2
below:

 

3.7.1        The
Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which
shall be fixed in the following manner. The Issuer shall notify the Trustees in writing of the amount of Defaulted Interest proposed to
be paid on each Security of such series and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustees
an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustees for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as is provided for in this clause. Thereupon the Trustees shall fix
a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt by the Trustees of the notice of the proposed payment.
The Trustees shall promptly notify the Issuer of such Special Record Date and, in the name and at the expense of the Issuer, shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities
of such series in the manner set forth in Section 1.6, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to
the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business
on such Special Record Date and shall no longer be payable pursuant to the following Section 3.7.2.

 

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

 

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

 

		3.8	Persons Deemed Owners.

 

Prior to due presentment of
a Security for registration of transfer, the Issuer, the Trustees and any agent of the Issuer or the Trustees may treat the Person in
whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Issuer, the Trustees nor any agent of the Issuer or the Trustees shall be affected by notice to the contrary.

 

		3.9	Cancellation.

 

All Securities surrendered for
payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any
Person other than the Trustees, be delivered to the Trustees and shall be promptly cancelled by them. The Issuer may at any time deliver
to the Trustees for cancellation any Securities previously authenticated and delivered hereunder which the Issuer may have acquired in
any manner whatsoever, and may deliver to the Trustees (or to any other Person for delivery to the Trustees) for cancellation any Securities
previously authenticated hereunder which the Issuer has not issued and sold, and all Securities so delivered shall be promptly cancelled
by the Trustees. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held by the Trustees shall be disposed of as directed by an
Issuer Order.

 

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		3.10	Computation of Interest.

 

Except as otherwise specified
as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis
of a 360-day year of twelve 30-day months. The yearly rate of interest for any period of less than one year to which interest at a stated
rate computed on the basis of a year of 360 days consisting of twelve 30-day months is equivalent is the stated rate multiplied by a fraction
of which (a) the numerator is the product of (i) the actual number of days in the calendar year in which the first day of the
relevant period falls and (ii) the sum of (A) the product of (x) 30 and (y) the number of complete months elapsed
in the relevant period and (B) the actual number of days elapsed in any incomplete month in the relevant period, and (b) the
denominator is the product of (i) 360 and (ii) the actual number of days in the relevant period.

 

		3.11	Affiliate Purchase on Maturity.

 

Notwithstanding the other provisions
of this Indenture, the Issuer may, by providing notice to the Trustees at least two Business Days prior to the Maturity of any Securities,
elect to have one or more Affiliates of the Issuer or the Company purchase all, but not less than all, of the Securities so to be redeemed
or repaid at a price equal to the Redemption Price (excluding accrued and unpaid interest), in the case of Securities called for redemption,
or at a price equal to the principal amount, in the case of Securities coming due at the Stated Maturity (in each case, the “Repayment
Price”); provided that any accrued and unpaid interest thereon will be paid by the Issuer. Upon payment therefor of an
amount equal to the Repayment Price, and payment by the Issuer of accrued interest and premium, if any, such Securities shall be cancelled
by the Trustees and a new certificate in the name of such Affiliate will be issued by the Trustees upon receipt by the Trustees of an
Issuer Order, provided however, that such cancellation and reissuance of certificates shall be deemed not to represent a novation of the
debt represented by such Securities, but rather such Securities shall be deemed transferred to such Affiliate and such debt shall continue
to remain outstanding on the same terms subject to such modifications, if any, as may be agreed by the Issuer and such Affiliate in writing.
Such Affiliate shall not be permitted to vote such Securities in connection with any matter put before Holders for approval, unless 100%
of the Securities of each series entitled to be voted in respect of such matter are held by the Issuer, the Company or their respective
Affiliates. Should such Affiliate and the Issuer, if applicable, fail to make full payment of the Repayment Price and accrued interest
and premium, if any, on Maturity, then such Securities shall become due and payable as otherwise provided for but for this Section 3.11.
The Trustees may request, and the Issuer and its counsel shall provide upon such request, any additional supporting documentation in connection
with this Section 3.11, including but not limited to an Opinion of Counsel addressed to the Trustees in support of the Affiliate
purchase herein described.

 

Article 4

SATISFACTION AND DISCHARGE

 

		4.1	Satisfaction and Discharge of Indenture.

 

This Indenture (including the
Issuer and the Company’s obligations hereunder) shall upon Issuer Request cease to be of further effect, and the Trustees, at the
expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

 

		(a)	either

 

		(i)	all Securities theretofore authenticated and delivered (other than (i) Securities which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 11.3) have been delivered to the Trustees for cancellation; or

 

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		(ii)	all such Securities not theretofore delivered to the Trustees for cancellation

 

		(A)	have become due and payable, or

 

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

 

		(C)	are to be called for redemption within one year under arrangements satisfactory to the Trustees for the
giving of notice of redemption by the Trustees in the name, and at the expense, of the Issuer,

 

and the Issuer, in the case of (A),
(B) or (C) above, has deposited or caused to be deposited with the Trustees as trust funds in trust for the purpose money in
an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustees for cancellation,
for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or
to the Stated Maturity or Redemption Date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction
and discharge of this Indenture, the issuance of temporary Securities provided for in Section 3.4, the rights of registration of
transfer or exchange of Securities provided for in Section 3.5, the provisions of Section 3.6, the indemnity provided in the
last paragraph of Section 7.5, the obligations of the Issuer to the Trustees under Section 7.10, the obligations of the Trustees
to any Authenticating Agent under Section 7.17 and, if money shall have been deposited with the Trustees pursuant to subclause (ii) of
section (a) above, the obligations of the Trustees under Section 4.2 and the last paragraph of Section 11.3 shall survive.

 

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		4.2	Application of Trust Money.

 

Subject to the provisions of
the last paragraph of Section 11.3, all money deposited with the Trustees pursuant to Section 4.1 shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustees may determine, to the Persons entitled thereto, of
the principal and any premium and interest for whose payment such money has been deposited with the Trustees.

 

Article 5

guarantee of the company

 

		5.1	Guarantee.

 

The Company hereby fully and
unconditionally guarantees in favor of the Holders of a series of Securities the due and prompt payment of all Obligations related to
such Securities when and as the same shall become due and payable, whether at Stated Maturity, by declaration of acceleration, call for
redemption or otherwise, according to the terms of such Securities and this Indenture. In case of the failure of the Issuer (which, for
all purposes of this Article 5, shall include any Co-Obligor) punctually to pay any such Obligation when due, the Company hereby
agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity,
by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer. The Company agrees that
its obligations hereunder shall be as if it were principal debtor and not merely as surety, and shall be absolute and unconditional, irrespective
of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any Security of any series or this Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto by the Holder of any Security of any series or the Trustees,
or any other reason set out in Section 5.4, or otherwise any other circumstance which may otherwise constitute a legal or equitable
discharge of a surety or guarantor (except as expressly set forth in this Indenture, which for the avoidance of doubt, is limited to the
payment in full of the principal of (and premium, if any) and interest on the Securities of a series or pursuant to Article 14).
The Company’s guarantee shall be a continuing guarantee of the payment of all such Obligations and shall apply to and secure any
ultimate balance thereof due or remaining unpaid. This guarantee herein shall not be considered as wholly or partially satisfied by the
intermediate payment or satisfaction at any time of all or any part of such Obligations.

 

		5.2	Demand.

 

The Company shall, on demand
by the Trustees, forthwith pay to the Trustees all Obligations related to such Securities for which such demand was made. The Trustees
shall not be bound to make any demand on or to seek or exhaust its recourse against the Issuer or any other Person before being entitled
to demand payment from the Company with respect to such Obligations and enforce its rights under this Indenture against the Company. The
Company hereby renounces all benefits of discussion and division and waives diligence, presentment, filing of claims with a court in the
event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect
to any Security or the indebtedness evidenced thereby or with respect to any sinking fund payment required pursuant to the terms of a
Security issued under this Indenture and all demands whatsoever, and covenants that its guarantee will not be discharged with respect
to any Security except by payment in full of the principal of (and premium, if any) and interest on such Security or pursuant to Article 14.
This guarantee constitutes a guarantee of payment and not of collection.

 

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		5.3	Trustee Statement.

 

The statement in writing of
the Trustees as to the amount payable by the Company with respect to the Securities of any series shall be binding upon the Company, conclusive
against it in the absence of manifest error.

 

		5.4	Liability of Company Absolute.

 

The liability of the Company
hereunder in respect of any Obligations shall be absolute and unconditional and shall not be discharged, diminished or in any way affected
by:

 

		(a)	any sale, transfer or assignment by any Holder of any Securities or any right, title, benefit or interest
of a Holder therein or thereto;

 

		(b)	any amalgamation, merger, consolidation or reorganization of the Issuer, the Company or the Trustees,
or any continuation of the Issuer, the Company or the Trustees from the statute under which it now or hereafter exists to another statute,
whether under the laws of the same jurisdiction or another jurisdiction;

 

		(c)	any change in the name, business, objects, capital structure, ownership, constating documents, by-laws
or resolutions of any of the Issuer, the Company or Trustees, including without limitation any transaction (whether by way of transfer,
sale or otherwise) whereby all or any part of the undertaking, property and assets of the Issuer, the Company or Trustees becomes the
property of any other Person;

 

		(d)	any Proceedings of or affecting the Issuer, the Company, the Trustees or any other Person, and any court
order made or action taken by any of the Issuer, the Company, the Trustees or any other Person under or in connection with any Proceeding,
whether or not the Proceeding, order or action results in any of the matters described in Section 5.5 occurring with or without the
consent of the Trustees;

 

		(e)	any partial payment by the Issuer, or any release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement, covenant, term or condition relating to any Securities to
be performed or observed by the Issuer;

 

		(f)	the extension of time for the payment by the Issuer of all or any portion of the Obligations or the extension
of time for the performance of any other obligation under, arising out of, or in connection with any Securities or this Indenture;

 

		(g)	any failure, omission, delay or lack of diligence on the part of the Trustees or any Holder to enforce,
assert or exercise any right, privilege, power or remedy conferred on such Person by this Indenture or pursuant to the terms of any Securities,
or any action on the part of the Issuer granting indulgence or extension of any kind;

 

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		(h)	any defense, counterclaim or right of set-off available to the Issuer; and

 

		(i)	any other circumstance which might otherwise constitute in whole or in part a defense available to, or
a discharge of, the Company, the Issuer or any other Person in respect of the Obligations or the liability of the Company in respect of
any series of Securities (except as expressly set forth in this Indenture, which for the avoidance of doubt, is limited to the payment
in full of the principal of (and premium, if any) and interest on the Securities of a series or pursuant to Article 14).

 

		5.5	Dealings by Trustees.

 

The Trustees may from time to
time in their absolute discretion, and shall when directed by the requisite number or percentage of Holders, in each case in accordance
with and subject to the limitations set out in this Indenture, without discharging, diminishing or in any way affecting the liability
of the Company hereunder:

 

		(a)	enforce or take action under or abstain from enforcing or taking action under this Indenture or any other
agreement;

 

		(b)	renew all or any part of any Obligations or grant extensions of time or any other indulgences to the Issuer
or to any other guarantor or other Person liable directly or as surety for all or any part of any Obligations;

 

		(c)	accept or make any compromises or arrangements with or release, discharge or otherwise deal with or abstain
from dealing with the Issuer or any other guarantor or other Person liable directly or as surety for all or any part of any Obligations;

 

		(d)	apply all money at any time received from the Issuer in respect of the Obligations upon such part of the
Obligations as the Trustees may see fit or change any such application in whole or in part from time to time as they may see fit;

 

		(e)	in whole or in part prove or abstain from proving a claim in any Proceedings of or affecting the Issuer
or any other Person; and

 

		(f)	agree with the Issuer, any other guarantor or any other Person to do anything described in Sections 5.5(a) to
5.5(e),

 

whether or not any of the matters described above
occur alone or in connection with one or more other such matters.

 

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Article 6

remedies

 

		6.1	Events of Default.

 

“Event of Default”,
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body) unless otherwise provided with respect
to a series of Securities pursuant to Section 3.1:

 

		(a)	default in the payment of any interest (including any Additional Amounts) upon any Security of that series
when it becomes due and payable, and continuance of such default for a period of 30 days; or

 

		(b)	default in the payment of the principal (including any Additional Amounts) of or any premium on any Security
of that series when due; or

 

		(c)	default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that
series; or

 

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

 

		(e)	the Company’s guarantee of the due payment of all Obligations related to that series of Securities
shall, for any reason, cease to be, or the Company shall assert in writing to the Trustees or the Holders that such guarantee is not,
in full force and effect and enforceable against the Company in accordance with its terms; or

 

		(f)	the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect
of the Issuer or the Company in an involuntary case or proceeding under any applicable U.S. Federal or State, Canadian federal or provincial,
or other applicable bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Issuer or
the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Issuer or the Company under any applicable U.S. Federal or State, Canadian federal or provincial, or other applicable
law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or the Company
or of any substantial part of the property of the Issuer or the Company, or ordering the winding up or liquidation of the affairs of the
Issuer or the Company, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect
for a period of 60 consecutive days; or

 

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		(g)	the commencement by the Issuer or the Company of a voluntary case or proceeding under any applicable U.S.
Federal or State, or Canadian federal or provincial, or other applicable bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Issuer or the Company to the entry of
a decree or order for relief in respect of the Issuer or the Company in an involuntary case or proceeding under any applicable U.S. Federal
or State, Canadian federal or provincial, or other applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement
of any bankruptcy or insolvency case or proceeding against the Issuer or the Company, or the filing by the Issuer or the Company of a
petition or answer or consent seeking reorganization or relief under any applicable U.S. Federal or State, Canadian federal or provincial,
or other applicable law, or the consent by the Issuer or the Company to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Issuer or the Company or of
any substantial part of the property of the Issuer or the Company, or the making by the Issuer or the Company of an assignment for the
benefit of creditors, or the admission by the Issuer or the Company in writing of its inability to pay its debts generally as they become
due, or the taking of corporate action by the Issuer or the Company in furtherance of any such action; or

 

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

 

		6.2	Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default (other
than an Event of Default specified in Section 6.1(f) or 6.1(g)) with respect to Securities of any series at the time Outstanding
occurs and is continuing (and only in such circumstance), then in every such case the Trustees or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or,
if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may
be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Issuer and the Company (and to a Responsible
Officer of each Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately
due and payable. If an Event of Default specified in Section 6.1(f) or 6.1(g) with respect to Securities of any series
at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) shall automatically,
and without any declaration or other action on the part of the Trustees or any Holder, become immediately due and payable.

 

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

 

		(a)	the Issuer or the Company has paid or deposited with the Trustees a sum sufficient to pay:

 

		(i)	all overdue interest on all Securities of that series;

 

		(ii)	the principal of (and premium, if any, on) any Securities of that series which have become due otherwise
than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities;

 

		(iii)	to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates
prescribed therefor in such Securities; and

 

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

 

and

 

		(b)	all Events of Default with respect to Securities of that series, other than the non-payment of the principal
of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 6.13.

 

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

 

		6.3	Collection of Indebtedness and Suits for Enforcement by Trustees.

 

The Issuer and the Company covenant
that if:

 

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

 

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

 

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

 

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

 

		6.4	Trustees May File Proofs of Claim.

 

In the case of a default under
Section 6.1(a) or 6.1(b), the Trustees may recover judgment in their own names and as trustees of an express trust against the
Issuer and/or the Company for the whole amount then due and payable. In case of any judicial proceeding relative to the Issuer or the
Company (or any other obligor upon the Securities), its property or its creditors, the Trustees shall be entitled and empowered, by intervention
in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Laws in order to have claims of the
Holders and the Trustees allowed in any such proceeding. In particular, the Trustees shall be authorized to collect and receive any moneys
or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustees and, in the event that the Trustees shall consent to the making of such payments directly to the Holders, to pay to the
Trustees any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel,
and any other amounts due to the Trustees under Section 7.10.

 

No provision of this Indenture
shall be deemed to authorize the Trustees to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization.
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustees to vote
in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustees may, on behalf of the Holders, vote
for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.

 

		6.5	Trustees May Enforce Claims Without Possession of Securities.

 

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

 

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		6.6	Application of Money Collected.

 

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

 

FIRST: To the payment of all amounts
due the Trustees under Section 7.10; and

 

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

 

		6.7	Limitation on Suits.

 

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

 

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

 

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

 

		(c)	such Holder or Holders have offered to the Trustees indemnity reasonably satisfactory to each Trustee
against the costs, expenses and liabilities to be incurred in compliance with such request;

 

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

 

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

 

it being understood and intended that no one or
more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all of such Holders.

 

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

 

Notwithstanding any other provision
in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.

 

		6.9	Restoration of Rights and Remedies.

 

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

 

		6.10	Rights and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6,
no right or remedy herein conferred upon or reserved to the Trustees or to the Holders 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.

 

		6.11	Delay or Omission Not Waiver.

 

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

 

		6.12	Control by Holders.

 

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

 

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

 

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		(b)	the Trustees may take any other action deemed proper by the Trustees which is not inconsistent with such
direction.

 

		6.13	Waiver of Past Defaults.

 

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

 

		(a)	in the payment of the principal of or any premium or interest on any Security of such series, or

 

		(b)	in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series affected.

 

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

 

		6.14	Undertaking for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustees for any action taken, suffered or omitted by them as
Trustees, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Laws; provided that neither this Section nor
the Trust Indenture Laws shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit
instituted by the Issuer or the Company, and provided further that this Section does not apply to a suit instituted by the Trustees,
a suit instituted by a Holder pursuant to Section 6.8 or a suit by instituted Holders of more than 10% in aggregate principal amount
of the Securities of a series on or after the Stated Maturity for such Securities.

 

		6.15	Waiver of Usury, Stay or Extension Laws.

 

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

 

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Article 7

THE TRUSTEES

 

		7.1	Certain Duties and Responsibilities.

 

(a)        Each
Trustee hereby accepts the duties and obligations imposed upon it by this Indenture and covenants and agrees to perform the same as herein
expressed. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustees to expend or risk their own funds
or otherwise incur any financial liability in the performance of any of their duties hereunder, or in the exercise of any of their rights
or powers. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustees shall be subject to the provisions of this Section.

 

(b)        With
respect to the Canadian Trustee, in the exercise of powers and discharge of the duties prescribed or conferred by the terms of this Indenture,
the Canadian Trustee shall exercise the care, diligence and skill of a reasonably prudent person, and shall act honestly and in good faith
and in a commercially reasonable manner and with a view to and in the best interests of the Holders of the Securities. No provision of
this Indenture shall be construed to relieve the Canadian Trustee from its duties, except, that to the extent permitted by Trust Indenture
Legislation.

 

(c)        With
respect to the U.S. Trustee, if the U.S. Trustee has knowledge or notice of an Event of Default (subject to clause (d) of this Section 7.1),
the U.S. Trustee shall exercise the care, diligence and skill of a reasonably prudent person, and shall act honestly and in good faith
and in a commercially reasonable manner and with a view to and in the best interests of the Holders of the Securities. Except during the
continuance of an Event of Default:

 

(i)        the
U.S. 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 U.S. Trustee;

 

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

 

(iii)      no
provision of this Indenture shall be construed to relieve the U.S. Trustee from their duties, except to the extent permitted by the Trust
Indenture Act.

 

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(d)        Except
in the case of an Event of Default under Section 6.1(f) or 6.1(g) hereof of which a Responsible Officer of the U.S. Trustee
has actual knowledge, the Trustees shall not be deemed to have knowledge or notice of an Event of Default in respect of a series of Securities
unless a Responsible Officer of the Trustees shall have received written notice from the Issuer, any other obligor of the Securities of
such series or any Holder in respect of such series, which written notice shall describe such Event of Default and state that the notice
is a notice of an Event of Default.

 

		7.2	Compliance With Anti-Money Laundering and Suppression of Terrorism Legislation.

 

The Issuer represents to the
Trustees that it is entering into this Indenture on its own behalf and not as agent for any third party.

 

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

 

		7.3	Compliance with Privacy Laws.

 

The parties and the Holders
acknowledge that U.S. and Canadian federal and/or state or provincial legislation that addresses the protection of individuals’
personal information (collectively, “Privacy Laws”) applies to certain obligations and activities under this Indenture.
Notwithstanding any other provision of this Indenture, no party shall take or direct any action that would contravene, or cause the other
to contravene, applicable Privacy Laws. The parties shall, prior to transferring or causing to be transferred personal information to
the Trustees, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal
information, or shall have determined that such consents either have previously been given upon which the parties can rely or are not
required under the Privacy Laws. The Trustees shall use commercially reasonable efforts to ensure that their services hereunder comply
with Privacy Laws. Specifically, each of the Trustees agrees: (a) to have a designated chief privacy officer; (b) to maintain
policies and procedures to protect personal information and to receive and respond to any privacy complaint or inquiry; (c) to use
personal information solely for the purposes of providing its services under or ancillary to the Indenture and to comply with applicable
laws and not to use it for any other purpose except with the consent of or direction from the Issuer and the Company or the individual
involved or as permitted by Privacy Laws; (d) not to sell or otherwise improperly disclose personal information to any third party;
and (e) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against
loss, theft, or unauthorized access, use or modification.

 

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		7.4	Notice of Defaults.

 

If a default occurs hereunder
with respect to Securities of any series, the Trustees shall give the Holders of Securities of such series notice of such default, within
90 days of the occurrence thereof in the manner and to the extent provided in TIA § 313(c). Except in the case of a default in the
payment of principal of or interest on any Securities, the Trustees may withhold the notice if and so long as a Responsible Officer of
each Trustee in good faith determine that withholding the notice is not opposed to the interests of Holders. For the purpose of this Section,
the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

 

		7.5	Certain Rights of Trustees.

 

Subject to the provisions of Sections 7.1 and
7.4:

 

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

 

		(b)	any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request
or Issuer Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

		(c)	whenever in the administration of this Indenture the Trustees shall deem it desirable that a matter be
proved or established prior to taking, suffering or omitting any action hereunder, the Trustees may, in the absence of bad faith on their
part, rely upon an Officer’s Certificate or Opinion of Counsel delivered pursuant to Section 1.2;

 

		(d)	the Trustees may employ such agents, counsel, accountants, appraisers or other advisors as they may reasonably
require for the proper discharge and determination of their rights and duties hereunder, and may pay reasonable remuneration for all services
performed for them in the discharge of the trusts hereof and thereof (including the reasonable disbursements and expenses of any such
agents, counsel, accountants, appraisers or other advisors), and the Trustees may act and shall be protected in acting in good faith on
the opinion or advice or on information obtained from any such parties and shall not be responsible for any willful misconduct or negligence
on the part of any of them. The reasonable costs of such services shall be added to and be part of the Trustees’ fee hereunder;

 

		(e)	the Trustees may act on the opinion or advice of or on information obtained from any notary, valuer, surveyor,
engineer, broker, auctioneer, accountant or other expert, whether obtained by the Trustees or by the Issuer or the Company or otherwise;

 

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		(f)	the Trustees shall not be liable for any action taken, suffered or omitted by either of them in good faith
in accordance with the direction of the required number of Holders relating to the exercise by the Trustees of the rights or powers conferred
upon them by this Indenture; provided, however, that the conduct of the Trustees does not constitute willful misconduct
or negligence;

 

		(g)	the Trustees shall be under no obligation to exercise any of the rights or powers vested in them by this
Indenture or to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Trustees or the Holders
hereunder unless such Holders shall have furnished, when required by notice in writing by the Trustees, sufficient funds to commence or
continue such exercise, act, action or proceeding and an indemnity satisfactory to the Trustees to protect and hold harmless the Trustees
against the costs, expenses, liabilities, losses and damages which might be incurred or suffered by the Trustees in compliance with such
request or direction;

 

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

 

		(i)	anything in this Indenture or any document related hereto to the contrary notwithstanding, in no event
shall the Trustees be liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including
but not limited to lost profits), even if such Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action; and

 

		(j)	the rights, protections, immunities and indemnities afforded to the Trustees under this Indenture shall
also be afforded to the Trustees in any other capacity hereunder, including, without limitation, as an Agent; provided that in
and during an Event of Default, only the Trustees, and not any Agent, shall be subject to the prudent person standard.

 

		7.6	Indemnification of the Trustees.

 

The Issuer and the Company jointly
and severally agree to indemnify and hold harmless the Trustees, their directors, officers, agents, representatives, attorneys, and employees
(each, an “Indemnitee”) from and against any and all losses, liability, damage, claim (whether asserted by the Company,
the Issuer, a Holder or any other person) or expense (including reasonable compensation and expenses and disbursements of each of the
Trustees’ counsel), including any such amounts incurred in connection with enforcing the Issuer’s obligations, including its
obligation to indemnify the Trustees hereunder (collectively, “Losses”) in connection with or arising out of the administration
of this Indenture by the Trustees or the exercise or performance of the Trustees’ rights, duties or powers hereunder, or in connection
with the enforcement of any rights of Holders hereunder, in each case, done or made in good faith by the Trustees and in accordance with
the standards applicable to the Trustees under this Article 7, and except to the extent such Losses were incurred due to the gross
negligence or willful misconduct on the part of such Indemnitee. This provision shall survive the resignation or removal of either or
both of the Trustees and the termination or discharge of this Indenture.

 

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		7.7	Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein
and in the Securities, except the Trustees’ certificates of authentication, shall be taken as the statements of the Issuer and the
Company, and neither the Trustees nor any Authenticating Agent assumes any responsibility for their correctness. The Trustees make no
representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustees nor any Authenticating
Agent shall be accountable for the use or application by the Issuer of Securities or the proceeds thereof. The Trustees shall not be bound
to give any notice of the execution hereof.

 

		7.8	May Hold Securities.

 

Subject to Sections 7.11
and 7.16, either Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Issuer, in its
individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

		7.9	Money Held in Trust.

 

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

 

		7.10	Compensation and Reimbursement.

 

The Issuer agrees:

 

		(a)	to pay to the Trustees from time to time reasonable compensation for all services rendered by them hereunder
(including in their capacity as Security Registrar, Authenticating Agent and/or Paying Agent, as applicable), as agreed upon with the
Company and the Issuer (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust); and

 

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

 

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Any amount due under this Section that
remains unpaid for thirty days after request for such payment is made shall bear interest from the expiration of such thirty days at a
rate per annum equal to the then current rate charged by the Trustees from time to time, payable on demand. After default, all amounts
so payable and the interest thereon shall be payable out of any funds coming into the possession of the Trustees or its successors in
the trusts hereunder in priority to any payment of the principal of or interest or premium on the Securities.

 

		7.11	Conflicting Interests.

 

7.11.1      Each
Trustee represents to the Issuer that, to the best of its knowledge and belief, at the date of execution and delivery by it of this Indenture,
there exists no material conflict of interest between its role as Trustee hereunder and its role in any other capacity. Each Trustee
shall, within 90 days after ascertaining that a material conflict of interest (including, solely with respect to the U.S. Trustee, any
 “conflicting interest” within the meaning of TIA § 310(b)) exists, either eliminate such conflict of interest or
resign in the manner and with the effect specified in Section 7.13.

 

7.11.2      If,
notwithstanding the provisions of Section 7.11.1, a Trustee has such a material conflict of interest, the validity and enforceability
of this Indenture and of the Securities issued hereunder shall not be affected in any manner whatsoever by reason only of such material
conflict of interest.

 

7.11.3      If
at any time either Trustee fails to comply with the provisions of Section 7.11.1, such Trustee shall within 10 days after the expiration
of the 90-day period referred to therein, transmit notice of such failure to the Holders of Securities as required by TIA § 313(c).

 

		7.12	Required Trustee Eligibility.

 

7.12.1      There
shall at all times be a Canadian Trustee and a U.S. Trustee hereunder with respect to the Securities of each series, which may be the
Canadian Trustee and the U.S. Trustee hereunder for Securities of one or more other series; provided that if it is no longer necessary
or advisable under the Trust Indenture Laws to have both a Canadian Trustee and a U.S. Trustee in connection with this Indenture or one
or more series of Securities hereunder, then the Issuer by a Board Resolution may remove either such Trustee that is then no longer so
necessary or advisable with respect to the Indenture or one or more series of Securities. The Issuer shall give notice of such removal
of a Trustee with respect to the Indenture or one or more series of Securities to all Holders of Securities of such series in the manner
provided in Section 1.6. For the avoidance of doubt, all other requirements of Section 7.13 with respect to the removal of such
Trustee do not apply to such removal under this Section.

 

7.12.2      Each
Trustee shall be a Person that is eligible pursuant to applicable Trust Indenture Laws to act as such and has a corporate trust office
in New York, New York (in the case of the U.S. Trustee) or Toronto, Ontario (in the case of the Canadian Trustee).

 

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7.12.3      The
U.S. Trustee shall at all times satisfy the requirements of TIA § 310(a)(1) and (2), and in accordance with TIA § 310(a)(5),
neither the Company nor the Issuer (or any person directly or indirectly controlling, controlled by, or under common control with either
of them) shall serve as U.S. Trustee.

 

7.12.4      For
so long as required by Trust Indenture Legislation, the Canadian Trustee shall at all times be organized under the laws of Canada or any
province thereof and authorized under the law of Ontario to carry on trust business therein and qualified to act as a trustee for the
Securities and the Indenture in accordance with applicable Trust Indenture Legislation, and the U.S. trustee shall be qualified to act
as a trustee for the Securities and the Indenture in accordance with the Trust Indenture Act. If at any times either Trustee shall cease
to be eligible in accordance with this Section, it shall immediately notify the Issuer.

 

7.12.5      The
rights, powers, duties and obligations conferred or imposed upon the Trustees shall be conferred or imposed upon such Trustees jointly,
except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, either Trustee shall
be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised
and performed by the other Trustee that is competent or qualified to perform such act or acts.

 

7.12.6      If
at any time a Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this
Section 7.12, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

		7.13	Resignation and Removal; Appointment of Successor.

 

No resignation or removal of
a Trustee (other than a removal pursuant to Section 7.12.1) and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 7.14.

 

A Trustee may resign at any
time with respect to the Securities of one or more series by giving thirty (30) days’ advance written notice thereof to the Issuer
and the Company. If the instrument of acceptance by a successor Trustee required by Section 7.14 shall not have been delivered to
the Trustee within thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

A Trustee may be removed at
any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series, delivered to the Trustees and to the Issuer.

 

If at any time:

 

		(a)	a Trustee shall fail to comply with Section 7.11 after written request therefor by the Issuer or
by any Holder who has been a bona fide Holder of a Security for at least six months; or

 

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		(b)	a Trustee shall otherwise cease to be eligible under Section 7.12 (other than pursuant to Section 7.12.1)
and shall fail to resign after written request therefor by the Issuer or by any such Holder; or

 

 

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

 

then, in any such case, (A) the Issuer by
a Board Resolution may remove such Trustee with respect to all Securities, or (B) subject to Section 6.14, any Holder who has
been a bona fide Holder of a Security for at least six months may, on behalf of himself, herself or itself and all others similarly
situated, petition any court of competent jurisdiction for the removal of such Trustee with respect to all Securities and the appointment
of a successor Trustee or Trustees. For avoidance of doubt, a Trustee may be removed pursuant to Section 7.12.1 in accordance with
the provisions of that Section.

 

If a Trustee shall resign, be
removed (other than pursuant to Section 7.12.1) or become incapable of acting, or if a vacancy shall occur in the office of a Trustee
for any cause, with respect to the Securities of one or more series, the Issuer, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series), provided that such successor Trustee or Trustees comply
with the eligibility requirements of Section 7.12 and the applicable requirements of Section 7.14. If, within one year after
such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any
series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered
to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 7.14, become the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee appointed by the Issuer. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Issuer or the Holders and accepted appointment in the manner required by Section 7.14,
any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself, herself
or itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

 

The Issuer shall give notice
of each resignation and each removal of a Trustee under this Section 7.13 with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided
in Section 1.6. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the
address of its Corporate Trust Office.

 

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		7.14	Acceptance of Appointment by Successor.

 

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

 

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

 

Upon request of any such successor
Trustee, the Issuer and the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

 

No successor Trustee shall accept
its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article, including
without limitation, the eligibility requirements of Section 7.12.

 

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		7.15	Merger, Conversion, Consolidation or Succession to Business.

 

Any Person into which a Trustee
may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation
to which a Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of a Trustee, shall
be the successor of such Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, including
without limitation, the eligibility requirements of Section 7.12, without the execution or filing of any paper or any further act
on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then
in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver
the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

		7.16	Certain Trustee Restrictions.

 

7.16.1      Neither
Trustee nor any Affiliate or related person, as defined in the Business Corporations Act (Ontario), to a Trustee shall be appointed
a receiver or receiver and manager or liquidator of all or any part of the assets or undertaking of the Issuer or the Company.

 

7.16.2      The
U.S. Trustee shall comply with the requirements of TIA § 311 regarding preferential collection of claims against the Company and
the Issuer.

 

		7.17	Appointment of Authenticating Agent.

 

The Trustees may appoint an
Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustees
to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustees hereunder. Wherever reference is made in this Indenture to
the authentication and delivery of Securities by the Trustees or the Trustees’ certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustees by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustees by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer and shall at
all times be either (i) organized and doing business under the laws of the United States of America, any State thereof or the District
of Columbia, authorized under such laws to act as Authenticating Agent and subject to supervision or examination by U.S. Federal or State
authority, or (ii) be a Person organized and doing business under the laws of Canada or any province thereof authorized under such
law to act as Authenticating Agent and subject to supervision or examination by governmental authority of its jurisdiction of formation.
If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Notwithstanding the foregoing,
each of the Trustees shall be deemed to be in compliance with the two preceding sentences and shall be deemed to be acceptable to the
Issuer to act as Authenticating Agent. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

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

 

An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustees and to the Issuer. The Trustees may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, the Trustees may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and
shall give notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

The Issuer agrees to pay to
each Authenticating Agent from time to time reasonable compensation for its services under this Section, as agreed upon by the Issuer,
the Company and such Authenticating Agent.

 

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

 

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

 

	 	 	,
	 	 	 
	 	As Authenticating Agent

 

	 	By	           
	 	Authorized Officer
	 	 
	 	Dated: 	 

 

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		7.18	Force Majeure.

 

The Trustees shall not be held
liable, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained
herein by reason of nuclear or natural catastrophes, act of God, riots, terrorism, acts of war, earthquakes, future epidemic or pandemic
that would substantially interfere with the business of the Trustees, disease, strikes, work stoppages, accidents, interruptions, loss
of malfunctions or utilities, communications or computer (software or hardware) services, or any other similar causes reasonably beyond
its control; it being understood that the Trustees shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

Article 8

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER

 

		8.1	Preservation of Information; Communications to Holders.

 

The Trustees shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders received by the Security Registrar(s). The Company
and the Issuer shall comply with any obligations under TIA § 312(a) in connection with furnishing any such information to the
Security Registrar.

 

The Trustees shall provide to
any Holder such information with respect to other Holders as is required under any applicable Trust Indenture Laws.

 

The rights of Holders to communicate
with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges
of the Trustees, shall be as provided by applicable Trust Indenture Laws, including without limitation in the case of the U.S. Trustee,
TIA § 312(b), and with the full protections of TIA § 312(c).

 

Every Holder of Securities,
by receiving and holding the same, agrees with the Issuer and the Trustees that none of the Issuer, the Company nor the Trustees nor any
agent of any of them shall be held accountable by reason of the disclosure of such list of the names and addresses of the Holders, regardless
of the source from which such information was derived, and that the Issuer, the Company and the Trustees shall not be held accountable
by reason of mailing any material pursuant to a request made under the Trust Indenture Act or pursuant to or in compliance with any Trust
Indenture Legislation.

 

		8.2	Reports by Trustees.

 

The Canadian Trustee shall transmit
to Holders such reports concerning the Canadian Trustee and its actions under this Indenture as may be required pursuant to the Trust
Indenture Legislation at the times and in the manner provided pursuant thereto. The U.S. Trustee shall transmit all such reports required
pursuant to TIA § 313(a) and (b) to all Persons required to receive such reports pursuant to TIA § 313(c).

 

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A copy of each such report shall,
at the time of such transmission to Holders, be filed by the Trustees with each stock exchange upon which any Securities are listed, with
the Commission and with the Issuer. The Issuer will notify the Trustees when any Securities are listed on any stock exchange.

 

		8.3	Reports by Issuer.

 

The Issuer shall file with the
Trustees and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may
be required pursuant to the Trust Indenture Laws at the times and in the manner provided pursuant thereto; provided that any such information,
documents or reports required to be filed with the Commission shall be filed with the Trustees within 15 days after the same is so required
to be filed with the Commission. Delivery of such reports, information and documents to the Trustees shall be for informational purposes
only and the Trustees’ receipt of such reports, information and documents shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants
hereunder (as to which the Trustees are entitled to rely exclusively on Officer’s Certificates). The Trustees shall not be obligated
to monitor or confirm, on a continuing basis or otherwise, our compliance with the covenants or with respect to any reports or other documents
filed with the Commission or any other governmental authority or website under this Indenture, or participate in any conference calls.

 

Article 9

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

		9.1	Issuer and Company May Consolidate, Etc., Only on Certain Terms.

 

Neither the Issuer nor the Company
(in each case, herein called a “Predecessor”) shall enter into any transaction (whether by way of reorganization, reconstruction,
consolidation, amalgamation, merger, transfer, sale or otherwise) whereby all or substantially all of its undertaking, property and assets
would become the property of any other Person (in each case, herein called a “Successor”) unless:

 

		(a)	prior to or contemporaneously with the consummation of such transaction the Predecessor and the Successor
shall have executed such instruments and done such things as, in the Opinion of Counsel, are necessary or advisable to establish that
upon the consummation of such transaction:

 

		(i)	the Successor will have assumed all the covenants and obligations of the Predecessor under this Indenture
in respect of the Securities of every series and, in the case of the Company, its guarantee of such Securities; and

 

		(ii)	the Securities of every series will be valid and binding obligations of the Successor entitling the Holders
thereof, as against the Successor, to all the rights of Holders of Securities under this Indenture in respect of the Predecessor; and

 

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		(b)	such transaction shall be on such terms and shall be carried out at such times and otherwise in such manner
as shall be not prejudicial to the interests of the Holders of Securities or to the rights and powers of the Trustees hereunder; and

 

 

		(c)	the Issuer has delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel, each
stating that such transaction and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture,
complies with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with,

 

provided, however, that the provisions of this
Section 9.1 shall not be applicable to any sale or transfer by the Issuer or the Company to any one or more of their Subsidiaries.

 

		9.2	Successor Substituted.

 

Upon any reorganization, reconstitution,
consolidation or amalgamation of the Issuer or the Company with, or merger of the Issuer or the Company with or into, any other Person
or any conveyance or transfer of the properties and assets of the Issuer or the Company substantially as an entirety in accordance with
Section 9.1, the successor Person formed by such reorganization, reconstitution, consolidation or amalgamation or into which the
Issuer or the Company is merged or to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Issuer or the Company (as applicable) under this Indenture with the same effect as if such successor Person
had been named as the Issuer or the Company (as applicable) herein, and thereafter, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.

 

Article 10

SUPPLEMENTAL INDENTURES

 

		10.1	Supplemental Indentures Without Consent of Holders.

 

Without the consent of any Holders,
the Issuer, when authorized by a Board Resolution or Officer’s Certificate, the Company and the Trustees, at any time and from time
to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustees, for any of the following purposes:

 

		(a)	to evidence the succession of another Person to the Issuer or the Company and the assumption by any such
successor of the covenants of the Issuer or the Company (as applicable) herein and in the Securities; or

 

		(b)	to evidence the addition of a co-obligor (each, a “Co-Obligor”) or additional Guarantor
in respect of any or all series of Securities, as may be permitted in accordance with the terms of such Securities; or

 

		(c)	to add to the covenants of the Issuer or the Company for the benefit of the Holders of all or any series
of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are
expressly being included solely for the benefit of such series) or to surrender any right or power (but not any obligation, except any
obligation concomitant to such right or power) herein conferred upon the Issuer or the Company; or

 

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

 

		(e)	to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series
of Securities, provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series
created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights
of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security
Outstanding; or

 

		(f)	to secure the Securities pursuant to the requirements of any provision of this Indenture or any indenture
supplemental hereto or otherwise; or

 

		(g)	to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1 and,
if required, to provide for the appointment of a co-trustee and/or other agents; or

 

		(h)	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect
to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 7.14,
and/or by additional agents; or

 

		(i)	to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit
or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest
coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or

 

		(j)	to comply with any requirements of the Trust Indenture Legislation, including without limitation in connection
with qualifying, or maintaining the qualification of, this Indenture under the Trust Indenture Act; or

 

		(k)	to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent
with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided
that such action pursuant to this Clause (k) shall not adversely affect in any material respect the interests of the Holders
of Securities of any series.

 

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		10.2	Supplemental Indentures With Consent of Holders.

 

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

 

		(a)	change the Stated Maturity of the principal of, or any instalment of principal of or interest on, any
Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or
change the dates or times on which the Securities of a series may be redeemed or repurchased, or reduce the amount of the principal of
an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 6.2, or the coin or currency in which any Security or any premium or interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date); or

 

		(b)	reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of
whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or

 

		(c)	modify any of the provisions of this Section 10.2, Section 6.13 or Section 11.6, except
to increase any percentage in such provisions or to provide that certain other provisions of this Indenture cannot be modified or waived
without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall
not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustees” and concomitant
changes in this Section and Section 11.6, or the deletion of this proviso, in accordance with the requirements of Sections 7.14
and 10.1(h); or

 

		(d)	release the Company from its Guarantee under this Indenture.

 

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

 

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It shall not be necessary for
any Act of Holders 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.

 

		10.3	Execution of Supplemental Indentures.

 

In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustees shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon,
an Officer’s Certificate and Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture. The Trustees may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustees’
own rights, duties or immunities under this Indenture or otherwise.

 

		10.4	Effect of Supplemental Indentures.

 

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

 

		10.5	Conformity with Trust Indenture Laws.

 

Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Laws.

 

		10.6	Reference in Securities to Supplemental Indentures.

 

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

 

Article 11

COVENANTS

 

		11.1	Payment of Principal, Premium and Interest.

 

The Issuer covenants and agrees
for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and this Indenture.

 

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		11.2	Maintenance of Office or Agency.

 

The Issuer will maintain in
each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered
for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Issuer in respect of the Securities of that series and this Indenture may be served. The Issuer will give prompt written
notice to the Trustees of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail
to maintain any such required office or agency or shall fail to furnish the Trustees with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustees, and the Issuer hereby appoints each Trustee as
its agent to receive all such presentations, surrenders, notices and demands.

 

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

 

		11.3	Money for Securities Payments to Be Held in Trust.

 

If the Issuer shall at any time
act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium
or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustees of its action or failure so to act.

 

Whenever the Issuer shall have
one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Laws, and (unless such Paying Agent is a Trustee) the Issuer will promptly notify the Trustees of its action or failure
so to act.

 

The Issuer will cause each Paying
Agent for any series of Securities (unless such Paying Agent is a Trustee as appointed in an indenture supplemental hereto) to execute
and deliver to the Trustees an instrument in which such Paying Agent shall agree with the Trustees, subject to the provisions of this
Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Laws applicable to it as a Paying Agent
and (2) during the continuance of any default by the Issuer or the Company (or any other obligor upon the Securities of that series)
in the making of any payment in respect of the Securities of that series, the Paying Agent shall give the Trustees notice of such default,
and upon the written request of the Trustees, forthwith pay to the Trustees all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

 

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

 

Any money deposited with the
Trustees or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of or any premium or interest on any
Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall
be paid to the Issuer on Issuer Request, or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustees or
such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided,
however, that the Trustees or such Paying Agent, before being required to make any such repayment, may at the expense of the 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 New York, 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.

 

		11.4	Statements by Officers.

 

		(a)	The Issuer will deliver to the Trustees, within 90 days after the end of each fiscal year, and within
60 days after the end of each fiscal quarter (other than the fourth fiscal quarter) of the Issuer ending after the date hereof, an Officer’s
Certificate, stating whether or not to the best knowledge of the signers thereof the Issuer or the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement
of notice provided hereunder) and, if the Issuer or the Company shall be in default, specifying all such defaults and the nature and status
thereof of which they may have knowledge.

 

		(b)	The Issuer shall deliver to the Trustees, as soon as possible and in any event within 10 days after the
Issuer becomes aware of the occurrence of an Event of Default or an event which, with notice or the lapse of time or both, would constitute
an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or default, and the action which
the Issuer or the Company (as applicable) proposes to take with respect thereto.

 

		(c)	The Issuer shall deliver to the Trustees within 120 days after the end of each fiscal year a written statement
by the Company’s independent public accountants stating (A) that their audit examination has included a review of the terms
of this Indenture, all indentures supplemental hereto and the Securities as they relate to accounting matters, and (B) whether, in
connection with their audit examination, any event which, with notice or the lapse of time or both, would constitute an Event of Default
has come to their attention and, if such a default has come to their attention, specifying the nature and period of the existence thereof.

 

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		(d)	The Issuer and the Company shall deliver to the Trustees, within 120 days after the end of each fiscal
year of the Issuer and the Company, a brief certificate from each of its principal executive, financial or accounting officer as to his
or her knowledge of the compliance of the Issuer and the Company with all conditions and covenants under this Indenture (such compliance
to be determined without regard to any period of grace or requirement of notice provided under this Indenture) which certificate shall
comply with the requirements of TIA § 314(a)(4).

 

The certificates described in
this Section, if and to the extent they are due to the Trustees within the same timeframe, may be combined into a single certificate,
provided that such certificate includes and complies with all of the requirements of such certificates that are then due. Subject
to applicable Trust Indenture Laws, the delivery of such reports, information and documents to the Trustees shall be for informational
purposes only and any Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of
its covenants hereunder (as to which the Trustees are entitled to rely exclusively on an Officer’s Certificate).

 

		11.5	Existence.

 

Subject to Article 9, each
of the Issuer and the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

		11.6	Waiver of Certain Covenants.

 

Except as otherwise specified
as contemplated by Section 3.1 for Securities of such series, the Issuer may, with respect to the Securities of any series, omit
in any particular instance to comply with any term, provision or condition set forth in any covenant established pursuant to Section 3.1(r),
10.1(c) or 10.1(g) for the benefit of the Holders of such series or in any of Sections 11.4(a) to (c), inclusive,
and Section 11.5, if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with
such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent
so expressly waived, and, until such waiver shall become effective, the obligations of the Issuer and the duties of the Trustees in respect
of any such term, provision or condition shall remain in full force and effect.

 

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Article 12

REDEMPTION OF SECURITIES

 

		12.1	Applicability of Article.

 

Securities of any series which
are redeemable at the election of the Issuer before their Stated Maturity shall be redeemable in accordance with their terms (as contemplated
by Section 3.1 for such Securities) and in accordance with this Article.

 

		12.2	Election to Redeem; Notice to Trustees.

 

The election of the Issuer to
redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for
such Securities. In case of any redemption at the election of the Issuer of less than all the Securities of any series (including any
such redemption affecting only a single Global Security), the Issuer shall, at least 60 days prior to the Redemption Date fixed by the
Issuer (unless a shorter notice shall be satisfactory to the Trustees), notify the Trustees of such Redemption Date, of the principal
amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere
in this Indenture, the Issuer shall furnish the Trustees with an Officer’s Certificate evidencing compliance with such restriction.
The Issuer shall provide written notice of any election of redemption to the Trustee no later than three (3) Business Days prior
to when notice is due to Holders.

 

		12.3	Selection by Trustees of Securities to Be Redeemed.

 

If less than all the Securities
of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustees, from the Outstanding Securities of such series not previously called for redemption, by such method
as the Trustees shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount
of any Security of such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of
such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities
to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustees, from the Outstanding Securities of
such series and specified tenor not previously called for redemption in accordance with the preceding sentence.

 

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

 

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

 

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		12.4	Notice of Redemption.

 

Notice of redemption shall be
given by first-class mail, postage prepaid, mailed not less than 15 nor more than 60 days prior to the Redemption Date, to each Holder
of Securities to be redeemed, at his, her or its address appearing in the Security Register.

 

All notices of redemption shall
state:

 

		(a)	the Redemption Date;

 

		(b)	the Redemption Price;

 

		(c)	if less than all the Outstanding Securities of any series consisting of more than a single Security are
to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular
Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed,
the principal amount of the particular Security to be redeemed;

 

		(d)	that on the Redemption Date the Redemption Price will become due and payable upon each such Security to
be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date;

 

		(e)	the place or places where each such Security is to be surrendered for payment of the Redemption Price;

 

		(f)	that the redemption is for a sinking fund, if such is the case; and

 

		(g)	any conditions precedent for completion of such redemption.

 

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

 

		12.5	Deposit of Redemption Price.

 

Prior to any Redemption Date,
the Issuer shall deposit with the Trustees or with a Paying Agent (or, if the Issuer is acting as its own Paying Agent, segregate and
hold in trust as provided in Section 11.3) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

 

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		12.6	Securities Payable on Redemption Date.

 

Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Issuer at the Redemption Price, together with accrued interest to the Redemption Date; provided, however,
that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is on or prior to
the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the
close of business on the Regular Record Dates according to their terms (or, in the case of Defaulted Interest, on the Special Record Date(s))
in accordance with the provisions of Section 3.7.

 

If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption
Date at the rate prescribed therefor in the Security.

 

		12.7	Securities Redeemed in Part.

 

Any Security which is to be
redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Issuer or the Trustees so require, due endorsement
by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustees duly executed by, the Holder thereof or his,
her or its attorney duly authorized in writing), and the Issuer shall execute, and the Trustees shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination
as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the
Security so surrendered.

 

Article 13

SINKING FUNDS

 

		13.1	Applicability of Article.

 

The provisions of this Article shall
be applicable to any sinking fund for the retirement of Securities of any series in accordance with the terms established as contemplated
by Section 3.1 for such Securities.

 

The minimum amount of any sinking
fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section 13.2. Each sinking fund payment shall be applied to the redemption of Securities as provided
for by the terms of such Securities.

 

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		13.2	Satisfaction of Sinking Fund Payments with Securities.

 

The Issuer (1) may deliver
Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of
a series which have been redeemed either at the election of the Issuer pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part
of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities
as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been previously
so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustees at the Redemption Price,
as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

 

		13.3	Redemption of Securities for Sinking Fund.

 

Not less than 60 days prior
to each sinking fund payment date for any Securities, the Issuer will deliver to the Trustees an Officer’s Certificate specifying
the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof,
if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities pursuant to Section 13.2 and will also deliver to the Trustees any Securities to be so delivered. Not less than 60 days
prior to each such sinking fund payment date, the Trustees shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 12.3 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Issuer in the manner provided in Section 12.4. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 12.6 and 12.7.

 

Article 14

DEFEASANCE AND COVENANT DEFEASANCE

 

		14.1	Issuer’s Option to Effect Defeasance or Covenant Defeasance.

 

The Issuer may elect, at its
option at any time, to have Section 14.2 or Section 14.3 applied to any Securities or any series of Securities, as the case
may be, designated pursuant to Section 3.1 as being defeasible pursuant to such Section 14.2 or 14.3, in accordance with any
applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article.
Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such
Securities.

 

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		14.2	Defeasance and Discharge.

 

Upon the Issuer’s exercise
of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Issuer
shall be deemed to have been discharged from its obligations, with respect to such Securities as provided in this Section on and
after the date the conditions set forth in Section 14.4 are satisfied (hereinafter called “Defeasance”). For this
purpose, such Defeasance means that the Issuer shall be deemed to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustees, at the expense of the Issuer, shall execute proper instruments acknowledging the same), subject to the following which
shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely
from the trust fund described in Section 14.4 and as more fully set forth in such Section, payments in respect of the principal of
and any premium and interest on such Securities when payments are due, (2) the Issuer’s obligations with respect to such Securities
under Sections 3.4, 3.5, 3.6, 11.2 and 11.3, (3) the rights, powers, trusts, duties and immunities of the Trustees hereunder,
and (4) this Article 14. Subject to compliance with this Article 14, the Issuer may exercise its option (if any) to have
this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 14.3 applied
to such Securities. Upon the completion of any Defeasance in respect of any Securities, the Company shall be deemed to have been unconditionally
and irrevocably released from all obligations under this Indenture in respect of such Securities, without the need for any notice, document
or action.

 

		14.3	Covenant Defeasance.

 

Upon the Issuer’s exercise
of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (1) the
Issuer shall be released from its obligations under Sections 9.1(b), 9.1(c), 11.4(a) to (c), inclusive, and any covenants provided
pursuant to Section  3.1(r), 10.1(c) or 10.1(g) for the benefit of the Holders of such Securities, (2) the Company
shall be released from all of its obligations under this Indenture, including pursuant to Article 5, and (3) the occurrence
of any event specified in Sections 6.1(d) (with respect to any of Article 5, Sections 9.1(b) and 9.1(c), 11.4(a) to
(c), inclusive, and any such covenants provided pursuant to Section 3.1(r), 10.1(c) or 10.1(g)), 6.1(e), 6.1(f), 6.1(g) and
6.1(h) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this
Section on and after the date the conditions set forth in Section 14.4 are satisfied (hereinafter called “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Issuer and the Company
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to
the extent so specified in the case of Section 6.1(d)), whether directly or indirectly by reason of any reference elsewhere herein
to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document,
but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

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		14.4	Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions
to the application of Section 14.2 or Section 14.3 to any Securities or any series of Securities, as the case may be:

 

		(a)	The Issuer shall irrevocably have deposited or caused to be deposited with the Trustees (or another trustee
which satisfies the requirements contemplated by Section 7.12 and agrees to comply with the provisions of this Article applicable
to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely
to, the benefits of the Holders of such Securities, (A) money (in the currency in which the Securities of a particular series are
denominated) in an amount, or (B) Government Obligations which through the scheduled payments of principal and interest in respect
thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money (in the currency
in which the Securities of a particular series are denominated) in an amount, or (C) a combination thereof, in each case sufficient,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustees, to pay and discharge, and which shall be applied by the Trustees (or any such other qualifying trustee) to pay and discharge,
the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms of
this Indenture and such Securities. As used herein, “Government Obligation” means (x) any security which is (i) a
direct obligation of the government which issued, or of the Government of Canada denominated in, the currency in which the Securities
of a particular series are denominated for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person
the payment of which is unconditionally guaranteed as its full faith and credit obligation by such government, or, if such obligations
are denominated in the currency in which the Securities of a particular series are issued, by the Government of Canada, which, in either
case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by
a bank (as defined in Section 3(a)(2) of the Securities Act or in the Bank Act (Canada)) as custodian with respect to
any Government Obligation which is specified in clause (x) above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on any Government Obligation which is so specified and held,
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depositary receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of
principal or interest evidenced by such depositary receipt.

 

		(b)	In the event of an election to have Section 14.2 apply to any Securities or any series of Securities,
as the case may be, the Issuer shall have delivered to the Trustees an Opinion of Counsel qualified to practice law in the United States
stating that the Holders of such Securities will not recognize gain or loss for U.S. Federal income tax purposes as a result of the deposit,
Defeasance and discharge to be effected with respect to such Securities and will be subject to U.S. Federal income tax on the same amount,
in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.

 

		(c)	In the event of an election to have Section 14.3 apply to any Securities or any series of Securities,
as the case may be, the Issuer shall have delivered to the Trustees an Opinion of Counsel qualified to practice law in the United States
to the effect that the Holders of such Securities will not recognize gain or loss for U.S. Federal income tax purposes as a result of
the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to U.S. Federal income tax on the
same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.

 

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

 

		(e)	The Issuer shall have delivered to the Trustees an Officer’s Certificate to the effect that neither
such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of
such deposit.

 

		(f)	The Issuer shall have delivered an Opinion of Counsel qualified to practice law in the United States to
the effect that such deposit shall not cause the Trustees or the trust so created to be subject to the Investment Company Act.

 

		(g)	No event which is, or after notice or lapse of time or both would become, an Event of Default with respect
to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such
event specified in Section 6.1(f) or 6.1(g), at any time on or prior to the 90th day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until after such 90th day).

 

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

 

		(i)	The Issuer shall have delivered an Opinion of Counsel qualified to practice law in the United States to
the effect that such Defeasance or Covenant Defeasance shall not cause the Trustees to have a conflicting interest within the meaning
of the Trust Indenture Laws (assuming all Securities are in default within the meaning of such Trust Indenture Laws).

 

		(j)	Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default
under, any other agreement or instrument to which the Issuer is a party or by which it is bound.

 

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		(k)	The Issuer shall have delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

		14.5	Deposited Money and Government Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions of
the last paragraph of Section 11.3, all money and Government Obligations (including the proceeds thereof) deposited with the Trustees
or other qualifying trustee (solely for purposes of this Section and Section 14.6, the Trustees and any such other trustee are
referred to collectively as the “Trustee”) pursuant to Section 14.4 in respect of any Securities shall be held
in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly
or through any such Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Holders of
such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in
trust need not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 14.4
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of Outstanding Securities.

 

Anything in this Article to
the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon Issuer Request any money or Government
Obligations held by it as provided in Section 14.4 with respect to any Securities which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect
to such Securities.

 

The Issuer may exercise the
Defeasance option notwithstanding its prior exercise of Covenant Defeasance if the Issuer meets the conditions required set forth in Section 14.4.

 

		14.6	Reinstatement.

 

If the Trustees or the Paying
Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Issuer and the Company have been discharged or released pursuant to Section 14.2 or
14.3 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities,
until such time as the Trustees or Paying Agent is permitted to apply all money held in trust pursuant to Section 14.5 with respect
to such Securities in accordance with this Article 14; provided, however, that if the Issuer makes any payment of principal of or
any premium or interest on any such Security following such reinstatement of its obligations, the Issuer shall be subrogated to the rights
(if any) of the Holders of such Securities to receive such payments from the money so held in trust.

 

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Article 15

MEETINGS OF HOLDERS OF NOTES

 

		15.1	Call, Notice and Place of Meetings.

 

15.1.1      The
Trustees may at any time call a meeting of Holders of Securities of all or any one or more series, and the Trustees shall convene a meeting
upon receipt of a request of the Issuer or upon receipt of a request in writing to the Trustees by the Holders of not less than 25% in
principal amount of the Outstanding Securities of any series, for the purpose of making, giving or taking any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such
series, to be held at such time and at such place in Toronto, Ontario or City of New York, New York or as the Trustees shall determine.
Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms
the action proposed to be taken at such meeting, shall be given, in the manner provided for in Section 1.6, not less than 21 nor
more than 60 days prior to the date fixed for the meeting. The Holders calling a meeting shall (i) reimburse the Trustees for all
of their reasonable out-of-pocket expenses relating to the calling and holding of such meeting, and (ii) indemnify and hold harmless
the Trustees against any loss, liability or expense that they may incur arising out of or in connection with such meeting, including the
costs and expenses of defending the Trustees against any claim or liability in connection with such meeting.

 

15.1.2      In
case at any time the Issuer, pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding Securities
of any series shall have requested the Trustees to call a meeting of the Holders of Securities of such series for any purpose specified
in Section 15.1.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting (which notice
need not include the terms of any resolution to be proposed), and the Trustees shall not have made the first publication of the notice
of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided
herein, then the Issuer or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the
time and the place in The City of New York, New York or Toronto, Ontario for such meeting and may call such meeting for such purposes
by giving notice thereof as provided in Section 15.1.1.

 

		15.2	Persons Entitled to Vote at Meetings.

 

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

 

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		15.3	Quorum; Action.

 

15.3.1      The
Persons entitled to vote 25% in principal amount of the Outstanding Securities of the applicable series shall constitute a quorum for
a meeting of Holders of Securities of such series; provided, however, that, if any action is to be taken at such meeting
with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of not less than a specified percentage
in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount
of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed
for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as determined by the chair of the meeting prior to the adjournment
of such meeting. At the reconvening of any adjourned meeting, the Holders of the Outstanding Securities entitled to vote at such adjourned
meeting, present in person or represented by proxy, shall constitute a quorum and shall transact the business for which the meeting was
originally convened, notwithstanding that they may not represent at least 25% in principal amount of the Outstanding Securities.

 

15.3.2      Except
as limited by Sections 10.2 and 11.6, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum
is present as aforesaid may be adopted by the affirmative vote of the Holders of not less than a majority in principal amount of the Outstanding
Securities of such series as are entitled to vote at such meeting; provided, however, that, except as limited by Sections 10.2
and 11.6, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which
this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority
in principal amount of the Outstanding Securities of a series, may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the Holders of not less than such specified percentage in principal
amount of the Outstanding Securities of such series present at such meeting.

 

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

 

15.3.4      Notwithstanding
the foregoing provisions of this Section 15.3, if any action is to be taken at a meeting of Holders of Securities of any series with
respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby,
or of the Holders of such series and one or more additional series:

 

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

 

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

 

		15.4	Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

15.4.1      Notwithstanding
any provisions of this Indenture, the Trustees may make such reasonable regulations as the Trustees may deem advisable for any meeting
of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies
and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.4 and
the appointment of any proxy shall be proved in the manner specified in Section 1.4. Such regulations may provide that written instruments
appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.4 or other
proof.

 

15.4.2      The
Trustees shall, by an instrument in writing appoint a temporary chair of the meeting, which need not be a Holder of Securities, unless
the meeting shall have been called by the Issuer or by Holders of Securities as provided in Section 15.1.2, in which case the Issuer
or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chair. A
permanent chair and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal
amount of the Outstanding Securities of such series represented at the meeting.

 

15.4.3      At
any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of Outstanding
Securities of such series held or represented by him, her or it (determined as specified in the definition of “Outstanding”
in Section 1.1); provided, however, that no vote shall be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chair of the meeting to be not Outstanding. The chair of the meeting shall have no right
to vote, except as a Holder of a Security of such series or proxy.

 

15.4.4      Any
meeting of Holders of Securities of any series duly called pursuant to Section 15.1 at which a quorum is present may be adjourned
from time to time by the Chair with consent of the Holders entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting and voting thereon; and the meeting may be held as so adjourned without further notice.

 

    - 70 -

    

    

 

		15.5	Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The chair of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of
Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 15.1 and, if applicable,
Section 15.3. Each copy shall be signed and verified by the affidavits of the chair and secretary of the meeting and one such copy
shall be delivered to the Issuer, and another to the Trustees to be preserved by the Trustees, the latter to have attached thereto the
ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

		15.6	Instruments in Writing.

 

All actions that may be taken
and all powers that may be exercised by the Holders at any meeting of Holders of Securities of any series may also be taken and exercised
by an instrument in writing signed in one or more counterparts by Holders representing not less than a majority in principal amount of
the Outstanding Securities of such series as are entitled to vote at such meeting; provided, however, that, except as limited
by Sections 10.2 and 11.6, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver
or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a series may also be taken and exercised by an instrument in
writing signed in one or more counterparts by the Holders of not less than such specified percentage in principal amount of the Outstanding
Securities of such series as are entitled to vote at such meeting.

 

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

 

	 	BROOKFIELD CAPITAL FINANCE LLC  
	 	 
	 	By:	            
	 	 	Name: 
	 	 	Title: 	Chief Financial Officer
	 	 	 
	 	BROOKFIELD ASSET MANAGEMENT INC.  
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

     

     

    

 

	 	COMPUTERSHARE TRUST COMPANY OF CANADA, as Canadian Trustee  
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:	Corporate Trust Officer
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:	Associate Trust Officer
	 	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A., as U.S. Trustee  
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 	Corporate Trust Officer

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