Document:

Exhibit
10.1

 

SECOND
AMENDMENT TO JUDGMENT SETTLEMENT AGREEMENT

 

THIS
SECOND AMENDMENT TO JUDGMENT SETTLEMENT AGREEMENT (this “Amendment”) is entered into as of August 17, 2020
(the “Effective Date”), by and between John M. Fife, an individual (“Lender”), and MPhase
Technologies, Inc., a New Jersey corporation (“Borrower”). Capitalized terms used in this Amendment without
definition shall have the meanings given to them in the Settlement Agreement (as defined below).

 

A.
Borrower previously sold and issued to St. George Investments LLC, a Utah limited liability company (formerly known as St George
Investments LLC, an Illinois limited liability company) (“SGI”) that certain Convertible Note dated September
13, 2011 in the original principal amount of $357,500.00 (subject to an increase to up to $557,500.00 upon the occurrence of certain
events) (the “Note”) pursuant to that certain Securities Purchase Agreement dated September 13, 2011 by and
between SGI and Borrower (the “Purchase Agreement,” and together with the Note and all other documents entered
into in conjunction therewith, the “Transaction Documents”).

 

B.
Effective as of October 17, 2011, SGI assigned the Note and its rights under all other Transaction Documents to Lender pursuant
to a certain Assignment of Convertible Note (the “Assignment”).

 

C.
Following the Assignment, Lender and Borrower entered into a certain Standstill and Restructuring Agreement (the “Standstill
Agreement”) pursuant to which Lender agreed to not convert a certain portion of the outstanding balance of the Note
into shares of Borrower’s Common Stock in exchange for certain payments from Borrower.

 

D.
Borrower did not make such payments and Lender ultimately filed a lawsuit against Borrower in the Eastern Division of the Northern
District of Illinois in the United States District Court, Case No. 12-cv-9647 (the “Lawsuit”).

 

E.
On December 15, 2014, Lender was granted summary judgment in the Lawsuit and on January 28, 2015 a judgment was entered against
Borrower (the “Judgment”).

 

F.
Lender agreed to refrain and temporarily forbear from exercising and enforcing certain remedies against Borrower with respect
to the Judgment and to settle the Judgment pursuant to the terms and conditions of a certain Judgment Settlement Agreement dated
December 10, 2018 entered into between Lender and Borrower (as amended, the “Settlement Agreement”).

 

G.
On February 5, 2019, Borrower and Lender agreed to amend the Settlement Agreement to revise the payment schedule (the “First
Amendment”).

 

H.
Borrower has requested that Lender allow Borrower to repay the amounts still outstanding under the Settlement Agreement through
the issuance of a Convertible Promissory Note in the original principal amount of $300,000.00 in substantially the form attached
hereto as Exhibit A (the “Note”).

 

I.
Lender has agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment, to amend the Settlement
Agreement to reflect the issuance of the Note.

 

    	 

     

    

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

 

1.
Recitals. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true
and accurate and are hereby incorporated into and made a part of this Amendment.

 

2.
Revised Payment Schedule. Section 3 of the Settlement Agreement is deleted in its entirety and replaced with the following:

 

“3.
Note. Borrower and Lender agree that Borrower may satisfy the Judgment in full by repaying the Convertible Promissory Note
attached hereto as Exhibit A (the “Settlement Note”) in accordance with its terms. The occurrence of an Event
of Default (as defined in the Settlement Note) under the Settlement Note shall be deemed a breach of this Agreement.”

 

3.
Payment in Full. Section 4 of the Settlement Agreement is deleted in its entirety and replaced with the following:

 

“4.
Payment in Full. Upon satisfaction of all of Borrower’s obligations under this Agreement and the Settlement Note,
including without limitation payment of all cash payments required under the Settlement Note and delivering all shares of stock
to Lender as and when required under the Settlement Note, Borrower shall be deemed to have paid the entire Judgment Amount in
full, Borrower shall have no further obligations under the Judgment, the Judgment shall be deemed to be satisfied, and Lender
will file a satisfaction of judgment with the court that issued the Judgment.”

 

4.
Failure to Comply. Section 5 of the Settlement Agreement is deleted in its entirety and replaced with the following:

 

“5.
Failure to Comply. Borrower understands that the Forbearance, Lender’s agreement to settle the Judgment for the Settlement
Amount, and all other obligations, restrictions, and limitations of or on Lender hereunder shall terminate immediately upon the
occurrence of any breach of this Agreement or the Settlement Note (including, without limitation, Borrower’s obligation
to make any payment to Lender as and when required under the Settlement Note). In any such case, Lender may seek all recourse
available to it under the terms of the Judgment, this Agreement, or applicable law following any breach, including without limitation
enforcing the Judgment for the full amount awarded pursuant thereto (less the sum of any payments made to Lender hereunder, under
the Settlement Note, or under the Prior Settlement Agreement, which shall be credited against the amount of the Judgment in such
event).”

 

5.
Representations and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its
affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

    	2

     

    

 

(a)
Borrower has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of
any of the obligations of Borrower hereunder.

 

(b)
There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior
to the Effective Date which would or could materially and adversely affect the understanding of Lender expressed in this Amendment
or any representation, warranty, or recital contained in this Amendment.

 

(c)
Except as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this
Amendment nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release,
impair, lessen, modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Settlement
Agreement.

 

(d)
Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or
causes of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any
manner connected with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted,
or begun prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant
to, or by virtue of any of the terms or conditions of the Settlement Agreement. To the extent any such defenses, affirmative or
otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses,
rights, claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges
and agrees that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of
the existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

(e)
Borrower represents and warrants that as of the Effective Date, no breaches exist under the Settlement Agreement or have occurred
prior to the Effective Date.

 

6.
Certain Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind
whatsoever has been or shall be given by Lender to Borrower in connection with any amendment to the Settlement Agreement granted
herein.

 

7.
Other Terms Unchanged. The Settlement Agreement, as amended by this Amendment and the First Amendment, remains and continues
in full force and effect, constitutes legal, valid, and binding obligations of each of the parties thereto, and is in all respects
agreed to, ratified, and confirmed. Any reference to the Settlement Agreement after the Effective Date is deemed to be a reference
to the Settlement Agreement as amended by this Amendment and the First Amendment. If there is a conflict between the terms of
this Amendment and the Settlement Agreement or the First Amendment, the terms of this Amendment shall control. No forbearance
or waiver may be implied by this Amendment. Except as expressly set forth herein, the execution, delivery, and performance of
this Amendment shall not operate as a waiver of, or as an amendment to, any right, power, or remedy of Lender under the Settlement
Agreement, as in effect prior to the Effective Date. To avoid all doubt, this Amendment shall be governed by the miscellaneous
provisions set forth in Sections 8 through 18 of the Settlement Agreement.

 

    	3

     

    

 

8.
No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers,
equity holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Amendment, the Settlement Agreement and the Transaction
Documents and, in making its decision to enter into the transactions contemplated by this Amendment and the Settlement Agreement,
Borrower is not relying on any representation, warranty, covenant or promise of Lender or its officers, directors, members, managers,
equity holders, agents or representatives other than as set forth in this Amendment and in the Settlement Agreement.

 

9.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s
executed counterpart of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original
thereof.

 

10.
Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions
contemplated hereby.

 

[Remainder
of page intentionally left blank]

 

    	4

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	MPHASE
    TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	Name:	Anshu
    Bhatnagar
	 	Title:	CEO
	 	 
	 	LENDER:
	 	 
	 	 
	 	John
    M. Fife, an individual

 

[Signature
page to Amendment to Judgment Settlement Agreement]

 

    	 

     

    

 

Exhibit
A

 

CONVERTIBLE
PROMISSORY NOTE

 

	Effective
    Date: August 17, 2020	U.S.
    $300,000.00

 

FOR
VALUE RECEIVED, MPHASE TECHNOLOGIES, INC., a New Jersey corporation (“Borrower”), promises to pay to JOHN M.
FIFE, an individual, or his successors or assigns (“Lender”), $300,000.00 and any interest, fees, charges,
and late fees accrued hereunder on the date that is twelve (12) months after the Effective Date (the “Maturity Date”)
in accordance with the terms set forth herein. This Convertible Promissory Note (this “Note”) is issued and
made effective as of August 17, 2020 (the “Effective Date”). This Note is issued pursuant to that certain Judgment
Settlement Agreement dated August 18, 2017, as the same may be amended from time to time, by and between Borrower and Lender (the
“Settlement Agreement”). Certain capitalized terms used herein are defined in Attachment 1 attached
hereto and incorporated herein by this reference.

 

The
Purchase Price for this Note was paid in full on the Purchase Price Date. Accordingly, this Note shall be deemed to have been
issued on the Purchase Price Date for purpose of Rule 144.

 

1.
Interest; Payment; Prepayment.

 

1.1.
Interest. Interest shall accrue on the Outstanding Balance beginning on the Effective Date at the rate of ten percent (10%)
per annum. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty
(30) day months, shall compound daily and shall be payable in accordance with the terms of this Note.

 

1.2.
Payment. All payments owing hereunder shall be in lawful money of the United States of America or Conversion Shares (as
defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower for that
purpose. All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges, if any, then to
(c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.3.
Prepayment. Borrower shall have the right to prepay all or any portion of the Outstanding Balance (less such portion of
the Outstanding Balance for which Borrower has received a Conversion Notice (as defined below) from Lender where the applicable
Conversion Shares have not yet been delivered) without penalty.

 

2.
Security. This Note is unsecured.

 

3.Conversion;
Cash Payments.

 

3.1.
Conversions. Lender has the right at any time after the Effective Date until the Outstanding Balance has been paid in full,
at its election, to convert (“Conversion”) all or any portion of the Outstanding Balance into shares (“Conversion
Shares”) of fully paid and non-assessable common stock, $0.01 par value per share (“Common Stock”),
of Borrower as per the following conversion formula: the number of Conversion Shares equals the amount being converted (the “Conversion
Amount”) divided by the Conversion Price (as defined below). Conversion notices in the form attached hereto as Exhibit
A (each, a “Conversion Notice”) may be effectively delivered to Borrower by any method set forth in the
“Notices” Section of the Settlement Agreement, and all Conversions shall be cashless and not require further payment
from Lender. Borrower shall deliver the Conversion Shares from any Conversion to Lender in accordance with Section 8 below.

 

    	 

     

    

 

3.2.Conversion
Price. Subject to the adjustments set forth herein, the conversion price for each Conversion shall be calculated pursuant
to the following formula: 80% multiplied by the lowest Closing Trade Price for a share of Common Stock during the twenty (20)
Trading Days immediately preceding the applicable Conversion (the “Conversion Price”).

 

3.3.Cash
Payments. Borrower agrees to make the following cash payments to Lender: (a) $7,500.00 on the Effective Date and on the same
day of the month as the Effective Date for each of the two (2) months following the Effective Date; and (b) $10,000.00 on the
date that is three (3) months following the Effective Date as well as on the same day of the month as the Effective Date for each
of the next two (2) months thereafter.

 

4.Defaults
and Remedies.

 

4.1.
Defaults. The following are events of default under this Note (each, an “Event of Default”): (a) Borrower
fails to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) Borrower fails to
deliver any Conversion Shares in accordance with the terms hereof; (c) a receiver, trustee or other similar official shall be
appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or
shall not be dismissed or discharged within sixty (60) days; (d) Borrower becomes insolvent or generally fails to pay, or admits
in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; (e) Borrower makes
a general assignment for the benefit of creditors; (f) Borrower files a petition for relief under any bankruptcy, insolvency or
similar law (domestic or foreign); (g) an involuntary bankruptcy proceeding is commenced or filed against Borrower; (h) Borrower
or any pledgor, trustor, or guarantor of this Note defaults or otherwise fails to observe or perform any covenant, obligation,
condition or agreement of Borrower or such pledgor, trustor, or guarantor contained herein or in the Settlement Agreement; (i)
any representation, warranty or other statement made or furnished by or on behalf of Borrower or any pledgor, trustor, or guarantor
of this Note to Lender herein, in any Transaction Document, or otherwise in connection with the issuance of this Note is false,
incorrect, incomplete or misleading in any material respect when made or furnished; (j) the occurrence of a Fundamental Transaction
without Lender’s prior written consent; (k) any money judgment, writ or similar process is entered or filed against Borrower
or any subsidiary of Borrower or any of its property or other assets for more than $100,000.00, and shall remain unvacated, unbonded
or unstayed for a period of twenty (20) calendar days unless otherwise consented to by Lender; (l) trading in Borrower’s
Common Stock is suspended, halted, chilled, frozen, reaches zero bid or otherwise ceases trading on Company’s principal
trading market; (m) Borrower fails to file all reports required under Rule 144 (as defined below) or otherwise take all reasonable
action under its control to ensure that adequate current public information with respect to Borrower, as required in accordance
with Rule 144, is publicly available; or (n) if Lender’s clearing broker refuses to approve any Conversion Shares for resale
within three (3) Trading Days of Lender’s request for such approval and Lender is unable to sell Conversion Shares as a
result of such refusal.

 

4.2.
Remedies. At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default, Lender
may, at its option, terminate this Note and deduct all amounts paid hereunder from the Settlement Amount (as defined in the Settlement
Agreement) and renew collections action on the Judgment (as defined in the Settlement Agreement).

 

5.
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable
obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset
it now has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments or Conversions called
for herein in accordance with the terms of this Note.

 

    	 

     

    

 

6.Waiver.
No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party granting
the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent
or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

7.
Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision hereof,
if Borrower at any time on or after the Effective Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect
immediately prior to such subdivision will be proportionately reduced. Without limiting any provision hereof, if Borrower at any
time on or after the Effective Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding
shares of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will
be proportionately increased. Any adjustment pursuant to this Section 7 shall become effective immediately after the effective
date of such subdivision or combination. If any event requiring an adjustment under this Section 7 occurs during the period that
a Conversion Price is calculated hereunder, then the calculation of such Conversion Price shall be adjusted appropriately to reflect
such event.

 

8.
Method of Conversion Share Delivery. On or before the close of business on the third (3rd) Trading Day following Lender’s
delivery of a Conversion Notice (the “Delivery Date”), Borrower shall, provided it is DWAC Eligible at such
time and such Conversion Shares are eligible for delivery via DWAC, deliver or cause its transfer agent to deliver the applicable
Conversion Shares electronically via DWAC to the account designated by Lender in the applicable Conversion Notice. If Borrower
is not DWAC Eligible or such Conversion Shares are not eligible for delivery via DWAC, it shall deliver to Lender or its broker
(as designated in the Conversion Notice), via reputable overnight courier, a certificate representing the number of shares of
Common Stock equal to the number of Conversion Shares to which Lender shall be entitled, registered in the name of Lender or its
designee. For the avoidance of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date unless
Lender or its broker, as applicable, has actually received the certificate representing the applicable Conversion Shares no later
than the close of business on the relevant Delivery Date pursuant to the terms set forth above. Moreover, and notwithstanding
anything to the contrary herein or in any other Transaction Document, in the event Borrower or its transfer agent refuses to deliver
any Conversion Shares without a restrictive securities legend to Lender on grounds that such issuance is in violation of Rule
144 under the Securities Act of 1933, as amended (“Rule 144”), Borrower shall deliver or cause its transfer
agent to deliver the applicable Conversion Shares to Lender with a restricted securities legend, but otherwise in accordance with
the provisions of this Section 8. In conjunction therewith, Borrower will also deliver to Lender a written explanation from its
counsel or its transfer agent’s counsel opining as to why the issuance of the applicable Conversion Shares violates Rule
144.

 

9.
Conversion Delays. If Borrower fails to deliver Conversion Shares in accordance with the timeframe stated in Section 8,
Lender may at any time prior to receiving the applicable Conversion Shares rescind in whole or in part such Conversion, with a
corresponding increase to the Outstanding Balance (any returned amount will tack back to the Purchase Price Date for purposes
of determining the holding period under Rule 144).

 

10.Ownership
Limitation. Notwithstanding anything to the contrary contained in this Note or the Settlement Agreement, Borrower shall not
effect any conversion of this Note to the extent that after giving effect to such conversion would cause Lender (together with
its affiliates) to beneficially own a number of shares exceeding 9.99% of the number of shares of Common Stock outstanding on
such date (including for such purpose the shares of Common Stock issuable upon such issuance) (the “Maximum Percentage”).
For purposes of this section, beneficial ownership of Common Stock will be determined pursuant to Section 13(d) of the 1934 Act.
By written notice to Borrower, Lender may increase, decrease or waive the Maximum Percentage as to itself but any such waiver
will not be effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement is enforceable, unconditional
and non- waivable and shall apply to all affiliates and assigns of Lender.

 

    	 

     

    

 

11.
Opinion of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, Lender has the
right to have any such opinion provided by its counsel.

 

12.Governing
Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Settlement
Agreement to determine the proper venue for any disputes are incorporated herein by this reference.

 

13.
Cancellation. After repayment or conversion of the entire Outstanding Balance, this Note shall be deemed paid in full,
shall automatically be deemed canceled, and shall not be reissued.

 

14.
Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

15.
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note and any shares of
Common Stock issued upon conversion of this Note may be offered, sold, assigned or transferred by Lender without the consent of
Borrower.

 

16.
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with the subsection of the Settlement Agreement titled “Notices.”

 

17.
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions
of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the
parties’ inability to predict future interest rates, future share prices, future trading volumes and other relevant factors.
Accordingly, Lender and Borrower agree that any fees, balance adjustments, or other charges assessed under this Note are not penalties
but instead are intended by the parties to be, and shall be deemed, liquidated damages (under Lender’s and Borrower’s
expectations that any such liquidated damages will tack back to the Purchase Price Date for purposes of determining the holding
period under Rule 144).

 

18.
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve
the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full
force and effect.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	MPHASE
    TECHNOLOGIES, INC.
	 	 
	 	By:
    	 
	 	Name:	Anshu
    Bhatnagar
	 	Title:	CEO

 

	ACKNOWLEDGED,
    ACCEPTED AND AGREED:	 
	 	 
	LENDER:	 
	 	 
	 	 
	John
    M. Fife, an individual	 

 

[Signature
Page to Convertible Promissory Note]

 

    	 

     

    

 

ATTACHMENT
1

DEFINITIONS

 

For
purposes of this Note, the following terms shall have the following meanings:

 

A1.
“Closing Bid Price” and “Closing Trade Price” means the last closing bid price and last
closing trade price, respectively, for the Common Stock on its principal market, as reported by Bloomberg, L.P. (“Bloomberg”),
or, if its principal market begins to operate on an extended hours basis and does not designate the closing bid price or the closing
trade price (as the case may be) then the last bid price or last trade price, respectively, of the Common Stock prior to 4:00:00
p.m., New York time, as reported by Bloomberg, or, if its principal market is not the principal securities exchange or trading
market for the Common Stock, the last closing bid price or last trade price, respectively, of the Common Stock on the principal
securities exchange or trading market where the Common Stock is listed or traded as reported by Bloomberg, or if the foregoing
do not apply, the last closing bid price or last trade price, respectively, of the Common Stock in the over-the-counter market
on the electronic bulletin board for the Common Stock as reported by Bloomberg, or, if no closing bid price or last trade price,
respectively, is reported for the Common Stock by Bloomberg, the average of the bid prices, or the ask prices, respectively, of
any market makers for the Common Stock as reported by OTC Markets Group, Inc., and any successor thereto. If the Closing Bid Price
or the Closing Trade Price cannot be calculated for the Common Stock on a particular date on any of the foregoing bases, the Closing
Bid Price or the Closing Trade Price (as the case may be) of the Common Stock on such date shall be the fair market value as mutually
determined by Lender and Borrower. All such determinations shall be appropriately adjusted for any stock dividend, stock split,
stock combination or other similar transaction during such period.

 

A2.
“Conversion Share Value” means the product of the number of Conversion Shares deliverable pursuant to any Conversion
Notice multiplied by the Closing Trade Price of the Common Stock on the Delivery Date for such Conversion.

 

A3.
“DTC” means the Depository Trust Company or any successor thereto.

 

A4.
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

 

A5.
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

 

A6.
“DWAC Eligible” means that (a) Borrower’s Common Stock is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has
been approved (without revocation) by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as
an agent in the DTC/FAST Program; (d) the Conversion Shares are otherwise eligible for delivery via DWAC; and (e) Borrower’s
transfer agent does not have a policy prohibiting or limiting delivery of the Conversion Shares via DWAC.

 

A7.
“Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is
the surviving corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any
shares of voting stock of Borrower held by the person or persons making or party to, or associated or affiliated with the persons
or entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall, directly
or indirectly, in one or more related transactions, consummate a stock or share Settlement Agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other person or
entity whereby such other person or entity acquires more than 50% of the outstanding shares of voting stock of Borrower (not including
any shares of voting stock of Borrower held by the other persons or entities making or party to, or associated or affiliated with
the other persons or entities making or party to, such stock or share Settlement Agreement or other business combination), or
(v) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize
or reclassify the Common Stock, other than an increase in the number of authorized shares of Borrower’s Common Stock, or
(b) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934
Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in
Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and
outstanding voting stock of Borrower.

 

    	 

     

    

 

A8.
“Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as
the case may be, pursuant to the terms hereof for payment, Conversion, offset, or otherwise, plus the OID, the Transaction Expense
Amount, accrued but unpaid interest, collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer,
stamp, issuance and similar taxes and fees related to Conversions, and any other fees or charges incurred under this Note.

 

A9.
“Purchase Price” means the consideration set forth in the Settlement Agreement.

 

A10.
“Purchase Price Date” means December 10, 2018.

 

A11.
“Trading Day” means any day on which the New York Stock Exchange (or such other principal market for the Common
Stock) is open for trading.

 

A12.
“VWAP” means the volume weighted average price of the Common Stock on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

[Remainder
of page intentionally left blank]

 

    	 

     

    

 

EXHIBIT
A

 

John M. Fife

[___]

[___]

 

	MPhase
    Technologies, Inc.	Date:________
    

Attn:
Anshu Bhatnagar

9841
Washingtonian Boulevard, #390

Gaithersburg,
Maryland 20878

 

CONVERSION
NOTICE

 

The
above-captioned Lender hereby gives notice to MPhase Technologies, Inc., a New Jersey corporation (the “Borrower”),
pursuant to that certain Convertible Promissory Note made by Borrower in favor of Lender on August 17, 2020 (the “Note”),
that Lender elects to convert the portion of the Note balance set forth below into fully paid and non-assessable shares of Common
Stock of Borrower as of the date of conversion specified below. Said conversion shall be based on the Conversion Price set forth
below. In the event of a conflict between this Conversion Notice and the Note, the Note shall govern, or, in the alternative,
at the election of Lender in its sole discretion, Lender may provide a new form of Conversion Notice to conform to the Note. Capitalized
terms used in this notice without definition shall have the meanings given to them in the Note.

 

	 	A.	Date
    of Conversion:______________
	 	B.	Conversion
    #:_____________
	 	C.	Conversion
    Amount:___________
	 	D.	Conversion
    Price: ___________
	 	E.	Conversion
    Shares:___________(C divided by D)
	 	F.	Remaining
    Outstanding Balance of Note:___________*

 

*
Subject to adjustments for corrections, defaults, interest and other adjustments permitted by the Note (as defined in the Settlement
Agreement), the terms of which shall control in the event of any dispute between the terms of this Conversion Notice and the Note.

 

Please
transfer the Conversion Shares electronically (via DWAC) to the following account:

 

	Broker:
    ________________________	Address:	________________________
	DTC#:
    _________________________	 	________________________
	Account
    #: _____________________	 	________________________
	Account
    Name: __________________	 	________________________

 

To
the extent the Conversion Shares are not able to be delivered to Lender electronically via the DWAC system, deliver all such certificated
shares to Lender via reputable overnight courier after receipt of this Conversion Notice (by facsimile transmission or otherwise)
to:

 

________________________________________

________________________________________

________________________________________

 

	Sincerely,	 
	Lender:	 
	 	 
	 	 
	John
    M. Fife, an individual.Exhibit 4.1

 

Execution Version

 

 

 

INDENTURE

 

Dated as of August 18, 2020

 

Among

 

THE HOWARD HUGHES CORPORATION,

 

as Issuer,

 

THE SUBSIDIARY GUARANTORS PARTY HERETO,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

5.375% SENIOR NOTES DUE 2028

 

 

 

     

     

    

 	 TABLE
    OF CONTENTS	 
	 	 	Page
	Article 1	 
	 	 
	DEFINITIONS
    AND INCORPORATION BY REFERENCE	 
	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	27
	Section 1.03	Rules of Construction	29
	Section 1.04	Acts of Holders	30
	 	 	 
	Article 2	 
	 	 
	THE NOTES	 
	 	 
	Section 2.01	Form and Dating; Terms	32
	Section 2.02	Execution and Authentication	33
	Section 2.03	Registrar and Paying Agent	33
	Section 2.04	Paying Agent to Hold Money in Trust	34
	Section 2.05	Holder Lists	34
	Section 2.06	Transfer and Exchange	35
	Section 2.07	Replacement Notes	36
	Section 2.08	Outstanding Notes	37
	Section 2.09	Treasury Notes	37
	Section 2.10	Temporary Notes	37
	Section 2.11	Cancellation	38
	Section 2.12	Defaulted Interest	38
	Section 2.13	CUSIP and ISIN Numbers	38
	Section 2.14	Computation of Interest	39
	 	 	 
	Article 3	 
	 	 
	REDEMPTION	 
	 	 
	Section 3.01	Notices to Trustee	39
	Section 3.02	Selection of Notes to Be Redeemed or Purchased	39
	Section 3.03	Notice of Redemption	40
	Section 3.04	Effect of Notice of Redemption	41
	Section 3.05	Deposit of Redemption or Purchase Price	41
	Section 3.06	Notes Redeemed or Purchased in Part	42
	Section 3.07	Optional Redemption	42
	Section 3.08	Mandatory Redemption; Open Market Purchases	43
	Section 3.09	Offers to Repurchase by Application of Excess
    Proceeds	43

 

    i

     

    

 

	Article 4	 
	 	 
	COVENANTS	 
	 	 
	Section 4.01	Payment of Notes	46
	Section 4.02	Maintenance of Office or Agency	46
	Section 4.03	Reports	46
	Section 4.04	Compliance Certificate	48
	Section 4.05	Corporate Existence	48
	Section 4.06	Payment of Taxes	49
	Section 4.07	Stay, Extension and Usury Laws	49
	Section 4.08	Restricted Payments	49
	Section 4.09	Dividend and Other Payment Restrictions Affecting
    Restricted Subsidiaries	53
	Section 4.10	Incurrence of Indebtedness and Issuance of Preferred
    Stock	55
	Section 4.11	Asset Sales	60
	Section 4.12	Transactions with Affiliates	63
	Section 4.13	Liens	65
	Section 4.14	Permitted Business Activities	65
	Section 4.15	Offer to Repurchase upon Change of Control	65
	Section 4.16	Future Guarantors	68
	Section 4.17	Designation of Restricted and Unrestricted Subsidiaries	68
	Section 4.18	Effectiveness of Covenants	69
	 	 	 
	Article 5	 
	 	 
	SUCCESSORS	 
	 	 
	Section 5.01	Merger, Consolidation or Sale of Assets	71
	Section 5.02	Successor Entity Substituted	73
	 	 	 
	Article 6	 
	 	 
	DEFAULTS
    AND REMEDIES	 
	 	 
	Section 6.01	Events of Default	73
	Section 6.02	Acceleration	75
	Section 6.03	Other Remedies	75
	Section 6.04	Waiver of Past Defaults	76
	Section 6.05	Control by Majority	76
	Section 6.06	Limitation on Suits	76
	Section 6.07	Rights of Holders to Receive Payment	77
	Section 6.08	Collection Suit by Trustee	77
	Section 6.09	Restoration of Rights and Remedies	77
	Section 6.10	Rights and Remedies Cumulative	77
	Section 6.11	Delay or Omission Not Waiver	78
	Section 6.12	Trustee May File Proofs of Claim	78
	Section 6.13	Priorities	78
	Section 6.14	Undertaking for Costs	79

 

    ii

     

    

 

	Article 7	 
	 	 
	TRUSTEE	 
	 	 
	Section 7.01	Duties of Trustee	79
	Section 7.02	Rights of Trustee	80
	Section 7.03	Individual Rights of the Trustee	83
	Section 7.04	Trustee’s Disclaimer	83
	Section 7.05	Notice of Defaults	83
	Section 7.06	Limitation on Trustee’s Liability	83
	Section 7.07	Compensation and Indemnity	83
	Section 7.08	Replacement of Trustee	84
	Section 7.09	Successor Trustee by Merger	85
	Section 7.10	Eligibility; Disqualification	85
	 	 	 
	Article 8	 
	 	 
	LEGAL
    DEFEASANCE AND COVENANT DEFEASANCE	 
	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant
    Defeasance	85
	Section 8.02	Legal Defeasance and Discharge	85
	Section 8.03	Covenant Defeasance	85
	Section 8.04	Conditions to Legal or Covenant Defeasance	86
	Section 8.05	Deposited Money and Government Securities to
    Be Held in Trust; Other Miscellaneous Provisions	87
	Section 8.06	Repayment to the Issuer	88
	Section 8.07	Reinstatement	88
	 	 	 
	Article 9	 
	 	 
	AMENDMENT,
    SUPPLEMENT AND WAIVER	 
	 	 
	Section 9.01	Without Consent of Holders	88
	Section 9.02	With Consent of Holders	89
	Section 9.03	Revocation and Effect of Consents	91
	Section 9.04	Notation on or Exchange of Notes	91
	Section 9.05	Trustee to Sign Amendments,etc.	91
	 	 	 
	Article 10	 
	 	 
	NOTE
    GUARANTEES	 
	 	 
	Section 10.01	Guarantee	91
	Section 10.02	Limitation on Subsidiary Guarantor Liability	93
	Section 10.03	Execution and Delivery	94
	Section 10.04	Subrogation	94
	Section 10.05	Benefits Acknowledged	94
	Section 10.06	Release of Note Guarantees	94

 

    iii

     

    

 

	Article 11	 
	 	 
	SATISFACTION
    AND DISCHARGE	 
	 	 
	Section 11.01	Satisfaction and Discharge	95
	Section 11.02	Application of Trust Money	96
	 	 	 
	Article 12	 
	 	 
	MISCELLANEOUS	 
	 	 
	Section 12.01	Notices	97
	Section 12.02	Communication by Holders with Other Holders	99
	Section 12.03	Certificate and Opinion as to Conditions Precedent	99
	Section 12.04	Statements Required in Certificate or Opinion	99
	Section 12.05	Rules by Trustee and Agents	100
	Section 12.06	No Personal Liability of Directors, Officers,
    Employees, Members, Partners and Stockholders	100
	Section 12.07	Governing Law	100
	Section 12.08	Jurisdiction	100
	Section 12.09	Waiver of Jury Trial	100
	Section 12.10	No Adverse Interpretation of Other Agreements	100
	Section 12.11	Successors	101
	Section 12.12	Severability	101
	Section 12.13	Counterpart Originals	102
	Section 12.14	Table of Contents, Headings,etc.	101
	Section 12.15	U.S.A. PATRIOT Act	101
	Section 12.16	Payments Due on Non-Business Days	101
	Appendix A	Provisions Relating to Initial Notes and Additional
    Notes	 
	Exhibit A	Form of Note	 
	Exhibit B	Form of Supplemental Indenture to Be Delivered
    by Future Guarantors	 

 

    iv

     

    

 

INDENTURE, dated as of August 18,
2020, among The Howard Hughes Corporation, a Delaware corporation (the “Issuer”), the Subsidiary Guarantors
(as defined below) party hereto and Wells Fargo Bank, National Association, a national banking association, as the trustee (“Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has duly authorized
the creation and issuance of $750,000,000 aggregate principal amount of 5.375% Senior Notes due 2028 (the “Initial Notes”)
and each Initial Guarantor (as defined below) has duly authorized its Note Guarantee (as defined below) thereof; and

 

WHEREAS, the Issuer and each Initial Guarantor
has duly authorized the execution and delivery of this Indenture.

 

NOW, THEREFORE, the Issuer, the Initial
Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders.

 

Article 1

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.01     Definitions.

 

“Acquired Debt” means,
with respect to any specified Person:

 

(1)            Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified
Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with
or into, or becoming a Restricted Subsidiary of, such specified Person; and

 

(2)            Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional Assets”
means any property or assets (other than Indebtedness and Capital Stock) to be used by the Issuer or any of its Restricted Subsidiaries
in a Permitted Business.

 

“Additional Notes” means
Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Section 2.01 and Section 4.10,
as part of the same series as the Initial Notes whether or not they bear the same CUSIP number.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar,
co-registrar, Custodian, Transfer Agent, Paying Agent or additional paying agent.

 

    1

     

    

 

“Applicable Premium”
means, with respect to any Note on any Redemption Date, the greater of:

 

(1)            1.0%
of the principal amount of such Note, and

 

(2)            the
excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price (such redemption price
being set forth in the table appearing in Section 3.07(d)) of such Note at August 1, 2023, plus (ii) all required
interest payments due on such Note (excluding accrued but unpaid interest to the Redemption Date) to, but excluding, August 1,
2023, computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the
principal amount of such Note.

 

“Asset Sale” means:

 

(1)            the
sale, lease (other than operating leases), conveyance or other disposition (including by merger, amalgamation, consolidation or
sale and leaseback transaction, and whether by operation of law or otherwise) of any assets or rights; provided that the
sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries,
taken as a whole, shall be governed by Section 4.15 and/or Section 5.01 and not by Section 4.11; and

 

(2)            the
issuance of Equity Interests in any of the Issuer’s Restricted Subsidiaries or the sale of Equity Interests in any such
Restricted Subsidiary (other than directors’ qualifying Equity Interests or Equity Interests required by applicable law
to be held by a Person other than the Issuer or any of its Restricted Subsidiaries).

 

Notwithstanding the preceding, none of
the following items shall be deemed to be an Asset Sale:

 

(1)            any
single transaction or series of related transactions that involves assets having a Fair Market Value of less than $25.0 million;

 

(2)            a
transfer of assets (including through a merger, amalgamation or consolidation) between or among the Issuer and its Restricted
Subsidiaries;

 

(3)            an
issuance of Equity Interests by a Restricted Subsidiary of the Issuer to any other Restricted Subsidiary of the Issuer or to the Issuer;

 

(4)           the
disposition of inventory, commercial properties, development rights, units, homes, land, lots, or other assets, in each case in
the ordinary course of business, and any sale or other disposition of damaged, worn-out, negligible, surplus or obsolete assets;

 

(5)           the
sale or other disposition of Cash Equivalents;

 

(6)           a
Restricted Payment or Permitted Investment that does not violate Section 4.08;

 

(7)           the
unwinding of any Hedging Obligations;

 

(8)           the
licensing of intellectual property in the ordinary course of business or in accordance with industry practice;

 

(9)           the
sale, lease, conveyance, disposition or other transfer of the securities of, or any Investment in, any Unrestricted Subsidiary;

 

(10)         surrender
or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;

 

(11)         a
disposition of leasehold improvements or leased assets in connection with the termination of any operating lease;

 

    2

     

    

 

(12)          leases
or subleases, or assignments of leased facilities, to third persons;

 

(13)          in
the ordinary course of business, any swap of assets, or lease, assignment or sublease of any real or personal property, in exchange
for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business
of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the Issuer;

 

(14)          the
creation or realization of a Lien to the extent that the granting of such Lien was not in violation of Section 4.13;

 

(15)          the
issuance of preferred stock of a Restricted Subsidiary of the Issuer pursuant to Section 4.10;

 

(16)          the
sale or disposition of any assets or property received as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries;

 

(17)          any
surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims
of any kind;

 

(18)          solely
for purposes of Section 4.11(a), the sale of interests in a joint venture pursuant to customary put-call or buy-sell arrangements;

 

(19)          to
the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any
boot thereon); and

 

(20)          foreclosures
or governmental condemnations on assets.

 

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

 

“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is defined in Section 13(d)(3) of
the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time or upon the occurrence of a subsequent condition. The term “Beneficially Own”
shall have a corresponding meaning.

 

“Board of Directors”
means:

 

(1)            with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf
of such board;

 

(2)            with
respect to a partnership, the board of directors of the general partner of the partnership;

 

(3)            with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and

 

(4)            with
respect to any other Person, the board or committee of such Person serving a similar function.

 

    3

     

    

 

“Bridge Loan” means
the Term Loan Agreement, dated as of December 30, 2019 (as amended by the First Amendment thereto, dated as of May 20,
2020, and as it may be further amended or modified from time to time), among the Issuer, as borrower, certain Subsidiaries of
the Issuer from time to time party thereto, as guarantors, Bank of America, N.A., as administrative agent, and the lenders party
thereto.

 

“Business Day” means
each day that is not a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of New
York or at the place of payment in respect of the Notes. If a payment date is not a Business Day at such place, payment may be
made at such place on the next succeeding Business Day.

 

“Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that
time be required to be capitalized on a balance sheet prepared in accordance with GAAP on the Issue Date, and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which
such lease may be prepaid by the lessee without payment of a penalty.

 

“Capital Stock” means:

 

(1)            in
the case of a corporation, corporate stock;

 

(2)            in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)            in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

 

“Cash Equivalents” means:

 

(1)            U.S.
dollars or any other currencies held from time to time in the ordinary course of business;

 

(2)            securities
issued or directly and fully and unconditionally guaranteed or insured by the United States government or any agency or instrumentality
thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities
of 24 months or less from the date of acquisition;

 

(3)            certificates
of deposit, time deposits and Eurodollar time deposits with maturities of two years or less from the date of acquisition, bankers’
acceptances with maturities not exceeding two years and overnight bank deposits, in each case with any U.S. commercial bank having
capital and surplus of not less than $250.0 million;

 

(4)            repurchase
obligations for underlying securities of the types described in clauses (2), (3) and (7) of this definition entered
into with any financial institution meeting the qualifications specified in clause (3) of this definition;

 

    4

     

    

 

(5)            commercial
paper rated at least P-1 by Moody’s or at least A-1 by S&P (or, if at any time neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the
Issuer) and in each case maturing within 24 months after the date of creation thereof and Indebtedness or preferred stock
issued by Persons (other than Affiliates of the Issuer) with a rating of “A2” or higher from Moody’s or “A”
or higher from S&P with maturities of 24 months or less from the date of acquisition;

 

(6)            marketable
short-term money market and similar funds either having (A) assets in excess of $250.0 million or (B) a rating of at
least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the
Issuer);

 

(7)            readily
marketable direct obligations issued by any state of the United States or any political subdivision or taxing authority thereof
having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the
Issuer) with maturities of 24 months or less from the date of acquisition;

 

(8)            readily
marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality thereof,
in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s
nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency
selected by the Issuer) with maturities of 24 months or less from the date of acquisition; and

 

(9)            investment
funds investing at least 90% of their assets in securities of the types described in clauses (1) through (8) of this
definition.

 

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

 

(1)            the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation),
in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Restricted
Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d) of the Exchange Act)
other than Permitted Holders;

 

(2)            the
adoption of a plan relating to the liquidation or dissolution of the Issuer; or

 

(3)            any
“person” or “group” (within the meaning of Section 13(d) of the Exchange Act), other than Permitted
Holders, becomes the Beneficial Owner of Voting Stock of the Issuer representing more than 50% of the voting power of the Voting
Stock of the Issuer, whether as a result of issuance of securities of the Issuer, any merger, consolidation, amalgamation, liquidation
or dissolution of the Issuer or any direct or indirect transfer of securities. For purposes of this clause, the Permitted Holders
shall be deemed to Beneficially Own any Voting Stock of a Person held by any other Person (the “parent entity”)
so long as the Permitted Holders Beneficially Own directly or indirectly in the aggregate a majority of the voting power of the
Voting Stock of the parent entity.

 

Notwithstanding the foregoing: (A) the
transfer of assets between or among the Restricted Subsidiaries and the Issuer shall not itself constitute a Change of Control;
(B) the term “Change of Control” shall not include a merger, amalgamation or consolidation of the Issuer with,
or the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the assets of the Issuer
to, an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing the Issuer in another state
of the United States and/or for the sole purpose of forming, collapsing or dissolving a holding company structure; and (C) a
“person” or “group” shall not be deemed to have beneficial ownership of securities subject to a stock
purchase agreement, merger agreement or similar agreement (or voting or option agreement related thereto) until the consummation
of the transactions contemplated by such agreement.

 

    5

     

    

 

“Common Stock” means
with respect to any Person, any and all shares, interest or other participations in, and other equivalents (however designated
and whether voting or nonvoting) of such Person’s common stock, whether or not outstanding on the Issue Date, and includes,
without limitation, all series and classes of such common stock.

 

“Consolidated Cash Flow Available
for Fixed Charges” of the Issuer and its Restricted Subsidiaries means for any period, the sum of the amounts for such
period of:

 

(i)            Consolidated
Net Income, plus

 

(ii)           Consolidated
Income Tax Expense (without regard to income tax expense or credits attributable to extraordinary and nonrecurring gains or losses
on Asset Sales), plus

 

(iii)          Consolidated
Interest Incurred, plus

 

(iv)          all
depreciation, and, without duplication, amortization (including capitalized interest amortized to cost of sales), plus

 

(v)           any
non-cash impairment charge or asset write-off reducing Net Income and not added back to Consolidated Net Income pursuant to clause
(xii) of the definition thereof; plus

 

(vi)          all
other non-cash items reducing Consolidated Net Income during such period, plus

 

(vii)         any
expenses or charges related to any Equity Offering, Permitted Investment, merger, amalgamation, consolidation, arrangement, acquisition,
disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including a refinancing
thereof) (whether or not successful), including (x) fees, expenses or charges related to the offering of the Notes and (y) any
amendment or other modification of the Notes, in each case to the extent deducted (and not added back) in computing Consolidated
Net Income; minus

 

(viii)        all
other non-cash items increasing Consolidated Net Income during such period, other than the accrual of revenue in the ordinary
course of business; all as determined on a consolidated basis for the Issuer and its Restricted Subsidiaries in accordance with
GAAP.

 

“Consolidated Income Tax Expense”
of the Issuer for any period means the income tax expense of the Issuer and its Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with the GAAP.

 

    6

     

    

 

“Consolidated Interest Incurred”
of the Issuer for any period means, without duplication, the aggregate amount, determined on a consolidated basis in accordance
with GAAP, of (i) interest which, in conformity with GAAP, would be set opposite the caption “interest expense”
or any like caption on an income statement for the Issuer and its Restricted Subsidiaries for such period (including imputed interest
included on Capital Lease Obligations, all commissions, discounts and other fees and charges owed with respect to letters of credit
securing financial obligations and bankers’ acceptance financing, the net costs associated with Hedging Obligations, amortization
of other financing fees and expenses, the interest portion of any deferred payment obligation, amortization of discount or premium,
if any, and all other non-cash interest expense other than interest and other charges amortized to cost of sales and other than
any non-cash expense attributable to mark-to-market valuation of Hedging Obligations or other derivative instruments and the write-off
of deferred financing and issuance costs) and includes, with respect to the Issuer and its Restricted Subsidiaries, without duplication,
all interest capitalized for such period, all interest attributable to discontinued operations for such period to the extent not
set forth on the income statement under the caption “interest expense” or any like caption, and all interest actually
paid by the Issuer or a Restricted Subsidiary under any Guarantee of Indebtedness (including a Guarantee of principal, interest
or any combination thereof) of any other Person during such period and (ii) the amount of cash dividends or distributions
on Disqualified Stock of the Issuer or preferred stock of the Issuer’s Restricted Subsidiaries (other than to the Issuer
or another Restricted Subsidiary) whether or not declared during such period.

 

“Consolidated Net Income”
of the Issuer for any period means the aggregate Net Income of the Issuer and its Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such Net Income (to the extent
otherwise included therein), without duplication:

 

(i)            the
Net Income of any Person (other than a Restricted Subsidiary) in which any Person (including an Unrestricted Subsidiary) other
than the Issuer or any Restricted Subsidiary has an ownership interest, except to the extent that any such income has actually
been received by the Issuer or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such
period, or in any other form but converted to cash during such period;

 

(ii)           except
to the extent includable in Consolidated Net Income pursuant to clause (i) of this definition, the Net Income of any Person
that accrued prior to the date that (a) such Person becomes a Restricted Subsidiary or is merged or amalgamated with or into
or consolidated with the Issuer or any of its Restricted Subsidiaries or (b) the assets of such Person are acquired by the
Issuer or any of its Restricted Subsidiaries;

 

(iii)          solely
for the purpose of determining the Cumulative Buildup Basket, the Net Income of any Restricted Subsidiary only to the extent that
(but only so long as) the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of that income
is not permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or
governmental regulation applicable to that Restricted Subsidiary during such period;

 

(iv)          in
the case of a successor to the Issuer by consolidation, amalgamation, merger or transfer of its assets, any earnings of the successor
prior to such merger, consolidation, amalgamation or transfer of assets;

 

(v)           the
gains and losses realized during such period by the Issuer or any of its Restricted Subsidiaries resulting from (a) the acquisition
of securities issued by the Issuer or extinguishment of Indebtedness of the Issuer or any of its Restricted Subsidiaries, (b) Asset
Sales by the Issuer or any of its Restricted Subsidiaries and (c) other extraordinary, non-recurring or unusual items realized
by the Issuer or any of its Restricted Subsidiaries;

 

(vi)          any
income or loss from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments;

 

(vii)         any
unrealized net gain or loss resulting in such period from Hedging Obligations or other derivative instruments;

 

(viii)        the
cumulative effect of a change in accounting principles;

 

    7

     

    

 

(ix)         any
non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted stock or
other rights to officers, directors or employees;

 

(x)          any
net unrealized gain or loss (after any offset) resulting in such period from currency translation gains or losses related to currency
remeasurements of Indebtedness (including any unrealized net loss or gain resulting from hedge agreements for currency exchange
risk);

 

(xi)         any
non-cash gain or loss related to any increase or decrease in the value of the Management Warrants; and

 

(xii)        any
non-cash impairment charge or asset write-off, in each case other than related to real estate assets.

 

“Consolidated Tangible Assets”
of the Issuer means, with respect to any determination date, (a) the total amount of assets of the Issuer and its Restricted
Subsidiaries (less applicable reserves) on a consolidated basis at the end of the fiscal quarter immediately preceding such date,
as determined in accordance with GAAP, less (b) minority or non-controlling interests and Intangible Assets, in each
case as reflected on the consolidated balance sheet of the Issuer and its Restricted Subsidiaries as of the end of the fiscal
quarter immediately preceding such date.

 

“Consolidated Tangible Net Worth”
of the Issuer means, with respect to any determination date, (a) the stockholders’ equity of the Issuer and its Restricted
Subsidiaries on a consolidated basis at the end of the fiscal quarter immediately preceding such date, as determined in accordance
with GAAP (exclusive of the liability associated with outstanding Management Warrants), less (b) the total book value
of Intangible Assets reflected on the consolidated balance sheet of the Issuer and its Restricted Subsidiaries as of the end of
the fiscal quarter immediately preceding such date.

 

“Corporate Trust Office”
means (a) with respect to the Trustee, the office of the Trustee at which the corporate trust business of the Trustee is administered,
which at the date of this Indenture is located, (i) for purposes of transfers, exchanges or surrender of the Notes or for
presentment of Notes for final payment thereon, at Wells Fargo Bank, National Association, as Trustee and Registrar – 600
S. 4th Street, 7th Floor, Minneapolis, MN 55415, MAC: N9300-070, Attention: Bondholder Communications, Telephone
No.: (800) 344-5128, Email: bondholdercommunications@wellsfargo.com and (ii) for all other purposes, at Wells Fargo Bank,
National Association, 333 S. Grand Avenue, 5th Floor, Suite 5A, Los Angeles, CA 90071, Fax: 213-253-7598, Attention:
Corporate Trust Services -- The Howard Hughes Corporation Administrator, or such other address as the Trustee shall designate.

 

“Credit Agreement” means
the Third Amended and Restated Master Credit Agreement dated as of August 8, 2013, by and among The Woodlands Commercial
Properties Company, L.P., The Woodlands Land Development Company, L.P., Keybank National Association, the other lenders that are
a party to the agreement, and the other lending institutions which may become parties to the agreement, as lenders, and Keybank
National Association, as administrative agent for the lenders.

 

    8

     

    

 

“Credit Facilities”
means one or more debt facilities, commercial paper facilities or debt securities or other forms of debt financing, in each case,
with banks, institutional investors or other lenders or credit providers or a trustee providing for the revolving credit loans,
term loans, project loans, receivables financing (including through the sale of receivables to such lenders or to special purpose
entities formed to borrow from such lenders against such receivables), bankers acceptances, letters of credit or issuances of
debt securities, including any related notes, guarantees, collateral documents, instruments, indentures, documents and agreements
executed in connection therewith and in each case, as amended, restated, modified, renewed, extended, supplemented, restructured,
refunded, replaced in any manner (whether upon or after termination or otherwise) or in part from time to time, in one or more
instances and including any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending
the maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties
thereto (whether or not such added or substituted parties are banks or other institutional lenders), including one or more separate
instruments or facilities, in each case, whether any such amendment, restatement, modification, renewal, extension, supplement,
restructuring, refunding, replacement or refinancing occurs simultaneously or not with the termination or repayment of a prior
Credit Facility.

 

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

 

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

 

“Definitive Note” means
a certificated Initial Note or Additional Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted
by applicable law) that does not include the Global Notes Legend.

 

“Depositary” means,
with respect to the Notes issuable or issued in whole or in part in global form, a Person specified in Section 2.03 as the
Depositary with respect to the Notes and any and all successors thereto appointed as Depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

 

“Designated Non-Cash Consideration”
means the Fair Market Value of non-cash consideration received by the Issuer or any of its Restricted Subsidiaries in connection
with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate setting
forth the basis of such valuation, executed by a member of Senior Management, less the amount of cash or Cash Equivalents received
in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration.

 

“Designated SPE Debt”
with respect to any SPE means Indebtedness for which the creditor thereof does not have recourse to assets for collection of principal
and interest on such Indebtedness other than the assets of such SPE and its Subsidiaries. Indebtedness which is otherwise Designated
SPE Debt shall not lose its character as Designated SPE Debt because there is recourse to the Issuer, a Restricted Subsidiary
or other Person for or in respect of (a) environmental warranties and indemnities, (b) indemnities for and liabilities
arising from fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance and condemnation proceeds and
other sums actually received by the obligor from secured assets to be paid to the lender, waste and mechanics’ liens, (c) a
voluntary bankruptcy filing (or similar filing or action) or involuntary bankruptcy filings by such borrower, and other events,
actions and circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate
indemnification agreements or guarantees in non-recourse financings of real estate, (d) performance and completion guarantees
or (e) financial guarantees by the Issuer or any of its Restricted Subsidiaries incurred pursuant to Section 4.10(b)(1).
In the event that any Indebtedness which previously constituted Designated SPE Debt ceases to satisfy the requirements of this
definition, then at such time such Indebtedness shall be deemed, in each case, to constitute a new incurrence of such Indebtedness
by the Issuer or such Restricted Subsidiary, as the case may be, which new incurrence is not permitted by Section 4.10(b)(24).

 

    9

     

    

 

“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it
is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of
the Capital Stock, in whole or in part, on or prior to the date that is 90 days after the date on which the Notes mature.
Notwithstanding the preceding sentence, (x) any Capital Stock that would constitute Disqualified Stock solely because the
holders of the Capital Stock have the right to require the Person that issued such Capital Stock to repurchase such Capital Stock
upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock, (y) any Capital Stock
that would constitute Disqualified Stock solely as a result of any redemption feature that is conditioned upon, and subject to,
compliance with Section 4.08 shall not constitute Disqualified Stock and (z) any Capital Stock issued to any plan for
the benefit of employees shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Person
that issued such Capital Stock in order to satisfy applicable statutory or regulatory obligations. The amount of Disqualified
Stock deemed to be outstanding at any time for purposes of this Indenture shall be the maximum amount that the Issuer and its
Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of,
such Disqualified Stock, exclusive of accrued dividends.

 

“DTC” means The Depository
Trust Company.

 

“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock and, for the avoidance of doubt, phantom stock or deferred stock units issued as compensation).

 

“Equity Offering” means
a public or private offering after the Issue Date of Capital Stock (other than Disqualified Stock) of the Issuer.

 

“Exchange Act” means
the Securities Exchange Act of 1934.

 

“Excluded Contribution”
means cash or Cash Equivalents received by the Issuer as capital contributions to its common equity (other than through the issuance
of Disqualified Stock) or from the issuance or sale (other than to a Subsidiary) of Capital Stock of the Issuer (other than Disqualified
Stock), in each case, to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Issuer.

 

“Existing Indebtedness”
means Indebtedness existing on the Issue Date (other than the Existing Project Loans), plus interest accruing thereon.

 

“Existing Notes” means
the Issuer’s 5.375% Senior Notes due 2025.

 

“Existing Project Loans”
means the Credit Agreement and all other Project Loans and Designated SPE Debt (and Guarantees thereof), in each case, in existence
on the Issue Date.

 

“Fair Market Value”
means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress
or necessity of either party, determined in good faith by the Board of Directors or Senior Management of the Issuer (unless otherwise
provided in this Indenture) and shall be evidenced by a board resolution or Officer’s Certificate of Senior Management,
respectively.

 

“Fixed Charge Coverage Ratio”
of the Issuer means, with respect to any determination date, the ratio of (i) Consolidated Cash Flow Available for Fixed
Charges of the Issuer and its Restricted Subsidiaries for the Issuer’s most recently ended four full fiscal quarters for
which internal financial statements are available immediately preceding the determination date to (ii) the aggregate Consolidated
Interest Incurred of the Issuer and its Restricted Subsidiaries for the Issuer’s most recently ended four full fiscal quarters
for which internal financial statements are available immediately preceding the determination date; provided that:

 

    10

     

    

 

(i)            with
respect to any Indebtedness incurred since the beginning of such four fiscal quarter period, including on the date of determination,
such Indebtedness shall be assumed to have been incurred as of the first day of such four full fiscal quarter period; provided,
however, that the pro forma calculation of Consolidated Interest Incurred shall not give effect to any Indebtedness
incurred on the date of determination pursuant to Section 4.10(b); provided, further, however, that
for purposes of the calculation of the Fixed Charge Coverage Ratio in Section 4.10(b)(11), the Indebtedness to be incurred
under Section 4.10(b)(11) that is giving rise to the need to calculate the Fixed Charge Coverage Ratio shall be given effect;

 

(ii)            with
respect to Indebtedness discharged, defeased or repaid (other than a repayment of revolving credit obligations repaid solely out
of operating cash flows) since the beginning of such four full fiscal quarter period, including on the date of determination,
such Indebtedness shall be assumed to have been repaid on the first day of such four full fiscal quarter period; provided,
however, that the pro forma calculation of Consolidated Interest Incurred shall not give effect to such discharge,
defeasance or repayment on the date of determination of any Indebtedness to the extent such discharge, defeasance or repayment
results from the proceeds of Indebtedness incurred on the date of determination pursuant to Section 4.10(b);

 

(iii)            with
respect to the incurrence of any Acquired Debt since the beginning of such four full fiscal quarter period, such Indebtedness
and any proceeds therefrom shall be assumed to have been incurred and applied as of the first day of such four full fiscal quarter
period, and the results of operations of any Person and any Subsidiary of such Person that, in connection with or in contemplation
of such incurrence, becomes a Restricted Subsidiary of the Issuer or is merged with or into the Issuer or one of the Issuer’s
Restricted Subsidiaries or whose assets are acquired, shall be included, on a pro forma basis (including any acquisition
made by such Person during the four full fiscal quarter period), in the calculation of the Fixed Charge Coverage Ratio as if such
transaction had occurred on the first day of such four full fiscal quarters period (without giving effect to clause (ii) of
the definition of Consolidated Net Income);

 

(iv)            with
respect to any other transaction pursuant to which any Person becomes a Restricted Subsidiary of the Issuer (including the designation
of an Unrestricted Subsidiary as a Restricted Subsidiary of the Issuer) or is merged or amalgamated with or into the Issuer or
one of the Issuer’s Restricted Subsidiaries or pursuant to which any Person’s assets are acquired since the beginning
of such four full fiscal quarter period, such Fixed Charge Coverage Ratio shall be calculated on a pro forma basis as if
such transaction (including any acquisition made by such Person during the four full fiscal quarter period) had occurred on the
first day of such four full fiscal quarters period (without giving effect to clause (ii) of the definition of Consolidated
Net Income); and

 

(v)            with
respect to any discontinuation of any discontinued operations, pro forma effect shall be given, but, in the case of Consolidated
Interest Incurred, only to the extent that the obligations giving rise to the Consolidated Interest Incurred shall not be obligations
of such Person or any of its Restricted Subsidiaries following the transaction date.

 

For purposes of this definition, whenever
pro forma effect is to be given to any calculation under this definition, the pro forma calculations shall be determined
in good faith by a responsible financial or accounting officer of the Issuer. If any Indebtedness bears a floating rate of interest
and is being given pro forma effect, the interest expense on such Indebtedness shall be calculated as if the rate in effect
on the date of determination had been the applicable rate for the entire period. If any Indebtedness that is being given pro
forma effect bears an interest rate at the option of the Issuer, the interest rate shall be calculated by applying such optional
rate chosen by the Issuer.

 

    11

     

    

 

“GAAP” means generally
accepted accounting principles in the United States, in effect from time to time.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America (including any agency or instrumentality
thereof) and the payment for which the United States pledges its full faith and credit.

 

“Guarantee” means a
guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect,
in any manner including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof,
of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise);
provided, however, that the term “Guarantee” shall not include Liens permitted by clause (n) of
the definition of Permitted Liens.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

(1)         interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate
collar agreements;

 

(2)         other
agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)         other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices.

 

“Holder” means a Person
in whose name a Note is registered on the Registrar’s books.

 

“incur” (and derivatives
thereof) means to, directly or indirectly, create, incur, assume, issue, Guarantee, extend the maturity of, or otherwise become
liable with respect to any Indebtedness; provided, however, that neither the accrual of interest (whether such interest
is payable in cash or kind) nor the accretion of original issue discount shall be considered an incurrence of Indebtedness.

 

“Indebtedness” of any
Person at any date means, without duplication,

 

(i)          all
indebtedness of such Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such
Person or only to a portion thereof);

 

(ii)         all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments (including a purchase money obligation)
given in connection with the acquisition of any businesses, properties or assets of any kind or with services incurred in connection
with capital expenditures (other than any obligation to pay a contingent purchase price which, as of the date of incurrence thereof,
is not required to be recorded as a liability in accordance with GAAP);

 

(iii)        all
fixed obligations of such Person in respect of letters of credit or other similar instruments or reimbursement obligations with
respect thereto (other than standby letters of credit or similar instruments issued in connection with trade payables and for
the benefit of, or surety, performance, completion or payment bonds, earnest money notes or similar purpose undertakings or indemnifications
issued by, such Person, in each case in the ordinary course of business);

 

    12

     

    

 

(iv)        all
obligations of such Person with respect to Hedging Obligations (other than those that fix or cap the interest rate on variable
rate Indebtedness otherwise permitted by this Indenture or that fix the exchange rate in connection with Indebtedness denominated
in a foreign currency and otherwise permitted by this Indenture);

 

(v)         all
Capital Lease Obligations of such Person;

 

(vi)        all
Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person
to the extent of the Fair Market Value of such asset (other than a Lien permitted by clause (n) of the definition of Permitted
Lien);

 

(vii)       all
Indebtedness of others Guaranteed by, or otherwise the liability of, such Person to the extent of such Guarantee or liability;
and

 

(viii)      all
Disqualified Stock issued by such Person and all preferred stock issued by Restricted Subsidiaries of such Person (the amount
of Indebtedness represented by any Disqualified Stock or preferred stock shall equal the greatest of the voluntary or involuntary
liquidation preference, or maximum mandatory redemption price, in each case plus accrued and unpaid dividends);

 

provided, that Indebtedness shall not include accrued
expenses, accounts payable, trade payables, liabilities related to inventory not owned, customer deposits or deferred income taxes
arising in the ordinary course of business.

 

The amount of Indebtedness of any Person
at any date shall be:

 

(a)         the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(b)         the
outstanding balance at such date of all unconditional obligations as described above;

 

(c)         the
maximum liability of such Person for any contingent obligations under clause (vii) of this definition;

 

(d)         the
principal amount of the Indebtedness, in the case of any other Indebtedness;

 

(e)         in
the case of clause (vi) of this definition (if the Indebtedness referred to therein is not assumed by such Person), the lesser
of the (1) Fair Market Value of all assets subject to a Lien securing the Indebtedness of others on the date that the Lien
attaches and (2) amount of the Indebtedness secured; and

 

(f)          calculated
without giving effect to any increase or decrease as a result of any embedded derivative created by the terms of such Indebtedness.

 

“Indebtedness to Consolidated
Tangible Net Worth Ratio” of the Issuer means, with respect to any determination date, the ratio of (i) Indebtedness
of the Issuer and its Restricted Subsidiaries (other than Indebtedness incurred under clauses (6), (7), (8), (9), (10), (12),
(14), (15), (16), (17), (18), (21), (22), (23) and (24) of Section 4.10(b)) to (ii) Consolidated Tangible Net Worth
of the Issuer, in each case, as of the determination date. The Indebtedness to Consolidated Tangible Net Worth Ratio shall be
calculated on a pro forma basis consistent with the pro forma adjustments set forth in the definition of Fixed Charge Coverage
Ratio.

 

“Indenture” means this
Indenture dated as of August 18, 2020, between the Issuer and Wells Fargo Bank, National Association, as the Trustee, as
amended or supplemented from time to time.

 

    13

     

    

 

“Independent Qualified Party”
means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing in the United States that
is, in the good faith judgment of Senior Management, qualified to perform the task for which it has been engaged; provided,
however, that such firm or consultant is not an Affiliate of the Issuer.

 

“Initial Guarantors”
means, collectively, HHC Warehouse Holdings Company, LLC, a Delaware limited liability company, and HH Warehouse Land Holdings,
LLC, a Delaware limited liability company.

 

“Initial Notes” has
the meaning set forth in the recitals hereto.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, KeyBanc Capital Markets Inc., Piper Sandler &
Co. and U.S. Bancorp Investments, Inc.

 

“interest” with respect
to the Notes means interest with respect thereto.

 

“Interest Payment Date”
means February 1 and August 1 of each year until the stated maturity of the Notes, commencing, with respect to the Initial
Notes, on February 1, 2021.

 

“Intangible Assets”
of the Issuer means the amount (to the extent reflected in determining consolidated stockholders’ equity) of:

 

(1)            all
write-ups (other than write-ups of tangible assets of a going concern business made within twelve months after the acquisition
of such business) in the book value of any asset owned by the Issuer or any Restricted Subsidiary; and

 

(2)            all
goodwill, trade names, trademarks, patents, service marks, copyrights and all other like intangibles;

 

provided, however, that intangible assets resulting
from the application of Statement of Financial Accounting Standards No. 141 to the leased portions of acquired real estate
assets shall not be considered Intangible Assets for purposes of this definition.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent), in the case of Moody’s, and BBB- (or the equivalent), in
the case of S&P, or an equivalent rating in the case of any other Rating Agency.

 

“Investments” means,
with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel, relocation
and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments
on a balance sheet prepared in accordance with GAAP. The outstanding amount of any Investment shall be the original cost thereof,
reduced by all returns of such Investment (including returns of principal and proceeds of sale).

 

“Issue Date” means August 18,
2020.

 

“Issuer” has the meaning
set forth in the recitals hereto or any successor obligor to its obligations under this Indenture and the Notes pursuant to Article 5.

 

    14

     

    

 

“Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement
to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

 

“Limited Condition Acquisition”
means any acquisition or other Investment, including by way of merger, amalgamation or consolidation, by the Issuer or one or
more of its Restricted Subsidiaries, with respect to which the Issuer or such Restricted Subsidiaries have entered into an agreement
or are otherwise contractually committed to consummate and the consummation of which is not expressly conditioned upon the availability
of, or on obtaining, financing from a third party non-Affiliate.

 

“Management Warrants”
means the warrants to purchase 2,103,485 shares of the Issuer’s common stock (subject to adjustment pursuant to the applicable
warrant agreement) pursuant to the warrant agreements entered into by the Issuer with David R. Weinreb, David O’Reilly and
Grant Herlitz.

 

“Marketable Securities”
means (a) equity securities that are listed on the New York Stock Exchange, the NYSE MKT or The Nasdaq Stock Market and (b) debt
securities that are rated by a nationally recognized rating agency, listed on the New York Stock Exchange or the NYSE MKT or covered
by at least two reputable market makers.

 

“Moody’s” means
Moody’s Investors Service, Inc. or any successor to its debt rating business.

 

“Net Income” means,
with respect to any specified Person, such Person’s net income (loss) attributable to owners, determined in accordance with
GAAP and before any reduction in respect of preferred stock dividends.

 

“Net Indebtedness to Book Capitalization
Ratio” of the Issuer means, with respect to any determination date, the ratio of (i) (x) Indebtedness of the
Issuer and its Restricted Subsidiaries (other than Indebtedness incurred under clauses (6), (7), (8), (9), (10), (12), (14), (15),
(16), (17), (18), (21), (22), (23) and (24) of Section 4.10(b)), minus (y) the aggregate amount of cash and Cash
Equivalents of the Issuer and its Restricted Subsidiaries that would not appear as “restricted” on a consolidated
balance sheet of the Issuer and its Restricted Subsidiaries, in each case as of the determination date (this clause (i), “Net
Indebtedness”) to (ii) the sum of (x) Net Indebtedness and (y) the stockholders’ equity of the Issuer
and its Restricted Subsidiaries on a consolidated basis at the end of the fiscal quarter immediately preceding such determination
date (exclusive of the liability associated with outstanding Management Warrants), in each case as determined in accordance with
GAAP.  The Net Indebtedness to Book Capitalization Ratio shall be calculated on a pro forma basis consistent with
the pro forma adjustments set forth in the definition of Fixed Charge Coverage Ratio.

 

“Net Proceeds” means
the aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale (including
any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct
costs relating to such Asset Sale, including legal, accounting, investment banking and other professional fees, payments made
in order to obtain a necessary consent or required by applicable law, and sales commissions, and any relocation expenses incurred
as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, including taxes resulting from the transfer
of the proceeds of such Asset Sale to the Issuer, in each case, after taking into account:

 

(1)            any
available tax credits or deductions and any tax sharing arrangements;

 

(2)            amounts
required to be applied to the repayment of Indebtedness secured by a Lien on the asset or assets that were the subject of such
Asset Sale;

 

    15

     

    

 

 

(3)            any
reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP;

 

(4)            any
reserve for adjustment in respect of any liabilities associated with the asset disposed of in such transaction and retained by
the Issuer or any Restricted Subsidiary of the Issuer after such sale or other disposition thereof;

 

(5)            any
distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result
of such Asset Sale; and

 

(6)            in
the event that a Restricted Subsidiary of the Issuer consummates an Asset Sale and makes a pro rata payment of dividends to all
of its stockholders from any cash proceeds of such Asset Sale, the amount of dividends paid to any stockholder other than the Issuer
or any Restricted Subsidiary of the Issuer.

 

“Non-Guarantor” means
any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor.

 

“Non-Recourse Debt” means
Indebtedness:

 

(1)            as
to which neither the Issuer nor any Restricted Subsidiary of the Issuer (a) provides credit support of any kind (including
any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor
or otherwise, or (c) constitutes the lender, other than in each case Indebtedness secured by Liens permitted by clause (n) of
the definition of Permitted Liens;

 

(2)            no
default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against
an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness, of the Issuer
to declare a default on such other Indebtedness or cause the payment of such other Indebtedness to be accelerated or payable prior
to its Stated Maturity; and

 

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(3)            as
to which the lenders have been notified in writing or have agreed in writing (in the agreement relating thereto or otherwise) that
they shall not have any recourse to the stock or assets of the Issuer or any Restricted Subsidiary of the Issuer, other than the
Equity Interests of an Unrestricted Subsidiary owned by the Issuer or its Restricted Subsidiaries.

 

“Note Guarantee” means
the Guarantee by each Subsidiary Guarantor of the Issuer’s obligations under this Indenture and the Notes pursuant to the
provisions of this Indenture.

 

“Notes” means the Initial
Notes and any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes”
shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be issued or authenticated
upon transfer, replacement or exchange of Notes.

 

“Obligations” means,
with respect to any Indebtedness, all obligations (whether in existence on the Issue Date or arising afterwards, absolute or contingent,
direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase
pursuant to a mandatory offer to purchase, or otherwise), premium, interest, penalties, fees, indemnification, reimbursement and
other amounts payable and liabilities with respect to such Indebtedness, including all interest accrued or accruing after the commencement
of any bankruptcy, insolvency or reorganization or similar case or proceeding at the contract rate (including any contract rate
applicable upon default) specified in the relevant documentation, whether or not the claim for such interest is allowed as a claim
in such case or proceeding.

 

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“Offering Memorandum”
means the final offering memorandum, dated August 5, 2020, relating to the offer and sale of the Initial Notes.

 

“Officer” means the Chairman
of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer or the
Secretary of the Issuer or, in the event that the Issuer is a partnership or a limited liability company that has no such officers,
a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of the
Issuer. Officer of any Subsidiary Guarantor has a correlative meaning.

 

“Officer’s Certificate”
means a certificate signed by an Officer of the Issuer or a Subsidiary Guarantor, as the case may be.

 

“Opinion of Counsel”
means a written opinion from legal counsel who may be an employee of, or counsel to, the Issuer or such other counsel acceptable
to the Trustee.

 

“Permitted Business”
means (i) any business engaged in by the Issuer or any of its Restricted Subsidiaries or joint ventures on the Issue Date,
(ii) any business or other activities that are reasonably similar, ancillary, complementary or related to, or a reasonable
extension, development or expansion of, the businesses described in clause (i) of this definition (including complementary
leisure and entertainment facilities and activities), (iii) any business in the real estate development or community planning
industries, including for the avoidance of doubt, property management, hotel and casino ownership, hotel management, commercial
property development and/or fund management related to commercial and/or residential real estate and (iv) solely for purposes
of Section 4.14, licensing, sublicensing, contributing to joint ventures or other forms of exploiting for value the trade
names, trademarks, patents, service marks, copyrights and all other like intangibles of the Issuer and its Subsidiaries.

 

“Permitted Business Investments”
means Investments and expenditures made in the ordinary course of a Permitted Business as a means of acquiring or developing land
or any other real property interests through agreements, transactions, interests or arrangements that, among other things, permit
a Person to share (or have the effect of sharing) risks or costs, to participate in (or have the effect of participating in) the
economics of land or real property or development projects or to comply with any regulatory agreements or requirements, including
(a) co-tenancies, co-ownerships and the holding of ownership interests through nominee companies to hold title to land or
other real property interests and (b) Investments in the form of or pursuant to joint development agreements, partnership
agreements, limited liability company agreements, trust agreements, joint venture agreements or other similar agreements with third
parties.

 

“Permitted Holders” means
(i) Pershing Square and its Affiliates (including any investment partnership or fund managed by any of them), and (ii) any
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision)
of which any of the Persons in clause (i) are members; provided that in the case of such “group” and without
giving effect to the existence of such “group” or any other “group,” such foregoing Persons in clause (i),
collectively, have Beneficial Ownership, directly or indirectly, of more than 50% of the total voting power of the Voting Stock
of the Issuer or any of its direct or indirect parent entities held by such “group.”

 

“Permitted Investments”
means:

 

(1)            any
Investment in Cash Equivalents;

 

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(2)            any
Investment in (a) the Issuer or any Restricted Subsidiary or (b) any Person that becomes a Restricted Subsidiary as a
result of such Investment or that is consolidated, amalgamated or merged with or into, or transfers all or substantially all of
the assets of it or an operating unit or line of business to, the Issuer or a Restricted Subsidiary;

 

(3)            any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 4.11 or any other disposition not constituting an Asset Sale;

 

(4)            any
Investment solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Issuer;

 

(5)            any
Investments received in compromise, settlement or resolution of (A) obligations of trade creditors or customers that were
incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary of the Issuer, including pursuant to any
plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, (B) litigation,
arbitration or other disputes with Persons who are not Affiliates or (C) as a result of a foreclosure by the Issuer or any
Restricted Subsidiary of the Issuer with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default;

 

(6)            Investments
represented by Hedging Obligations;

 

(7)            any
Investment in payroll, travel and similar advances to cover business-related travel expenses, moving expenses or other similar
expenses, in each case incurred in the ordinary course of business;

 

(8)            Investments
in receivables owing to the Issuer or any Restricted Subsidiary of the Issuer if created or acquired in the ordinary course of
business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade
terms may include such concessionary trade terms as the Issuer or such Restricted Subsidiary deems reasonable under the circumstances;

 

(9)            Investments
in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar
deposits entered into as a result of the operations of the business in the ordinary course of business;

 

(10)           loans
or advances to and guarantees provided for the benefit of employees, agents or consultants made in the ordinary course of business
of the Issuer or any Restricted Subsidiary of the Issuer in an aggregate principal amount not to exceed $2.0 million at any one
time outstanding;

 

(11)          (i) Investments
existing as of the Start Date, (ii) Investments made pursuant to a binding commitment existing on the Start Date or (iii) Investments
consisting of any extension, modification or renewal of any Investment described in subclause (i) or (ii) of this clause
(11) (excluding any such extension, modification or renewal involving additional advances, contributions or other investments
of cash or property or other increases thereof unless it is a result of the accrual or accretion of interest or original issue
discount or payment-in-kind pursuant to the terms, as of the Start Date, of the original Investment so extended, modified or renewed);

 

(12)          Investments
in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties
set forth in the joint venture arrangements and similar binding arrangements in the ordinary course of business;

 

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(13)          extensions
of trade credit and credit in connection with the sale of lots, asset purchases (including purchases of inventory, supplies and
materials) and the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons,
in each case in the ordinary course of business;

 

(14)          any
Investment in any entity or purchase of a business or assets in each case owned (or previously owned) by a customer of the Issuer
or any Restricted Subsidiary of the Issuer as a condition or in connection with such customer (or any member of such customer’s
group) contracting with the Issuer or any such Restricted Subsidiary, in each case in the ordinary course of business;

 

(15)          guarantee
obligations, including completion guarantee or indemnification obligations (other than for the payment of borrowed money) entered
into in the ordinary course of business and incurred for the benefit of any adjoining landowner, lender, seller of real property
or municipal government authority (or enterprises thereof) in connection with the acquisition, construction, subdivision, entitlement
and development of real property;

 

(16)          Investments
in any Restricted Subsidiary of the Issuer or joint venture engaged in a Permitted Business in connection with intercompany cash
management arrangements in the ordinary course of business;

 

(17)          Investments
resulting from the acquisition of a Person, otherwise permitted by this Indenture, which Investments at the time of such acquisition
were held by the acquired Person and were not acquired in contemplation of the acquisition of such Person;

 

(18)          reclassification
of any Investment initially made in (or reclassified as) one form into another (such as from equity to loan or vice versa); provided
in each case that the amount of such Investment is not increased thereby;

 

(19)          Guarantees
otherwise permitted by the terms of this Indenture;

 

(20)          Investments
consisting of purchases and acquisitions of supplies, material or equipment or the licenses or contribution of intellectual property
in the ordinary course of business pursuant to joint marketing, joint development or similar arrangements with other Persons;

 

(21)          advances,
loans, rebates and extensions of credit (including the creation of receivables) to suppliers, customers and vendors, and performance
and completion guarantees, in each case in the ordinary course of business;

 

(22)          Permitted
Business Investments;

 

(23)          Investments
resulting from liens, pledges and deposits permitted under the definition of “Permitted Liens”; and

 

(24)          other
Investments in Permitted Businesses having an aggregate Fair Market Value (measured on the date each such Investment was made and
without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause
(24) that are at the time outstanding, after giving effect to any return of any Investments previously made pursuant to this
clause (24) received by the Issuer or any of its Restricted Subsidiaries, not to exceed the greater of $50.0 million and 1.0%
of Consolidated Tangible Assets.

 

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“Permitted Liens” means:

 

		(a)	Liens in favor of the Issuer or its Restricted Subsidiaries;

 

		(b)	Liens (including deposits and pledges) to secure the performance of public or statutory obligations, progress payments, surety
or appeal bonds, performance bonds, completion bonds, completion guarantees or other obligations of a like nature incurred in the
ordinary course of business;

 

		(c)	Liens to secure purchase money Indebtedness and construction, improvement or development loans (including Capital Lease Obligations)
with respect to Obligations permitted by Section 4.10(b)(4) covering only the assets acquired, constructed, developed
or improved with or financed by such Indebtedness, and additions, accessions, improvements and replacements and customary deposits
in connection therewith and proceeds and products therefrom, or floating charges securing such Indebtedness; provided that
individual financings of assets provided by one lender may be cross collateralized to other financings of assets provided by such
lender; provided, further, that any such Liens are established within 365 days of such purchase, construction, development
or improvement;

 

		(d)	Liens existing on the Issue Date (other than Liens securing Indebtedness under the Existing Project Loans), plus renewals and
extensions of such Liens;

 

		(e)	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good
faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

 

		(f)	Liens imposed by law, such as carriers’, warehousemen’s, landlord’s, materialmen’s, repairmen’s,
construction contractors’, laborers’, employees’, suppliers’ and mechanics’ Liens, in each case,
incurred in the ordinary course of business;

 

		(g)	survey exceptions, title defects, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way,
support, sewers, gas, electric lines, telecommunication and telephone lines and other similar purposes, or zoning or other restrictions
as to the use of real property that do not materially interfere with the ordinary conduct of the business of the Issuer and its
Subsidiaries, taken as a whole, whether registered or unregistered;

 

		(h)	Liens created for the benefit of (or to secure) the Notes (or any Note Guarantees);

 

		(i)	Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture if the Indebtedness to
be refinanced was secured by a Lien (other than pursuant to clauses (y), (bb) and (ee) of this definition); provided, however, that:

 

		(i)	the new Lien shall be limited to all or part of the same property and assets securing the original Indebtedness (and additions,
accessions, improvements and replacements and customary deposits in connection therewith and proceeds and products therefrom),
and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Indebtedness; and

 

		(ii)	the Permitted Refinancing Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the
outstanding principal amount, or, if greater, the committed amount, of the original Indebtedness, plus accrued interest thereon
and (y) an amount necessary to pay any fees, commissions, discounts and expenses, including premiums, related to such renewal,
refunding, refinancing, replacement, defeasance or discharge;

 

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		(j)	Liens incurred or pledges or deposits made in connection with workers’ compensation, unemployment insurance and other
types of social security or similar legislation, or to secure the performance of tenders, statutory or regulatory obligations (including
any warranty obligations), surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts, performance
and return-of-money bonds, utility services, developer’s or others’ obligations to make on-site or off-site improvements
and other similar obligations (including those to secure health, safety and environmental obligations) incurred in the ordinary
course of business;

 

		(k)	leases, subleases, licenses or sublicenses to third parties entered into in the ordinary course of business;

 

		(l)	Liens securing Hedging Obligations incurred for non-speculative purposes or to implement cash pooling arrangements in the ordinary
course of business;

 

		(m)	Liens arising out of judgments, decrees, orders or awards in respect of which the Issuer shall in good faith be prosecuting
an appeal or proceedings for review which appeal or proceedings shall not have been finally terminated, or if the period within
which such appeal or proceedings may be initiated shall not have expired;

 

		(n)	Liens on Equity Interests of a joint venture that secure Indebtedness or other obligations of such joint venture;

 

		(o)	rights of purchasers and borrowers with respect to security deposits, escrow funds and other amounts held by the Issuer or
any Subsidiary of the Issuer;

 

		(p)	Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or
storage of such inventory or other goods;

 

		(q)	Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Issuer
and any Restricted Subsidiary of the Issuer in the ordinary course of business;

 

		(r)	deposits made in the ordinary course of business to secure liability to insurance carriers;

 

		(s)	judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related
to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

		(t)	Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into
in the ordinary course of business;

 

		(u)	Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution;

 

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		(v)	pledges, deposits and other Liens existing under, or required to be made in connection with, (i) earnest money obligations,
escrows or similar purpose undertakings or indemnifications in connection with any purchase and sale agreement, (ii) development
agreements or other contracts entered into with governmental authorities (or an entity sponsored by a governmental authority)
in connection with the entitlement of real property or (iii) agreements for the funding of infrastructure, including in respect
of the issuance of community facility district bonds, metro district bonds, subdivision improvement bonds and similar bonding requirements
arising in the ordinary course of business of a homebuilder;

 

		(w)	Liens deemed to exist by reason of (i) any encumbrance or restriction (including put and call arrangements) with respect
to the Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement or (ii) any
encumbrance or restriction imposed under any contract for the sale by the Issuer or any Subsidiary of the Issuer of the Capital
Stock of any Subsidiary of the Issuer, or any business unit or division of the Issuer or any Subsidiary of the Issuer permitted
by this Indenture; provided that in each case such Liens shall extend only to the relevant Capital Stock;

 

		(x)	Liens securing obligations of the Issuer or any Restricted Subsidiary of the Issuer to any third party in connection with any
option, repurchase right or right of first refusal to purchase real property granted to the master developer or the seller of real
property that arises as a result of the non-use or non-development of such real property by the Issuer or any Restricted Subsidiary
of the Issuer and joint development agreements with third parties to perform and/or pay for or reimburse the costs of construction
and/or development related to or benefiting property (and additions, accessions, improvements and replacements and customary deposits
in connection therewith and proceeds and products therefrom) of the Issuer or any Restricted Subsidiary of the Issuer and property
belonging to such third parties, in each case entered into in the ordinary course of business; provided that such Liens
do not at any time encumber any property, other than the property (and additions, accessions, improvements and replacements and
customary deposits in connection therewith and proceeds and products therefrom) financed by such Indebtedness and the proceeds
and products thereof;

 

		(y)	Liens securing Indebtedness incurred pursuant to Section 4.10(b)(1);

 

		(z)	Liens on property or assets of a Person, plus renewals and extensions of such Liens, existing at the time such Person is merged
or amalgamated with or into, consolidated with or acquired by the Issuer or any Subsidiary the Issuer; provided that such
Liens were in existence prior to the contemplation of such merger, amalgamation, consolidation or acquisition and do not extend
to any assets other than those of the Person merged into, amalgamated into, consolidated with or acquired by the Issuer or such
Subsidiary, and other than pursuant to customary after-acquired property clauses;

 

		(aa)	Liens on property at the time the Issuer or a Restricted Subsidiary of the Issuer acquired the property, including any acquisition
by means of a merger, amalgamation, arrangement or consolidation with or into the Issuer or any of its Restricted Subsidiaries;
provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of,
such acquisition; provided, further, however, that such Liens may not extend to any other property owned by
the Issuer or any of its Restricted Subsidiaries;

 

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		(bb)	Liens securing Designated SPE Debt; provided that the Liens do not encumber any property of the Issuer and its Restricted
Subsidiaries other than the property of the SPE that incurs such Designated SPE Debt, its Subsidiaries and the direct parent of
such SPE;

 

		(cc)	Liens on cash collateral issued to assure payment of obligations under letters of credit securing obligations permitted to
be incurred pursuant Section 4.10(b)(7);

 

		(dd)	Liens for homeowners and similar association fees, assessments and other payments; and

 

		(ee)	other Liens securing Indebtedness in an aggregate principal amount not to exceed the
greater of $25.0 million and 1.0% of Consolidated Tangible Assets in the aggregate at any one time outstanding.

 

References to Section 4.10(b) in
this definition shall continue to apply after delivery of a Covenant Suspension Event Notice pursuant to a Covenant Suspension
Event.

 

“Permitted Refinancing Indebtedness”
means any Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer issued in exchange for, or incurred to extend,
renew, refund, refinance, replace, defease or discharge other Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer
(other than intercompany Indebtedness); provided that:

 

(1)            the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the sum of
the principal amount (or accreted value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced, replaced,
defeased or discharged plus all accrued interest on the Indebtedness and the amount of all fees, commissions, discounts and expenses,
including premiums, incurred in connection therewith;

 

(2)            either
(a) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted
Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, renewed,
refunded, refinanced, replaced, defeased or discharged or (b) all scheduled payments on or in respect of such Permitted Refinancing
Indebtedness (other than interest payments) shall be at least 91 days following the final scheduled maturity of the Notes;
and if such Indebtedness is Pari Passu Indebtedness and has a final Stated Maturity later than the final Stated Maturity of
the Notes, such Permitted Refinancing Indebtedness has a final Stated Maturity later than the final Stated Maturity of the Notes;

 

(3)            if
the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment
to the Notes (or any Note Guarantee), such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes
(or such Note Guarantee) on terms at least as favorable to the Holders of Notes as those contained in the documentation governing
the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged; and

 

(4)            Permitted
Refinancing Indebtedness shall not include Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor that refinances
Indebtedness of the Issuer or a Restricted Subsidiary that is a Subsidiary Guarantor.

 

“Pershing Square” means
any of Pershing Square Capital Management L.P., Pershing Square Holdings, Ltd., Pershing Square International, Ltd.,
Pershing Square, L.P., or William A. Ackman.

 

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

 

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“preferred stock” of
any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect
to dividends or redemptions or upon liquidation.

 

“Project Loans” means
project loans of the Issuer and its Restricted Subsidiaries, including any Credit Facilities or Designated SPE Debt, incurred for
the purpose of financing the development, construction and improvement of real estate projects of the Issuer and its Restricted
Subsidiaries.

 

“Qualified Proceeds”
means any of the following or any combination of the following:

 

(1)            Cash
Equivalents;

 

(2)            the
Fair Market Value of assets other than Cash Equivalents that are used or useful in the Permitted Business; and

 

(3)            the
Fair Market Value of the Capital Stock of any Person engaged primarily in a Permitted Business if, in connection with the receipt
of such Capital Stock, such Person becomes a Restricted Subsidiary of the Issuer or such Person is merged or consolidated into
the Issuer or any of its Restricted Subsidiaries.

 

“Rating Agencies” mean
Moody’s and S&P, or if Moody’s or S&P, or both, shall not make a rating on the Notes publicly available, a
nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer (as certified by a resolution
by their Board of Directors) which shall be substituted for Moody’s or S&P, or both, as the case may be.

 

“Record Date” for the
interest payable on any applicable Interest Payment Date means January 15 or July 15 (whether or not a Business Day)
preceding such Interest Payment Date.

 

“Redemption Date” has
the meaning set forth in Section 3.07(b).

 

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

 

“Restricted Investment”
means an Investment other than a Permitted Investment.

 

“Restricted Payment”
means any of the following actions or payments:

 

(A) declare or pay (without duplication)
any dividend or make any other payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests (including any payment in connection with any merger, amalgamation or consolidation involving the Issuer or any
of its Restricted Subsidiaries) (other than (1) dividends or distributions or similar payments payable in Equity Interests
(other than Disqualified Stock) of the Issuer and (2) in the case of Restricted Subsidiaries of the Issuer, dividends or distributions
or similar payments payable ratably to the Issuer or another Restricted Subsidiary and each other Person entitled thereto);

 

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(B) purchase, redeem or otherwise acquire
or retire for value (including in connection with any merger, amalgamation or consolidation involving the Issuer) any Equity Interests
of the Issuer (other than a payment made to the Issuer or another Restricted Subsidiary);

 

(C) make any principal payment on or
with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated Indebtedness of the Issuer
or any Restricted Subsidiary (excluding any intercompany Indebtedness between or among the Issuer and any of its Restricted Subsidiaries),
except (i) a payment of principal at the Stated Maturity thereof or (ii) the purchase, repurchase, repayment, prepayment,
defeasance or other acquisition or retirement for value of any such Subordinated Indebtedness purchased in anticipation of satisfying
a sinking fund obligation, principal installment or payment at final maturity, in each case due within one year of the date of
purchase, repurchase, repayment, prepayment, defeasance or other acquisition or retirement for value; or

 

(D) make any Restricted Investment.

 

“Restricted Subsidiary”
of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Unless otherwise indicated in this
Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer.

 

“S&P” means Standard &
Poor’s, a division of the McGraw Hill Companies, Inc., a New York corporation, or any successor to its debt rating business.

 

“SEC” means the United
States Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933.

 

“Senior Management” means
the chief executive officer or the chief financial officer of the Issuer.

 

“Significant Subsidiary”
means any Restricted Subsidiary of the Issuer that would constitute a “significant subsidiary” as defined in Rule 1-02(w) of
Regulation S-X under the Securities Act and the Exchange Act as in effect on the Issue Date.

 

“SPE” means (i) an
entity formed solely for the purpose of holding, acquiring, constructing, developing or improving assets whose acquisition, construction,
development or improvement shall be financed by Designated SPE Debt and equity Investments in such entity or (ii) an entity
acquired by the Issuer or any Restricted Subsidiary whose outstanding Indebtedness is all Designated SPE Debt.

 

“Start Date” means October 2,
2013.

 

“Stated Maturity” means,
with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such Indebtedness, including pursuant to any mandatory redemption
or sinking fund provision, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

 

“Subordinated Indebtedness”
means

 

(a)            with
respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and

 

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(b)            with
respect to any Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor which is by its terms subordinated in right
of payment to the Note Guarantee of such Subsidiary Guarantor.

 

“Subsidiary” means, with
respect to any specified Person:

 

(1)            any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association
or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(2)            any
partnership (a) the sole general partner or the sole managing general partner of which is such Person or a Subsidiary of such
Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof).

 

“Subsidiary Guarantor”
means (1) each Initial Guarantor and (2) any Restricted Subsidiary of the Issuer that executes a Note Guarantee in accordance
with the provisions of this Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such
Person has been released in accordance with the provisions of this Indenture.

 

“Transfer Restricted Notes”
means Definitive Notes and any other Notes that bear or are required to bear the Restricted Notes Legend.

 

“Treasury Rate” means
the weekly average for each Business Day during the most recent week that has ended at least two Business Days prior to the redemption
date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled
and published in the Federal Reserve Statistical Release H.15 (or, if such statistical release is not so published or available,
any publicly available source of similar market data selected by the Issuer in good faith)) most nearly equal to the period from
the redemption date to August 1, 2023; provided, however, that if the period from the redemption date to August 1,
2023 is not equal to the constant maturity of a United States Treasury security for which a yield is given, the Treasury Rate shall
be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of United States Treasury
securities for which such yields are given, except that if the period from the redemption date to such applicable date is less
than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of
one year shall be used.

 

“Trustee” means Wells
Fargo Bank, National Association, as Trustee, until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving hereunder.

 

“Unrestricted Subsidiary”
means any Subsidiary of a Restricted Subsidiary that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary
pursuant to a resolution of such Board of Directors, but only to the extent that such Subsidiary:

 

(1)            has
no Indebtedness other than Non-Recourse Debt or Designated SPE Debt;

 

(2)            except
as permitted by Section 4.12 is not party to any agreement, contract, arrangement or understanding with the Issuer or any
Restricted Subsidiary of the Issuer unless the terms of any such agreement, contract, arrangement or understanding are no less
favorable, taken as a whole, to the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons
who are not Affiliates of the Issuer;

 

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(3)            is
a Person with respect to which neither the Issuer nor any Restricted Subsidiary of the Issuer has any direct or indirect obligation
(a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results; and

 

(4)            has
not Guaranteed any Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer, except in the case of clauses (1) and
(3), to the extent:

 

(A) that the Issuer or such
Restricted Subsidiary could otherwise provide such a Guarantee or incur such Indebtedness under Section 4.10, and

 

(B) the provision of such
Guarantee and the incurrence of such Indebtedness otherwise would be permitted under Section 4.08.

 

“Voting Stock” of any
specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of
the Board of Directors of such Person.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)            the
sum of the products obtained by multiplying (a) the amount of each then-remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number
of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by

 

(2)            the
then-outstanding principal amount of such Indebtedness.

 

Section 1.02     Other
Definitions.

 

	
        Term
	 	
        Defined
        in Section

	“Acceptable Commitment”	 	4.11(b)
	“Agent Members”	 	2.1(c) of Appendix A
	“Affiliate Transaction”	 	4.12(a)
	“Applicable Procedures”	 	1.1(a) of Appendix A
	“Asset Sale Offer”	 	4.11(c)
	“Asset Sale Offer Amount”	 	3.09(b)
	“Asset Sale Offer Period”	 	3.09(b)
	“Asset Sale Purchase Date”	 	3.09(b)
	“Authentication Order”	 	2.02(c)
	“Automatic Exchange”	 	2.3(e) of Appendix A
	“Automatic Exchange Date”	 	2.3(e) of Appendix A
	“Automatic Exchange Notice”	 	2.3(e) of Appendix A

 

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        Term
	 	
        Defined
        in Section

	“Automatic Exchange Notice Date”	 	2.3(e) of Appendix A
	“Change of Control Offer”	 	4.15(a)
	“Change of Control Payment”	 	4.15(a)
	“Change of Control Payment Date”	 	4.15(a)(2)
	“Clearstream”	 	1.1(a) of Appendix A
	“Covenant Defeasance”	 	8.03
	“Definitive Notes Legend”	 	2.3(d)(i) of Appendix A
	“Euroclear”	 	1.1(a) of Appendix A
	“Event of Default”	 	6.01(a)
	“Excess Proceeds”	 	4.11(c)
	“Expiration Date”	 	1.04(j)
	“Global Note”	 	2.1(b) of Appendix A
	“Global Notes Legend”	 	2.3(d)(i) of Appendix A
	“Initial Default”	 	6.04
	“Legal Defeasance”	 	8.02(a)
	“Net Indebtedness”	 	Definition of Net Indebtedness to Book Capitalization Ratio
	“Note Register”	 	2.03(a)
	“OID Legend”	 	2.3(d)(i) of Appendix A
	“Pari Passu Indebtedness”	 	4.11(b)
	“Paying Agent”	 	2.03(a)
	“Payment Default”	 	6.01(a)(5)
	“Permitted Debt”	 	4.10(b)
	“QIB”	 	1.1(a) of Appendix A
	“Registrar”	 	2.03(a)
	“Regulation S”	 	1.1(a) of Appendix A

 

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        Term
	 	
        Defined
        in Section

	“Regulation S Global Note”	 	2.1(b) of Appendix A
	“Regulation S Legend”	 	2.3(d)(i) of Appendix A
	“Regulation S Notes”	 	2.1(a) of Appendix A
	“Restricted Global Note”	 	2.3(e) of Appendix A
	“Restricted Notes Legend”	 	2.3(d)(i) of Appendix A
	“Rule 144”	 	1.1(a) of Appendix A
	“Rule 144A”	 	1.1(a) of Appendix A
	“Rule 144A Global Note”	 	2.1(b) of Appendix A
	“Rule 144A Notes”	 	2.1(a) of Appendix A
	“Second Commitment”	 	4.11(b)
	“Suspended Covenants”	 	4.18(a)
	“Suspension Period”	 	4.18(b)
	“Unrestricted Global Note”	 	1.1(a) of Appendix A
	“U.S. person”	 	1.1(a) of Appendix A

 

Section 1.03     Rules of
Construction.

 

Unless the context otherwise requires:

 

(1)            a
term defined in Section 1.01 or 1.02 has the meaning assigned to it therein;

 

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

 

(3)            “or”
is not exclusive;

 

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

 

(5)            provisions
apply to successive events and transactions;

 

(6)            unless
the context otherwise requires, any reference to an “Appendix,” “Article,” “Section,” “clause,”
“Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case
may be, of this Indenture;

 

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

 

(8)            the
words “including,” “includes” and other words of similar import shall be deemed to be followed by “without
limitation”;

 

(9)            references
to sections of, or rules or regulations under, the Securities Act or the Exchange Act shall be deemed to include substitute,
replacement or successor sections, rules or regulations adopted by the SEC from time to time;

 

(10)          unless
otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications
to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms
of this Indenture;

 

(11)          “shall”
shall be interpreted to express a command;

 

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(12)          in
the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions, the Issuer
may classify (and reclassify from time to time) such transaction as it, in its sole discretion, determines;

 

(13)          Indebtedness
shall not be considered subordinate in right of payment to any other Indebtedness solely by virtue of being unsecured, secured
with a subset of the collateral securing such other Indebtedness or with different collateral, secured to a lesser extent or secured
with lower priority, by virtue of structural subordination, by virtue of maturity date, or by virtue of not being guaranteed by
all guarantors of such other Indebtedness, and any subordination in right of payment must be pursuant to a written agreement or
instrument;

 

(14)          any
reference to the contents of an Opinion of Counsel required hereunder is deemed to include customary assumptions and qualifications.

 

Section 1.04     Acts
of Holders.

 

(a)      Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required,
to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person
of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the
Trustee, the Issuer and the Subsidiary Guarantors, if made in the manner provided in this Section 1.04.

 

(b)      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 the certificate of any 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 or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the
authority of the Person executing the same. The authority of the Person executing the same may also be proved in any other manner
deemed reasonably sufficient by the Trustee.

 

(c)      The
ownership of Notes shall be proved by the Note Register.

 

(d)      Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Issuer or the Subsidiary Guarantors in
reliance thereon, whether or not notation of such action is made upon such Note.

 

(e)      The
Issuer may set a record date for purposes of determining the identity of Holders entitled to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote on any action
authorized or permitted to be taken by Holders; provided that the Issuer may not set a record date for, and this Section 1.04(e) shall
not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in Section 1.04(f).
Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect
of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior
to the first solicitation of such consent or vote or, if required under Section 2.05, the date of the most recent list of
Holders furnished to the Trustee prior to such solicitation or vote. If any record date is set pursuant to this Section 1.04(e),
the Holders on such record date, and only such Holders, shall be entitled to make, give or take such request, demand, authorization,
direction, notice, consent, waiver or other action (including revocation of any action), whether or not such Holders remain Holders
after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior
to the applicable Expiration Date by Holders of the requisite principal amount of Notes, or each affected Holder, as applicable,
on such record date. 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 Trustee in writing
and to each Holder in the manner set forth in Section 12.01.

 

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(f)       The
Trustee may set any day as a record date for the purpose of determining the Holders entitled to join in the giving or making of
(1) any notice of default under Section 6.01(a), (2) any declaration of acceleration referred to in Section 6.02,
(3) any direction referred to in Section 6.05 or (4) any request to pursue a remedy referred to in Section 6.06(2).
If any record date is set pursuant to this paragraph, the Holders 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; provided
that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders
of the requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record
date is set pursuant to this paragraph, the Trustee, 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 and to each Holder in the manner set forth
in Section 12.01.

 

(g)      Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the principal amount of such Note 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. Any notice given or action taken by a Holder or its
agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given
or taken by separate Holders of each such different part.

 

(h)      Without
limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may make, give
or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver
or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is the Holder of a Global
Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s
standing instructions and customary practices.

 

(i)       The
Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture
to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests
in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make, give or take such request,
demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial
owners of interests in such Global Note after such record date. No such request, demand, authorization, direction, notice, consent,
waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date.

 

(j)       With
respect to any record date set pursuant to this Section 1.04, the party hereto that sets such record date may designate any
day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day;
provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other
party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.01, on or prior to both the existing
and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 1.04,
the party hereto which set such record date shall be deemed to have initially designated the 30th day after such record date as
the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this Section 1.04(j).

 

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Article 2

 

THE
NOTES

 

Section 2.01     Form and
Dating; Terms.

 

(a)      The
Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto. The
Notes may have notations, legends or endorsements required by law, rules or agreements with national securities exchanges
to which the Issuer or any Subsidiary Guarantor is subject, if any, or general usage (provided that any such notation, legend
or endorsement is in a form acceptable to the Issuer but which notation, legend or endorsement does not affect the rights, duties
or obligations of the Trustee). Each Note shall be dated the date of its authentication. The Initial Notes shall be in denominations
of $2,000 and integral multiples of $1,000 in excess thereof.

 

(b)      The
aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 

The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and
be controlling.

 

The Notes shall be subject to repurchase
by the Issuer pursuant to an Asset Sale Offer as provided in Section 4.11 or a Change of Control Offer as provided in Section 4.15,
and otherwise as not prohibited by this Indenture. The Notes shall not be redeemable other than as provided in Article 3.

 

Additional Notes ranking pari passu
with the Initial Notes may be created and issued from time to time by the Issuer without notice to or consent of the Holders and
shall be consolidated with and form a single class with the Initial Notes and shall have substantially identical terms, including
as to status, waivers, amendments, offers to repurchase and redemption as the Initial Notes, but may have different issue prices,
issue dates and CUSIP numbers; provided that the Issuer’s ability to issue Additional Notes shall be subject to the
Issuer’s compliance with Section 4.10. Any Additional Notes shall be issued under an indenture supplemental to this
Indenture.

 

In authenticating and delivering the Initial
Notes, Additional Notes and any other Notes issued pursuant to this Indenture, the Trustee shall receive and shall be fully protected
in conclusively relying upon, in addition to the Opinion of Counsel (which shall not be required in connection with the Initial
Notes) and Officer’s Certificate required by Section 12.03, an Opinion of Counsel (i) as to the due authorization,
execution, delivery, validity and enforceability of such Notes, and (ii) stating that all laws and requirements in respect
of the execution and delivery by the Issuer of such Notes have been complied with.

 

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(c)      Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including any legends
thereon but without the Definitive Notes Legend). Notes issued in definitive form shall be substantially in the form of Exhibit A
attached hereto (including any legends thereon but without the Global Note Legend thereon and without the “Schedule of Exchanges
of Interests in the Global Note” attached thereto). Each Global Note shall represent the aggregate principal amount of outstanding
Notes as shall be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges, repurchases and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby
shall be made in accordance with instructions given by the Holder thereof as required by Section 2.06 and shall be made on
the records of the Registrar or the Depositary, as the case may be.

 

(d)      The
customary applicable terms, conditions and procedures of Euroclear and Clearstream shall be applicable to transfers of beneficial
interests in the Regulation S Global Note that are held by participants through Euroclear or Clearstream.

 

Section 2.02     Execution
and Authentication.

 

(a)      At
least one Officer shall execute the Notes on behalf of the Issuer by manual or facsimile signature. If an Officer whose signature
is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

 

(b)      A
Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially
in the form of Exhibit A attached hereto by the manual signature of an authorized signatory of the Trustee. The signature
shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.

 

(c)      On
the Issue Date, the Trustee shall, upon receipt of a written order of the Issuer signed by an Officer (an “Authentication
Order”) and together with an Opinion of Counsel and Officer’s Certificate reasonably acceptable to the Trustee,
authenticate and deliver the Initial Notes. The Trustee shall be fully protected and shall incur no liability for failing to take
any action with respect to the delivery of any Notes unless and until it has received such Authentication Order, Opinion of Counsel
and Officer’s Certificate. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication
Order, Opinion of Counsel and Officer’s Certificate, authenticate and deliver any Definitive Notes to be issued in exchange
for interests in Global Notes, any Additional Notes, any replacement Notes to be issued pursuant to Section 2.07 or any Notes
issuable following a redemption or repurchase by the Issuer pursuant to the terms of this Indenture in an aggregate principal amount
specified in such Authentication Order for such Notes issued hereunder.

 

(d)      The
Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to
deal with Holders or an Affiliate of the Issuer.

 

Section 2.03     Registrar
and Paying Agent.

 

(a)      The
Issuer shall maintain at least one office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and at least one office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall
keep a register of the Notes and of their transfer and exchange (“Note Register”). The Issuer may appoint one
or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar, and
the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without
prior notice to any Holder; provided, however, that no such removal shall become effective until acceptance of an
appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or
Paying Agent, as the case may be, and delivered to the Trustee and the passage of any waiting or notice periods required by the
Depositary’s procedures. The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not
a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer
shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such for the Notes and shall be entitled
to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of its Restricted Subsidiaries may act as
Paying Agent (except for purposes of Article 8) or Registrar.

 

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(b)      The
Issuer initially appoints DTC to act as Depositary (the “Depositary”) with respect to the Global Notes representing
Initial Notes. The Issuer initially appoints the Trustee to act as Paying Agent, Custodian and Registrar for the Notes.

 

Section 2.04     Paying
Agent to Hold Money in Trust.

 

The Issuer shall, by no later than 12:00
noon (New York City time) on each due date for the payment of principal, premium, if any, and interest on any of the Notes, deposit
with the Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders entitled to the same, and
the Issuer shall promptly notify the Trustee in writing (which notice may be sent electronically) of its action or failure so to
act. The Issuer shall require the Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal, premium, if any,
and interest on the Notes and shall notify the Trustee in writing (which notice may be sent electronically) of any default by the
Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, and upon accounting for any funds disbursed, a Paying
Agent shall have no further liability for the money. If the Issuer or a Restricted Subsidiary acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Issuer, the Trustee shall serve as Paying Agent.

 

Section 2.05     Holder
Lists.

 

The Registrar shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders of the Notes.
If the Trustee is not the Registrar in respect of the Notes, the Issuer shall furnish to the Trustee in writing at least five Business
Days before each Interest Payment Date and at such other times as the Trustee may reasonably request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders.

 

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Section 2.06     Transfer
and Exchange.

 

(a)      The
Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer
and in compliance with Appendix A.

 

(b)      To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 

(c)      No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange (other than pursuant to Section 2.07), but the Holders shall be required to pay any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.15 and 9.04). In addition, the Trustee, Transfer
Agent and Registrar may request such other evidence as may be reasonably requested by them documenting the identity and/or signatures
of the transferor and the transferees.

 

(d)      All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. Any holder of a beneficial interest
in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global
Note may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) and that
ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry.

 

(e)      Neither
the Issuer nor the Registrar shall be required (1) to issue, to register the transfer of or to exchange any Note during a
period beginning at the opening of business 15 days before the delivery of a notice of redemption pursuant to Section 3.03
and ending at the delivery of such notice of redemption, (2) to register the transfer of or to exchange any Note so selected
for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (3) to register the
transfer of or to exchange any Note between a Record Date and the next succeeding Interest Payment Date.

 

(f)       Prior
to due presentment for the registration of a transfer of any Note, each of the Trustee, any Agent or the Issuer may deem and treat
the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal,
premium, if any, and (subject to the Record Date provisions of the Notes) interest on such Notes and for all other purposes, and
none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.

 

(g)      Upon
surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section 4.02,
the Issuer shall execute, and the Trustee shall authenticate and deliver upon receipt of an Authentication Order, in the name of
the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like
aggregate principal amount so long as the requirements of this Indenture are met.

 

(h)            At
the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate
principal amount upon surrender of the Notes to be exchanged at the office or agency of the Issuer designated pursuant to Section 4.02
so long as the requirements of this Indenture are met. Whenever any Global Notes or Definitive Notes are so surrendered for exchange,
the Issuer shall execute, and the Trustee shall authenticate and deliver, the replacement Global Notes or Definitive Notes, as
applicable, to which the Holder making the exchange is entitled in accordance with the provisions of Appendix A so long as the
requirements of this Indenture are met.

 

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(i)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by mail or by facsimile or electronic transmission.

 

(j)            In
connection with any proposed exchange of Notes, the Company or DTC shall be required to provide or cause to be provided to the
Trustee all information available to them necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may
rely on any such information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

For certain payments made pursuant to this
Indenture, the Paying Agent or Trustee may be required to make a “reportable payment” or “withholdable payment”
and in such cases the Paying Agent or Trustee shall have the duty to act as a payor or withholding agent, respectively, that is
responsible for any tax withholding and reporting required under Chapters 3, 4 and 61 of the United States Internal Revenue Code
of 1986, as amended (the “Code”). The Paying Agent and/or Trustee shall have the sole right to make the determination
as to which payments are “reportable payments” or “withholdable payments.” All parties to this Indenture
shall provide an executed IRS Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the Paying
Agent prior to closing, and shall promptly update any such form to the extent such form becomes obsolete or inaccurate in any respect.
The Paying Agent and Trustee shall have the right to request from any party to this Indenture, or any other Person entitled to
payment hereunder, any additional forms, documentation or other information as may be reasonably necessary for the Paying Agent
to satisfy its reporting and withholding obligations under the Code. To the extent requested a reasonable time in advance and any
such forms to be delivered under this Section 2.06 are not provided prior to or by the time the related payment is required
to be made or are determined by the Paying Agent or Trustee to be incomplete and/or inaccurate in any respect, the Paying Agent
or Trustee shall be entitled to withhold on any such payments hereunder to the extent withholding is required under Chapters 3,
4 or 61 of the Code, and shall have no obligation to gross up any such payment.

 

Section 2.07           Replacement
Notes.

 

(a)           If
a mutilated Note is surrendered to the Registrar or if a Holder claims that its Note has been lost, destroyed or wrongfully taken
and the Registrar receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the Issuer
shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s
reasonable requirements are otherwise met. An indemnity bond must be provided by the Holder that is sufficient in the judgment
of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any
of them may suffer if a Note is replaced. The Issuer may charge the Holder for the expenses of the Issuer and the Trustee (including
reasonable respective fees and expenses of counsel) in replacing a Note. Every replacement Note is a contractual obligation of
the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly
issued hereunder. Notwithstanding the foregoing provisions of this Section 2.07(a), in case any mutilated, lost, destroyed
or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing
a new Note, pay such Note. Upon the issuance of any replacement Note under this Section 2.07, 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 reasonable fees and expenses of counsel and the Trustee) connected therewith.

 

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

 

Section 2.08          Outstanding
Notes.

 

(a)           The
Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest in a Global Note effected in accordance with the provisions
hereof, those paid pursuant to Section 2.07, those described in this Section 2.08 as not outstanding and, solely to the
extent provided for in Article 8, Notes that are subject to Legal Defeasance or Covenant Defeasance as provided in Article 8.
Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer
holds the Note; provided that Notes held by the Issuer or a Subsidiary of the Issuer shall not be deemed to be outstanding
for purposes of Section 3.07(b).

 

(b)           If
a Note is replaced or paid pursuant to Section 2.07, it ceases to be outstanding.

 

(c)           If
the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases
to accrue from and after the date of such payment.

 

(d)           If
a Paying Agent (other than the Issuer, a Restricted Subsidiary of the Issuer or any Affiliate thereof) holds, on the maturity date,
any redemption date or any date of purchase pursuant to an offer to purchase, money, which is irrevocably deposited and sufficient
to pay Notes payable or to be redeemed or purchased on that date, then on and after that date such Notes shall be deemed to be
no longer outstanding and shall cease to accrue interest.

 

Section 2.09          Treasury
Notes.

 

In determining whether the Holders of the
requisite principal amount of Notes have concurred in any direction, waiver or consent (other than a waiver or consent contemplated
by Section 9.02(e) requiring the consent of each Holder or each affected Holder), Notes beneficially owned by the Issuer,
or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith shall not be disregarded
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or
consent with respect to the Notes and that the pledgee is not the Issuer or any obligor under the Notes or any Affiliate of the
Issuer or of such other obligor.

 

Section 2.10          Temporary
Notes.

 

Until definitive Notes are ready for delivery,
the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary
Notes shall be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for
temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and
the Trustee shall, upon receipt of an Authentication Order, authenticate definitive Notes in exchange for temporary Notes upon
surrender of such temporary Notes at the office or agency of the Issuer, without charge to the Holder. Until so exchanged, the
Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders,
or beneficial holders, respectively, of Notes under this Indenture.

 

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Section 2.11          Cancellation.

 

The Issuer at any time may deliver Notes
to the Trustee for cancellation and the Trustee will cancel such Notes in accordance with its customary procedures. The Registrar
and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.
The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall dispose of canceled Notes in accordance with its customary procedures (subject to the record retention requirement
of the Exchange Act). The Trustee shall retain all canceled Notes in accordance with its standard procedures (subject to the record
retention requirements of the Exchange Act), and evidence of such cancellation shall be provided to the Issuer upon the Issuer’s
written request. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee
for cancellation. If the Issuer acquires any of the Notes, such acquisition shall not operate as a redemption or satisfaction of
Indebtedness represented by such Notes unless or until the same are delivered to the Trustee for cancellation. No Trustee
shall authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture.

 

Section 2.12          Defaulted
Interest.

 

(a)           If
the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date,
in each case at the rate provided in the Notes and in Section 4.01. The Issuer shall notify the Trustee in writing (which
notice may be sent electronically) of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such defaulted interest or shall make arrangements reasonably satisfactory to the Trustee 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 provided in this Section 2.12. The Issuer shall fix or cause to be fixed each such special record
date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment
date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of
the Issuer, the Trustee in the name and at the expense of the Issuer) shall send, or cause to be sent, to each Holder a notice
that states the special record date, the related payment date and the amount of such interest to be paid.

 

(b)           Subject
to Section 2.12(a) and for greater certainty, each Note delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest,
which were carried by such other Note.

 

Section 2.13          CUSIP
and ISIN Numbers.

 

The Issuer in issuing the Notes may use
CUSIP or ISIN numbers (if then generally in use) and if it does, the Trustee shall use CUSIP or ISIN numbers in notices of redemption
or exchange or in offers to purchase as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange
or in offers to purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption or exchange or offer to purchase shall not be affected by any defect in or omission of such numbers. The Issuer
shall promptly notify the Trustee in writing (which notice may be electronic) of any change in the CUSIP or ISIN numbers.

 

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Section 2.14          Computation
of Interest.

 

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

 

Article 3

 

REDEMPTION

 

Section 3.01          Notices
to Trustee.

 

(a)           If
the Issuer elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least 10 Business Days before
notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.03 (unless a shorter notice
shall be agreed to by the Trustee in writing) but not more than 65 days before a redemption date, an Officer’s Certificate
(which may be withdrawn prior to the date such notice of redemption is given) setting forth (1) the paragraph or subparagraph
of such Article or Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date,
(3) the principal amount of the Notes to be redeemed, as applicable, (4) the redemption price, if then ascertainable,
and (5) the CUSIP and ISIN number, if applicable, of the Notes to be redeemed.

 

(b)           If
the redemption price is not known at the time such notice is to be given, the actual redemption price, calculated as described
in the terms of the Notes to be redeemed, shall be set forth in an Officer’s Certificate of the Issuer delivered to the Trustee
no later than two Business Days prior to the redemption date.

 

Section 3.02          Selection
of Notes to Be Redeemed or Purchased.

 

(a)           If
less than all of the Notes are to be redeemed pursuant to Section 3.07 or purchased in an offer to purchase at any time, the
Trustee shall select the Notes to be redeemed or purchased (1) if the Notes are listed on any national securities exchange,
in compliance with the requirements of the principal national securities exchange on which the Notes are listed, (2) if the
Notes are not so listed but are in global form, then by lot or otherwise in accordance with the procedures of DTC or the Depositary
or (3) if the Notes are not so listed and are not in global form, then on a pro rata basis, by lot or by such other method
as the Trustee deems to be fair and appropriate, although no Note of $2,000 in principal amount or less will be redeemed in part.
In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding
Notes not previously called for redemption or purchase.

 

(b)           The
Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption or purchase. Notes and portions of Notes
selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof; except that if all of the Notes of a
Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple
of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture
that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

 

(c)           After
the redemption date, upon surrender of a Note to be redeemed in part only, a new Note or Notes in principal amount equal to the
unredeemed portion of the original Note, representing the same Indebtedness to the extent not redeemed, shall be issued in the
name of the Holder of the Notes (or transferred by book entry transfer) upon cancellation of the original Note (or appropriate
book entries shall be made to reflect such partial redemption); provided that each new Note shall be in a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof.

 

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Section 3.03          Notice
of Redemption.

 

(a)           Subject
to Section 3.09 and, except in connection with Article 11, the Issuer shall give, or cause to be given electronically
or by first-class mail notices of redemption of Notes at least 15 days but not more than 60 days before the redemption date to
each Holder whose Notes are to be redeemed (with a copy to the Trustee) pursuant to this Article at such Holder’s registered
address, except that redemption notices may be given more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes pursuant to Article 8 or a satisfaction and discharge of this Indenture pursuant to Article 11,
or otherwise in accordance with the procedures of the Depositary. Notwithstanding the above, when notice has to be given to a holder
of a global security (including any notice of redemption or repurchase) such notice shall be sufficiently given if given to DTC
(or its designee) pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with
applicable DTC procedures. Notices to the Trustee may be given by email in PDF format.

 

(b)           The
notice shall identify the Notes to be redeemed (including CUSIP and ISIN number, if applicable) and shall state:

 

(1)            the
redemption date;

 

(2)            the
redemption price, including the portion thereof representing any accrued and unpaid interest; provided that in connection
with a redemption under Section 3.07(a), the notice need not set forth the redemption price but only the manner of calculation
thereof;

 

(3)            if
any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed;

 

(4)            the
name and address of the Paying Agent and the Trustee;

 

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

 

(6)            that,
unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the redemption date;

 

(7)            the
paragraph or subparagraph of the Notes or Section of this Indenture pursuant to which the Notes called for redemption are
being redeemed;

 

(8)            that
no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed
on the Notes; and

 

(9)            if
applicable, any condition to such redemption.

 

(c)           At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s
expense; provided that the Issuer shall have given to the Trustee, at least 10 Business Days before notice of redemption
is required to be sent or caused to be sent to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed
to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and attaching a form of the notice
which shall contain the information to be stated in such notice as provided in Section 3.03(b); provided that such
Officer’s Certificate may be withdrawn by the Issuer upon written notice (which notice may be electronic) to the Trustee
prior to the date such notice of redemption is required to be sent to Holders.

 

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Section 3.04          Effect
of Notice of Redemption.

 

(a)           Once
notice of redemption is sent to Holders in accordance with Section 3.03, Notes called for redemption become irrevocably due
and payable on the redemption date at the redemption price subject to the satisfaction of (or waiver by the Issuer in the Issuer’s
discretion) of any condition set forth in the notice of redemption. If such redemption is subject to satisfaction of one or more
conditions precedent, the redemption date may be delayed, in the Issuer’s discretion, until such time as any or all such
conditions shall be satisfied (or waived by the Issuer in the Issuer’s discretion), or such redemption may not occur and
the notice of redemption may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived
by the Issuer in the Issuer’s discretion) by the applicable redemption date (whether the original redemption date or the
redemption date so delayed). The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder
of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of
any other Note. Subject to Section 3.05, on and after the applicable redemption date (whether the original redemption date
or the redemption date so delayed), interest ceases to accrue on Notes or portions of Notes called for redemption.

 

(b)           The
Issuer shall provide written notice to the Trustee prior to the close of business two Business Days prior to the redemption date
(unless a shorter notice shall be agreed to by the Trustee in writing) if any such redemption has been rescinded or delayed, and
upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption
was given.

 

Section 3.05          Deposit
of Redemption or Purchase Price.

 

(a)           By
no later than 12:00 noon (New York City time) on the redemption or purchase date, the Issuer shall deposit with the Trustee, or
with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes
to be redeemed or purchased on that date. The Trustee or Paying Agent shall promptly distribute to each Holder whose Notes are
to be redeemed or repurchased the applicable redemption or purchase price thereof, accrued and unpaid interest thereon and Applicable
Premium, if any. The Trustee or Paying Agent shall promptly return to the Issuer any money deposited with Trustee or Paying Agents
by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest and
Applicable Premium, if any, on, all Notes to be redeemed or purchased.

 

(b)           If
the Issuer complies with Section 3.05(a), on and after the redemption or purchase date, interest shall cease to accrue on
the Notes or the portions of Notes called for redemption or purchase whether or not such Notes are presented for payment, and the
Holders of such Notes shall have no further rights with respect to such Notes except the right to receive such payment of the redemption
price and accrued and unpaid interest, if any, on such Notes upon surrender of such Notes. If a Note is redeemed or purchased on
or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption
or purchase date shall be paid on the relevant Interest Payment Date to the Person in whose name such Note was registered at the
close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to redemption
by the Issuer. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because
of the failure of the Issuer to comply with Section 3.05(a), interest shall accrue and be paid on the unpaid principal, from
the redemption or purchase date until such principal is paid.

 

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Section 3.06          Notes
Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed
or purchased in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall promptly authenticate
and mail to the Holder (or cause to be transferred by book entry) at the expense of the Issuer a new Note equal in principal amount
to the unredeemed or unpurchased portion of the Note surrendered representing the same Indebtedness to the extent not redeemed
or purchased; provided that each new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in
excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order
and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note.

 

Section 3.07          Optional
Redemption.

 

(a)           At
any time prior to August 1, 2023, the Issuer is entitled, on any one or more occasions, to redeem all or a part of the Notes,
at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and
unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date as provided in Section 3.07(g) falling on or
prior to such redemption date). Promptly after the determination thereof, the Issuer shall give the Trustee notice of the redemption
price provided for in this Section 3.07(a), and the Trustee shall not be responsible for such calculation.

 

(b)           At
any time prior to August 1, 2023, the Issuer is entitled, on any one or more occasions, to redeem up to 40% of the aggregate
principal amount of the Notes issued under this Indenture (including issuance of Additional Notes, if any) at a redemption price
equal to 105.375% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to but excluding
the applicable redemption date (the “Redemption Date”) (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date falling on or prior to such redemption date as provided
in Section 3.07(g)) using an amount equal to the net cash proceeds of one or more Equity Offerings; provided that (1) at
least 60% of the aggregate principal amount of the Notes (which includes Additional Notes, if any) remains outstanding immediately
after the occurrence of any such redemption (other than Notes held, directly or indirectly, by the Issuer or Affiliates of the
Issuer), unless all other outstanding Notes are repurchased or redeemed substantially concurrently with such redemption; and (2) such
redemption occurs prior to 180 days after the date of the closing of such Equity Offering.

 

(c)           Except
pursuant to Section 3.07(a) or (b), the Notes shall not be redeemable at the Issuer’s option prior to August 1,
2023.

 

(d)           On
and after August 1, 2023, the Issuer is entitled, on any one or more occasions, to redeem all or a part of the Notes, at the
redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued and
unpaid interest, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning
on August 1 of each of the years indicated below (subject to the rights of Holders of record of Notes on the relevant Record
Date to receive interest due on the relevant Interest Payment Date falling on or prior to such redemption date as provided in Section 3.07(g)):

 

	Year	 	Notes
 Redemption
 Percentage	 
	2023	 	 	102.688	%
	2024	 	 	101.792	%
	2025	 	 	100.896	%
	2026 and thereafter	 	 	100.000	%

 

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(e)           Any
redemption pursuant to this Section 3.07 shall be made pursuant to Sections 3.01 through 3.06.

 

(f)            Any
redemption notice in connection with this Section 3.07 may, at the Issuer’s discretion, be subject to the satisfaction
of one or more conditions precedent, including the occurrence of a Change of Control or completion of an Equity Offering.

 

(g)           If
the redemption date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest
to but excluding such redemption date shall be paid to the Person in whose name the Note is registered at the close of business
on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to redemption by the Issuer.

 

Section 3.08          Mandatory
Redemption; Open Market Purchases.

 

The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. The Issuer and its Subsidiaries may acquire Notes through
redemption, by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities
laws and regulations, so long as such acquisition does not otherwise violate the terms of this Indenture, upon such terms and at
such prices as the Issuer or its Subsidiaries may determine.

 

Section 3.09          Offers
to Repurchase by Application of Excess Proceeds.

 

(a)           In
the event that, pursuant to Section 4.11, the Issuer is required or opts to commence an Asset Sale Offer, the Issuer shall
follow the procedures specified below.

 

(b)           The
Asset Sale Offer shall be made to all Holders and if the Issuer elects (or is required by the terms of other Pari Passu Indebtedness),
all holders of other Pari Passu Indebtedness. The Asset Sale Offer shall remain open for a period of at least 20 Business Days
following its commencement, except to the extent that a longer period is required by applicable law (the “Asset Sale Offer
Period”). No later than five Business Days after the termination of the Asset Sale Offer Period (the “Asset
Sale Purchase Date”), the Issuer shall apply all Excess Proceeds to the purchase of the aggregate principal amount of
Notes and, if applicable, Pari Passu Indebtedness (on a pro rata basis, if applicable) required to be purchased pursuant to Section 4.11
(the “Asset Sale Offer Amount”), or if less than the Asset Sale Offer Amount of Notes (and, if applicable, Pari
Passu Indebtedness) has been so validly tendered and not validly withdrawn, all Notes and Pari Passu Indebtedness validly tendered
and not validly withdrawn in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner
as interest payments on the Notes are made.

 

(c)           If
the Asset Sale Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid
interest to but excluding the Asset Sale Purchase Date shall be paid to the Person in whose name a Note is registered at the close
of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be tendered pursuant
to such Asset Sale Offer.

 

(d)           Upon
the commencement of an Asset Sale Offer, the Issuer shall deliver a notice (or, in the case of Global Notes, otherwise communicate
in accordance with the procedures of the Depositary) to each of the Holders, with a copy to the Trustee. The notice shall contain
all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale
Offer shall be made to all Holders and, to the extent required by the terms of the outstanding Pari Passu Indebtedness, all holders
of such Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

 

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(1)            that
the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.11 and the length of time the Asset Sale
Offer shall remain open;

 

(2)            the
Asset Sale Offer Amount, the purchase price, including the portion thereof representing any accrued and unpaid interest, and the
Asset Sale Purchase Date;

 

(3)            that
any Note not properly tendered or accepted for payment shall continue to accrue interest;

 

(4)            that,
unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to
accrue interest on and after the Asset Sale Purchase Date;

 

(5)            that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples
of $1,000 (with respect to the Notes) (although no Note of $2,000 in principal amount or less will be purchased in part);

 

(6)            that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer shall be required to (i) surrender such Note, with
the form entitled “Option of Holder to Elect Purchase” on the reverse of such Note completed, or (ii) transfer
such Note by book-entry transfer, in either case, to the Issuer, the Depositary, if applicable, or the Paying Agent at the address
specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Purchase Date or comply
with applicable procedures of DTC for such tender;

 

(7)            that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes if the
Issuer, the Depositary or the Paying Agent, as the case may be, receives at the address specified in the notice, not later than
the expiration of the Asset Sale Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Notes the Holder tendered for purchase and a statement that such Holder is withdrawing its tendered Notes and its
election to have such Note purchased or the Holder complies with the applicable procedures of DTC for such withdrawal;

 

(8)            that,
if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds the Asset Sale
Offer Amount, then the Notes to be repurchased shall be selected in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed or, if the Notes are not listed but are in global form, then by lot
or otherwise in accordance with the procedures of DTC or, if the Notes are not listed and not in global form on a pro rata basis,
by lot or by such other method as the Trustee shall deem to be fair and appropriate, and the Issuer shall select Pari Passu Indebtedness
to be purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered Notes and Pari
Passu Indebtedness, although no Note having a principal amount of $2,000 (with respect to Notes) shall be purchased in part; and

 

(9)            that
Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer) representing the same Indebtedness to the extent not repurchased;
provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately
after such repurchase would be less than $2,000, then the portion of such Note so repurchased shall be reduced so that the remaining
principal amount of such Note outstanding immediately after such repurchase is $2,000.

 

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The notice, if sent in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is sent
in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective,
such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase
of the Notes as to all other Holders that properly received such notice without defect.

 

(e)           On
or before the Asset Sale Purchase Date, the Issuer shall, to the extent lawful, accept for payment, by lot or on a pro rata basis
or by such other method as the Trustee shall deem to be fair and appropriate, as applicable, the Asset Sale Offer Amount of Notes
or portions thereof (and, if applicable, Pari Passu Indebtedness or portions thereof) validly tendered and not validly withdrawn
pursuant to the Asset Sale Offer, or if less than the Asset Sale Offer Amount of Notes (and Pari Passu Indebtedness, as applicable)
has been validly tendered and not validly withdrawn, all Notes so tendered and not validly withdrawn, in the case of the Notes,
in integral multiples of $1,000; provided that if, following repurchase of a portion of a Note, the remaining principal
amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion of such Note so repurchased
shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000. The
Issuer shall deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officer’s Certificate stating
the aggregate principal amount of Notes or portions thereof so accepted and that such Notes or portions thereof were accepted for
payment by the Issuer in accordance with the terms of this Section 3.09 and, in the case of Pari Passu Indebtedness, shall
comply with the applicable procedures in the indenture or other agreement governing such Pari Passu Indebtedness.

 

(f)            The
Issuer shall promptly, but in no event later than five Business Days after termination of the Asset Sale Offer Period, mail or
deliver to the Paying Agent to remit to each tendering Holder or to the holder or lender of Pari Passu Indebtedness, as the case
may be, an amount equal to the purchase price of the Notes or Pari Passu Indebtedness so validly tendered and not properly withdrawn
by such Holder or such holder or lender, as the case may be, and accepted by the Issuer for purchase, and, if less than all of
the Notes tendered are purchased pursuant to the Asset Sale Offer, the Issuer shall promptly issue a new Note, and the Trustee,
upon delivery of an Authentication Order from the Issuer, shall authenticate and mail or deliver (or cause to be transferred by
book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary,
no Opinion of Counsel or Officer’s Certificate shall be required for the Trustee to authenticate and mail or deliver such
new Note) in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note
shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so accepted shall be
promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the Asset Sale
Offer on the Asset Sale Purchase Date.

 

(g)           Other
than as specifically provided in this Section 3.09 or Section 4.11, any purchase pursuant to this Section 3.09 shall
be made pursuant to Sections 3.01 through 3.06, as applicable.

 

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Article 4

 

COVENANTS

 

Section 4.01          Payment
of Notes.

 

(a)           The
Issuer shall pay or cause to be paid the principal, premium, if any, and interest on the Notes on the dates and in the manner provided
in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Trustee or the Paying Agent,
as applicable, if other than the Issuer or a Restricted Subsidiary, holds as of 12:00 noon (New York City time) on the due date
money deposited by the Issuer in immediately available funds and designated for and sufficient to pay the principal, premium, if
any, and interest then due.

 

(b)           The
Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard
to any applicable grace period) at the same rate to the extent lawful.

 

Section 4.02          Maintenance
of Office or Agency.

 

The Issuer shall maintain an office or agency
(which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered
for principal payment, registration of transfer or for exchange. The Issuer shall give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may
be made at the Corporate Trust Office of the Trustee.

 

The Issuer may also from time to time designate
additional offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations. The Issuer shall give prompt written notice (which notice may be electronic) to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03.

 

Section 4.03          Reports.

 

(a)           For
so long as any Notes are outstanding, the Issuer shall furnish to the Trustee (and the Holders of the Notes and beneficial owners
of the Notes), which shall be deemed satisfied by public filing on EDGAR (or any successor system for public filing), the following
reports (collectively, the “Financial Reports”), within three Business Days following the time periods specified
by the SEC’s rules and regulations as if the Issuer were required to file such Financial Reports:

 

(1)            annual
reports of the Issuer on Form 10-K under the Exchange Act, including (A) “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and (B) audited financial statements prepared in accordance with GAAP

 

(2)            quarterly
reports of the Issuer on Form 10-Q under the Exchange Act, including (A) “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and (B) unaudited quarterly financial statements prepared in accordance
with GAAP; and

 

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(3)            current
reports on Form 8-K under the Exchange Act;

 

provided, however, that the foregoing
documents shall not be required to (A) if the Issuer is not otherwise subject to such requirements, comply with Section 302,
Section 906 or Section 404 of the Sarbanes-Oxley Act of 2002, or Items 307, 308, and 402 of Regulation S-K promulgated
by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein), (B) contain
the separate financial information (i) for Subsidiary Guarantors and Non-Guarantor Subsidiaries contemplated by Rule 3-10
of Regulation S-X promulgated by the SEC or (ii) for Affiliates of the Issuer contemplated by Rule 3-16 of Regulation
S-X promulgated by the SEC.

 

(b)           At
any time that there shall be one or more Unrestricted Subsidiaries that, in the aggregate, hold more than 15.0% of Consolidated
Tangible Assets, the quarterly and annual financial information required by the preceding paragraph shall include a reasonably
detailed presentation, either on the face of the financial statements or in the footnotes thereto of the financial condition and
results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations
of the Unrestricted Subsidiaries.

 

(c)           In
addition, the Issuer agrees that, for so long as any Notes are outstanding, if at any time it is not required to and does not file
with the SEC the reports required by the preceding paragraphs, it shall furnish to the Holders of the Notes and prospective investors,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(d)           Any
subsequent restatement of financial statements shall have no retroactive effect for purposes of calculations previously made pursuant
to the covenants contained in this Indenture.

 

(e)           For
greater clarity, to the extent any information is not provided as specified in this Section 4.03 and such information is subsequently
provided, the Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect
thereto shall be deemed to have been cured.

 

(f)            In
addition, the Issuer shall:

 

(1)            issue
regular quarterly earnings releases (including an annual earnings release with respect to annual financial statements) not later
than ten Business Days after the time the Issuer files with the SEC or furnishes to the Trustee the applicable Financial Report;
and

 

(2)            at
any time that the Issuer’s common stock is no longer listed on the New York Stock Exchange or any other national exchange,
or if the Issuer ceases to issue the quarterly earnings releases referred to in clause (1) above,

 

(a)            hold
a quarterly conference call to discuss the information contained in the Financial Reports not later than ten Business Days from
the time the Issuer files with the SEC or furnishes to the Trustee the applicable Financial Report; and

 

(b)            no
fewer than three Business Days prior to the date of the conference call required to be held in accordance with clause (2)(a) above,
issue a press release to the appropriate U.S. wire services announcing the time and date of such conference call and directing
the Holders or beneficial owners of, and prospective investors in, the Notes and securities analysts and market makers to contact
an individual at the Issuer (for whom contact information shall be provided in such press release) to obtain the Financial Report
and information on how to access such conference call.

 

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(g)           Delivery
of reports, information and documents to the Trustee is for informational purposes only and its receipt of such reports shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Issuer’s, any Subsidiary Guarantor’s or any other Person’s compliance with any of its covenants under this
Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall
have no liability or responsibility for the filing, timelines or content of such reports.

 

(h)           The
Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s, any Subsidiary Guarantor’s
or any other Person’s compliance with the covenants described herein or with respect to any reports or other documents filed
with EDGAR or required under this Indenture.

 

Section 4.04          Compliance
Certificate.

 

(a)           The
Issuer shall deliver to the Trustee, within 30 days after the date the annual financial information is required under Section 4.03(a)(1),
an Officer’s Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Issuer
and any Subsidiary Guarantor have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating,
as to such Officer signing such certificate, that to the best of his or her knowledge, based on such review, the Issuer and any
Subsidiary Guarantor have kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture
and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture
(or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action the Issuer
and any Subsidiary Guarantor are taking or propose to take with respect thereto).

 

(b)           When
any Default has occurred and is continuing under this Indenture, or if the Trustee or the Holder of any other evidence of Indebtedness
of the Issuer or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the Issuer shall
promptly (which shall be no more than 10 Business Days following the date on which the Issuer becomes aware of such Default, receives
such notice or becomes aware of such action, as applicable) send to the Trustee an Officer’s Certificate specifying such
event, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 4.05          Corporate
Existence. Except as otherwise provided in this Article 4, Article 5 and Section 10.06, the Issuer and any
Subsidiary Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect their corporate,
partnership or limited liability company, as applicable, existence and the corporate, partnership, limited liability company or
other existence of each Restricted Subsidiary and the rights (charter and statutory), licenses and franchises of the Issuer and
each Restricted Subsidiary; provided, however, that the Issuer shall not be required to preserve any such right,
license or franchise or the corporate, partnership, limited liability company or other existence of any Restricted Subsidiary
if the respective Board of Directors or, with respect to a Restricted Subsidiary that is not a Significant Subsidiary (or group
of Restricted Subsidiaries that taken together would not be a Significant Subsidiary), Senior Management of the Issuer determines
that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and each of its Restricted Subsidiaries,
taken as a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders.

 

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Section 4.06          Payment
of Taxes. The Issuer shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all
material taxes, assessments and governmental charges levied or imposed upon the Issuer or any Subsidiary; provided, however,
that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which
appropriate reserves, if necessary (in the good faith judgment of management of the Issuer), are being maintained in accordance
with GAAP or where the failure to effect such payment will not be disadvantageous in any material respect to the Holders.

 

Section 4.07          Stay,
Extension and Usury Laws.

 

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

 

Section 4.08          Restricted
Payments.

 

(a)           The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted Payment,
unless, at the time of and after giving effect to such Restricted Payment:

 

(i)            no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(ii)           the
Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment
had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to Section 4.10(a); and

 

(iii)          such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
since the Start Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (9), (10), (11), (12),
(13) and (14) of Section 4.08(b)), is less than the sum, without duplication, of:

 

(a)            50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from and including October 1,
2013 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available
at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit);
plus

 

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(b)            100%
of the aggregate Qualified Proceeds received by the Issuer subsequent to the Start Date (i) as a contribution to its common
equity capital or (ii) from the issue or sale of Equity Interests of the Issuer (other than Disqualified Stock of the Issuer),
or (iii) from the issue or sale of Disqualified Stock or debt securities of the Issuer or any of its Restricted Subsidiaries
that have been converted into or exchanged for Equity Interests (other than Disqualified Stock) of the Issuer, other than in the
case of each of clauses (i), (ii) and (iii), (w) any net proceeds from an Equity Offering to the extent used to redeem
Notes pursuant to Section 3.07(b) (x) Equity Interests (or Disqualified Stock or debt securities) sold to a Restricted
Subsidiary of the Issuer or an employee stock ownership plan, option plan or similar trust established for the benefit of the employees
of the Issuer or any of its Subsidiaries to the extent funded by the Issuer or any Restricted Subsidiary, (y) net cash proceeds
applied pursuant to Section 4.08(b)(2) and Qualified Proceeds to the extent that any Restricted Payment has been made
from such proceeds in reliance on Section 4.08(b)(4) and (z) Excluded Contributions; plus

 

(c)            to
the extent not already included in Consolidated Net Income, 100% of the aggregate Qualified Proceeds from (A) the sale or
other disposition (other than to the Issuer or a Restricted Subsidiary of the Issuer) of any Restricted Investment that was made
after the Start Date and (B) repurchases, redemptions and repayments of such Restricted Investments and the receipt of any
dividends or distributions from such Restricted Investments, in the case of each of clauses (A) and (B) not to exceed
the aggregate amount of such Restricted Investment that was previously treated as a Restricted Payment that reduced the Cumulative
Buildup Basket (as defined below); plus

 

(d)            to
the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Start Date is redesignated as a Restricted
Subsidiary after the Start Date, the Fair Market Value of the Issuer’s Investment in such Subsidiary as of the date of such
redesignation (but only to the extent it was previously treated as a Restricted Payment that
reduced the Cumulative Buildup Basket); plus

 

(e)            in
the event that the Issuer and/or any Restricted Subsidiary of the Issuer makes any Investment in a Person that, as a result of
or in connection with such Investment, becomes a Restricted Subsidiary of the Issuer, an amount equal to the existing Investment
of the Issuer and/or any of its Restricted Subsidiaries in such Person to the extent it was previously treated as a Restricted
Payment that reduced the Cumulative Buildup Basket.

 

The sum of all amounts under Section 4.08(a)(iii) clauses
(a)-(e) is referred to as the “Cumulative Buildup Basket.”

 

(b)           Section 4.08(a) shall
not prohibit:

 

(1)            the
payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice,
the dividend or redemption payment would have complied with the provisions of this Indenture;

 

(2)            the
making of any Restricted Payment in exchange for, or out of the net cash proceeds of the sale (other than to the Issuer or a Restricted
Subsidiary of the Issuer) of, Equity Interests of the Issuer (other than Disqualified Stock) or from the contribution of common
equity capital to the Issuer, which sale or contribution occurs within 60 days prior to such Restricted Payment; provided
that the amount of any such net cash proceeds that are utilized for any such Restricted Payment shall be excluded from clause (iii)(b) of
the Cumulative Buildup Basket;

 

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(3)            the
repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness with the net cash
proceeds from an incurrence of Permitted Refinancing Indebtedness, which incurrence occurs within 60 days prior to such repurchase,
redemption, defeasance or other acquisition or retirement for value;

 

(4)            the
repurchase, redemption or other acquisition or retirement for value of any Management Warrants or any other Equity Interests of
the Issuer held by any current or former officer, director, employee or consultant of the Issuer or any Restricted Subsidiary of
the Issuer, and the repurchase or other acquisition for value of Equity Interests of the Issuer by the Issuer or a Restricted Subsidiary
to fund an escrowed stock plan established for the benefit of a current officer, director, employee or consultant of the Issuer
(or Investments in an entity formed to create such an escrowed stock plan to permit such entity to purchase or otherwise acquire
for value Equity Interests of the Issuer in connection therewith), in each case, pursuant to any equity subscription agreement,
stock option agreement, shareholders’ agreement or similar agreement or benefit plan of any kind; provided that the
aggregate price paid for all such repurchased, redeemed, acquired or retired Management Warrants and other Equity Interests and
amount of such Investments may not exceed $5.0 million in any calendar year (with any unused amounts to be paid pursuant to this
proviso are available to be carried over to subsequent fiscal years), although such amount in any calendar year may be increased
by an amount not to exceed:

 

(a)            the
Qualified Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Issuer, other than Excluded Contributions,
to any current or former officer, director, employee or consultant of the Issuer or any Restricted Subsidiaries of the Issuer that
occurs after the Start Date, to the extent the Qualified Proceeds from the sale of such Capital Stock have not otherwise been applied
to the payment of Restricted Payments (provided that the Qualified Proceeds from such sales or contributions shall be excluded
from clause (iii)(b) of the Cumulative Buildup Basket); plus

 

(b)            the
cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries after the Start Date; less

 

(c)            the
amount of any Restricted Payments previously made with the Qualified Proceeds described in clauses (a) and (b) of this
clause (4);

 

(5)            so
long as no Default has occurred and is continuing or would be caused thereby, other Restricted Payments in an aggregate amount
not to exceed the greater of $50.0 million and 1.0% of Consolidated Tangible Assets;

 

(6)            any
repurchase, redemption, defeasance or other acquisition or retirement for value of Disqualified Stock of the Issuer or any of its
Restricted Subsidiaries at the Stated Maturity thereof or made by exchange for or out of the proceeds of the sale of Disqualified
Stock of the Issuer or such Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified Stock constitutes
Permitted Refinancing Indebtedness and is issued within 60 days prior to such repurchase, redemption, defeasance or other
acquisition or retirement for value;

 

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(7)            the
repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Indebtedness or Disqualified
Stock (a) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness or liquidation
preference of such Disqualified Stock in the event of a Change of Control in accordance with provisions similar to those in Section 4.15
or (b) at a purchase price not greater than 100% of the principal amount (or accreted value, as applicable, if such Subordinated
Indebtedness is represented by securities sold at a discount) of such Subordinated Indebtedness or 100% of the liquidation preference
of such Disqualified Stock in accordance with provisions similar to those in Section 4.11; provided that, prior to
or simultaneously with such repurchase, redemption, defeasance or other acquisition or retirement, the Issuer has made the Change
of Control Offer or Asset Sale Offer, as applicable, as provided in Section 4.15 and Section 4.11, respectively, with
respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment (and not validly
withdrawn) in connection with such Change of Control Offer or Asset Sale Offer:

 

(8)            the
repurchase on one or more occasions, of Common Stock of the Issuer for aggregate consideration for all such repurchases not to
exceed $50.0 million;

 

(9)            so
long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of dividends to holders
of any class or series of Disqualified Stock of the Issuer or a Restricted Subsidiary of the Issuer or preferred stock of a Restricted
Subsidiary of the Issuer issued in accordance with the terms of this Indenture;

 

(10)            repurchases
of Equity Interests deemed to occur upon the exercise of stock options, warrants, other rights to purchase Equity Interests or
other convertible securities or similar securities if such Equity Interests represent a portion of the exercise price thereof (or withholding
of Equity Interests to pay related withholding taxes with regard to the exercise of such stock options or the vesting of any such
restricted stock, restricted stock units, deferred stock units or any similar securities);

 

(11)            payments
in lieu of the issuance of fractional shares of Capital Stock in connection with any transaction otherwise permitted under this Section 4.08;

 

(12)            payments
or distributions to holders of the Capital Stock of the Issuer or any of its Restricted Subsidiaries pursuant to appraisal or dissenter
rights required under applicable law or pursuant to a court order in connection with any merger, amalgamation, arrangement, consolidation
or sale, assignment, conveyance, transfer, lease or other disposition of assets;

 

(13)            Restricted
Payments that are made with Excluded Contributions; and

 

(14)            so
long as no Default has occurred and is continuing or would be caused thereby, any Restricted Payment if after giving effect to
such Restricted Payment the Net Indebtedness to Book Capitalization Ratio on a pro forma basis as of the end of the Issuer’s
most recently ended fiscal quarter for which internal financial statements are available would have been less than or equal to
0.30 to 1.0.

 

(c)            The
amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued by the Issuer or a Restricted Subsidiary of the Issuer, as the
case may be, pursuant to the Restricted Payment.

 

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(d)           For
purposes of determining compliance with this Section 4.08, in the event that a Restricted Payment or Permitted Investment
meets the criteria of more than one of the types of Restricted Payments or Permitted Investments described in the above clauses
or the definitions thereof, the Issuer, in its sole discretion, may order and classify, and later reclassify, such Restricted Payment
or Permitted Investment if it would have been permitted at the time such Restricted Payment or Permitted Investment was made and
at the time of any such reclassification.

 

(e)           For
purposes of designating any Restricted Subsidiary of the Issuer as an Unrestricted Subsidiary, all outstanding Investments by the
Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Investments
in an amount determined as set forth in the definition of “Investment.” Such designation shall be permitted only if
a Restricted Payment in such amount would be permitted at such time, whether pursuant to this Section 4.08 or pursuant to
the definition of “Permitted Investment” in Section 1.01, and if such Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in
this Indenture.

 

Section 4.09          Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)           The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any such Restricted Subsidiary to:

 

(1)            pay
dividends or make any other distributions on its Capital Stock to the Issuer or any other Restricted Subsidiary of the Issuer,
or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Issuer
or any Restricted Subsidiary of the Issuer (it being understood that the priority of any preferred stock in receiving dividends
or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction
on the ability to make distributions on Capital Stock and the subordination of loans or advances made to the Issuer or any of its
Restricted Subsidiaries to other Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries shall not be deemed
a restriction on the ability to pay any Indebtedness);

 

(2)            make
loans or advances to the Issuer or any other Restricted Subsidiary of the Issuer (it being understood that the subordination of
loans or advances made to the Issuer or any of its Restricted Subsidiaries to other Indebtedness incurred by the Issuer or any
of its Restricted Subsidiaries shall not be deemed a restriction on the ability to make loans or advances); or

 

(3)            sell,
lease or transfer any of its properties or assets to the Issuer or any other Restricted Subsidiary of the Issuer (it being understood
that such transfers shall not include any type of transfer described in clause (1) or (2) of this Section 4.09(a)).

 

(b)            Section 4.09(a) shall
not prohibit encumbrances or restrictions existing under or by reason of:

 

(1)            agreements
governing Existing Indebtedness and Existing Project Loans, in each case, as in effect on the Issue Date and any other agreements
in effect on the Issue Date, in each case, and any amendments, modifications, restatements,
extensions, renewals, replacements or refinancings of those agreements; provided that the encumbrances and restrictions
in the amendment, modification, restatement, extension, renewal, replacement or refinancing are, taken as a whole, not materially
less favorable to the Holders of Notes than the encumbrances or restrictions being amended, modified, restated, extended, renewed,
replaced or refinanced;

 

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(2)            this
Indenture and the Notes (and any Note Guarantee);

 

(3)            applicable
law, rule, regulation or order;

 

(4)            any
instrument governing Indebtedness or Capital Stock of a Restricted Subsidiary acquired by the Issuer or any Restricted Subsidiary
of the Issuer as in effect at the time of such acquisition or at the time an Unrestricted Subsidiary is redesignated as a Restricted
Subsidiary of the Issuer (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation
of such acquisition or redesignation), which encumbrance or restriction is not applicable to any Person, or the properties or assets
of any Person, other than the Person or any of its Subsidiaries, or the property or assets of the Person or any of its Subsidiaries,
so acquired and any amendments, modifications, restatements, extensions, renewals, replacements
or refinancings of those agreements (provided that the encumbrances and restrictions in the amendment, modification, restatement,
extension, renewal, replacement or refinancing are, taken as a whole, not materially less favorable to the Holders of Notes than
the encumbrances or restrictions being amended, modified, restated, extended, renewed, replaced or refinanced); provided
that, in the case of Indebtedness, such Indebtedness was permitted to be incurred by the terms of this Indenture;

 

(5)            customary
non-assignment provisions in contracts and licenses entered into in the ordinary course of business;

 

(6)            customary
restrictions in leases (including capital leases), security agreements or mortgages or other purchase money obligations for property
acquired in the ordinary course of business to the extent they impose restrictions on the property purchased or leased of the nature
described in Section 4.09(a)(3);

 

(7)            any
agreement for the sale or other disposition of all or substantially all the Capital Stock or the assets of a Restricted Subsidiary
of the Issuer to the extent it restricts distributions by that Restricted Subsidiary pending the sale or other disposition;

 

(8)            Liens
permitted to be incurred under Section 4.13 to the extent they limit the right of the debtor to dispose of the assets subject
to such Liens;

 

(9)            provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the
subject of such agreements;

 

(10)          restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(11)          customary
provisions imposed on the transfer of copyrighted or patented materials;

 

(12)          customary
provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements of the Issuer or
any Restricted Subsidiary of the Issuer;

 

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(13)          contracts
entered into in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate,
detract from the value of property or assets of the Issuer or any Restricted Subsidiary of the Issuer in any manner material to
the Issuer or any such Restricted Subsidiary;

 

(14)          restrictions
on the transfer of property or assets required by any regulatory authority having jurisdiction over the Issuer or any Restricted
Subsidiary of the Issuer or any of their businesses;

 

(15)          any
encumbrances or restrictions existing under (A) development agreements or other contracts entered into with municipal entities,
agencies or sponsors in connection with the entitlement or development of real property or (B) agreements for funding of infrastructure,
including in respect of the issuance of community facility district bonds, metro district bonds, mello-roos bonds and subdivision
improvement bonds, and similar bonding requirements arising in the ordinary course of business of a homebuilder;

 

(16)          any
encumbrances or restrictions that require “lockbox” or similar obligations with respect to Non-Recourse Debt and Indebtedness
secured by a Permitted Lien pursuant to clause (c) of the definition thereof

 

(17)          any
encumbrances or restrictions of the type referred to in Section 4.09(a) imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred
to in clauses (1) through (16) or clause (18) of this Section 4.09(b); provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings, in the good faith judgment
of the Senior Management or the Board of Directors, are not materially more restrictive, taken as a whole, with respect to such
encumbrance and other restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement,
refunding, replacement or refinancing; and

 

(18)           (x) other
Indebtedness incurred or preferred stock issued by any Restricted Subsidiary in accordance with Section 4.10 that, in the
good faith judgment of Senior Management or the Board of Directors, are not materially more restrictive, taken as a whole, with
respect to such encumbrance and other restrictions, than those applicable to the Issuer in this Indenture on the Issue Date (which
results in encumbrances or restrictions on Restricted Subsidiaries of the Issuer comparable to those applicable to the Issuer)
or (y) other Indebtedness permitted to be incurred subsequent to the Issue Date pursuant to Section 4.10; provided
that with respect to this clause (y) of this clause (18), such encumbrances or restrictions shall not materially adversely
affect the Issuer’s ability to make anticipated principal and interest payments on the Notes (in the good faith judgment
of Senior Management or the Board of Directors).

 

Section 4.10          Incurrence
of Indebtedness and Issuance of Preferred Stock.

 

(a)           The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, incur, with respect to any
Indebtedness (including Acquired Debt), and shall not permit any of its Restricted Subsidiaries to issue any shares of preferred
stock; provided, however, that the Issuer and its Restricted Subsidiaries may incur Indebtedness (including Acquired
Debt) and the Issuer’s Restricted Subsidiaries may issue shares of preferred stock, if, after giving effect thereto and the
application of the proceeds therefrom, either (i) the Fixed Charge Coverage Ratio for the Issuer’s most recently ended
four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional
Indebtedness is incurred or such preferred stock is issued, as the case may be, would have been at least 2.0 to 1.0, or (ii) the
Indebtedness to Consolidated Tangible Net Worth Ratio as of the end of the Issuer’s most recently ended fiscal quarter for
which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred
or such preferred stock is issued, as the case may be, would have been less than or equal to 1.75 to 1.0.

 

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(b)            Section 4.10(a) shall
not prohibit the incurrence of any Indebtedness that meets the following criteria or the issuance of any preferred stock that meets
the following criteria, as applicable (collectively, “Permitted Debt”):

 

(1)            the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness pursuant to Credit Facilities or Project Loans, including
any Guarantee of such Indebtedness or any Guarantee of Designated SPE Debt by the Issuer or any Restricted Subsidiary, in an aggregate
principal amount at any one time outstanding not to exceed the greater of $1,500 million and 22.5% of Consolidated Tangible Assets
at the time of incurrence;

 

(2)            the
Existing Indebtedness;

 

(3)            the
incurrence by the Issuer of Indebtedness represented by the Initial Notes issued on the Issue Date and replacement Notes in respect
thereof, if any (and the incurrence by any Subsidiary Guarantor of any related Note Guarantee);

 

(4)            the
incurrence or issuance by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness (including Capital Lease Obligations
and Indebtedness incurred in connection with a sale/leaseback transaction), Disqualified Stock or preferred stock, in each case,
incurred or issued for the purpose of financing all or any part of the purchase price or cost of design, construction, lease, installation,
development or improvement of plant, equipment or other property used or useful in a Permitted Business which occurs within 365 days
of such purchase, design, construction, lease, installation, development or improvement, in an aggregate principal amount at any
time outstanding, together with any Permitted Refinancing Indebtedness in respect thereof, not to exceed the greater of $25.0 million
and 1.0% of Consolidated Tangible Assets at the time of incurrence;

 

(5)            the
incurrence by the Issuer or any Restricted Subsidiary of Permitted Refinancing Indebtedness in exchange for, or incurred to extend,
renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted
by this Indenture to be incurred under Section 4.10(a), this clause (5) or clause (2) (other
than the Existing Notes which are being repurchased or redeemed with the net proceeds of the Initial Notes issued on the Issue
Date), (3), (4) or (11) of this Section 4.10(b);

 

(6)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations not for speculative purposes;

 

(7)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims,
self-insurance obligations, bankers’ acceptances, letters of credit, performance bonds, completion bonds, bid bonds, surety
bonds, appeal bonds, performance, completion and compliance guarantees or other similar obligations incurred in the ordinary course
of business; provided, however, that upon the drawing of letters of credit for reimbursement obligations, or the
incurrence of other reimbursement-type Indebtedness with respect to the foregoing, such obligations are reimbursed within 30 days
following such drawing or incurrence;

 

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(8)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient
funds in the ordinary course of business, so long as such Indebtedness is extinguished within five Business Days;

 

(9)            the
incurrence of Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary of the Issuer providing for indemnification,
adjustment of purchase price, holdback, contingency payment obligations or similar obligations, in each case, incurred or assumed
in connection with the disposition or acquisition of any business, assets or Equity Interests of the Issuer or any such Restricted
Subsidiary;

 

(10)          the
incurrence of Indebtedness resulting from endorsements of negotiable instruments for collection in the ordinary course of business;

 

(11)          Acquired
Debt or Indebtedness or preferred stock of the Issuer or its Restricted Subsidiaries incurred to provide all or a portion of the
funds utilized to acquire Persons that are acquired by the Issuer or any Restricted Subsidiary of the Issuer (including by way
of merger, amalgamation or consolidation) in accordance with the terms of this Indenture; provided that immediately after
giving effect to such acquisition, any of the following is true:

 

(a)            the
Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.10(a);

 

(b)            the
Issuer’s Fixed Charge Coverage Ratio after giving pro forma effect to such acquisition would be greater than or equal
to the Issuer’s actual Fixed Charge Coverage Ratio immediately prior to such acquisition; or

 

(c)            the
Issuer’s Indebtedness to Consolidated Tangible Net Worth Ratio after giving pro forma effect to such acquisition would
be less than or equal to the Issuer’s actual Indebtedness to Consolidated Tangible Net Worth Ratio immediately prior to such
acquisition;

 

(12)          Indebtedness
of the Issuer or a Restricted Subsidiary of the Issuer in respect of netting services, overdraft protection and otherwise in connection
with deposit accounts; provided that such Indebtedness remains outstanding for ten Business Days or less;

 

(13)          the
incurrence or issuance by the Issuer or a Restricted Subsidiary of the Issuer of Indebtedness in an aggregate principal amount
(or accreted value, as applicable) at any time outstanding, not to exceed the greater of $150.0 million and 3.0% of Consolidated
Tangible Assets of the Issuer at the time of incurrence;

 

(14)          the
incurrence of guarantees by the Issuer or a Restricted Subsidiary of the Issuer in the ordinary course of business in respect of
obligations to suppliers, customers, franchisees, lessors and licensees of the Issuer or any Restricted Subsidiary of the Issuer;

 

(15)          the
incurrence of Indebtedness by the Issuer or a Restricted Subsidiary of the Issuer in respect of obligations to pay the deferred
purchase price of goods or services or progress payments in connection with such goods and services; provided that such
obligations are incurred in connection with open accounts extended by suppliers on customary trade terms (which require that all
such payments be made within 60 days after the incurrence of the related obligation) in the ordinary course of business and
not in connection with the borrowing of money or any Hedging Obligations;

 

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(16)          Indebtedness
of the Issuer or any Restricted Subsidiary of the Issuer consisting of (a) the financing of insurance premiums or (b) take-or-pay
obligations contained in supply arrangements, in each case in the ordinary course of business;

 

(17)          the
incurrence of Indebtedness by the Issuer or a Restricted Subsidiary of the Issuer deemed to exist pursuant to the terms of a joint
venture agreement as a result of the failure of the Issuer or any Restricted Subsidiary of the Issuer to make a required capital
contribution therein;

 

(18)          obligations
of the Issuer or any Restricted Subsidiary of the Issuer under an agreement with any governmental authority or adjoining (or common
masterplan) landowner, in each case entered into in the ordinary course of business in connection with the acquisition of real
property, to entitle, develop or construct infrastructure thereupon;

 

(19)          Indebtedness
consisting of Indebtedness issued by the Issuer or any Restricted Subsidiary of the Issuer to any current or former officer, director,
employee or consultant of the Issuer or any Restricted Subsidiary of the Issuer, in each case to finance the repurchase, redemption
or other acquisition or retirement for value of any Management Warrants or other Equity Interests of the Issuer to the extent described
in Section 4.08(b)(4);

 

(20)          Guarantees
issued from time to time by the Issuer or Restricted Subsidiaries of the Issuer of Indebtedness (other than Designated SPE Debt)
incurred by any joint venture in which the Issuer or its Restricted Subsidiaries has an equity Investment (or incurred by
any Subsidiaries of such joint ventures), in an amount not to exceed at any time outstanding the greater of $100.0 million
and 2.5% of Consolidated Tangible Assets of the Issuer at the time of incurrence;

 

(21)          the
incurrence by the Issuer or any Restricted Subsidiary of intercompany Indebtedness between or among the Issuer and any of its Restricted
Subsidiaries; provided, however, that:

 

(a)            if
the Issuer or any Subsidiary Guarantor is the obligor on such Indebtedness and the obligee is not the Issuer or a Subsidiary Guarantor,
such Indebtedness must be unsecured and subordinated in right of payment to the prior payment in full in cash of all Obligations
then due with respect to the Notes, in the case of the Issuer, or the Note Guarantee, in the case of a Subsidiary Guarantor; and

 

(b)            (i) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the
Issuer or a Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either
the Issuer or a Restricted Subsidiary shall be deemed, in each case, to constitute a new incurrence of such Indebtedness by the
Issuer or such Restricted Subsidiary, as the case may be, which new incurrence is not permitted by this clause (21);

 

(22)          the
issuance by any Restricted Subsidiary to the Issuer or to any other Restricted Subsidiary of shares of preferred stock; provided,
however, that:

 

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(a)            any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than
the Issuer or a Restricted Subsidiary; and

 

(b)            any
sale or other transfer of any such preferred stock to a Person that is not either the Issuer or a Restricted Subsidiary shall be
deemed, in each case, to constitute a new issuance of such preferred stock by such Restricted Subsidiary, which new issuance is
not permitted by this clause (22);

 

(23)          Guarantees
(other than Guarantees of Designated SPE Debt) by (a) the Issuer or any Subsidiary Guarantor of Indebtedness permitted to
be incurred by the Issuer or any Restricted Subsidiary of the Issuer in accordance with the provisions of this Indenture; provided
that in the event such Indebtedness that is being Guaranteed is Subordinated Indebtedness, then the related Guarantee shall be
subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, and (b) Non-Guarantors of Indebtedness
incurred by other Non-Guarantors in accordance with the provisions of this Indenture; and

 

(24)          Designated
SPE Debt.

 

(c)            For
purposes of determining compliance with this Section 4.10:

 

(1)            In
the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described
in Section 4.10(b)(1) through (24) or can be incurred pursuant to Section 4.10(a), the Issuer, in its sole
discretion, will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify (based on
circumstances existing at the time of such reclassification), all or a portion of such item of Indebtedness, in any manner that
complies with Section 4.10(a) or Section 4.10(b);

 

(2)            The
Existing Project Loans that do not constitute Designated SPE Debt shall be deemed to have been incurred pursuant to Section 4.10(b)(1) and,
notwithstanding clause (1) of this Section 4.10(c), may not be reclassified.

 

(d)            The
accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the
form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in
accounting principles, and the payment of dividends on preferred stock in the form of additional shares of the same class of preferred
stock shall not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock for purposes of this Section 4.10;
provided, in each such case, that the amount thereof is included in Consolidated Interest Incurred of the Issuer as accrued
(other than the reclassification of preferred stock as Indebtedness due to a change in accounting principles). For purposes of
Section 4.10(b)(21) and (22), the existence of a Permitted Lien on Equity Interests, Indebtedness or preferred stock
shall not be considered a transfer until the Equity Interests, Indebtedness or preferred stock securing such Permitted Lien
has been foreclosed upon.

 

(e)            [Reserved]

 

(f)             For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of
revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated
in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such refinancing does not exceed the principal amount of
such Indebtedness being refinanced. Notwithstanding any other provision of this Section 4.10, the maximum amount of Indebtedness
that the Issuer and its Restricted Subsidiaries may incur pursuant to this Section 4.10 shall not be deemed to be exceeded
solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance
other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such refinancing is denominated that is in effect on the date of such
refinancing.

 

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Section 4.11           Asset
Sales.

 

(a)            The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)            the
Issuer or any such Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal
to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(2)            at
least 75% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary, as the case may be, is in
the form of cash or Marketable Securities. For the purposes of this Section 4.11(a)(2) only, each of the following shall
be deemed to be cash:

 

(a)            Cash
Equivalents;

 

(b)            any
Indebtedness (other than any Subordinated Indebtedness) of the Issuer or any of its Restricted Subsidiaries that is actually assumed
by the transferee in such Asset Sale (provided that the Issuer or such Restricted Subsidiary, as the case may be, making
the Asset Sale is released from its obligations with respect to such Indebtedness);

 

(c)            any
securities, notes or other obligations or assets received by the Issuer or any Restricted Subsidiary of the Issuer from such transferee
that within 180 days after the consummation of such Asset Sale are converted by the recipient into (or with respect to which the
recipient receives payments of) cash or Cash Equivalents, to the extent of the cash or Cash Equivalents received in that conversion
or payment;

 

(d)            the
Fair Market Value of any property or other assets (including Equity Interests of any Person that shall be a Restricted Subsidiary
following receipt thereof) received that are used or useful in a Permitted Business; and

 

(e)            any
Designated Non-Cash Consideration received by the Issuer or any such Restricted Subsidiary in such Asset Sale having an aggregate
Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (e) that
is at the time outstanding, not to exceed the greater of $50.0 million and 1.0% of Consolidated Tangible Assets at the time of
the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration
being measured at the time received and without giving effect to subsequent changes in value.

 

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(b)            Within
12 months after the receipt of any Net Proceeds from an Asset Sale, the Issuer or the applicable Restricted Subsidiary, as
the case may be, may apply an amount equal to such Net Proceeds at its option:

 

(1)            to
permanently repay or prepay

 

(a)            Obligations
under any Indebtedness of the Issuer or its Restricted Subsidiaries secured by Permitted Liens (whose commitments, in the case
of Indebtedness under any revolving credit facility, shall be correspondingly reduced permanently in an amount equal to the principal
amount so prepaid upon such repayment or prepayment);

 

(b)            Obligations
under the notes or any Indebtedness of the Issuer that ranks pari passu in right of payment with the Notes (“Pari Passu
Indebtedness”); provided that if the Issuer or any such Restricted Subsidiary shall so repay or prepay any such
other Pari Passu Indebtedness, the Issuer shall reduce (or offer to reduce) Obligations under the Notes on a pro rata basis (based
on the amount so applied to such repayments or prepayments) by, at their option, (A) redeeming Notes as described under Section 3.07
(B) making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase
their Notes for cash at a price of at least 100% of the principal amount thereof, plus the amount of accrued but unpaid interest,
if any, thereon to, but excluding, the applicable date of repurchase (and any such Net Proceeds
remaining following the consummation of such offer will not constitute Excess Proceeds) or (C) purchasing Notes through
privately negotiated transactions or open market purchases, in a manner that complies with this Indenture and applicable securities
laws, at a price in cash of not less than 100% of the principal amount thereof, plus the amount of accrued but unpaid interest,
if any, thereon to, but excluding, the applicable date of repurchase; or

 

(c)            Indebtedness
of a Restricted Subsidiary of the Issuer that is a Non-Guarantor, other than Indebtedness owed to the Issuer or another Restricted
Subsidiary of the Issuer;

 

(2)            to
acquire all or substantially all of the assets of, or any Capital Stock of a Person engaged in, a Permitted Business, if, after
giving effect to any such acquisition of Capital Stock, such Person (and the Permitted Business) is or becomes a Restricted Subsidiary
of the Issuer;

 

(3)            to
make a capital expenditure;

 

(4)            to
acquire Additional Assets or improve or develop existing assets to be used in a Permitted Business; or

 

(5)            in
any combination of applications described in clause (1), (2), (3) or (4) of this Section 4.11(b);

 

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provided that
in the case of clause (2), (3) or (4) (or clause (5) solely as it
relates to clause (2), (3) or (4)), of this Section 4.11(b), a binding commitment to acquire the assets
of a Permitted Business, or Capital Stock of a Person engaged in a Permitted Business, acquire Additional Assets (or improve
or develop such existing assets) or to make such capital expenditures shall be treated as a permitted application of an
amount of Net Proceeds as of the date of such commitment so long as the Issuer or such Restricted Subsidiary enters into such
commitment with the good faith expectation that such amount of Net Proceeds shall be applied to satisfy such commitment
within 180 days after the date of such commitment (an “Acceptable Commitment”) and, in the event
any Acceptable Commitment is later cancelled or terminated for any reason before such amount of Net Proceeds is applied in
connection therewith, the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment
(a “Second Commitment”) within 180 days after the date of such cancellation or termination, it
being understood that if a Second Commitment is later cancelled or terminated for any reason before such amount of Net
Proceeds is applied, then such amount of Net Proceeds shall constitute Excess Proceeds

 

(c)            Any
amounts of Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.11(b) shall constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, within ten Business
Days thereafter, the Issuer shall make an Asset Sale Offer to all Holders of Notes and if the Issuer elects (or is required
by the terms of such other Pari Passu Indebtedness), all holders of other Pari Passu Indebtedness (an “Asset
Sale Offer”) to purchase the maximum aggregate principal amount of Notes and such Pari Passu Indebtedness, in denominations
of $2,000 principal amount and multiples of $1,000 in excess thereof, that may be purchased with an amount equal to the Excess
Proceeds at an offer price in cash in an amount not less than 100% of the principal amount thereof, or, in the case of Pari Passu
Indebtedness represented by securities sold at a discount, not less than the amount of the accreted value thereof at such time,
plus accrued and unpaid interest to, but excluding, the purchase date, in accordance with the procedures set forth in this Indenture.
In the event that the Issuer or any Restricted Subsidiary of the Issuer prepays any Pari Passu Indebtedness that is outstanding
under a revolving credit or other committed loan facility pursuant to an Asset Sale Offer, the Issuer or such Restricted Subsidiary
shall cause the related loan commitment to be reduced in an amount equal to the principal amount so prepaid. After the completion
of an Asset Sale, the Issuer and its Restricted Subsidiaries may make an Asset Sale Offer prior to the time they are required to
do so by the second sentence of this paragraph. If the Issuer or any Restricted Subsidiary of the Issuer completes such an Asset
Sale Offer with respect to any Net Proceeds, the Issuer and its Restricted Subsidiaries shall be deemed to have complied with this
Section 4.11 with respect to the application of such Net Proceeds (regardless of how much principal amount of Notes is tendered
into such offer) and the amount of Excess Proceeds shall be reset to zero, and any
such Net Proceeds remaining after completion of such Asset Sale Offer may be used by the Issuer and its Restricted Subsidiaries
for any purpose not prohibited by this Indenture. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Issuer and its Restricted Subsidiaries may use those Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate
principal amount of Notes surrendered by Holders thereof and other Pari Passu Indebtedness surrendered by holders thereof
or lenders thereunder, collectively, exceeds the amount of Excess Proceeds, the Notes to be repurchased shall be selected in compliance
with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are
not listed but are in global form, then by lot or otherwise in accordance with the procedures of DTC, or, if the Notes are not
listed and not in global form on a pro rata basis, by lot or by such other method as the Trustee in
its sole discretion shall deem to be fair and appropriate, and the Issuer shall select Pari Passu Indebtedness to be
purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered Notes and Pari Passu
Indebtedness. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

 

(d)            Pending
the final application of any Net Proceeds pursuant to this covenant, the Issuer and its Restricted Subsidiaries may apply such
Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Proceeds
in any manner not prohibited by this Indenture.

 

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(e)            The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.11 or Section 3.09,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations
under this Section 4.11 or Section 3.09 by virtue of such compliance.

 

Section 4.12           Transactions
with Affiliates.

 

(a)            The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of their properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the
Issuer (including Unrestricted Subsidiaries) involving aggregate consideration in excess of $5.0 million (each, an “Affiliate
Transaction”), unless:

 

(1)            the
Affiliate Transaction is on terms that, taken as a whole, are not materially less favorable to the Issuer or its relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with
an unrelated Person on an arm’s-length basis; and

 

(2)            the
Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $7.5 million, a resolution of the Board of Directors (or a committee of disinterested directors)
of the Issuer set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with this covenant
and that such Affiliate Transaction has been approved by a majority of the members of the Board of Directors of the Issuer (or
a committee of disinterested directors) with respect to such Affiliate Transaction.

 

(b)            The
following items will not be deemed to be Affiliate Transactions and therefore shall not be subject to Section 4.12(a):

 

(1)            any
employment, consultancy, advisory or other compensatory agreement, employee benefit plan, officer or director indemnification agreement
or any similar arrangement entered into by the Issuer or any Restricted Subsidiary of the Issuer in the ordinary course of business
and payments pursuant thereto;

 

(2)            transactions
between or among the Issuer and/or its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result of
such transaction;

 

(3)            transactions
with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Issuer solely because the Issuer owns, directly
or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)            payment
of reasonable directors’ fees;

 

(5)            any
transaction in which the only consideration paid by the Issuer or any of its Restricted Subsidiaries is in the form of Equity Interests
(other than Disqualified Stock) of the Issuer to Affiliates of the Issuer or any equity capital contribution made to the Issuer
(other than in respect of Disqualified Stock) and any agreement that grants registration and other customary rights in connection
therewith or otherwise to the direct or indirect security holders of the Issuer;

 

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(6)            Permitted
Investments (other than Permitted Investments of the type described in clause 2(b) of the definition thereof) or Restricted
Payments that do not violate Section 4.08;

 

(7)            any
agreement as in effect as of the Issue Date, including any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements, or refinancings thereof; provided that such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements, or refinancings are not materially less favorable to the Holders of the Notes,
in the good faith judgment of Senior Management or the Board of Directors, as compared to the applicable agreement as in effect
on the Issue Date;

 

(8)            transactions
with customers, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services, in each case which
are in the ordinary course of business (including pursuant to joint venture agreements) and otherwise in compliance with the terms
of this Indenture, and which are fair to the Issuer and its Restricted Subsidiaries, as applicable, in the reasonable determination
of the Board of Directors or Senior Management of the Issuer or any Restricted Subsidiary of the Issuer, as applicable, or are
on terms, taken as a whole, at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;

 

(9)            intellectual
property licenses in the ordinary course of business;

 

(10)          any
agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by, merged into or amalgamated,
arranged or consolidated with the Issuer or any of its Restricted Subsidiaries; provided that such agreement was not entered
into in contemplation of such acquisition, merger, amalgamation, arrangement or consolidation and any amendment thereto (so long
as any such amendment is not materially less favorable to the Holders of the Notes, in the good faith judgment of Senior Management
or the Board of Directors, as compared to the applicable agreement as in effect on the date of such acquisition, merger, amalgamation,
arrangement or consolidation);

 

(11)          any
merger, amalgamation, arrangement, consolidation or other reorganization of the Issuer with an Affiliate solely for the purpose
and with the sole effect of forming, collapsing or dissolving a holding company structure or reincorporating or reorganizing the
Issuer in a new jurisdiction;

 

(12)          pledges
of Capital Stock or Indebtedness of Unrestricted Subsidiaries; and

 

(13)          transactions
in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent
Qualified Party stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view
or stating that the terms, taken as a whole, are not materially less favorable to the Issuer or its relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated
Person on an arm’s-length basis.

 

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Section 4.13           Liens.

 

(a)            The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to create, incur, assume or otherwise cause or suffer
to exist or become effective any Lien (a “Triggering Lien”) of any kind (other than Permitted Liens) securing
Indebtedness upon any of their property or assets, now owned or hereafter acquired, or any income or profits therefrom unless all
payments due under this Indenture and the Notes (and, in the case of Liens of a Subsidiary Guarantor, under the Note Guarantee
of such Subsidiary Guarantor) are secured on an equal and ratable basis with the obligations so secured until such time as such
obligations are no longer secured by a Triggering Lien.

 

(b)            For
purposes of determining compliance with this Section 4.13, a Lien securing an item of Indebtedness need not be permitted solely
by reference to the above paragraph or to one category (or portion thereof) of Permitted Liens described in clauses (a) through (ee)
of the definition of “Permitted Liens” but may be permitted in part under any combination thereof.

 

(c)            With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount”
of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the
accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness
with the same terms or in the form of common equity of the Issuer, the payment of dividends on preferred stock in the form of additional
shares of preferred stock of the same class, accretion of original issue discount or liquidation preference and increases in the
amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value
of property securing Indebtedness described in the definition of “Indebtedness.”

 

Section 4.14            Permitted
Business Activities.

 

The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not
be material to the Issuer and its Restricted Subsidiaries, taken as a whole; it being understood that the Issuer and its Restricted
Subsidiaries shall be deemed to be in compliance with this Section 4.14 if the Issuer or its Restricted Subsidiaries acquire
another Person that is primarily engaged in Permitted Businesses or acquire business operations that primarily consist of Permitted
Businesses and continue to operate such acquired Person’s operations or such acquired business operations, as the case may be.

 

Section 4.15            Offer
to Repurchase upon Change of Control.

 

(a)            If
a Change of Control occurs after the Issue Date, except as described in Section 4.15(f), the Issuer shall make an offer to
purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price
in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest to, but excluding, the date of purchase, subject to the right of Holders of record of Notes on the
relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of
Control, the Issuer shall give notice of such Change of Control Offer electronically or by first class mail, with a copy to the
Trustee, to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with
the procedures of DTC, with the following information:

 

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(1)            that
a Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes properly tendered (and not properly
withdrawn) pursuant to such Change of Control Offer shall be accepted for payment by the Issuer;

 

(2)            the
purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from the date such
notice is delivered, subject to the last sentence of Section 4.15(e) in the event that the Change of Control Offer is
made in advance of a Change of Control, conditional upon such Change of Control (the date of payment and purchase for Notes pursuant
to the Change of Control Offer, the “Change of Control Payment Date”);

 

(3)            that
any Note not properly tendered (or tendered but properly withdrawn and not properly retendered) shall remain outstanding and continue
to accrue interest;

 

(4)            that,
unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer shall cease to accrue interest on the Change of Control Payment Date;

 

(5)            that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such Notes, with
the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent
specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding
the Change of Control Payment Date or comply with applicable procedures of DTC for such tender;

 

(6)            that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided
that the Paying Agent receives, not later than the expiration time of the Change of Control Offer, a facsimile transmission or
letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement
that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased or the Holder complies with the
applicable procedures of DTC for such withdrawal;

 

(7)            that
if a Holder requests that only a portion of a note held by it be purchased, such Holder shall be issued (or receive a book-entry
interest in) a new note equal in principal amount to the unpurchased portion of the Note surrendered; provided that the
unpurchased portion of such Note must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

 

(8)            if
such notice is delivered prior to the occurrence of a Change of Control, a statement that the Change of Control Offer is conditional
on the occurrence of such Change of Control; and

 

(9)            the
other instructions, as determined by the Issuer, consistent with this Section 4.15, that a Holder must follow.

 

While the Notes are in global form and the
Issuer makes a Change of Control Offer, a Holder may exercise its option to elect for the purchase of the Notes (and any election
to withdraw its tendered Notes) through the facilities of DTC, subject to DTC’s rules, regulations and applicable procedures.

 

(b)            On
the Change of Control Payment Date, the Issuer shall, to the extent lawful:

 

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(1)            accept
for payment all Notes or portions of Notes properly tendered (and not properly withdrawn) pursuant to the Change of Control Offer;

 

(2)            unless
deposited before the Change of Control Payment Date (but in any case, prior to 12:00 noon, New York City time, on the Change of
Control Payment Date), deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes accepted for payment; and

 

(3)            deliver
or cause to be delivered to the Trustee the Notes accepted for payment together with an Officer’s Certificate stating the
aggregate principal amount of Notes or portions of Notes being purchased by the Issuer.

 

(c)            The
Paying Agent will promptly remit to each Holder of Notes properly tendered (and not properly withdrawn) in the Change of Control
Payment for such Notes, and the Trustee, upon receipt of an Authentication Order from the Issuer, will promptly authenticate and
deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof. The Issuer shall publicly announce the results of the Change of Control Offer on or as soon as practicable
after the Change of Control Payment Date.

 

(d)            If
the Change of Control Payment Date is on or after the relevant Record Date and on or before the related Interest Payment Date,
the accrued and unpaid interest, if any, shall be paid on such Interest Payment Date to the Person in whose name the Note is registered
at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes are tendered pursuant
to the Change of Control Offer.

 

(e)            Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, and conditioned upon
the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making
the Change of Control Offer. If such a conditional Change of Control Offer is made, the Change of Control Payment Date may be delayed,
in the Issuer’s discretion, until such time as such Change of Control shall have occurred, or if such Change of Control shall
not have occurred by the applicable Change of Control Payment Date (whether the original Change of Control Payment Date or the
Change of Control Payment Date so delayed), then such Change of Control Offer may be rescinded by the Issuer.

 

(f)            The
Issuer shall not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered (and not properly withdrawn) under the
Change of Control Offer or (2) a notice of redemption that is or has become unconditional (other
than with respect to any conditions relating to the actual occurrence of such Change of Control)  has been given pursuant
to this Indenture as described in Section 3.07 unless and until there is a default in payment of the applicable redemption
price.

 

(g)            The
Issuer shall comply with all applicable securities laws and regulations, including the requirements of Rule 14e-1 under the
Exchange Act. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 4.15,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
under this Section 4.15 by virtue of such compliance.

 

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(h)            In
the event that Holders of not less than 90% in aggregate principal amount of the then outstanding Notes accept a Change of Control
Offer and the Issuer (or any third party making such Change of Control Offer in lieu of the Issuer as described in Section 4.15(f))
purchases all of the Notes properly tendered (and not properly withdrawn) under the Change of Control Offer by such Holders, the
Issuer will have the right, upon not less than 15 nor more than 60 days’ prior notice, but given not more than 30 days following
the Change of Control Payment Date of the Change of Control Offer described above, to redeem all of the Notes that remain outstanding
following such purchase pursuant to such Change of Control Offer at a redemption price equal to the Change of Control Payment (subject
to the rights of Holders of the Notes on the relevant record date to receive interest due on the relevant Interest Payment Date
that is on or prior to the applicable redemption date).

 

(i)            Other
than as specifically provided in this Section 4.15, any purchase pursuant to this Section 4.15 shall be made pursuant
to Sections 3.02, 3.05 and 3.06.

 

Section 4.16           Future
Guarantors.

 

(a)            The
Issuer shall cause each Restricted Subsidiary which Guarantees obligations of the Issuer or another guarantor under, or is a borrower
or obligor under, any Credit Facility (other than Designated SPE Debt), syndicated loan facility, capital markets debt or similar
Indebtedness (collectively, “Guarantor Obligation Debt”) to execute and deliver to the Trustee a supplemental
indenture to this Indenture substantially in the form of Exhibit B attached hereto within 30 days after the giving of such
Guarantee of, or becoming a borrower or obligor under, such Guarantor Obligation Debt pursuant to which such Restricted Subsidiary
shall irrevocably and unconditionally (subject to the customary release provisions described below) Guarantee, on a joint and several
basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior basis
and all other obligations under this Indenture. Notwithstanding the foregoing, if a Subsidiary Guarantor is released and discharged
in full from its Guarantee of or obligations under such Guarantor Obligation Debt (and is not then a guarantor of, or obligor or
borrower under, other Guarantor Obligation Debt such that it would be required to provide a Note Guarantee under this Section 4.16(a)),
then the Note Guarantee of such Subsidiary Guarantor shall be automatically and unconditionally released and discharged.

 

(b)            The
Note Guarantee of any Subsidiary Guarantor shall be released in accordance with the provisions of Section 10.06(a).

 

(c)            The
Issuer at any time at its sole option may cause any Non-Guarantor to become a Subsidiary Guarantor by executing a supplemental
indenture to this Indenture.

 

Section 4.17           Designation
of Restricted and Unrestricted Subsidiaries.

 

The Board of Directors of the Issuer may
designate any Restricted Subsidiary of the Issuer to be an Unrestricted Subsidiary if that designation would not cause a Default.
If a Restricted Subsidiary of the Issuer is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding
Investments owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary shall
be deemed to be an Investment made as of the time of the designation and shall reduce the Cumulative Buildup Basket or amounts
available under one or more clauses of the definition of Permitted Investments or one or more clauses of Section 4.08(b) as
determined by the Issuer. That designation shall only be permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the Issuer may redesignate
any Unrestricted Subsidiary to be a Restricted Subsidiary if (i) that redesignation
would not cause a Default and (ii) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after
such redesignation would, if incurred at such time, have been permitted to be incurred (and shall be deemed to have been incurred)
under this Indenture.

 

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Any designation of a Subsidiary of the Issuer
as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of
the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the preceding conditions and was permitted by Section 4.08.

 

Section 4.18           Effectiveness
of Covenants.

 

(a)            At
any time after the Notes have received Investment Grade Ratings from two Rating Agencies (a “Covenant Suspension
Event”), upon notice by the Issuer to the Trustee certifying that a Covenant Suspension Event has occurred and that at
the time of the giving of such notice no Default has occurred and is continuing under this Indenture (a “Covenant
Suspension Event Notice”), then, beginning on the day such notice is given and continuing until the Reversion Date (as defined
below), the Issuer and its Restricted Subsidiaries shall not be subject to the following Sections of this Indenture (collectively,
the “Suspended Covenants”):

 

(1)            Section 4.08;

 

(2)            Section 4.09;

 

(3)            Section 4.10;

 

(4)            Section 4.11;

 

(5)            Section 4.12;

 

(6)            Section 4.14;

 

(7)            Section 4.16
(but only with respect to any Restricted Subsidiary that would otherwise be required to become a Subsidiary Guarantor after the
Suspension Date and prior to the Reversion Date); and

 

(8)            Section 5.01(a)(4).

 

(b)            If
at any time the Notes cease to have Investment Grade Ratings from two Rating Agencies, then the Suspended Covenants shall thereafter
be reinstated as if such covenants had never been suspended (the “Reversion Date”) and be applicable pursuant
to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance with
the terms of this Indenture), unless and until a subsequent Covenant Suspension Event occurs and a Covenant Suspension Event Notice
is delivered to the Trustee (in which event the Suspended Covenants shall no longer be in effect unless and until the Notes
cease to have such Investment Grade Ratings from two Rating Agencies); provided, however, that no Default or Event
of Default or breach of any kind shall be deemed to exist under this Indenture or the Notes (or any Note Guarantee) with respect
to the Suspended Covenants based on, and none of the Issuer or any of its Subsidiaries shall bear any liability under the Suspended
Covenants for, any actions taken or events occurring during the Suspension Period (as defined below), or any actions taken
at any time pursuant to any contractual obligation arising prior to the Reversion Date, regardless of whether such actions or events
would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between
the date of suspension of the covenants and the Reversion Date is referred to as the “Suspension Period.”

 

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(c)            On
the Reversion Date, all Indebtedness incurred during the Suspension Period shall be classified to have been incurred pursuant to
Section 4.10(a) or one of the clauses set forth in Section 4.10(b) (to the extent such Indebtedness would
be permitted to be incurred thereunder as of the Reversion Date and after giving effect to the Indebtedness incurred prior to the
Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be incurred
pursuant to Section 4.10(a) or Section 4.10(b) such Indebtedness shall be deemed to have been Existing Indebtedness,
so that it is classified as permitted Section 4.10(b)(2). Calculations made after the Reversion Date of the amount available
to be made as Restricted Payments under Section 4.08 shall be made as though Section 4.08 had been in effect since the
Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period and not otherwise
permitted under Section 4.08(b) shall reduce the amount available to be made as Restricted Payments under Section 4.08(a).
During the Suspension Period, any obligation to grant Note Guarantees with respect to any Restricted Subsidiary that would otherwise
be required to become a Subsidiary Guarantor after the Suspension Date and prior to the Reversion Date shall be suspended. Such
obligation to grant Note Guarantees shall be reinstated upon the Reversion Date, if applicable.

 

(d)            During
the Suspension Period, the Board of Directors of the Issuer may not designate any of the Restricted Subsidiaries as Unrestricted
Subsidiaries pursuant to this Indenture.

 

(e)            The
Issuer shall provide each of the Trustee and the Holders with prompt written notice of any suspension of the Suspended Covenants
or the subsequent reinstatement of such Suspended Covenants, which may be given in a filing on EDGAR.

 

(f)            The
Issuer shall deliver an Officer’s Certificate to the Trustee, specifying (1) if a Covenant Suspension Event has occurred
or has ended and (2) the dates of the commencement or ending of any Suspension Period. The Trustee shall not have any duty
to monitor whether or not a Covenant Suspension Event has occurred or ended nor any duty to notify the Holders of any of the foregoing.

 

Section 4.19           Financial
Calculations for Limited Condition Acquisitions.

 

When calculating the availability under
any threshold based on a dollar amount, percentage of Consolidated Tangible Assets or other financial measure (a “basket”)
or ratio under this Indenture, in each case, in connection with a Limited Condition Acquisition, the date of determination of such
basket or ratio and of any Default or Event of Default may, at the option of the Issuer, be the date the definitive agreement(s) for
such Limited Condition Acquisition is entered into. Any such ratio or basket shall be calculated on a pro forma basis, including
with such adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition
of Fixed Charge Coverage Ratio, after giving effect to such Limited Condition Acquisition and other transactions in connection
therewith (including any incurrence or issuance of Indebtedness or preferred stock and the use of proceeds thereof) as if they
had been consummated at the beginning of the applicable period for purposes of determining the ability to consummate any such Limited
Condition Acquisition (and not for purposes of any subsequent availability of any basket or ratio); provided that if the
Issuer elects to make such determination as of the date of such definitive agreement(s), then (a) if any of such ratios are
no longer complied with or baskets are exceeded as a result of fluctuations in such ratio or basket subsequent to such date of
determination and at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios or baskets will not
be deemed to have been no longer complied with or exceeded as a result of such fluctuations solely for purposes of determining
whether the Limited Condition Acquisition is permitted under this Indenture and (b) such ratios or baskets shall not be tested
at the time of consummation of such Limited Condition Acquisition or related transactions; provided, further, that
if the Issuer elects to have such determinations occur at the time of entry into such definitive agreement(s), any such transactions
(including any incurrence or issuance of Indebtedness or preferred stock and the use of proceeds thereof, the granting, creation,
incurrence or suffering to exist of any Lien and the making of any Investment) shall be deemed to have occurred on the date the
definitive agreement(s) is entered into and shall be deemed outstanding thereafter for purposes of calculating any ratios
or baskets under this Indenture after the date of such definitive agreement(s) and before the consummation of such Limited
Condition Acquisition, unless such definitive agreement(s) is terminated or such Limited Condition Acquisition or incurrence
or issuance of Indebtedness or preferred stock or such other transaction to which pro forma effect is being given is abandoned
or with respect to which the Issuer has notified the Trustee in writing will not occur.

 

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Article 5

 

SUCCESSORS

 

Section 5.01           Merger,
Consolidation or Sale of Assets.

 

(a)            The
Issuer shall not directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether or not
it is the surviving corporation); or (2) sell, assign, lease, transfer, convey or otherwise dispose of all or substantially
all of its properties or assets, taken as a whole, in one or more related transactions, to another Person, unless:

 

(1)            either:

 

(a)            the
Issuer is the surviving corporation; or

 

(b)            the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or to which such sale,
assignment, lease, transfer, conveyance or other disposition has been made (the “Surviving Person”) is
a Person organized or existing under the laws of the United States, any state of the United States or the District of
Columbia; provided that if such Surviving Person is not a corporation, a Restricted Subsidiary that is a corporation shall
become a co-obligor of the Notes pursuant to a supplemental indenture reasonably satisfactory to the Trustee;

 

(2)            the
Surviving Person (if other than the Issuer) assumes all the obligations of the Issuer under the Notes and this Indenture pursuant
to a supplemental indenture reasonably satisfactory to the Trustee;

 

(3)            immediately
after such transaction, no Default or Event of Default exists;

 

(4)            any
of the following is true:

 

(a)            on
the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the
same had occurred at the beginning of the applicable four-quarter period, the Issuer, or the Surviving Person, would be permitted
to incur at least $1.00 of additional Indebtedness pursuant to Section 4.10(a);

 

(b)            the
Fixed Charge Coverage Ratio of the Issuer or the Surviving Person, after giving pro forma effect to such transaction
and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, would
be greater than or equal to the actual Fixed Charge Coverage Ratio of the Issuer immediately prior to such transaction; or

 

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(c)            the
Indebtedness to Consolidated Tangible Net Worth Ratio of the Issuer or the Surviving Person, after giving pro forma effect
to such transaction and any related financing transactions as if the same had occurred at the end of the last full fiscal quarter,
would be less than or equal to the actual Indebtedness to Consolidated Tangible Net Worth Ratio of the Issuer immediately prior
to such transaction;

 

and

 

(5)            the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation,
merger or amalgamation, or sale, assignment, lease, transfer, conveyance or other disposition and such supplemental indenture,
if any, comply with this Indenture and constitutes the legal, valid and binding obligation of the Issuer enforceable against it
in accordance with its terms.

 

(b)            Sections
5.01(a)(1) through (5) above and Section 5.01(d)(1) shall not apply to: (a) any Restricted Subsidiary
of the Issuer merging, amalgamating or consolidating with or into the Issuer or another Restricted Subsidiary; or (b) the
transfer of assets between or among the Issuer’s Restricted Subsidiaries, or from any of the Issuer’s Restricted Subsidiaries
to the Issuer. Sections 5.01(a)(3), (4) and (5) above shall not apply to the sale, assignment, conveyance, transfer,
lease or other disposition of all or substantially all of the assets of the Issuer to an Affiliate incorporated or organized solely
for the purpose of reincorporating or reorganizing the Issuer in another state in the United States and/or for the sole purpose
of forming or collapsing a holding company structure.

 

(c)            The
Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of the Issuer under this Indenture.
In the case of a lease, however, the Issuer shall not be released from any of the obligations or covenants under this Indenture.

 

(d)            Unless
the Note Guarantee of the applicable Subsidiary Guarantor is permitted to be released in connection with such transaction as described
in Section 4.16 or Section 10.06, such Subsidiary Guarantor may not sell or otherwise dispose of all or substantially
all of its assets to, or consolidate with or amalgamate or merge with or into (whether or not it is the surviving Person) another
Person, other than the Issuer or another Subsidiary Guarantor, unless:

 

(1)            immediately
after giving effect to that transaction, no Default or Event of Default exists; and

 

(2)            either:

 

(a)            the
Person (if other than the Issuer or a Subsidiary Guarantor) acquiring the property in any such sale or disposition or the
Person (if other than the Issuer or a Subsidiary Guarantor) formed by or surviving any such consolidation or amalgamation
or merger assumes all the obligations of that Subsidiary Guarantor, as applicable, under this Indenture and its Note Guarantee
pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or

 

(b)            such
transfer does not violate Section 4.11.

 

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Section 5.02           Successor
Entity Substituted.

 

Upon any consolidation, merger, amalgamation,
or winding up, in each case including by way of an arrangement, or any sale, assignment, transfer, lease, conveyance or other disposition
of all or substantially all of the assets of the Issuer or any Subsidiary Guarantor in accordance with Section 5.01, the successor
Person formed by such consolidation or into or with which the Issuer or any Subsidiary Guarantor, as applicable, is merged with
or into, or amalgamated or consolidated with or wound up into, or undergoes an arrangement with, or to which such sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, winding up, sale, assignment, lease, transfer, conveyance or other disposition, the provisions of
this Indenture referring to the Issuer or such Subsidiary Guarantor, as applicable, shall refer instead to the successor entity
and not to the Issuer or such Subsidiary Guarantor, as applicable), and may exercise every right and power of the Issuer or such
Subsidiary Guarantor, as applicable, under this Indenture and the Notes (and any Note Guarantees) with the same effect as if such
successor Person had been named as the Issuer or such Subsidiary Guarantor, as applicable, herein; provided that, in the
case of a lease of all or substantially all its assets, the Issuer shall not be released from the obligation to pay the principal
of and interest on the Notes, and such Subsidiary Guarantor shall not be released from its obligations under its Note Guarantee.

 

Article 6

 

DEFAULTS
AND REMEDIES

 

Section 6.01           Events
of Default.

 

(a)            Each
of the following is an “Event of Default”:

 

(1)            default
for 30 days in the payment when due of interest on the Notes;

 

(2)            default
in the payment when due (at maturity, upon redemption, acceleration or otherwise) of the principal of, or premium, if any,
on, the Notes (including the failure to make payment on a Change of Control Payment Date);

 

(3)            failure
by the Issuer or any Restricted Subsidiary of the Issuer to comply with Section 5.01;

 

(4)            failure
by the Issuer or any Restricted Subsidiary of the Issuer for 60 days (or 90 days in
the case of Section 4.03) after notice to the Issuer by the Trustee or the Holders (by notice to the Trustee and the
Issuer) of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the other agreements
in this Indenture;

 

(5)            default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed (other than Designated SPE Debt, but including any Guarantee of Designated SPE Debt) by the Issuer or any Restricted
Subsidiary of the Issuer (or the payment of which is Guaranteed by the Issuer or any Restricted Subsidiary of the Issuer),
other than Indebtedness owed to the Issuer or its Restricted Subsidiaries, whether such Indebtedness or Guarantee now exists, or
is created after the Issue Date, if that default:

 

(a)            is
caused by a failure to pay principal at the final Stated Maturity of such Indebtedness (a “Payment Default”); or

 

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(b)            results
in the acceleration of such Indebtedness prior to its express maturity;

 

and, in each case, the principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity
of which has been so accelerated and remains unpaid, aggregates $30.0 million or more;

 

(6)            with
respect to any judgment or decree for the payment of money (net of any amount covered by insurance issued by a reputable and
creditworthy insurer that has not contested coverage) in excess of $30.0 million or its foreign currency equivalent against
the Issuer or any Restricted Subsidiary of the Issuer, the failure by the Issuer or such Restricted Subsidiary, as applicable,
to pay such judgment or decree, which judgment or decree has remained outstanding for a period of 60 days after such judgment
or decree became final and nonappealable without being paid, discharged, waived or stayed;

 

(7)            except
as permitted by this Indenture, any Note Guarantee of any Significant Subsidiary of the Issuer is declared to be unenforceable
or invalid by any judgment or decree or ceases for any reason to be in full force and effect, or the Issuer or any Subsidiary Guarantor
or any Person acting on behalf of the Issuer or any Subsidiary Guarantor that is a Significant Subsidiary denies or disaffirms
its obligations in writing under its Note Guarantee and any such Default continues for 10 days after receipt of the notice
specified in this Indenture;

 

(8)            the
Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together, would constitute
a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:

 

(i) commences proceedings
to be adjudicated bankrupt or insolvent;

 

(ii) consents to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking an arrangement
of debt, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law;

 

(iii) consents to the appointment
of a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustees, sequestrator or other similar
official of it or for all or substantially all of its property;

 

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

 

(v) generally is not paying
its debts as they become due; or

 

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

 

(a)            is
for relief against the Issuer, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary, in a proceeding in which the Issuer, any such Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent;

 

(b)            appoints
a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustees, sequestrator or other similar official
of the Issuer, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, or for all or substantially all of the property of the Issuer, any Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary; or

 

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(c)            orders
the liquidation, dissolution, readjustment of debt, reorganization or winding up of the Issuer, or any Significant Subsidiary or
any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary;

 

and the order or decree remains unstayed and in effect for 60
consecutive days.

 

(b)            In
the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(a)(5) has
occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if:

 

(1)            the
default triggering such Event of Default pursuant to Section 6.01(a)(5) shall be remedied or cured by the Issuer or any
of its Restricted Subsidiaries or waived by the holders of the relevant Indebtedness within 30 days after the declaration
of acceleration with respect thereto, and

 

(2)            (i) the
annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction
and (ii) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became
due solely because of the acceleration of the Notes, have been cured or waived and all outstanding amounts owing to the Trustee
have been paid.

 

Section 6.02            Acceleration.

 

(a)            If
an Event of Default (other than an Event of Default specified in Section 6.01(a)(8) or (9)) occurs and is continuing,
the Trustee (acting at the direction of the Holders of at least 25% in aggregate principal amount of the then outstanding Notes)
by written notice to the Issuer, specifying the Event of Default, or the Holders of at least 25% in aggregate principal amount
of the then outstanding Notes by notice to the Issuer and the Trustee, may, and Trustee at the written request of such Holders
shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable
immediately. Upon the effectiveness of such a declaration, such principal, premium, if any, and accrued and unpaid interest, if
any, shall be due and payable immediately.

 

(b)            If
an Event of Default specified in Section 6.01(a)(8) or (9) occurs and is continuing, the principal of, premium,
if any, and accrued and unpaid interest, if any, on all the Notes shall become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders.

 

Section 6.03            Other
Remedies.

 

If an Event of Default occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or
to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee
or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

 

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Section 6.04          Waiver
of Past Defaults.

 

The Holders of a majority in aggregate
principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all Holders rescind an acceleration
or waive any existing Default or Event of Default and its consequences hereunder (including any related payment default that resulted
from such acceleration), except:

 

(1)            a
continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes; and

 

(2)            a
Default with respect to a provision that under Section 9.02(e) cannot be amended, supplemented or waived without the
consent of each Holder affected,

 

provided that, in the case of the rescission of any
acceleration with respect to the Notes, (1) the rescission would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) all existing Events of Default (except nonpayment of the principal of, premium, if any, and interest
on the Notes that have become due solely by such declaration of acceleration) have been cured or waived.

 

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.

 

If a Default is deemed to occur solely
because a Default (the “Initial Default”) already existed, and such Initial Default is subsequently cured and
is not continuing, the Default or Event of Default resulting solely because the Initial Default existed shall be deemed cured,
and shall be deemed annulled, waived and rescinded without any further action required.

 

Section 6.05          Control
by Majority.

 

The Holders of a majority in aggregate
principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any
remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture, the Notes or any Note Guarantee, or that the Trustee determines
in good faith is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee shall not have an
affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder) or that would involve
the Trustee in personal liability or expense.

 

Section 6.06          Limitation
on Suits.

 

Subject to Section 6.07, no Holder
of a Note may pursue any remedy with respect to this Indenture or the Notes or for the appointment of a receiver or the Trustee,
or for any other remedy hereunder, unless:

 

(1)            such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)            the
Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested the Trustee in writing to pursue
the remedy;

 

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(3)            such
Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense;

 

(4)            the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity reasonably
satisfactory to the Trustee against any loss, liability or expense; and

 

(5)            the
Holders of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction that,
in the opinion of the Trustee, is inconsistent with such request within such 60-day period.

 

A Holder may not use this Indenture to prejudice the rights
of another Holder or to obtain a preference or priority over another Holder, it being understood that the Trustee does not have
an affirmative duty to ascertain whether or not any actions or forbearances by a Holder are unduly prejudicial to other Holders.

 

Section 6.07          Rights
of Holders to Receive Payment.

 

Notwithstanding any other provision of
this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on its Notes, on or after
the respective due dates expressed or provided for in such Note (including in connection with an Asset Sale Offer or a Change
of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder.

 

Section 6.08          Collection
Suit by Trustee.

 

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

 

Section 6.09          Restoration
of Rights and Remedies.

 

If the 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 the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceedings, the Issuer, any Subsidiary Guarantors, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding has been instituted.

 

Section 6.10          Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and
remedy is, to the extent permitted by law, 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.

 

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Section 6.11          Delay
or Omission Not Waiver.

 

No delay or omission of the Trustee or
of any Holder 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 6 or by law
to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or
by the Holders, as the case may be.

 

Section 6.12          Trustee
May File Proofs of Claim.

 

The Trustee may file proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of each of the Trustee, their respective agents and counsel)
and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes,
including any Subsidiary Guarantors), its creditors or its property and is entitled and empowered to participate as a member in
any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property
payable or deliverable on any such claims. Any custodian in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to each of them for the reasonable compensation, expenses, disbursements and
advances of the Trustee and their respective agents and counsel, and any other amounts due to the Trustee or Agent hereunder.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, their respective
agents and counsel, and any other amounts due the Trustee under or Agent hereunder out of the estate in any such proceeding, shall
be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding.

 

Section 6.13          Priorities.

 

If the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money in the following order:

 

(1)            to
the Trustee or any Agent and their respective agents and attorneys for amounts due hereunder, including payment of all reasonable
compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection;

 

(2)            to
Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

(3)            to
the Issuer or to such party as a court of competent jurisdiction shall direct, including any Subsidiary Guarantor, if applicable.

 

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The Trustee may fix a record date and payment date for any
payment to Holders pursuant to this Section 6.13. Promptly after any record date is set pursuant to this Section 6.13,
the Trustee shall cause notice of such record date and payment date to be given to the Issuer and to each Holder in the manner
set forth in Section 12.01.

 

Section 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 Trustee for any action taken, suffered or omitted by it as the
Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section 6.14 does not apply to a suit by the Trustee a suit by a Holder pursuant to Section 6.07, or
a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

Article 7

 

TRUSTEE

 

Section 7.01          Duties
of Trustee.

 

(a)           If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture
and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs.

 

(b)           Except
during the continuance of an Event of Default:

 

(1)            the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the Trustee
shall not be liable except for the performance of such duties, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

 

(2)            in
the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon resolutions, statements, instruments, notices, directions, certificates
and/or opinions furnished to the Trustee and conforming on their face to the requirements of this Indenture. However, in
the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).
The Trustee may (but shall in no way be obligated to) make further inquiry or investigation into such facts or materials as it
sees fit.

 

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

 

(1)            this
Section 7.01(c) shall not be construed to limit the effect of Section 7.01(b);

 

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

 

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

 

(d)          Subject
to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise
any of its rights or powers under this Indenture at the request or direction of any of the Holders unless the Holders have offered
to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or expense.

 

(e)          The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 

(f)           Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money
held in trust under Article 8.

 

(g)           Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to this Article 7.

 

Section 7.02          Rights
of Trustee.

 

(a)           Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both conforming
to Section 12.03. The Trustee shall not be liable for any action it takes or omits to take in good faith in conclusive
reliance on the Officer’s Certificate or Opinion of Counsel.

 

(b)           The
Trustee may act through attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

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

 

(d)           The
Trustee may consult with counsel of its selection, and the written or verbal advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Notes, including any Opinion of Counsel, shall be full and complete authorization and
protection from liability in respect to any action taken, suffered or omitted to be taken by it hereunder in good faith and in
accordance with the advice or opinion of such counsel, including any Opinion of Counsel.

 

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

 

(f)            The
Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions or agreements,
or perform any calculation hereunder or in connection herewith, on the part of the Issuer (or Subsidiary Guarantor, as applicable),
but the Trustee may require of the Issuer full information and advice as to the performance of the covenants, conditions and agreements
contained herein.

 

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

 

(h)           Except
for an Event of Default under Section 6.01(a)(1) or (2) hereof, the Trustee shall not be deemed to have notice
or be charged with knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. In the absence of any such
notice or actual knowledge, and except for a Default under Section 6.01(a)(1) or (2) hereof, the Trustee may conclusively
assume that no Default or Event of Default exists.

 

(i)            The
rights, privileges, protections, immunities and benefits given to the Trustee hereunder, including their respective right of reimbursement
for fees and expenses (including attorney fees and expenses) and the right to be indemnified, are extended to the Trustee in each
of its capacities hereunder and shall be enforceable by, the Agents and to each other agent, custodian and Person employed to
act hereunder.

 

(j)            In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, pandemics, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

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

 

(l)            Any
request or direction of the Issuer or other Person mentioned herein shall be sufficiently evidenced by an Officer’s Certificate
or certificate of an Officer of such other Person and any resolution of the Board of Directors of the Issuer or of such other
Person may be sufficiently evidenced by a board resolution certified by the secretary or assistant secretary (or similar officer)
of such Person.

 

(m)          The
Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be updated and delivered to the Trustee
at any time by the Issuer in its discretion.

 

(n)          The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of the percentage of Holders specified herein unless such Holders shall have furnished to (or caused to be furnished
to) the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities, including attorneys’
fees and expenses, that might be incurred by the Trustee therein or thereby.

 

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(o)          Nothing
in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers.

 

(p)           No
provision of this Indenture shall be deemed to impose any duty or obligation on the Trustee to take or omit to take any action,
or suffer any action to be taken or omitted, in the performance of their respective duties or obligations under this Indenture,
or to exercise any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action
to be taken or omitted would violate applicable law binding upon them.

 

(q)           The
Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the name of the individuals and/or titles
of officers authorized at such time to take specific actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in
any such Officer’s Certificate previously delivered and not superseded.

 

(r)            To
help fight the funding of terrorism and money laundering activities, the Trustee shall obtain, verify, and record information
that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee shall ask
for the name, address, tax identification number and other information that shall allow the Trustee to identify the individual
or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as
articles of incorporation, an offering memorandum, or other identifying documents to be provided.

 

(s)           Notwithstanding
anything to the contrary herein, any and all communications (both text and attachments) by or from the Trustee that the Trustee
deems to contain confidential, proprietary, and/or sensitive information and sent by electronic mail shall be encrypted. The recipient
of the email communication shall be required to complete a one-time registration process.

 

(t)            Trustee
shall have no liability or responsibility for the action or inaction of any Depositary.

 

(u)           Under
no circumstances will the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

(v)           The
Trustee shall have no obligation to pursue any action that is not in accordance with applicable law.

 

(w)          If
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be
sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event
occurred, unless such Responsible Officer of the Trustee had actual knowledge of such event.

 

(x)            The
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Issuer or any Paying Agent or any records maintained by any co-Registrar with respect
to the Notes.

 

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Section 7.03          Individual
Rights of the Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights
it would have if it were not the Trustee. Any Agent or any other agent of the Trustee or any Agent may do the same with like rights.

 

Section 7.04          Trustee’s
Disclaimer.

 

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

 

Section 7.05          Notice
of Defaults.

 

If a Default occurs and is continuing and
is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Holder a notice of the Default
within 90 days after it is actually known to a Responsible Officer or written notice of it is received by a Responsible Officer
of the Trustee, but if the Trustee obtains actual knowledge or receives written notice of the occurrence and continuance of a
default or an Event of Default from the Company or any Holder after 90 days following the occurrence and continuance of such default
or Event of Default, the Trustee shall send a notice of such default or Event of Default to the Holders within 30 days after it
obtains actual knowledge or receives written notice of such a default or Event of Default . Except in the case of a Default
specified in Section 6.01(a)(1) or (2), the Trustee may withhold from the Holders notice of any continuing Default if
the Trustee determines in good faith that withholding the notice is in the interests of the Holders.

 

Section 7.06          Limitation
on Trustee’s Liability.

 

Except as provided in this Article, in
accepting the trusts hereby created, the Trustee is acting solely as Trustee hereunder and not in its individual capacity and,
except as provided in this Article, all Persons having any claim against the Trustee by reason of the transactions contemplated
by this Indenture or any Note shall look only to the Issuer for payment or satisfaction thereof.

 

Section 7.07          Compensation
and Indemnity.

 

(a)           The
Issuer and any Subsidiary Guarantors, jointly and severally, shall pay to the Trustee (acting in any capacity hereunder) from
time to time such compensation for its services as shall be agreed to in writing from time to time by the Issuer, any Subsidiary
Guarantors and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Issuer shall reimburse the Trustee (acting in any capacity hereunder) upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such
expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s (or any Agent’s)
agents, counsel, accountants and experts. The Issuer and any Subsidiary Guarantors, jointly and severally, shall indemnify
the Trustee (acting in any capacity hereunder and under any other document or transaction entered into in connection herewith),
their agents, representatives, officers, directors, employees and attorneys against any and all loss, liability, damage, claim
(whether asserted by the Issuer, any Subsidiary Guarantor, a Holder or any other person) or expense (including reasonable compensation
and expenses and disbursements of the Trustee’s counsel) arising out of or in connection with the administration of this
trust and the performance of its duties, or in connection with the enforcement of any rights hereunder (including reasonable counsel
fees and expenses and court costs in connection with the enforcement of this Section 7.07) and defending itself against any
claim (whether asserted by the Issuer, any Subsidiary Guarantor, any Holder or any other Person), or arising out of or in connection
with the exercise or performance of any of its rights or powers hereunder. The Trustee or Agent, as the case maybe, shall
notify the Issuer promptly of any claim for which it may seek indemnity. Failure by a Trustee or Agent, as the case maybe,
to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and
the Trustee shall provide reasonable cooperation in such defense. The Trustee or Agent, as the case maybe, may have separate
counsel of its selection and the Issuer shall pay the fees and expenses of such counsel reasonably acceptable to the Issuer; Notwithstanding
the foregoing, the Issuer need not reimburse any expense or indemnify against any loss, liability, damage, claim or expense incurred
by the Trustee through its own willful misconduct or negligence as finally adjudicated by a court of competent jurisdiction.

 

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(b)           To
secure the payment obligations of the Issuer and any Subsidiary Guarantors hereunder, the Trustee shall have a Lien prior to the
Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, other than money or property held
in trust to pay principal of and interest, if any, on particular Notes.

 

(c)           The
Issuer’s obligations under this Article 7 shall survive the resignation or removal of the Trustee and the satisfaction
and discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(a)(8) or
(9) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law.

 

Section 7.08          Replacement
of Trustee

 

.

 

(a)           The
Trustee may resign at any time by giving 30 days’ prior notice of such resignation to the Issuer and be discharged from
the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing at least 30 days prior to such removal. The
Issuer shall remove the Trustee if:

 

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

 

(2)            the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

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

 

(4)            the
Trustee otherwise becomes incapable of acting.

 

(b)           If
the Trustee resigns or has been removed by the Holders, Holders of a majority in aggregate principal amount of the outstanding
Notes may appoint a successor Trustee. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office
of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. If no successor is so appointed, the Trustee,
at expense of the Issuer, may petition a court of competent jurisdiction to appoint a successor. Within one year after the successor
Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor
Trustee to replace it with another successor Trustee appointed by the Issuer.

 

(c)           A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders,
and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. The retiring
or removed Trustee shall have no liability or responsibility for the action or inaction of any successor Trustee.

 

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

 

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

 

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

 

Section 7.09          Successor
Trustee by Merger.

 

(a)           If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business
or assets to, another Person, the resulting, surviving or transferee Person without any further act shall, if such resulting,
surviving or transferee Person is otherwise eligible under this Indenture, be the successor to the Trustee. Such successor Person
shall, at the Issuer’s expense, execute such supplement or other documentation reasonably requested by the Issuer to evidence
such successor role.

 

(b)           In
case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts
created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee
may adopt the certificate of authentication of the predecessor Trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which the Notes provide or this Indenture provides that the certificate of the Trustee shall have.

 

Section 7.10          Eligibility;
Disqualification.

 

The Trustee shall at all times be a corporation
or national association organized and doing business under the laws of the United States or of any state thereof that is authorized
under such laws to exercise corporate trustee power and that is subject to supervision or examination by federal or state authorities.
The Trustee together with its affiliates shall at all times have a combined capital surplus of at least $50 million as set forth
in its most recent annual report of condition.

 

Article 8

 

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01          Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may, at its option and at any
time, elect to have either Section 8.02 or Section 8.03 applied to all outstanding Notes (and any Note Guarantees) upon
compliance with the conditions set forth below in this Article 8.

 

Section 8.02          Legal
Defeasance and Discharge.

 

(a)           Upon
the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and any Subsidiary
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged
from their obligations with respect to all outstanding Notes (and any Note Guarantees) on the date the conditions set forth below
are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed
to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to
be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in
Section 8.02(a)(1) and (2), and to have satisfied all of its other obligations under the Notes and this Indenture, including
that of any Subsidiary Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(1)            the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or premium or interest, if any, on,
such Notes when such payments are due from the trust created pursuant to this Indenture referred to in Section 8.04;

 

(2)            the
Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed,
lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 

(3)            the
rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s (and any Subsidiary Guarantor’s) obligations
in connection therewith; and

 

(4)            this
Section 8.02.

 

(b)          Following
the Issuer’s exercise of its Legal Defeasance option, payment of the Notes may not be accelerated because of an Event of
Default. If the Issuer exercises its Legal Defeasance option, the Note Guarantees in effect at such time shall terminate.

 

(c)           Subject
to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03.

 

Section 8.03          Covenant
Defeasance.

 

Upon the Issuer’s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Issuer and any Subsidiary Guarantors shall, subject
to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained
in Sections 3.09, 4.03, 4.04, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and Sections 5.01(a)(3) and
(4) and (d) with respect to the outstanding Notes, and any Subsidiary Guarantors shall be deemed to have been discharged
from their obligations with respect to all Note Guarantees, on and after the date the conditions set forth in Section 8.04
are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such enumerated Sections, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to this Indenture and the outstanding Notes, the Issuer may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such enumerated Section, whether directly or indirectly, by reason
of any reference elsewhere herein to any such enumerated Section or by reason of any reference in any such enumerated Section to
any other provision herein or in any other document, and such omission to comply shall not constitute a Default or an Event of
Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected
thereby. In addition, upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03,
subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3) (solely with respect
to the failure of the Issuer to comply with Sections 5.01(a)(3), (a)(4) and (d)), 6.01(a)(4) (solely with respect to
enumerated Sections that are released as a result of such Covenant Defeasance), 6.01(a)(5), 6.01(a)(6), 6.01(a)(7) and 6.01(a)(8) (solely
with respect to Significant Subsidiaries or a group of Restricted Subsidiaries of the Issuer that, taken together would constitute
a Significant Subsidiary) and 6.01(a)(9) (solely with respect to Significant Subsidiaries or a group of Restricted Subsidiaries
of the Issuer that, taken together would constitute a Significant Subsidiary), in each case, shall not constitute Events of Default.

 

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Section 8.04          Conditions
to Legal or Covenant Defeasance.

 

(a)           The
following shall be the conditions to the exercise of either the Legal Defeasance option under Section 8.02 or the Covenant
Defeasance option under Section 8.03 with respect to the Notes:

 

(1)            the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
for the benefit of the Holders of Notes, non-callable Government Securities, or a combination of cash in U.S. dollars, and non-callable
Government Securities, in amounts as will be sufficient, in the opinion or based on the report of a nationally recognized investment
bank, appraisal firm or firm of independent public accountants in the United States, to pay the principal of, and interest and
premium, if any, on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the
case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or to a particular
redemption date (for the avoidance of doubt, in the case of a defeasance that occurs in connection with a redemption that is to
occur on a redemption date pursuant to Section 3.07(b), the amount to be deposited shall be the amount that, as of the date
of such deposit, is reasonably deemed sufficient to make the redemption payment on the redemption date, in the good-faith determination
of the Board of Directors of the Issuer pursuant to a resolution of the Board of Directors of the Issuer and as evidenced by an
Officer’s Certificate, with any deficit in such redemption payment required to be deposited with the Trustee on or prior
to the redemption date);

 

(2)            in
the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that (a) the Issuer
has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there
has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders and beneficial owners of the outstanding Notes shall not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred;

 

(3)            in
the case of Covenant Defeasance, the Issuer must deliver to the Trustee an opinion of counsel confirming that the Holders of the
outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Covenant Defeasance had not occurred;

 

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(4)            no
Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (or the deposit for other Indebtedness that is concurrently
being defeased or discharged) and the incurrence of any Lien in respect thereof) and such Legal Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than
this Indenture) to which the Issuer or any Subsidiary of the Issuer is a party or by which the Issuer or any Restricted Subsidiary
of the Issuer is bound;

 

(5)            the
Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the
intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying
or defrauding any creditors of the Issuer or others; and

 

(6)            the
Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05          Deposited
Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

(a)           Subject
to Section 8.06, all money and Government Securities (including the proceeds thereof) (which the Trustee shall not be obligated
to reinvest) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust
and applied by the Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent (including the Issuer or a Subsidiary Guarantor acting as Paying Agent) as the Trustee may determine,
to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the Notes,
but such money need not be segregated from other funds except to the extent required by law.

 

(b)           The
Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government
Securities deposited pursuant to Section 8.04 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.

 

(c)           Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon
the request of the Issuer any money or Government Securities held by it as provided in Section 8.04 which, in the opinion
or based on the report of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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Section 8.06          Repayment
to the Issuer.

 

Subject to any applicable abandoned property
law, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal,
premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest
has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from
such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as Trustee thereof, shall thereupon
cease.

 

Section 8.07          Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 8.02 or Section 8.03, as the case may be, by
reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Issuer’s and any Subsidiary Guarantor’s obligations under this Indenture and the Notes (and any Note Guarantees)
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 until such
time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section 8.03,
as the case may be; provided that, if the Issuer makes any payment of principal, premium, if any, or interest on any Note
following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders to receive such payment
from the money held by the Trustee or Paying Agent.

 

Article 9

 

AMENDMENT,
SUPPLEMENT AND WAIVER

 

Section 9.01          Without
Consent of Holders.

 

(a)           Notwithstanding
Section 9.02, without the consent of any Holder, the Issuer, the Subsidiary Guarantors (if any) and the Trustee may amend
or supplement this Indenture and the Notes (and any Note Guarantee) (and any other documents relating thereto):

 

(1)            to
cure any ambiguity, omission, defect, mistake or inconsistency (as described in an Officer’s Certificate provided to the
Trustee);

 

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

 

(3)            to
provide for the assumption of the Issuer’s or any Subsidiary Guarantor’s obligations to Holders of Notes and any Note
Guarantees in the case of a merger, amalgamation or consolidation or sale of all or substantially all of the Issuer’s or
such Subsidiary Guarantor’s assets in accordance with Section 5.01;

 

(4)            to
make any change that would provide any additional rights or benefits (including the addition of collateral or Note Guarantees)
to the Holders of Notes or that does not adversely affect in any material respect the legal rights under this Indenture of any
such Holder;

 

(5)            to
conform the text of this Indenture, any Note Guarantees or the Notes to any provision of the “Description of Notes”
section of the Offering Memorandum;

 

(6)            to
provide for the issuance of additional Notes in accordance with the limitations set forth in this Indenture, including in Section 4.10;

 

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(7)            to
allow any Subsidiary Guarantor to execute a supplemental indenture (which supplemental indenture need not be executed by the Issuer
or any other Subsidiary Guarantor) and/or a Note Guarantee with respect to the Notes;

 

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

 

(9)            to
evidence and provide the acceptance of the appointment of a successor trustee under this Indenture; or

 

(10)          to
comply with the rules of any applicable securities depository.

 

(b)           Upon
the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 12.03, the Trustee shall
join with the Issuer and, subject to Section 9.01(a)(7), any Subsidiary Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that
adversely affects its own rights, duties or immunities under this Indenture or otherwise.

 

(c)           After
an amendment, supplement or waiver under this Section 9.01 becomes effective, the Issuer shall send to the Holders of Notes
affected thereby a written notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement
or waiver.

 

Section 9.02          With
Consent of Holders.

 

(a)           Except
as provided in Section 9.01 and this Section 9.02, the Issuer, any Subsidiary Guarantors and the Trustee may amend or
supplement this Indenture and the Notes (and any Note Guarantee) (and any documents related thereto) with the consent of the Holders
of a majority in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single
class (including consents obtained in connection with a purchase of or tender offer or exchange offer for, Notes), and, subject
to Section 6.04 and Section 6.07, any existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture and the Notes (and any Note Guarantees) may be waived
with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional
Notes, if any) voting as a single class (including consents obtained in connection with the purchase of, or tender offer or exchange
offer for, Notes). Section 2.08 and Section 2.09 shall determine which Notes are considered to be “outstanding”
for the purposes of this Section 9.02.

 

(b)           Upon
the request of the Issuer, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 12.03,
the Trustee shall join with the Issuer and any Subsidiary Guarantors in the execution of such amended or supplemental indenture
unless such amended or supplemental indenture directly and adversely affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may, but shall not be obligated to, enter into such amended or supplemental
indenture.

 

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(c)           It
shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver. It shall be sufficient if such consent approves the substance thereof.

 

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

 

(e)           Without
the consent of each affected Holder, no amendment, supplement or waiver under this Section 9.02 may (with respect to Notes
held by a non-consenting Holder):

 

(1)            reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)            reduce
the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes
(other than provisions relating to Section 3.09, 4.11 or Section 4.15 and other than provisions specifying the notice
periods for effecting a redemption);

 

(3)            reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

(4)            waive
a Default or Event of Default in the payment of principal of, or interest or premium, if any, on, the Notes (except a rescission
of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding Notes and a waiver
of the payment default that resulted from such acceleration);

 

(5)            make
any Note payable in money other than that stated in the Notes;

 

(6)            make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium, if any, on, the Notes;

 

(7)            waive
a redemption payment with respect to any Note (other than a payment required by Section 3.09, 4.11 or 4.15);

 

(8)            release
any Subsidiary Guarantor that is a Significant Subsidiary from any of its obligations under its Note Guarantee or this Indenture,
except in accordance with the terms of this Indenture;

 

(9)            impair
the contractual right of any Holder of the Notes to receive payment of principal of, or interest on, such Holder’s Notes
on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes;

 

(10)          expressly
subordinate the ranking as to contractual right of payment of any such Note (or any related Note Guarantee); or

 

(11)           make
any change to this Article IX.

 

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(f)            A
consent to any amendment, supplement or waiver of this Indenture, the Notes or any Note Guarantee by any Holder given in connection
with a tender of such Holder’s Notes shall not be rendered invalid by such tender.

 

Section 9.03          Revocation
and Effect of Consents.

 

(a)           Until
an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder
of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s
Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note
may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement
or amendment becomes effective. An amendment, supplement or waiver that is effective in accordance with this Indenture thereafter
binds every Holder.

 

(b)           The
Issuer may, but shall not be obligated to, fix a record date pursuant to Section 1.04 for the purpose of determining the
Holders entitled to consent to any amendment, supplement or waiver.

 

Section 9.04          Notation
on or Exchange of Notes.

 

(a)           The
Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer
in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that
reflect the amendment, supplement or waiver.

 

(b)           Failure
to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver.

 

Section 9.05          Trustee
to Sign Amendments, etc.

 

The Trustee shall sign any amendment, supplement
or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee shall receive
and shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03, an Officer’s
Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted
by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any
Subsidiary Guarantor party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and
complies with the provisions hereof.

 

Article 10

 

NOTE
GUARANTEES

 

Section 10.01        Guarantee.

 

(a)           Subject
to the other provisions of this Article 10, each Subsidiary Guarantor hereby, jointly and severally, irrevocably and unconditionally
guarantees, on a senior unsecured basis, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and Agents and their respective successors and assigns, irrespective of the validity and enforceability of this Indenture, the
Notes or the obligations of the Issuer hereunder or thereunder, that: (1) the principal of, premium, if any, and interest
on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest
on the overdue principal and interest on the Notes, if any, if lawful, and all other Obligations of the Issuer to the Holders,
the Trustee or any Agent hereunder or under the Notes shall be promptly paid in full or performed, all in accordance with the
terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise. Failing payment by the Issuer when due of any amount so guaranteed or
any performance so guaranteed for whatever reason, each Subsidiary Guarantors shall be jointly and severally obligated to pay
the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

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(b)           Each
Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any
Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all
demands whatsoever and covenants that any Note Guarantee shall not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture, or pursuant to Section 10.06.

 

(c)           Each
Subsidiary Guarantor also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable attorneys’
fees and expenses) incurred by the Trustee (acting in any capacity hereunder) or any Holder in enforcing any rights under this
Section 10.01.

 

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

 

(e)           Each
Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby. Each Subsidiary Guarantor further
agrees that, as between the Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the
maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of each Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations
(whether or not due and payable) shall forthwith become due and payable by any Subsidiary Guarantors for the purpose of any Note
Guarantee.

 

(f)            Each
Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Issuer for liquidation or reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors
or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance
of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any
obligee on the Notes or any Note Guarantees, whether as a “voidable preference,” “fraudulent transfer”
or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof,
is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed
reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

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(g)           In
case any provision of any Note Guarantee 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.

 

(h)           Each
payment to be made by any Subsidiary Guarantor in respect of a Note Guarantee shall be made without set-off, counterclaim, reduction
or diminution of any kind or nature.

 

(i)            The
Subsidiary Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in
a fair and equitable manner, the economic consequences resulting from the performance of their respective obligations arising
under this Indenture. Accordingly, in the event any payment or distribution is made on any date by any Subsidiary Guarantor (a
“Funding Guarantor”) under its Note Guarantee such that its Aggregate Payments exceed its Fair Share as of
such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount
sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair
Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the
ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor, to (ii) the aggregate of
the Fair Share Contribution Amounts with respect to all Contributing Guarantors, multiplied by (b) the aggregate amount paid
or distributed on or before such date by all Funding Guarantors under their respective Note Guarantees in respect of the obligations
guaranteed. “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date
of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under its Note Guarantee that
would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance or financial
assistance under Section 548 of the Bankruptcy Code or any comparable applicable provisions of state or foreign law; provided
that solely for purposes of calculating the Fair Share Contribution Amount with respect to any Contributing Guarantor for
purposes of this Section 10.01, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights
to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered
as assets or liabilities of such Contributing Guarantor. “Aggregate Payments” means, with respect to a Contributing
Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions
made on or before such date by such Contributing Guarantor in respect of its Note Guarantee (including in respect of this Section 10.01),
minus (2) the aggregate amount of all payments received on or before such date by such Subsidiary Guarantor from the other
Contributing Guarantors as contributions under this Section 10.01. The amounts payable as contributions hereunder shall be
determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. Each Contributing
Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 10.01(i). For the avoidance
of doubt, nothing in this Section 10.01(i) shall limit or impair, by implication or otherwise, any Subsidiary Guarantor’s
obligations under its Note Guarantee.

 

Section 10.02        Limitation
on Subsidiary Guarantor Liability.

 

Each Subsidiary Guarantor, and by its acceptance
of Notes, each Holder, hereby confirms that it is the intention of all such parties that any Note Guarantee of a Subsidiary Guarantor
not constitute a fraudulent conveyance, a fraudulent transfer or preference for purposes of Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or foreign law to the extent applicable to each
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and each Subsidiary Guarantor hereby irrevocably
agree that the obligations of each Subsidiary Guarantor shall be limited to the maximum amount as shall, after giving effect to
such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 10, result in the
obligations of such Subsidiary Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer
under applicable law.

 

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Section 10.03        Execution
and Delivery.

 

(a)           To
evidence its Note Guarantee set forth in Section 10.01, each Initial Guarantor hereby agrees that this Indenture shall be
executed on behalf of such Initial Guarantor by an Officer of such Initial Guarantor.

 

(b)           To
evidence its Note Guarantee set forth in Section 10.01, if necessary, any future Subsidiary Guarantor shall agree that an
Officer, director, general manager or person holding an equivalent title will execute a supplemental indenture on behalf of such
subsidiary in accordance with Section 4.16, it being understood that the failure to execute such a supplemental indenture
shall not free such Subsidiary Guarantor from its obligations hereunder.

 

(c)           Each
Subsidiary Guarantor agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Note Guarantee on the Notes.

 

(d)           If
the person whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates any Note, the
Note Guarantees shall be valid nevertheless.

 

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

 

(f)            If
required by Section 4.16, the Issuer shall cause any Restricted Subsidiary to comply with the provisions of Section 4.16
and this Article 10, to the extent applicable.

 

Section 10.04        Subrogation.

 

Each Subsidiary Guarantor shall be subrogated
to all rights of Holders against the Issuer in respect of any amounts paid by any Subsidiary Guarantor pursuant to the provisions
of Section 10.01; provided that, if an Event of Default has occurred and is continuing, no Subsidiary Guarantor shall
be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then
due and payable by the Issuer under this Indenture or the Notes shall have been paid in full.

 

Section 10.05         Benefits
Acknowledged.

 

Each Subsidiary Guarantor acknowledges
that it shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the
guarantee and waivers made by it pursuant to a Note Guarantee are knowingly made in contemplation of such benefits.

 

Section 10.06         Release
of Note Guarantees

 

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(a)          The
Note Guarantee of each Subsidiary Guarantor shall be automatically and unconditionally released and discharged:

 

(1)          in
connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including
by way of merger or consolidation or amalgamation) to a Person that is not (either before or after giving effect to such transaction)
a Restricted Subsidiary of the Issuer, if the sale or other disposition does not violate Section 4.11 or Section 5.01;
provided, however, that after giving effect to such transaction, such Subsidiary is no longer a guarantor of, or
obligor or borrower under, any Guarantor Obligation Debt;

 

(2)          in
connection with any sale or other disposition of the Capital Stock of that Subsidiary Guarantor after which such Subsidiary Guarantor
is no longer a Restricted Subsidiary of the Issuer, if the sale or other disposition does not violate Section 4.11 or Section 5.01;
provided, however, that after giving effect to such transaction, such Subsidiary is no longer a guarantor of, or
obligor or borrower under, any Guarantor Obligation Debt;

 

(3)          if
the Issuer designates any Restricted Subsidiary that is a Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance
with the applicable provisions of this Indenture;

 

(4)          upon
legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture as provided in Article 8 and Article 11;

 

(5)          in
connection with the dissolution of such Subsidiary Guarantor under applicable law; or

 

(6)          in
the case of a Subsidiary Guarantor that was required to provide a Guarantee because it Guaranteed obligations under, or was a
borrower or obligor under, Guarantor Obligation Debt, including the Initial Guarantors with respect to their Guarantees of the
Bridge Loan (as defined below), if such Subsidiary Guarantor is released and discharged in full from its Guarantee of or obligations
under such Guarantor Obligation Debt (including, in the case of the Initial Guarantors, with respect to the Bridge Loan) and,
in each case, is not then a guarantor of, or obligor or borrower under, other Guarantor Obligation Debt such that it would be
required to provide a Note Guarantee pursuant to Section 4.16(a).

 

(b)          At
the written request of the Issuer, the Trustee shall execute and deliver any documents reasonably required in order to evidence
such release, discharge and termination in respect of the applicable Note Guarantee. The Issuer shall provide prompt notice to
the Trustee of any release of a Note Guarantee.

 

Article 11

 

SATISFACTION
AND DISCHARGE

 

Section 11.01     Satisfaction
and Discharge.

 

(a)          This
Indenture shall be discharged and shall cease to be of further effect as to all Notes and the Note Guarantees when (1) either:

 

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(a)            all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for which
payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation;
or

 

(b)            all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivering of
a notice of redemption or otherwise or shall become due and payable within one year and the Issuer or any Subsidiary Guarantor
has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust solely for the benefit
of the Holders, cash in U.S. dollars or non-callable Government Securities, or a combination thereof, in amounts as shall
be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes
not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or
redemption (for the avoidance of doubt, in the case of a discharge that occurs in connection with a redemption that is to
occur on a redemption date pursuant to Section 3.07(b), the amount to be deposited shall be the amount that, as of the date
of such deposit, is reasonably deemed sufficient to make the redemption payment on the redemption date, in the good-faith determination
of the Board of Directors of the Issuer pursuant to a resolution of the Board of Directors of the Issuer and as evidenced by an
Officer’s Certificate, with any deficit in such redemption payment required to be deposited with the Trustee on or prior
to the redemption date);

 

(2)          no
Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (or the deposit for other Indebtedness that is concurrently
being defeased or discharged) and the incurrence of any Lien in respect thereof) and the deposit will not result in a breach or
violation of, or constitute a default under, any other instrument to which the Issuer or any Restricted Subsidiary is a party
or by which the Issuer or any Restricted Subsidiary is bound;

 

(3)          the
Issuer has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)          the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case may be.

 

(b)          In
addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject
to customary assumptions and exclusions) to the Trustee, in each case stating that all conditions precedent to satisfaction and
discharge have been satisfied. Notwithstanding the satisfaction and discharge of this Indenture, if money and/or Government Securities
shall have been deposited with the Trustee pursuant to Section 11.01(a)(1)(b), Section 11.02 and Section 8.06 shall
survive.

 

Section 11.02     Application
of Trust Money.

 

(a)            Subject
to Section 8.06, all money and Government Securities (including the proceeds thereof) (which the Trustee shall not be obligated
to reinvest) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust
and applied by the Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent (including the Issuer or a Subsidiary Guarantor acting as Paying Agent) as the Trustee may determine,
to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the Notes,
but such money need not be segregated from other funds except to the extent required by law.

 

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(b)          If
the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by reason
of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the Issuer’s and any Subsidiary Guarantor’s obligations under this Indenture,
the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01;
provided that if the Issuer has made any payment of principal, premium, if any, or interest on any Notes because of the
reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the cash held in U.S. dollars or U.S. dollar-denominated Government Securities held by the Trustee or Paying Agent, as the
case may be.

 

Article 12

 

MISCELLANEOUS

 

Section 12.01     Notices.

 

(a)          Any
notice or communication to the Issuer, any Subsidiary Guarantor or the Trustee is duly given if in writing and (1) delivered
in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight
air courier guaranteeing next day delivery or (3) sent by electronic transmission in PDF format. In each case, the notice
or communication shall be addressed as follows:

 

if to the Issuer or any Subsidiary Guarantor:

 

The Howard Hughes Corporation

One Galleria Tower

13355 Noel Road

22nd Floor

Dallas, TX 75240

Attention: General Counsel

 

with a copy to:

 

Cadwalader, Wickersham &
Taft LLP

200 Liberty Street

New York, NY 10281

Fax: 212-504-6666

Email: richard.brand@cwt.com

           braden.mccurrach@cwt.com

Attention: Richard Brand, Esq. and Braden McCurrach, Esq.

 

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if to the Trustee:

 

Wells Fargo Bank, National Association

Corporate Trust Services

333 S. Grand Avenue, 5th Floor, Suite 5A

Los Angeles, CA 90071

MAC E2064-05A

Fax: 213-253-7598

 

Attention: Corporate Trust Services - The Howard
Hughes Corporation Administrator

 

The Issuer, any Subsidiary Guarantor or the Trustee, by like
notice, may designate additional or different addresses for subsequent notices or communications.

 

(b)          All
notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; when sent, if sent by facsimile or electronic transmission (in PDF format); or five days after
mailing, if mailed by first-class mail to the address above in Section 12.01(a) or by overnight courier service; provided
that any notice or communication delivered to the Trustee shall be deemed effective only upon receipt thereof by a Responsible
Officer of the Trustee.

 

(c)          Any
notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested) or
by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by electronic delivery pursuant
to applicable Depositary procedures as provided in Section 12.01(e) or by such other delivery system as either of the
Trustee deem acceptable and shall be deemed to be sufficiently given if so sent within the time prescribed. Failure to send a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

(d)          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 Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

(e)          Where
this Indenture provides for notice of any event (including any notice of redemption) to a Holder of a Global Note (whether by
mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant
to the applicable procedures of such Depositary, if any, prescribed for the giving of such notice.

 

(f)          The
Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured facsimile
or electronic transmission (in PDF format); provided, however, that (1) the party providing such written notice,
instructions or directions, subsequent to such transmission of written instructions, shall provide the originally executed instructions
or directions to the Trustee within two Business Days, (2) such originally executed notice, instructions or directions shall
be signed by an authorized representative of the party providing such notice, instructions or directions and (3) receipt
of such unsecured facsimile or electronic transmissions is confirmed by a Responsible Officer of the Trustee. The Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance upon
and compliance with such notice, instructions or directions notwithstanding such notice, instructions or directions conflict or
are inconsistent with a subsequent notice, instructions or directions.

 

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(g)          If
the Issuer sends a notice or communication to Holders, it shall deliver a copy to each of the Trustee and the Agent at the same
time.

 

Section 12.02     Communication
by Holders with Other Holders.

 

Holders may communicate with other Holders
with respect to their rights under this Indenture or the Notes.

 

Section 12.03     Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the
Issuer or any Subsidiary Guarantor to the Trustee to take any action under this Indenture, the Issuer or such Subsidiary Guarantor,
as the case may be, shall furnish to the Trustee:

 

(1)          an
Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 12.04) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been complied with; and

 

(2)          an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth
in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied
with (except that in the case of the authenticating and delivering of the Initial Notes, an Opinion of Counsel pursuant to this
Section 12.03(2) is not required).

 

Section 12.04     Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04)
shall include:

 

(1)          a
statement that the Person making such certificate or opinion has read such covenant or condition and the related definitions;

 

(2)          a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)          a
statement that, in the opinion of such Person, he 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, in the
case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(4)          a
statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.

 

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Section 12.05     Rules by
Trustee and Agents.

 

The Trustee and Agents may make reasonable
rules and set reasonable requirements for their respective functions.

 

Section 12.06     No
Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders.

 

No director, officer, employee, incorporator,
stockholder, member or other holder of Equity Interests of the Issuer or any Subsidiary Guarantor, in their capacity as such and
without limiting the Note Guarantees, shall have any liability for any obligations of the Issuer or any Subsidiary Guarantor,
under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations
or their creation.

 

Each Holder by accepting a Note waives
and releases all such liability that may arise other than pursuant to a Note Guarantee. The waiver and release are part of the
consideration for issuance of the Notes.

 

Section 12.07     Governing
Law.

 

THIS INDENTURE, THE NOTES AND ANY NOTE
GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.08     Jurisdiction.

 

The Issuer and the Subsidiary Guarantors
agree that any suit, action or proceeding against the Issuer or any Subsidiary Guarantor brought by any Holder or the Trustee
arising out of or based upon this Indenture and the Notes (and any Note Guarantees) may be instituted in any state or Federal
court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each of them irrevocably
submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Issuer and the Subsidiary Guarantors
irrevocably waive, to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be brought
in connection with this Indenture and the Notes (and any Subsidiary Guarantees), including such actions, suits or proceedings
relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue,
residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The
Issuer and the Subsidiary Guarantors agree that final judgment in any such suit, action or proceeding brought in such court shall
be conclusive and binding upon the Issuer or the Subsidiary Guarantor, as the case may be, and may be enforced in any court to
the jurisdiction of which the Issuer or the Subsidiary Guarantors, as the case may be, are subject by a suit upon such judgment.

 

Section 12.09     Waiver
of Jury Trial.

 

EACH OF THE ISSUER, THE SUBSIDIARY GUARANTORS
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section 12.10     No
Adverse Interpretation of Other Agreements.

 

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

 

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Section 12.11     Successors.

 

All agreements of the Issuer in this Indenture
and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors and assigns.
All agreements of each Subsidiary Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.06.

 

Section 12.12     Severability.

 

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

 

Section 12.13     Counterpart
Originals.

 

The parties may sign any number of copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange
of copies of this Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or .PDF shall be deemed to be their original signatures for all purposes.

 

Section 12.14     Table
of Contents, Headings, etc.

 

The Table of Contents, Cross-Reference
Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 12.15     U.S.A.
PATRIOT Act.

 

The parties hereto acknowledge that in
accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties
to this Indenture agree that they shall provide the Trustee with such information as it may request in order for the Trustee to
satisfy the requirements of the U.S.A. PATRIOT Act.

 

Section 12.16     Payments
Due on Non-Business Days.

 

In any case where any Interest Payment
Date, redemption date or repurchase date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding
any other provision of this Indenture or of the Notes) payment of principal, premium, if any, or interest on the Notes need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest
Payment Date, redemption date or repurchase date, or at the Stated Maturity of the Notes; provided that no interest shall
accrue for the period from and after such Interest Payment Date, redemption date, repurchase date or Stated Maturity, as the case
may be.

 

[Signatures on following page]

 

    	 	102	 

     

    

 

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

 

	 	Issuer:
	 	 	 
	 	THE HOWARD HUGHES CORPORATION
	 	 	 
	 	By:	/s/ David O'Reilly
	 	 	Name:  David O'Reilly
	 	 	Title:    President and Chief Financial Officer
	 	 	 
	 	Initial Guarantors:
	 	 	 
	 	HHC WAREHOUSE HOLDINGS COMPANY,
    LLC
	 	 	 
	 	By:	/s/ David O'Reilly
	 	 	Name:  David O'Reilly
	 	 	Title:    President and Chief Financial Officer
	 	 	 
	 	HH WAREHOUSE LAND HOLDINGS, LLC
	 	 	 
	 	By:	/s/ David O'Reilly
	 	 	Name:  David O'Reilly
	 	 	Title:    President and Chief Financial Officer
	 	 	 
	 	Trustee:
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Maddy Hughes
	 	 	Name: Maddy Hughes
	 	 	Title: Vice President

 

[Signature Page to the Indenture]

 

     

     

    

 

APPENDIX A

 

PROVISIONS RELATING TO

 

INITIAL NOTES AND ADDITIONAL NOTES

 

Section 1.1 Definitions.

 

(a) Capitalized Terms.

 

Capitalized terms used but not defined in
this Appendix A have the meanings given to them in the Indenture. The following capitalized terms have the following meanings:

 

“Applicable Procedures”
means, with respect to any transfer or transaction involving a Global Note or beneficial interest therein, the rules and
procedures of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction
and as in effect from time to time.

 

“Clearstream” means Clearstream
Banking, Société Anonyme, or any successor securities clearing agency.

 

“Euroclear” means Euroclear
Bank S.A./N.Y., as operator of Euroclear systems clearance system or any successor securities clearing agency.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Regulation S” means Regulation
S promulgated under the Securities Act.

 

“Rule 144” means
Rule 144 promulgated under the Securities Act.

 

“Rule 144A” means
Rule 144A promulgated under the Securities Act.

 

“Unrestricted Global Note”
means any Note in global form that does not bear or is not required to bear the Restricted Notes Legend.

 

“U.S. person” means a
“U.S. person” as defined in Regulation S.

 

(b) Other Definitions.

 

	Term:
	Defined
        in Section:

	“Agent Members”	2.1(c)
	“Automatic Exchange”	2.3(e)
	“Automatic Exchange Date”	2.3(e)
	“Automatic Exchange Notice”	2.3(e)
	“Automatic Exchange Notice Date”	2.3(e)
	“Definitive Notes Legend”	2.3(d)
	“Global Note”	2.1(b)

 

    	 	1	 

     

    

 

	“Global Notes Legend”	2.3(d)
	“OID Legend”	2.3(d)
	“Regulation S Global Note”	2.1(b)
	“Regulation S Legend”	2.3(d)
	“Regulation S Notes”	2.1(a)
	“Restricted Global Note”	2.3(e)
	“Restricted Notes Legend”	2.3(d)
	“Rule 144A Global Note”	2.1(b)
	“Rule 144A Notes”	2.1(a)

 

Section 2.1 Form and Dating

 

(a) The Initial Notes issued on the
date hereof shall be (i) offered and sold by the Issuer to the Initial Purchasers and (ii) resold, initially only to
(1) QIBs in reliance on Rule 144A (“Rule 144A Notes”) and (2) Persons other than U.S. persons
in reliance on Regulation S (“Regulation S Notes”).

 

(b) Global Notes. Notes shall
be issued initially in the form of one or more permanent global Notes in definitive, fully registered form, numbered A-1 upward
(collectively, the “Rule 144A Global Note”) and Regulation S Notes shall be issued initially in the
form of one or more global Notes, numbered S-1 upward (collectively, the “Regulation S Global Note”) in the
case of the Initial Notes, in each case without interest coupons and bearing the applicable Global Notes Legend and applicable
Restricted Notes Legend, which shall be duly executed by the Issuer, authenticated by the Trustee, and registered in the name
of the Depositary or a nominee of such Depositary, deposited on behalf of the purchasers of such Notes represented thereby with
the applicable Custodian or Depositary, in each case in accordance with the Indenture. The Rule 144A Global Note, the Regulation S
Global Note and any Unrestricted Global Note are each referred to herein as a “Global Note” and are collectively
referred to herein as “Global Notes.” Each Global Note shall represent such of the outstanding Notes as shall
be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide
that it shall represent the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby shall be made by the Trustee or the Depositary, in accordance with instructions
given by the Holder thereof as required by Section 2.06 of the Indenture and Section 2.3(c) of this Appendix A.

 

(c) Book-Entry Provisions. This
Section 2.1(c) shall apply only to Global Notes.

 

The Issuer shall execute and the Trustee
shall, in accordance with this Section 2.1(c) and Section 2.2 of this Appendix A, and pursuant to an Authentication
Order of the Issuer, authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name
of the Depositary for such Global Note or Global Notes or the nominee of such Depositary and (ii) shall be delivered by the
Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Custodian.

 

    	 	2	 

     

    

 

Members of, or participants in, the Depositary
(“Agent Members”) shall have no rights under the Indenture with respect to any Global Note held on their behalf
by such Depositary or by the Custodian, or under such Global Note, and such Depositary may be treated by the Issuer, the Trustee
and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and
its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of
a beneficial interest in any Global Note.

 

(d) Definitive Notes. Except
as provided in Section 2.3 or Section 2.4 of this Appendix A, owners of beneficial interests in Global Notes shall not
be entitled to receive physical delivery of Definitive Notes.

 

Section 2.2 Authentication Order. The Trustee shall
authenticate and make available for delivery upon receipt of an Authentication Order, Opinion of Counsel and Officer’s Certificate
from the Issuer (a) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $750,000,000,
(b) subject to the terms of the Indenture, Additional Notes, and (c) any Unrestricted Global Notes issued in exchange
for any of the foregoing in accordance with the Indenture. Such Authentication Order shall specify the amount of the Notes to
be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes are to be Initial
Notes, Additional Notes or Unrestricted Global Notes.

 

Section 2.3 Transfer and Exchange.

 

(a) Transfer and Exchange of Definitive
Notes for Definitive Notes. When Notes in definitive form are presented to the Registrar with a request:

 

(i) to register the transfer
of such Definitive Notes; or

 

(ii) to exchange such Definitive
Notes for an equal principal amount of Definitive Notes of other authorized denominations,

 

the Registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive
Notes surrendered for transfer or exchange:

 

(1) shall be duly endorsed
or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar, duly executed
by the Holder thereof or his attorney duly authorized in writing; and

 

(2) in the case of Transfer
Restricted Notes, they are being transferred or exchanged pursuant to Section 2.3(b) of this Appendix A or pursuant
to clause (A), (B) or (C) of this Section 2.3(a)(2), and are accompanied by the following additional information
and documents, as applicable:

 

(A) if such Definitive Notes
are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification
from such Holder to that effect (in the form set forth on the reverse side of the Initial Note); or

 

    	 	3	 

     

    

 

(B) if such Definitive Notes
are being transferred to the Issuer, a certification to that effect (in the form set forth on the reverse side of the Initial
Note); or

 

(C) if such Definitive Notes
are being transferred pursuant to an exemption from registration in accordance with (i) Rule 144A, (ii) Regulation
S, (iii) Rule 144 under the Securities Act or (iv) in reliance upon another exemption from the registration requirements
of the Securities Act, (x) a certification to that effect (in the form set forth on the reverse side of the Initial Note)
and (y) if the Issuer or the Trustee so requests in connection with transfers described in the immediately preceding clauses
(ii), (iii) or (iv), an Opinion of Counsel or other evidence reasonably satisfactory to it as to the compliance with the
restrictions set forth in the applicable legend set forth in Section 2.3(d)(i) of this Appendix A.

 

(b) Restrictions on Transfer of a
Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial interest
in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note,
duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar,
together with:

 

(i) (A) certification
(in the form set forth on the reverse side of the Initial Note) that such Definitive Note is being transferred (1) to a Person
whom the transferor reasonably believes is a QIB and in accordance with Rule 144A or (2) outside the United States of
America in an offshore transaction within the meaning of Regulation S and in compliance with Rule 904 under the Securities
Act, or (B) such other certification and, in the case of transfers described in clause (A)(3) above, an Opinion of Counsel
as the Issuer or the Trustee shall require; and

 

(ii) written instructions
directing the Trustee to make, or to direct the Custodian to make, an adjustment on its books and records with respect to such
Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions
to contain information regarding the Depositary account to be credited with such increase,

 

the Trustee shall cancel such Definitive Note and cause, or
direct the Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and
the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal
amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified
in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled.
If no Global Notes are then outstanding, the Issuer may issue and the Trustee shall authenticate, upon receipt of an Authentication
Order of the Issuer in the form of an Officer’s Certificate, a new Global Note in the appropriate principal amount.

 

(c) Transfer and Exchange of Global
Notes.

 

(i) The transfer and exchange
of Global Notes or beneficial interests therein shall be effected through the Depositary, in accordance with the Indenture (including
applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a
beneficial interest in a Global Note shall deliver to the Registrar a written order given in accordance with the Depositary’s
procedures containing information regarding the participant account of such Depositary to be credited with a beneficial interest
in such Global Note or another Global Note, and such account shall be credited in accordance with such order with a beneficial
interest in the applicable Global Note, and the account of the Person making the transfer shall be debited by an amount equal
to the beneficial interest in the Global Note being transferred. Transfers by an owner of a beneficial interest in a Rule 144A
Global Note to a transferee who takes delivery of such interest through a Regulation S Global Note, shall be made only upon receipt
by the Trustee of a certification in the form provided on the reverse side of the Initial Notes from the transferor to the effect
that such transfer is being made in accordance with Regulation S, Rule 144 (if available), or another applicable exemption
from registration under the Securities Act.

 

    	 	4	 

     

    

 

(ii) If the proposed transfer
is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, the Registrar shall
reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is
being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect
on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest
is being transferred. If the Issuer or the Trustee so requests in connection with transfer of a beneficial interest in one Global
Note to a beneficial interest in another Global Note, other than a transfer to a beneficial interest in a Rule 144A Global
Note, such request for transfer shall be accompanied by an Opinion of Counsel or other evidence reasonably satisfactory to it
as to the compliance with the restrictions set forth in the applicable legend set forth in Section 2.3(d)(i) of this
Appendix A.

 

(iii) Notwithstanding any
other provisions of this Appendix A (other than the provisions set forth in Section 2.4 of this Appendix A), a Global Note
may not be transferred except as a whole and not in part by the Depositary to a nominee of such Depositary or by a nominee of
the Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor
of such Depositary or a nominee of such successor Depositary.

 

(d) Legends.

 

(i) Except as permitted
by this Section 2.3(d) of this Appendix A, each Note certificate evidencing the Global Notes and the Definitive Notes
(and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form
(each defined term in the legend being defined as such for purposes of the legend only) (“Restricted Notes Legend”):

 

THIS SECURITY (OR ITS PREDECESSOR)
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED THIS SECURITY:

 

    	 	5	 

     

    

 

		1)	REPRESENTS THAT (A) IT IS
                                         A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED UNDER RULE 144A UNDER THE SECURITIES
                                         ACT), OR (B) IT HAS ACQUIRED THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE
                                         WITH REGULATION S UNDER THE SECURITIES ACT;

 

		2)	REPRESENTS AND WARRANTS THAT EITHER
                                         (A) NO PORTION OF THE ASSETS USED BY THE HOLDER TO ACQUIRE OR HOLD THIS SECURITY
                                         OR AN INTEREST THEREIN CONSTITUTES ASSETS OF ANY (I) EMPLOYEE BENEFIT PLAN THAT
                                         IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
                                         AMENDED (“ERISA”), (II) PLAN, INDIVIDUAL RETIREMENT ACCOUNT AND
                                         OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
                                         1986, AS AMENDED (THE “CODE”), OR (III) ENTITY WHOSE UNDERLYING ASSETS
                                         ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT
                                         OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY BY THE HOLDER WILL
                                         NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
                                         OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR
                                         LAWS;

 

		3)	AGREES THAT IT WILL NOT OFFER,
                                         RESELL OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT
                                         (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME
                                         OR BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
                                         ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM
                                         THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
                                         IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
                                         OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
                                         144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN ACCORDANCE
                                         WITH REGULATION S UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION
                                         PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (F) PURSUANT TO
                                         ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
                                         AND IN EACH OF CASES (A) THROUGH (F) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
                                         LAWS OF ANY STATE OF THE UNITED STATES OR ANY APPLICABLE JURISDICTION, SUBJECT TO THE
                                         ISSUER’S AND THE REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
                                         PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF
                                         COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM; AND

 

		4)	AGREES THAT IT WILL DELIVER TO
                                         EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY
                                         TO THE EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
                                         AFTER THE DATE THAT IS ONE YEAR IN THE CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE
                                         OF REGULATION S NOTES AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST
                                         DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY
                                         (OR ANY PREDECESSOR OF SUCH SECURITY).

 

    	 	6	 

     

    

 

Each Global Note and each Definitive Note issued with more
than a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear the following additional legend
(“OID Legend”):

 

THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST,
THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE
OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. HOLDERS
SHOULD CONTACT THE CHIEF FINANCIAL OFFICER OF THE ISSUER.

 

Each Regulation S Note shall bear the following additional
legend (“Regulation S Legend”):

 

THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE OFFERED, SOLD, DELIVERED OR TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, ANY U.S. PERSON, UNLESS SUCH SECURITY IS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
THEREOF IS AVAILABLE. THIS LEGEND WILL BE REMOVED AFTER THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (I) THE DATE ON WHICH
THIS SECURITY WAS FIRST OFFERED AND (II) THE DATE OF ISSUE OF THIS SECURITY.

 

Each Definitive Note shall bear the following additional legend
(“Definitive Notes Legend”):

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL
DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

Each Global Note shall bear the following additional legend
(“Global Notes Legend”):

 

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

 

    	 	7	 

     

    

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

(ii) Upon any sale or transfer
of a Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Note for a Definitive Note that does not bear the Restricted Notes Legend and the Definitive Notes Legend and rescind
any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to the Registrar that its
request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse
side of the Initial Notes).

 

Notwithstanding the foregoing, the Restricted Notes Legend
need not appear on any Additional Note issued under an effective registration statement under the Securities Act.

 

(e) Automatic Exchange from Global
Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. Upon the Issuer’s satisfaction
that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, beneficial
interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global Note”) may be automatically
exchanged into beneficial interests in an Unrestricted Global Note without any action required by or on behalf of the Holder (the
“Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (1) with respect
to Notes issued on the Issue Date, the Issue Date or (2) with respect to Additional Notes, if any, the issue date of such
Additional Notes, or, in each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic
Exchange Date”). Upon the Issuer’s satisfaction that the Restricted Notes Legend shall no longer be required in
order to maintain compliance with the Securities Act, the Issuer shall (i) provide written notice to DTC and the Trustee
at least 15 calendar days prior to the Automatic Exchange Date, instructing DTC to exchange all of the outstanding beneficial
interests in a particular Restricted Global Note to the Unrestricted Global Note, which the Issuer shall have previously otherwise
made eligible for exchange with DTC, (ii) provide prior written notice (the “Automatic Exchange Notice”)
to each Holder at such Holder’s address appearing in the register of Holders at least 15 calendar days prior to the Automatic
Exchange Date (the “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange
Date, (x) the section of the Indenture pursuant to which the Automatic Exchange shall occur, (y) the CUSIP or ISIN number
of the Restricted Global Note from which such Holder’s beneficial interests will be transferred and (z) the CUSIP or
ISIN number of the Unrestricted Global Note into which such Holder’s beneficial interests will be transferred, and (iii) on
or prior to the Automatic Exchange Date, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly
executed by the Issuer, in an aggregate principal amount equal to the aggregate principal amount of Restricted Global Notes to
be exchanged into such Unrestricted Global Notes. At the Issuer’s written request on no less than 5 calendar days’
notice prior to the Automatic Exchange Notice Date, the Trustee shall deliver, in the Issuer’s name and at its expense,
the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the register of Holders; provided
that the Issuer has delivered to the Trustee the information required to be included in such Automatic Exchange Notice.

 

    	 	8	 

     

    

 

Notwithstanding anything to the contrary
in this Section 2.3(e), during the 15 calendar day period prior to the Automatic Exchange Date, no transfers or exchanges
other than pursuant to this Section 2.3(e) shall be permitted without the prior written consent of the Issuer. As a
condition to any Automatic Exchange, the Issuer shall provide, and the Trustee shall be entitled to conclusively rely upon, an
Officer’s Certificate and Opinion of Counsel to the effect that the Automatic Exchange shall be effected in compliance with
the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend shall no longer be
required in order to maintain compliance with the Securities Act and that the aggregate principal amount of the particular Restricted
Global Note is to be transferred to the particular Unrestricted Global Note by adjustment made on the records of the Trustee,
as custodian for the Depositary to reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant to this
Section 2.3(e), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on
the records of the Trustee, as custodian for the Depositary, to reflect the relevant increase or decrease in the principal amount
of such Global Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests are transferred
pursuant to an Automatic Exchange shall be cancelled following the Automatic Exchange.

 

(f) Cancellation or Adjustment of
Global Note. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred,
redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation or retained
and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged
for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal
amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the
Trustee (if it is then the Custodian for such Global Note) with respect to such Global Note, by the Trustee or Custodian, to reflect
such reduction.

 

(g) Obligations with Respect to Transfers
and Exchanges of Notes.

 

(i) To permit registrations
of transfers and exchanges, the Issuer shall execute and the Trustee, upon receipt of an Authentication Order, shall authenticate,
Definitive Notes and Global Notes at the Registrar’s request.

 

(ii) No service charge shall
be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer
tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments
or similar governmental charge payable upon exchanges pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.15 and 9.04 of the Indenture).

 

(iii) Prior to the due presentation
for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agents or the Registrars may deem and treat the
person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer,
the Trustee, the Paying Agents or the Registrars shall be affected by notice to the contrary.

 

    	 	9	 

     

    

 

(iv) All Notes issued upon
any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the same
benefits under the Indenture as the Notes surrendered upon such transfer or exchange.

 

(v) The Registrars and the
Trustee may request such evidence as may be reasonably requested by them to determine the identity and signatures of the transferor
and the transferee.

 

(h) No Obligation of the Trustee.

 

(i) The Trustee shall have
no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or any
other Person with respect to the accuracy of the records of the Depositary or its nominees or of any participant or member thereof,
with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner
or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of
any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to
be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its
nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the
Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected
in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

 

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

 

(i) Any purported transfer of such note,
or any interest therein to a purchaser or transferee that does not comply with the requirements specified in this Section 2.3
shall be of no force and effect and shall be null and void ab initio.

 

Section 2.4 Definitive Notes.

 

(a) A Global Note deposited with the
Depositary or Custodian pursuant to Section 2.1 of this Appendix A may be transferred to the beneficial owners thereof in
the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for
such Global Note, only if such transfer complies with Section 2.3 of this Appendix A and (i) the Depositary notifies
the Issuer that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time the Depositary ceases
to be a “clearing agency” registered under the Exchange Act or otherwise ceases to be eligible as a depositary and,
in each case, a successor depositary is not appointed by the Issuer within 90 days of such notice or after the Issuer becomes
aware of such cessation, or (ii) an Event of Default has occurred and is continuing and the Registrar has received a request
from the Depositary or (iii) the Issuer, in its sole discretion and subject to the procedures of the Depositary, notifies
the Trustee in writing that it elects to cause the issuance of Definitive Notes under the Indenture. In addition, any Affiliate
of the Issuer or any Subsidiary Guarantor that is a beneficial owner of all or part of a Global Note may have such Affiliate’s
beneficial interest transferred to such Affiliate in the form of a Definitive Note, by providing a written request to the Issuer
and the Trustee and such Opinions of Counsel, certificates or other information as may be required by the Indenture or the Issuer
or the Trustee.

 

    	 	10	 

     

    

 

(b) Any Global Note that is transferable
to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Depositary to the Trustee, to be
so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such
transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.
Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only
in denominations of $2,000 and integral multiples of $1,000, registered in such names as the Depositary shall direct. Any certificated
Initial Note or Additional Note in the form of a Definitive Note delivered in exchange for an interest in the Global Note shall,
except as otherwise provided by Section 2.3(d) of this Appendix A, bear the Restricted Notes Legend.

 

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

 

(d) In the event of the occurrence of
any of the events specified in Section 2.4(a)(i), (ii) or (iii) of this Appendix A, the Issuer shall within a reasonable
period make available to the Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons.

 

    	 	11	 

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[Insert the Restricted Notes Legend, if applicable, pursuant
to the provisions of the Indenture]

 

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

 

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

 

[Insert the Definitive Notes Legend, if applicable, pursuant
to the provisions of the Indenture]

 

[Insert the Regulation S Legend, if applicable, pursuant to
the provisions of the Indenture]

 

    	 	A-1	 

     

    

 

 

CUSIP [            ]

 

ISIN [            ]1

 

[RULE 144A][REGULATION S][GLOBAL] NOTE

 

5.375% Senior Notes due 2028

 

	No. [A-__] [S-__]	 	 	[Up to]2 [$            ]	 

 

THE HOWARD HUGHES CORPORATION

 

promises to pay to [CEDE & CO.]3 [            ]
or registered assigns the principal sum [$            (            Dollars),
as revised by the Schedule of Exchanges of Interests in the Global Note attached hereto]4 [of $            (            Dollars)]5
on August 1, 2028.

 

Interest Payment Dates: February 1 and August 1, commencing
February 1, 20211

 

Record Dates: January 15 and July 15

 

 

	1 	Rule 144A Initial Note CUSIP/ISIN:	44267D AD9 / US44267DAD93
	 	Regulation S Initial Note CUSIP/ISIN:	U44255 AD6 / USU44255AD65
	2 	Include in Global Notes. 
	3 	Include in Global Notes 
	4 	Include in Global Notes 
	5 	Include in Definitive Notes 

 

 

1 To be revised for Additional Notes, as applicable.

 

    A-2 

     

    

 

IN WITNESS HEREOF, the Issuer has caused this instrument to
be duly executed.

 

	 	THE HOWARD HUGHES CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred to in the within-mentioned
Indenture:

 

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

 

Dated: [            ]
[__], [__]

 

    A-3 

     

    

 

[Reverse Side of Note]

 

5.375% Senior Notes due 2028

 

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

 

1. INTEREST. The Howard Hughes Corporation,
a Delaware corporation (the “Issuer”), promises to pay interest on the principal amount of this Note at 5.375%
per annum from and including August 18, 2020 to but excluding the maturity date. The Issuer shall pay interest semi-annually
in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided
that the first Interest Payment Date shall be February 1, 2021.2
The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace
periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year
comprised of twelve 30-day months.

 

2. METHOD OF PAYMENT. The Issuer shall pay
interest on the Notes to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 15
(whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes
are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office
or agency of the Issuer maintained for such purpose; provided that payment by wire transfer of immediately available funds
shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders
of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to
the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

 

3. PAYING AGENT AND REGISTRAR. Initially,
Wells Fargo Bank, National Association shall act as Paying Agent and Registrar under the Indenture. The Issuer may change any Paying
Agent or Registrar without notice to the Holders. The Issuer or any of its Restricted Subsidiaries may act as Paying Agent (except
for purposes of Article 8 of the Indenture) or Registrar.

 

4. INDENTURE. The Issuer issued the Notes
under an Indenture, dated as of August 18, 2020 (the “Indenture”), among the Issuer, the Subsidiary Guarantors
party thereto and the Trustee. This Note is one of a duly authorized issue of Notes of the Issuer designated as its 5.375% Senior
Notes due 2028. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and 4.10 of the Indenture.
The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture.
The Notes are guaranteed on a senior unsecured basis by the Initial Guarantors on the terms set forth in the Indenture. The terms
of the Notes include those stated in the Indenture (which for greater certainty includes the right of exchange of the Notes provided
in Appendix A to the Indenture, which is an express term of this Note). The Notes are subject to all such terms, and Holders are
referred to the Indenture for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have
the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be controlling.

 

 

2
To be revised for Additional Notes as applicable.

 

    A-4 

     

    

 

5. REDEMPTION AND REPURCHASE. The Notes are
subject to optional redemption, and may be the subject of an offer to purchase, as further described in the Indenture. The Issuer
shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

6. DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements, transfer documents and evidence as to the signature
and identity of a transferor and transferee of the Notes, and Holders shall be required to pay any taxes and fees required by law
or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected
for redemption, except for the unredeemed portion of any Note being redeemed in part.

 

7. PERSONS DEEMED OWNERS. The registered Holder
of a Note may be treated as its owner for all purposes.

 

8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture,
any Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 

9. DEFAULTS AND REMEDIES. The Events of Default
relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights
and obligations of the Issuer, any Subsidiary Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions
of the Indenture.

 

10. AUTHENTICATION. This Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature
of the Trustee as set forth in the applicable provisions of the Indenture.

 

11. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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

 

The Issuer shall furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

 

The Howard Hughes Corporation

One Galleria Tower

13355 Noel Road

22nd Floor

Dallas, TX 75240

Attention: General Counsel

 

    A-5 

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)

 

 

(Insert assignee’s
soc. sec. or tax I.D. no.)

 

 

 

 

(Print or type assignee’s
name, address and zip code)

 

	and irrevocably appoint	 

 

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

 

	Date:	 	 

 

	 	Your Signature:
	 	 	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

Signature Guarantee*: ______________________

 

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

 

    A-6 

     

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR

 

REGISTRATION OF TRANSFER FOR RESTRICTED
NOTES

 

This certificate relates to $            
principal amount of Notes held in (check applicable space) ____________ book-entry or             
definitive form by the undersigned.

 

The undersigned (check one box below):

 

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or 
	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 

In connection with any transfer of any of the Notes evidenced
by this certificate occurring prior to the expiration of the applicable holding period referred to in Rule 144 under the Securities Act
of 1933, as amended (the “Securities Act”), the undersigned confirms that such Notes are being transferred in accordance
with its terms:

 

CHECK ONE BOX BELOW

 

	 	(1)	 ̈	to the Issuer; or
	 	(2)	 ̈	to the Registrar for registration in the name of the Holder, without transfer; or
	 	(3)	 ̈	pursuant to an effective registration statement under the Securities Act; or
	 	(4)	 ̈	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
	 	(5)	 ̈	outside the United States of America in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or
	 	(6)	 ̈	pursuant to Rule 144 under the Securities Act or another available exemption from registration under the Securities Act.

 

Unless one of the boxes is checked, the Trustee shall refuse
to register any of the Notes evidenced by this certificate in the name of any Person other than the registered Holder thereof;
provided, however, that if box (5) or (6) is checked, the Issuer or the Trustee may require, prior
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer has reasonably
requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

 

	 	 
	 	Your Signature

 

    A-7 

     

    

 

Signature Guarantee:

 

Date: _______________

 

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	 	Signature of Signature Guarantor

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE
IS CHECKED.

 

The undersigned represents and warrants that
it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding
the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that
it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption
from registration provided by Rule 144A.

 

	Dated: _________________________	 
	 	NOTICE: To be executed by an executive officer

 

    A-8 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Issuer pursuant to Section 4.11 or 4.15 of the Indenture, check the appropriate box below:

 

	 ̈ Section 4.11	 ̈ Section 4.15
	(Asset Sale Offer)	(Change of Control Offer)

 

If you want to elect to have only part of
this Note purchased by the Issuer pursuant to Section 4.11 or Section 4.15 of the Indenture, state the amount you elect
to have purchased:

 

	$                        	 	(integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $2,000)

 

Date: _______________

 

	 	Your Signature:
	 	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	 	Tax Identification No.:	 

 

	Signature Guarantee*:	 	 

 

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

 

    A-9 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE*

 

The initial outstanding principal amount
of this Global Note is $            . The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global or Definitive Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	 	Amount of decrease

 in Principal Amount	 	Amount of increase

 in Principal 

Amount of this

 Global Note	 	Principal Amount of 

this Global Note 

following such 

decrease or increase	 	Signature of authorized
 signatory of 

Trustee or Custodian

 

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

 

    A-10 

     

    

 

EXHIBIT B

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY FUTURE GUARANTORS

 

Supplemental Indenture (this “Supplemental
Indenture”), dated as of [            ] [__], 20[__],
among              (the “Guaranteeing Subsidiary”),
a subsidiary of The Howard Hughes Corporation, a Delaware corporation (the “Issuer”), and Wells Fargo Bank,
National Association, as the Trustee (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of August 18, 2020, providing for
the issuance of an unlimited aggregate principal amount of 5.375% Senior Notes due 2028 (the “Notes”);

 

WHEREAS, Section 4.16 of the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Issuer’s Obligations under the Notes
and the Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

 

1. Capitalized Terms. Capitalized terms
used herein without definition shall have the meanings assigned to them in the Indenture.

 

2. Subsidiary Guarantor. The Guaranteeing
Subsidiary hereby agrees to be a Subsidiary Guarantor under the Indenture and to be bound by the terms of the Indenture applicable
to Subsidiary Guarantors, including Article 10 thereof.

 

3. Governing Law. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4. Waiver of Jury Trial. EACH OF
THE GUARANTEEING SUBSIDIARY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE
NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

5. Counterparts. The parties may sign
any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or .PDF transmission
shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to
be their original signatures for all purposes.

 

    B-1 

     

    

 

6. Headings. The headings of the Sections
of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental
Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

7. The Trustee. The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer.

 

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

 

	 	[NAME OF GUARANTEEING SUBSIDIARY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	THE HOWARD HUGHES CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-2

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