Document:

Exhibit 4.2 

 

BIP BERMUDA HOLDINGS I LIMITED, as the Issuer

 

AND

 

BROOKFIELD INFRASTRUCTURE PARTNERS L.P., as
the Partnership

 

AND

 

THE GUARANTORS FROM TIME TO TIME PARTY HERETO

 

AND

 

COMPUTERSHARE TRUST COMPANY, N.A., as U.S. Trustee

 

AND

 

COMPUTERSHARE TRUST COMPANY OF CANADA, as Canadian
Trustee

 

 

 

INDENTURE

 

 

 

Dated
as of [n]

 

     

     

    

 

 

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

dated as of [n]

 

	Trust Indenture	 	 
	
    Act Section
	 	
    Indenture
    Section

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

 

 

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

 

     

     

    

 

Table
of Contents

 

Page

Article 1
DEFINITIONS AND OTHER PROVISIONS OF GENERAL

		APPLICATION	2

	 	1.1	 	Definitions	 	2
	 	1.2	 	Compliance Certificates and Opinions	 	10
	 	1.3	 	Form of Documents Delivered to Trustees	 	10
	 	1.4	 	Acts of Holders; Record Dates	 	11
	 	1.5	 	Notices, Etc., to Trustees, Issuer and the Guarantors	 	13
	 	1.6	 	Notice to Holders; Waiver	 	13
	 	1.7	 	Trust Indenture Laws Control	 	14
	 	1.8	 	Access to the Securityholder Lists	 	14
	 	1.9	 	Effect of Headings and Table of Contents	 	15
	 	1.10	 	Successors and Assigns	 	15
	 	1.11	 	Separability Clause	 	15
	 	1.12	 	Benefits of Indenture	 	15
	 	1.13	 	Governing Law	 	15
	 	1.14	 	Legal Holidays	 	15
	 	1.15	 	Counterparts	 	16
	 	1.16	 	Agent for Service; Submission to Jurisdiction; Waiver of Immunities; Waiver of Jury Trial	 	16
	 	1.17	 	Currency Equivalent	 	17
	 	1.18	 	Language Clause		17
	 	1.19	 	Unitholders, Shareholders, Officers, Trustees and Others Exempt from Individual Liability	 	17
	 	1.20	 	Securities in a Foreign Country	 	18

 

	Article 2 SECURITY FORMS 	 	18
	 	 	 	 	 	 

	 	2.1	 	Forms Generally	 	18
	 	2.2	 	Form of Trustees’ Certificate of Authentication	 	19
	 	 	 	 	 	 
	Article 3 THE SECURITIES 	 	19
	 	 	 	 	 	 
	 	3.1	 	Amount Unlimited; Issuable in Series		19
	 	3.2	 	Denominations	 	22
	 	3.3	 	Execution, Authentication, Delivery and Dating	 	22
	 	3.4	 	Temporary Securities	 	23
	 	3.5	 	Registration, Registration of Transfer and Exchange	 	24
	 	3.6	 	Mutilated, Destroyed, Lost and Stolen Securities	 	26
	 	3.7	 	Payment of Interest; Interest Rights Preserved	 	26
	 	3.8	 	Persons Deemed Owners	 	28
	 	3.9	 	Cancellation	 	28
	 	3.10	 	Computation of Interest	 	28
	 	3.11	 	Affiliate Purchase in Lieu of Redemption or Repayment on Maturity	 	29

 

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Table
of Contents

(continued)

Page

 

	Article 4
                                            SATISFACTION AND DISCHARGE 		29

	 	
	 	4.1	 	Satisfaction and Discharge of Indenture	 	29
	 	4.2	 	Application of Trust Money	 	30

 

		Article 5 guarantees	30

 

	 	5.1	 	Guarantee	 	30
	 	5.2	 	Demand	 	31
	 	5.3	 	Trustee Statement	 	31
	 	5.4	 	Liability of Guarantors Absolute	 	31
	 	5.5	 	Dealings by the Trustees	 	33
	 	5.6	 	Release of Subsidiary Guarantors	 	33
	 	5.7	 	Contribution	 	33

 

	Article 6
                           remedies 	34

 

	 	6.1	 	Events of Default	 	34
	 	6.2	 	Acceleration of Maturity; Rescission and Annulment	 	35
	 	6.3	 	Collection of Indebtedness and Suits for Enforcement by the U.S. Trustee	 	36
	 	6.4	 	Trustees May File Proofs of Claim	 	37
	 	6.5	 	U.S. Trustee May Enforce Claims Without Possession of Securities	 	37
	 	6.6	 	Application of Money Collected	 	37
	 	6.7	 	Limitation on Suits	 	38
	 	6.8	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	 	38
	 	6.9	 	Restoration of Rights and Remedies	 	38
	 	6.10	 	Rights and Remedies Cumulative	 	39
	 	6.11	 	Delay or Omission Not Waiver	 	39
	 	6.12	 	Control by Holders	 	39
	 	6.13	 	Waiver of Past Defaults	 	39
	 	6.14	 	Undertaking for Costs	 	40
	 	6.15	 	Waiver of Usury, Stay or Extension Laws	 	40

 

		Article 7 THE
                                                                             TRUSTEES 	40

 

	 	7.1	 	Certain Duties and Responsibilities	 	40
	 	7.2	 	Compliance With Anti-Money Laundering, FATCA and Suppression of Terrorism Legislation	 	42
	 	7.3	 	Compliance with Privacy Laws	 	42
	 	7.4	 	Notice of Defaults	 	43
	 	7.5	 	Certain Rights of the Trustees	 	43
	 	7.6	 	Indemnification of the Trustees	 	44
	 	7.7	 	Not Responsible for Recitals or Issuance of Securities	 	45
	 	7.8	 	May Hold Securities	 	45
	 	7.9	 	Money Held in Trust	 	45
	 	7.10	 	Compensation and Reimbursement	 	45

 

    -ii-

     

    

 

Table
of Contents

(continued)

Page

 

	 	7.11	 	Conflicting Interests	 	46
	 	7.12	 	Required Trustee Eligibility	 	46
	 	7.13	 	Resignation and Removal; Appointment of Successor	 	47
	 	7.14	 	Acceptance of Appointment by Successor	 	49
	 	7.15	 	Merger, Conversion, Consolidation or Succession to Business	 	50
	 	7.16	 	Certain Trustee Restrictions	 	50
	 	7.17	 	Appointment of Authenticating Agent	 	50
	 	7.18	 	Force Majeure	 	52
	 	7.19	 	Calculations	 	52

 

	Article 8 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER	 		 	52

 

	 	8.1	 	Preservation of Information; Communications to Holders	 	52
	 	8.2	 	Reports by the Trustees	 	53
	 	8.3	 	Reports by Issuer	 	53

 

	Article 9 Merger, Amalgamation, Consolidation, Sale, Lease or Conveyance	 		 	53

 

	 	9.1	 	Issuer and Partnership May Consolidate, Etc. Only on Certain Terms	 	53
	 	9.2	 	Successor Substituted	 	54

 

	Article 10 SUPPLEMENTAL INDENTURES	 		 	54

 

	 	10.1	 	Supplemental Indentures Without Consent of Holders	 	54
	 	10.2	 	Supplemental Indentures With Consent of Holders	 	56
	 	10.3	 	Execution of Supplemental Indentures	 	57
	 	10.4	 	Effect of Supplemental Indentures	 	57
	 	10.5	 	Conformity with Trust Indenture Laws	 	57
	 	10.6	 	Reference in Securities to Supplemental Indentures	 	57

 

	Article 11 COVENANTS	 		 	58

 

	 	11.1	 	Payment of Principal, Premium and Interest	 	58
	 	11.2	 	Maintenance of Office or Agency	 	58
	 	11.3	 	Money for Securities Payments to Be Held in Trust	 	58
	 	11.4	 	Statements by Officers	 	59
	 	11.5	 	Existence	 	60
	 	11.6	 	Waiver of Certain Covenants	 	60

 

	Article 12 REDEMPTION OF SECURITIES	 		 	60

 

	 	12.1	 	Applicability of Article	 	60
	 	12.2	 	Election to Redeem; Notice to the Trustees	 	60
	 	12.3	 	Selection by Trustees of Securities to Be Redeemed	 	61
	 	12.4	 	Notice of Redemption	 	61
	 	12.5	 	Deposit of Redemption Price	 	62
	 	12.6	 	Securities Payable on Redemption Date	 	62

 

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Table
of Contents

(continued)

Page

 

	 	12.7	 	Securities Redeemed in Part	 	63

 

	Article 13 SINKING FUNDS	 		 	63

 

	 	13.1	 	Applicability of Article	 	63
	 	13.2	 	Satisfaction of Sinking Fund Payments with Securities	 	63
	 	13.3	 	Redemption of Securities for Sinking Fund	 	64

 

	Article 14 DEFEASANCE AND COVENANT DEFEASANCE	 		 	64

 

	 	14.1	 	Issuer’s Option to Effect Defeasance or Covenant Defeasance	 	64
	 	14.2	 	Defeasance and Discharge	 	64
	 	14.3	 	Covenant Defeasance		65
	 	14.4	 	Conditions to Defeasance or Covenant Defeasance	 	65
	 	14.5	 	Deposited Money and Government Obligations to Be Held in Trust; Miscellaneous Provisions	 	67
	 	14.6	 	Reinstatement	 	68

 

	Article 15 MEETINGS OF HOLDERS OF NOTES	 		 	68

 

	 	15.1	 	Call, Notice and Place of Meetings	 	68
	 	15.2	 	Persons Entitled to Vote at Meetings	 	69
	 	15.3	 	Quorum; Action	 	69
	 	15.4	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	 	70
	 	15.5	 	Counting Votes and Recording Action of Meetings	 	71
	 	15.6	 	Instruments in Writing	 	71

 

    -iv-

     

    

 

INDENTURE

 

Dated
as of [n],

 

BETWEEN

 

BIP
BERMUDA HOLDINGS I LIMITED, a Bermuda exempted company,

 

(herein called the “Issuer”)

 

and

 

BROOKFIELD
INFRASTRUCTURE PARTNERS L.P., an exempted limited partnership organized under the laws of the Islands of Bermuda,

 

(herein called the “Partnership”)

 

and

 

BROOKFIELD
INFRASTRUCTURE L.P., an exempted limited partnership organized under the laws of the Islands of Bermuda,

 

(herein called “BILP”)

 

and

 

BROOKFIELD
INFRASTRUCTURE FINANCE ULC, an unlimited liability corporation organized under the laws of Alberta, Canada,

 

(herein called “Alberta Finco”)

 

and

 

BROOKFIELD
INFRASTRUCTURE HOLDINGS (CANADA) INC., a corporation organized under the laws of Ontario,

 

(herein called “Can Holdco”)

 

and

 

BROOKFIELD
INFRASTRUCTURE US HOLDINGS I CORPORATION, a corporation organized under the laws of Delaware,

 

(herein called “US Holdco”)

 

and

 

     

     

    

 

BIPC
HOLDINGS INC., a corporation organized under the laws of Ontario, Canada,

 

(herein called “BIPC Holdings”)

 

and

 

the other Guarantors from time to time
party hereto,

 

and

 

Computershare
Trust Company OF CANADA, a trust company organized under the laws of Canada, not in its individual capacity but solely in its
capacity as trustee, (herein called the “Canadian Trustee”)

 

and

 

Computershare
Trust Company, N.A., a national banking association company existing under the laws of the United States, not in its individual
capacity but solely in its capacity as trustee,

 

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

 

RECITALS OF THE ISSUER AND THE PARTNERSHIP

 

The Issuer, the Partnership
and the other Guarantors that are parties hereto on the date hereof have duly authorized the execution and delivery of this Indenture
to provide for the issuance by the Issuer from time to time of unsecured debentures, notes or other evidences of indebtedness in one or
more series (herein called the “Securities”), each of which is guaranteed by the Guarantors as provided herein and
may be guaranteed from time to time by additional Guarantors in respect of one or more series of Securities.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

Article 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

	1.1	Definitions.

 

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

 

    	 	- 2 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Agent for Service” means US
Holdco, in its capacity as the authorized agent for the Issuer, the Partnership and the Guarantors.

 

“Authenticating Agent” means
any Person authorized by the U.S. Trustee pursuant to Section 7.17 to act on behalf of the Trustees to authenticate Securities of
one or more series, or the Trustee acting in such capacity.

 

    	 	- 3 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Companies Act” means the Companies
Act 1981, of Bermuda, as amended from time to time.

 

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

 

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

 

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

 

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

 

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

 

“Defeasance” has the meaning
specified in Section 14.2.

 

    	 	- 4 -	 

     

    

 

 

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

 

“Dollars” and “$”
means lawful money of the United States.

 

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

 

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

 

“FATCA” means (i) Sections
1471 through 1474 of the U.S. Internal Revenue Code, as of the date of this Indenture (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), (ii) any agreements entered into pursuant to Section 1471(b)(1) of
the U.S. Internal Revenue Code, and (iii) any current or future legislation, regulations or guidance promulgated by any jurisdiction
giving effect to any item described in clause (i) or (ii).

 

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

 

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

 

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

 

“Guarantor” means (i) the
Partnership, (ii) BILP, (iii) Alberta Finco, (iv) Can Holdco, (v) US Holdco, (vi) BIPC Holdings, and (vii) any
other Person that provides a guarantee under Article 5 of this Indenture in respect of one or more series of Securities, as evidenced
by one or more indentures supplemental hereto.

 

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

 

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

 

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

 

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

 

    	 	- 5 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 6 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 7 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 8 -	 

     

    

 

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

 

“Subsidiary” of any Person
means a corporation, partnership, limited partnership, trust or other entity 50% or more of the combined voting power of the outstanding
Voting Stock of which is owned, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such
Person and one or more Subsidiaries thereof.

 

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

 

“Trust Indenture Laws” means,
as to the Canadian Trustee, the Trust Indenture Legislation, and as to the U.S. Trustee, the Trust Indenture Act and regulations thereunder,
together with any other applicable trust indenture laws, rules or regulations relating to trust indentures and to the rights, duties,
and obligations of trustees under trust indentures and of corporations issuing debt obligations under trust indentures to the extent that
such provisions are at such time in force and applicable to this Indenture.

 

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

 

“Trustee” and “Trustees”
means, as the context requires, either or both of the Canadian Trustee and the U.S. Trustee, and if at any time it is not necessary to
have both a Canadian Trustee and a U.S. Trustee, and either such Trustee is removed pursuant to Section 7.12.1, references to the
 “Trustee” shall mean only the remaining Trustee after such removal. For greater certainty, “Trustee”
shall mean or include each Person who is then the Trustee hereunder, including any successor Trustee, and if at any time there is more
than one Person acting as trustee or co-trustee with respect to one or more series of Securities in accordance with the terms of this
Indenture, “Trustee” as used with respect to the Securities of any such series shall mean the Trustee(s) with
respect to the Securities of such series.

 

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

 

    	 	- 9 -	 

     

    

 

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

 

	1.2	Compliance Certificates and Opinions.

 

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

 

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

 

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

 

		(b)	a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based;

 

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

 

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

 

	1.3	Form of Documents Delivered to Trustees.

 

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

 

Any certificate or opinion of
an officer of the Issuer or any Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Issuer or any such Guarantor (as applicable) stating that the information with respect to such factual matters is in its possession,
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

 

    	 	- 10 -	 

     

    

 

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

 

	1.4	Acts of Holders; Record Dates.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly
appointed in writing. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders of any series of Securities may, alternatively, be embodied in and evidenced by the record of Holders
of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders
of Securities of such series duly called and held in accordance with the provisions of Article 15, or a combination of such instruments
and such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument is or instruments
or record or both are delivered to the Trustees and, where it is hereby expressly required, to the Issuer and the Guarantors. Such instrument
or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of
a writing appointing any such agent, or of the holding by any person of a Security, shall be sufficient for any purpose of this Indenture
and conclusive in favor of the Trustees, the Issuer and the Guarantors, if made in the manner provided in this Section. The record of
any meeting of Holders shall be proved in the manner provided in Section 15.5.

 

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

 

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

 

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

 

    	 	- 11 -	 

     

    

 

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

 

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

 

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

 

    	 	- 12 -	 

     

    

 

	1.5	Notices, Etc., to Trustees, Issuer and the Guarantors.

 

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

 

		(a)	the Trustee(s) by any Holder or by the Issuer or any Guarantor shall be sufficient for every purpose
hereunder if delivered (i) in the case of the Canadian Trustee, an officer of the Canadian Trustee at 100 University Avenue, 8th
Floor, Toronto, Ontario, Canada M5J 2Y1, Attention: Manager, Corporate Trust Services, or if sent by facsimile transmission, e-mail or
other electronic communication to (416) 981-9777 or corporatetrust.toronto@computershare.com, Attention: Manager, Corporate Trust Services,
or (ii) in the case of the U.S. Trustee, an officer of the U.S. Trustee at 6200 South Quebec Street, Greenwood Village, Colorado
80111, Attention: Corporate Trust, or if sent by facsimile transmission, e-mail or other electronic communication to (303) 262-0608 or
corporate.trust@computershare.com, Attention: Corporate Trust, with a copy to Computershare, 480 Washington Boulevard, Jersey City, New
Jersey 07310, Attention: General Counsel, and in either case shall be deemed to be validly given at the time of delivery or transmission
if it is received prior to 4:00 p.m. (New York time) on a Business Day, failing which it shall be deemed to have been given on the
next Business Day. Each Trustee may from time to time notify the Issuer and the Guarantors of a change in address, facsimile number or
email address which thereafter, until changed by like notice, shall be the address, facsimile number or e-mail address of the relevant
Trustee for the purposes of this Indenture; or

 

		(b)	the Issuer, the Partnership or any Guarantor by the Trustees or by any Holder shall be sufficient for
every purpose hereunder if delivered to the Issuer, the Partnership and/or any other Guarantor at 73 Front Street, 5th Floor,
Hamilton HM12 Bermuda, Attention: Jane Sheere, or, if sent by e-mail, at jane.sheere@brookfield.com (or pursuant to such other delivery
instructions as may be provided to the Trustees in writing hereinafter) shall be deemed to be validly given at the time of delivery or
transmission if it is received prior to 4:00 p.m. (Toronto time) on a Business Day, failing which it shall be deemed to have been
given on the next Business Day. The Issuer, the Partnership or any such Guarantor may from time to time notify the Trustees of a change
in address or facsimile number which thereafter, until changed by like notice, shall be the address or facsimile number of the Issuer,
the Partnership or such Guarantor (as applicable) for the purposes of this Indenture. Copies of any notices that are sent to the Issuer,
the Partnership or any Guarantor by any Holder will be sent by such Holder to the Trustees.

 

	1.6	Notice to Holders; Waiver.

 

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

 

    	 	- 13 -	 

     

    

 

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

 

	1.7	Trust Indenture Laws Control.

 

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

 

	1.8	Access to the Securityholder Lists.

 

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

 

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

 

    	 	- 14 -	 

     

    

 

	1.9	Effect of Headings and Table of Contents.

 

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

 

	1.10	Successors and Assigns.

 

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

 

	1.11	Separability Clause.

 

In case any provision in this
Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

	1.12	Benefits of Indenture.

 

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

 

	1.13	Governing Law.

 

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

 

	1.14	Legal Holidays.

 

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

 

    	 	- 15 -	 

     

    

 

	1.15	Counterparts.

 

This instrument may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. This instrument may be executed and delivered by facsimile or electronic transmission (in .pdf
or another acceptable format) of a counterpart hereof bearing a manual, facsimile or other electronic signature. Signatures of the parties
hereto transmitted by facsimile or such electronic format shall be deemed to be their original signatures for all purposes.

 

All notices, approvals, consents,
requests and any communications hereunder must be in writing (provided that any communications sent to the Trustees hereunder must be
in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature
provider as specified in writing to the Trustees by the authorized representative), in English. The Issuer, the Partnership and any Guarantor
agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee,
including without limitation the risk of the Trustees acting on unauthorized instructions, and the risk of interception and misuse by
third parties.

 

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

 

By the execution and delivery
of this Indenture, each of the Issuer, the Partnership and each Guarantor formed under the laws of a jurisdiction outside of the United
States (i) acknowledges that each of the Issuer, the Partnership and such Guarantor has, and any additional such Guarantors will
have, by separate written instrument, irrevocably designated and appointed US Holdco, located at 250 Vesey Street, 15th Floor,
New York, New York 10281-1023, as its Agent for Service upon which process may be served in any suit or proceeding against any of them
arising out of or relating to the Securities or this Indenture that may be instituted in any U.S. Federal or State court in the Borough
of Manhattan, The City of New York or brought under U.S. Federal or State securities laws or brought by either Trustee (whether in its
individual capacity or in its capacity as a trustee hereunder), and acknowledges that the Agent for Service has accepted, irrevocably
and unconditionally, such designation, (ii) submits to the non-exclusive jurisdiction of any such court in any such suit or proceeding,
and (iii) agrees that service of process upon the Agent for Service and written notice of said service to the relevant party or parties
(mailed or delivered to its Secretary at its principal office at the address specified in the first paragraph of this instrument or at
any other address previously furnished in writing to the Trustees) shall be deemed in every respect effective service of process upon
the Issuer, the Partnership and/or the applicable Guarantor in any such suit or proceeding. Each of the Issuer, the Partnership and each
Guarantor further agrees to take any and all action, including the execution and filing of any and all such documents and instruments,
as may be necessary to continue such designation and appointment of the Agent for Service in full force and effect so long as this Indenture
shall be in full force and effect and so long as any of the Securities shall be outstanding.

 

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

 

    	 	- 16 -	 

     

    

 

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

 

	1.17	Currency Equivalent.

 

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

 

	1.18	Language Clause.

 

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

 

	1.19	Unitholders, Shareholders, Officers, Trustees and Others Exempt from Individual Liability.

 

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

 

    	 	- 17 -	 

     

    

 

	1.20	Securities in a Foreign Country.

 

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

 

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

 

Article 2

SECURITY FORMS

 

	2.1	Forms Generally.

 

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

 

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

 

    	 	- 18 -	 

     

    

 

	2.2	Form of Trustees’ Certificate of Authentication.

 

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

 

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

 

		                                                                                                                                  ,
		As [Trustee] [Authenticating Agent]

 

		By	 

	 	Authorized Officer
		 
	 	Dated:                                                                                                                               ” 

 

Article 3

THE SECURITIES

 

	3.1	Amount Unlimited; Issuable in Series.

 

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

 

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

 

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

 

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

 

		(d)	the date or dates, if any, on which the principal of any Securities of the series is payable, or otherwise
indicate that such Securities are perpetual;

 

    	 	- 19 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 20 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(u)	any applicable terms or conditions related to the addition or removal of any Co-Obligor or any Guarantor
(other than the Partnership) in respect of Securities of the series;

 

		(v)	any additional Trustee(s) or Agent(s) applicable to the Securities of the series; and

 

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

 

    	 	- 21 -	 

     

    

 

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

 

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

 

	3.2	Denominations.

 

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

 

	3.3	Execution, Authentication, Delivery and Dating.

 

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

 

Securities bearing the manual,
facsimile or electronic signatures of individuals who were at any time the proper officers of the Issuer shall bind the Issuer, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did
not hold such offices at the date of such Securities.

 

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

 

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

 

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

 

    	 	- 22 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

	3.4	Temporary Securities.

 

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

 

    	 	- 23 -	 

     

    

 

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

 

	3.5	Registration, Registration of Transfer and Exchange.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 24 -	 

     

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 25 -	 

     

    

 

The Trustee, Security Registrar
and transfer agent shall have no obligation or duty to monitor, determine or inquire as to the Issuer’s compliance with any restrictions
on transfer or exchange imposed under this Indenture or under applicable law with respect to any transfer or exchange of any interest
in any Security (including any transfers between or among participants or other beneficial owners of interests in any Global Security)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if
and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof.

 

	3.6	Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

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

 

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

 

	3.7	Payment of Interest; Interest Rights Preserved.

 

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

 

    	 	- 26 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	- 27 -	 

     

    

 

	3.8	Persons Deemed Owners.

 

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

 

	3.9	Cancellation.

 

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

 

	3.10	Computation of Interest.

 

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

 

    	 	- 28 -	 

     

    

 

	3.11	Affiliate Purchase in Lieu of Redemption or Repayment on Maturity.

 

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

 

Article 4

SATISFACTION AND DISCHARGE

 

	4.1	Satisfaction and Discharge of Indenture.

 

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

 

		(a)	either

 

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

 

		(ii)	all such Securities not theretofore delivered to the U.S. Trustee for cancellation

 

		(A)	have become due and payable, or

 

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

 

    	 	- 29 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

	4.2	Application of Trust Money.

 

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

 

Article 5

guarantees

 

	5.1	Guarantee.

 

Each Guarantor hereby fully
and unconditionally guarantees in favor of the Holders of a series of Securities the due and prompt payment of all Obligations under this
Indenture related to such Securities when and as the same shall become due and payable, whether at Stated Maturity, by declaration of
acceleration, call for redemption or otherwise, according to the terms of such Securities and this Indenture; provided that each
such full and unconditional guarantee by any Subsidiary Guarantor is subject to Section 5.6. In case of the failure of the Issuer
(which, for all purposes of this Article 5, shall include any Co-Obligor) punctually to pay any such Obligation when due, each Guarantor
hereby agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity,
by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer. Each Guarantor agrees
that its obligations hereunder shall be as if it were principal debtor and not merely as surety, and shall be absolute and unconditional,
irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any Security of any series or this Indenture,
or any waiver, modification or indulgence granted to the Issuer with respect thereto by the Holder of any Security of any series or the
Trustees, or any other reason set out in Section 5.4, or otherwise any other circumstance which may otherwise constitute a legal
or equitable discharge of a surety or guarantor (except as expressly set forth in this Indenture, which for the avoidance of doubt, is
limited to the payment in full of the principal of (and premium, if any) and interest on the Securities of a series or pursuant to Article 14).
Each Guarantor’s guarantee shall be a continuing guarantee of the payment of all such Obligations and shall apply to and secure
any ultimate balance thereof due or remaining unpaid. This guarantee herein shall not be considered as wholly or partially satisfied by
the intermediate payment or satisfaction at any time of all or any part of such Obligations.

 

    	 	- 30 -	 

     

    

 

	5.2	Demand.

 

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

 

	5.3	Trustee Statement.

 

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

 

	5.4	Liability of Guarantors Absolute.

 

Subject to Section 5.6,
the liability of each Guarantor hereunder in respect of any Obligations shall be absolute and unconditional and shall not be discharged,
diminished or in any way affected by:

 

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

 

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

 

    	 	- 31 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 32 -	 

     

    

 

	5.5	Dealings by the Trustees.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	5.6	Release of Subsidiary Guarantors.

 

Unless otherwise specified in
respect of any series of Securities, the guarantee of a Guarantor (other than the Partnership) will be released with respect to a series
of Securities under this Article 5 without any further action required on the part of the Trustee, any Agent or any Holder:

 

		(a)	upon (i) the sale or other disposition (including by way of consolidation, merger, dissolution or
otherwise) of the Capital Stock of such Guarantor such that it is no longer a subsidiary of the Partnership or (ii) the sale or other
disposition of all or substantially all of the assets of such Guarantor;

 

		(b)	if so provided in a supplemental indenture in respect of a series of Securities issued hereunder; or

 

		(c)	if the Issuer exercises its Defeasance option or its Covenant Defeasance option with respect to such series
of Securities in accordance with Article 14 hereof or if the Issuer’s obligations with respect to such series of Securities
are discharged in accordance with the terms of Article 4.

 

	5.7	Contribution.

 

Each Guarantor that makes a
payment pursuant to this Article 5 shall be entitled upon payment in full of all Obligations to contribution from each of the other
Guarantors, as applicable, in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective
net assets of all the Guarantors at the time of such payment determined in accordance with IFRS.

 

    	 	- 33 -	 

     

    

 

Article 6

remedies

 

	6.1	Events of Default.

 

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

 

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

 

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

 

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

 

		(d)	(i) an event where a decree or order of a court having jurisdiction is entered in respect of the
bankruptcy or insolvency of the Issuer or the Partnership under the Companies Act or any other bankruptcy, insolvency or analogous laws,
or ordering the winding-up or liquidation of the affairs of the Issuer or the Partnership and any such decree or order continues unstayed
and in effect for a period of 60 days; (ii) an event where a resolution of shareholders or unitholders of the Issuer or the Partnership,
as applicable, is passed for the winding-up or liquidation of the Issuer or the Partnership, except in the course of carrying out or pursuant
to a Transaction in respect of which the conditions under Section 9.1 have been duly observed and performed; or (iii) an event
where the Issuer or the Partnership institutes Proceedings to be adjudicated a bankrupt or insolvent, or consents to or does not oppose
the institution of bankruptcy or insolvency Proceedings against it under the Companies Act or any other bankruptcy, insolvency or analogous
laws, or consents to or does not oppose the filing of any such petition and any such Proceeding, decree or order continues unstayed and
in effect for a period of 60 days; or

 

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

 

    	 	- 34 -	 

     

    

 

	6.2	Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default (other
than an Event of Default specified in Section 6.1(d)) with respect to Securities of any series at the time Outstanding occurs and
is continuing (and only in such circumstance), then in every such case the U.S. Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or, if any
Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified
by the terms thereof) to be due and payable immediately, by a notice in writing to the Issuer and the Guarantors in respect of such series
(and to a Responsible Officer of each Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) with respect to Securities
of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that
series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms
thereof) shall automatically, and without any declaration or other action on the part of the U.S. Trustee or any Holder, become immediately
due and payable. Other than pursuant to certain redemption events specified in the terms of Securities issued hereunder in accordance
with Article 12 of this Indenture, the Issuer or the Partnership, as applicable, shall become obligated to pay accrued and unpaid
interest at the time of the distribution of the assets of the Issuer or the Partnership, as applicable, arising from an Event of Default
specified in Section 6.1(d).

 

At any time after such a declaration
of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has
been obtained by the U.S. Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding
Securities of that series, by written notice to (1) the Issuer and/or the Guarantors and (2) the Trustees, may rescind and annul
such declaration and its consequences if:

 

		(a)	the Issuer and/or such Guarantors has paid or deposited with the U.S. Trustee a sum sufficient to pay:

 

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

 

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

 

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

 

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

 

    	 	- 35 -	 

     

    

 

and

 

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

 

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

 

	6.3	Collection of Indebtedness and Suits for Enforcement by the U.S. Trustee.

 

The Issuer and the Guarantors
covenant that if:

 

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

 

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

 

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

 

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

 

    	 	- 36 -	 

     

    

 

	6.4	Trustees May File Proofs of Claim.

 

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

 

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

 

	6.5	U.S. Trustee May Enforce Claims Without Possession of Securities.

 

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

 

	6.6	Application of Money Collected.

 

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

 

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

 

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

 

    	 	- 37 -	 

     

    

 

	6.7	Limitation on Suits.

 

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

 

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

 

		(b)	the Holders of not less than 25% in principal amount of the Outstanding Securities of that series, in
the case of any Event of Default (other than an Event of Default specified in Section 6.1(d)), or, in the case of any Event of Default
described in Section 6.1(d), the Holders of not less than 25% in principal amount of all Outstanding Securities, shall have made
written request to the Trustees to institute proceedings in respect of such Event of Default in its own name as U.S. Trustee hereunder;

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding any other provision
in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 3.7) interest on such Security (to the extent so provided by the terms thereof) at Maturity
of such Security and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.

 

	6.9	Restoration of Rights and Remedies.

 

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

 

    	 	- 38 -	 

     

    

 

	6.10	Rights and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6,
no right or remedy herein conferred upon or reserved to the Trustees or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

	6.11	Delay or Omission Not Waiver.

 

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

 

	6.12	Control by Holders.

 

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

 

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

 

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

 

		6.13	Waiver of Past Defaults.

 

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

 

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

 

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

 

    	 	- 39 -	 

     

    

 

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

 

	6.14	Undertaking for Costs.

 

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

 

	6.15	Waiver of Usury, Stay or Extension Laws.

 

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

 

Article 7

THE TRUSTEES

 

	7.1	Certain Duties and Responsibilities.

 

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

 

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

 

    	 	- 40 -	 

     

    

 

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

 

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

 

(ii)            in
the absence of bad faith on its part, the U.S. Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the U.S. Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions specifically required by any provision hereof to be provided to it, the
U.S. Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture,
but not to verify the contents thereof or any conclusions therein; and the U.S. Trustee shall not be liable for any error of judgment
made in good faith by an officer or officers of the U.S. Trustee, unless it shall be conclusively determined by a court of competent jurisdiction
that the U.S. Trustee was grossly negligent in ascertaining the pertinent facts;

 

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

 

(iv)           the
U.S. Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with any direction
of the Issuer and Guarantors given under this Indenture.

 

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

 

    	 	- 41 -	 

     

    

 

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

 

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

 

In order to assist the Trustees
with their compliance with any requirements of FATCA, the Issuer agrees (i) to use commercially reasonable efforts to provide the
Trustees with reasonably available information collected and stored in the Issuer’s ordinary course of business regarding Holders
of the Securities (solely in their capacity as such) that is reasonably requested by the Trustees so the Trustees can determine whether
they have tax related obligations under FATCA, (ii) that the Trustees shall be entitled to make any withholding or deduction from
payments under this Indenture, as supplemented, and the Securities to the extent necessary to comply with any requirements of FATCA and
(iii) to hold harmless the Trustees against any liability for, any withholding or deduction made by the Trustees, or any failure
by the Trustees to make any withholding or deduction, in each case to the extent such action or failure to act was taken in reliance on
the information provided by the Issuer pursuant to subsection (i) of this Section 7.2 or as a result of the Partnership’s
failure to provide information pursuant to subsection (i) of this Section 7.2. Nothing in the immediately preceding sentence
shall be construed as obligating the Issuer to make any “gross up” payment or similar reimbursement in connection with a payment
in respect of which amounts are so withheld or deducted.

 

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

 

	7.3	Compliance with Privacy Laws.

 

The parties and the Holders
acknowledge that U.S. and Canadian federal and/or state or provincial legislation that addresses the protection of individuals’
personal information (collectively, “Privacy Laws”) applies to certain obligations and activities under this Indenture.
Notwithstanding any other provision of this Indenture, no party shall take or direct any action that would contravene, or cause the other
to contravene, applicable Privacy Laws. The parties shall, prior to transferring or causing to be transferred personal information to
the Trustees, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal
information, or shall have determined that such consents either have previously been given upon which the parties can rely or are not
required under the Privacy Laws. The Trustees shall use commercially reasonable efforts to ensure that their services hereunder comply
with Privacy Laws. Specifically, each Trustee agrees, at all times during which the Securities are Outstanding hereunder: (a) to
have a designated chief privacy officer; (b) to maintain policies and procedures to protect personal information and to receive and
respond to any privacy complaint or inquiry; (c) to use personal information solely for the purposes of providing its services under
or ancillary to the Indenture and to comply with applicable laws and not to use it for any other purpose except with the consent of or
direction from the Issuer and the Guarantors or the individual involved or as permitted by Privacy Laws; (d) not to sell or otherwise
improperly disclose personal information to any third party; and (e) to employ administrative, physical and technological safeguards
to reasonably secure and protect personal information against loss, theft, or unauthorized access, use or modification. The terms of this
Section 7.3 shall automatically terminate one (1) year after the satisfaction and discharge of this Indenture.

 

    	 	- 42 -	 

     

    

 

	7.4	Notice of Defaults.

 

If a default occurs hereunder
with respect to Securities of any series, the Trustees shall give the Holders of Securities of such series notice of such default, within
90 days of the occurrence thereof in the manner and to the extent provided in TIA § 313(c); or within 30 days after the Trustees
becomes aware of its occurrence unless the Trustees reasonably believe that it is in the best interests of the Holders of Securities to
withhold the notice and so informs the Issuer or Alberta Finco in writing. Except in the case of a default in the payment of principal
of or interest on any Securities, the Trustees may withhold the notice if and so long as a Responsible Officer of each Trustee in good
faith determine that withholding the notice is not opposed to the interests of Holders. For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such
series.

 

	7.5	Certain Rights of the Trustees.

 

Subject to the provisions of Sections 7.1 and
7.4:

 

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

 

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

 

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

 

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

 

    	 	- 43 -	 

     

    

 

		(e)	the Trustees may act on, and be fully protected in relying on, the opinion or advice of or on information
obtained from any notary, valuer, surveyor, engineer, broker, auctioneer, accountant or other expert, whether obtained by the Trustees
or by the Issuer or the Guarantors or otherwise;

 

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

 

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

 

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

 

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

 

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

 

	7.6	Indemnification of the Trustees.

 

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

 

    	 	- 44 -	 

     

    

 

		7.7	Not Responsible for Recitals or Issuance of Securities.

 

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

 

		7.8	May Hold Securities.

 

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

 

		7.9	Money Held in Trust.

 

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

 

		7.10	Compensation and Reimbursement.

 

The Issuer agrees:

 

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

 

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

 

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

 

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		7.11	Conflicting Interests.

 

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

 

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

 

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

 

		7.12	Required Trustee Eligibility.

 

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

 

    	 	- 46 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

		7.13	Resignation and Removal; Appointment of Successor.

 

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

 

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

 

    	 	- 47 -	 

     

    

 

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

 

If at any time:

  

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

 

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

 

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

 

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

 

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

 

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

 

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		7.14	Acceptance of Appointment by Successor.

 

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

 

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

 

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

 

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

 

    	 	- 49 -	 

     

    

 

		7.15	Merger, Conversion, Consolidation or Succession to Business.

 

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

 

		7.16	Certain Trustee Restrictions.

 

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

 

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

 

		7.17	Appointment of Authenticating Agent.

 

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

 

    	 	- 50 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

                                                                                                                         ,         

As Authenticating Agent

 

By                                                                                                                              

Authorized Officer

 

Dated:                                                                                                                       

 

    	 	- 51 -	 

     

    

 

		7.18	Force Majeure.

 

The Trustees shall not be held
liable, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained
herein by reason of act of God, riots, terrorism, acts of war, earthquakes, pandemic, epidemic, governmental action, judicial order, or
any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures).
Performance times under this Agreement shall be extended for a period of time equivalent to the time lost because of any delay that is
excusable under this Section, it being understood that the Trustees shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

		7.19	Calculations.

 

The Issuer shall be responsible
for making all calculations called for hereunder. The Issuer shall make such calculations in good faith and, absent manifest error, the
Issuer’s calculations shall be final and binding on the holders and the Trustees. The Issuer will provide a schedule of its calculations
to the Trustees and the Trustees shall be entitled to rely conclusively on the accuracy of such calculations without independent verification.

 

Article 8

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER

 

		8.1	Preservation of Information; Communications to Holders.

 

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

 

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

 

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

 

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

 

    	 	- 52 -	 

     

    

 

		8.2	Reports by the Trustees.

 

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

 

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

 

		8.3	Reports by Issuer.

 

The Issuer shall file with the
Trustees and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may
be required pursuant to the Trust Indenture Laws at the times and in the manner provided pursuant thereto; provided that any such information,
documents or reports required to be filed with the Commission shall be filed with the Trustees within 15 days after the same is so required
to be filed with the Commission.

 

Article 9

Merger, Amalgamation, Consolidation, Sale, Lease or Conveyance

 

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

 

Neither the Issuer nor the Partnership
(in each case for purposes of this Section 9.1, a “Predecessor”) shall enter into any transaction (whether by
way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale or otherwise) (a “Transaction”)
whereby all or substantially all of its undertaking, property and assets would become the property of any other Person (in each case for
purposes of this Section 9.1, a “Successor”) unless:

 

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

 

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

 

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

 

    	 	- 53 -	 

     

    

 

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

 

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

 

provided,
however, that the provisions of this Section 9.1 shall not be applicable to any transaction by or among the Issuer, the Partnership
and/or any one or more of their Subsidiaries.

 

		9.2	Successor Substituted.

 

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

 

Article 10

SUPPLEMENTAL INDENTURES

 

		10.1	Supplemental Indentures Without Consent of Holders.

 

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

 

		(a)	to add limitations or restrictions to be observed upon the amount or issue of Securities hereunder, provided
that such limitations or restrictions shall not be materially adverse to the interests of Holders; or

 

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

 

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

 

    	 	- 54 -	 

     

    

 

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

 

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

 

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

 

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

 

		(h)	to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1 and,
if required, to provide for the appointment of any additional Trustee(s) and/or other Agents; or

 

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

 

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

 

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

 

		(l)	to make any other changes in the provisions of this Indenture which the Issuer may deem necessary or desirable
provided that such amendment does not adversely affect the interests of Holders of Securities of any series in any material adverse respect;
or

 

    	 	- 55 -	 

     

    

 

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

 

		10.2	Supplemental Indentures With Consent of Holders.

 

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

 

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

 

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

 

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

 

		(d)	release the Partnership from its guarantee under Article 5 of this Indenture.

 

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

 

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

 

		10.3	Execution of Supplemental Indentures.

 

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

 

		10.4	Effect of Supplemental Indentures.

 

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

 

		10.5	Conformity with Trust Indenture Laws.

 

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

 

		10.6	Reference in Securities to Supplemental Indentures.

 

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

 

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Article 11

COVENANTS

 

		11.1	Payment of Principal, Premium and Interest.

 

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

 

		11.2	Maintenance of Office or Agency.

 

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

 

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

 

		11.3	Money for Securities Payments to Be Held in Trust.

 

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

 

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

 

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

 

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

 

Any money deposited with the
Trustees or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of or any premium or interest on any
Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall
be paid to the Issuer on Issuer Request, or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustees or
such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided,
however, that the Trustees or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause
to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation
in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.

 

		11.4	Statements by Officers.

 

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

 

Subject to applicable Trust
Indenture Laws, the delivery of such reports, information and documents to the Trustees shall be for informational purposes only and
any Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder
(as to which the Trustees are entitled to rely exclusively on an Officer’s Certificate). The Trustees shall not be obligated to
monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants under this Indenture or with
respect to any reports or other documents filed with any required governmental agency under applicable law, or its website, or participate
in any conference calls.

 

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		11.5	Existence.

 

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

 

		11.6	Waiver of Certain Covenants.

 

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

 

Article 12

REDEMPTION OF SECURITIES

 

		12.1	Applicability of Article.

 

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

 

		12.2	Election to Redeem; Notice to the Trustees.

 

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

 

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		12.3	Selection by Trustees of Securities to Be Redeemed.

 

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

 

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

 

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

 

		12.4	Notice of Redemption.

 

Except as otherwise specified
as contemplated by Section 3.1, notice of redemption shall be given in the manner provided for in Section 1.6 not less than
15 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his, her or its address appearing
in the Security Register.

 

All notices of redemption shall
state:

 

		(a)	the Redemption Date;

 

		(b)	the Redemption Price;

 

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

 

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

 

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

 

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

 

		(g)	any conditions precedent to redemption; in addition, if such redemption or notice of redemption is subject
to satisfaction of one or more conditions precedent, such notice of redemption shall state that, in the Issuer’s discretion, the
Redemption Date may be delayed until such time as any or all such conditions precedent shall be satisfied and a new Redemption Date will
be set by the Issuer in accordance with applicable Depositary or Trustee procedures, or such redemption may not occur and such notice
of redemption may be rescinded in the event that any or all such conditions precedent shall not have been satisfied by the Redemption
Date, or by the Redemption Date as so delayed.

 

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

 

Any notice of redemption may,
at the Issuer’s discretion, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject
to satisfaction of one or more conditions precedent, such notice may state that, in the Issuer’s discretion, the redemption date
may be delayed until such time (including more than 60 days after the date the notice of redemption was delivered (or delivered electronically
if the Notes are held by any Depositary)) as any or all such conditions shall be satisfied or waived, or such redemption may not occur
and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the redemption
date, or by the redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the
good faith judgment of the Issuer any or all of such conditions will not be satisfied or waived.

 

		12.5	Deposit of Redemption Price.

 

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

 

		12.6	Securities Payable on Redemption Date.

 

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

 

    	 	- 62 -	 

     

    

 

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

 

		12.7	Securities Redeemed in Part.

 

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

 

Article 13

SINKING FUNDS

 

		13.1	Applicability of Article.

 

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

 

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

 

		13.2	Satisfaction of Sinking Fund Payments with Securities.

 

Subject to section 13.3, in
lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of any series in cash, the Issuer
may, at its option, (a) deliver to the U.S. Trustee Outstanding Securities of a series (other than any previously called for redemption)
theretofore purchased or otherwise acquired by the Issuer, and/or (b) receive credit for the principal amount of Securities of such
series which have been previously delivered to the U.S. Trustee by the Issuer or for Securities of such series which have been redeemed
either at the election of the Issuer pursuant to the terms of such Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for
by the terms of such Securities; provided that the Securities to be so credited have not been previously so credited. The Securities to
be so credited shall be received and credited for such purpose by the U.S. Trustee at the Redemption Price, as specified in the Securities
so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

    	 	- 63 -	 

     

    

 

		13.3	Redemption of Securities for Sinking Fund.

 

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

 

Article 14

DEFEASANCE AND COVENANT DEFEASANCE

 

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

 

The Issuer may elect, at its
option at any time, to effect defeasance of any Securities or any Series of Securities in accordance with any applicable requirements
provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article. Any such election shall
be evidenced by a Board Resolution.

 

		14.2	Defeasance and Discharge.

 

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

 

    	 	- 64 -	 

     

    

 

		14.3	Covenant Defeasance.

 

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

 

		14.4	Conditions to Defeasance or Covenant Defeasance.

 

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

 

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

 

    	 	- 65 -	 

     

    

 

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

 

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

 

    	 	- 66 -	 

     

    

 

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

 

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

 

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

 

		(g)	The Issuer is not unable to pay its debts within the meaning of section 162 of the Companies Act on the
date of such deposit or at any time during the period ending on the 91st day after the date of such deposit (it being understood that
this condition shall not be deemed satisfied until the expiration of such period).

 

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

 

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

 

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

 

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

 

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

 

    	 	- 67 -	 

     

    

 

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

 

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

 

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

 

		14.6	Reinstatement.

 

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

 

Article 15

MEETINGS OF HOLDERS OF NOTES

 

		15.1	Call, Notice and Place of Meetings.

 

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

 

    	 	- 68 -	 

     

    

 

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

 

		15.2	Persons Entitled to Vote at Meetings.

 

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

 

		15.3	Quorum; Action.

 

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

 

    	 	- 69 -	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 70 -	 

     

    

 

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

 

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

 

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

 

		15.5	Counting Votes and Recording Action of Meetings.

 

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

 

		15.6	Instruments in Writing.

 

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

 

    	 	- 71 -	 

     

    

 

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

 

	 	BIP BERMUDA HOLDINGS I LIMITED
	 	 
	 	By:	/s/ [●]
	 	 	
    Name: [●]

    Title: [●]

 

 

	 	BROOKFIELD INFRASTRUCTURE 

PARTNERS L.P., by its general partner, 

BROOKFIELD INFRASTRUCTURE 

PARTNERS LIMITED
	 	 
	 	By:	/s/ [●]
	 	 	
    Name: [●]

    Title: [●]

 

 

	 	BROOKFIELD INFRASTRUCTURE L.P., by

 its managing general partner, BROOKFIELD

 INFRASTRUCTURE PARTNERS L.P., by its 

general partner, BROOKFIELD 

INFRASTRUCTURE PARTNERS LIMITED
	 	 
	 	By:	/s/ [●]
	 	 	
    Name: [●]

    Title: [●]

 

 

	 	BROOKFIELD INFRASTRUCTURE 

FINANCE ULC
	 	By:	/s/ [●]
	 	 	
    Name: [●]

    Title: [●]

 

 

	 	BROOKFIELD INFRASTRUCTURE 

HOLDINGS (CANADA) INC.
	 	 
	 	By:	/s/ [●]
	 	 	
    Name: [●]

    Title: [●]

 

     

     

    

 

	 	BROOKFIELD INFRASTRUCTURE US 

HOLDINGS I CORPORATION
	 	 
	 	By:	/s/ [●]
	 	 	
    Name: [●]

    Title: [●]

 

 

	 	BIPC HOLDINGS INC.
	 	 
	 	By:	/s/ [●]
	 	 	
    Name: [●]

    Title: [●]

 

     

     

    

 

	 	COMPUTERSHARE TRUST COMPANY, 

N.A., as U.S. Trustee
	 	 
	 	By:	/s/ [●]
	 	 	
    Name:[●]

    Title:[●]

 

     

     

    

 

	 	COMPUTERSHARE
    TRUST COMPANY OF 

CANADA, as Canadian Trustee
	 	 
	 	By:	/s/
    [●]
	 	 	Name:[●]

    Title:[●]Document

RELEASE AGREEMENT
This Release Agreement (the “Agreement”) is dated as of January 10, 2022 by and between BARK, Inc. Company (the “Company”), a Delaware corporation (the “Company”), and Manish Joneja (“Executive”, “you” or “You” and together with the Company, the “Parties”).
WHEREAS, the Company and the Executive desire to terminate the Executive’s employment as Chief Executive Officer of the Company and Executive’s service as a director and officer to the Company and its subsidiaries effective as of January 10, 2022 (the “Termination Date”).
NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the Parties hereby agree as follows: 
1.Salary and Vacation Pay.  The Company will pay you all of your salary earned through the Termination Date on the next regular payroll date following the Termination Date. You acknowledge that the only payments and benefits that you are entitled to receive from the Company are those specified in this Agreement.  You hereby resign as Chief Executive Officer of the Company, and as a director and officer of the Company and each of its subsidiaries, effective as of the Termination Date.
2.Benefits. Your participation in all employee benefit plans, other than the Company’s health insurance plan, will end on the Termination Date. Except as otherwise permitted under this Agreement, your participation under the Company’s health insurance plan will end on the last day of the month in which the Termination Date occurs.  Under separate cover, you will receive additional information about your rights to continue your participation in the Company’s health insurance plan after the Termination Date. 
3.Advisor Agreement.  Effective as of the Termination Date, the Company will enter into an advisory relationship with You on the terms and conditions set forth in the Advisor Agreement that is attached as Exhibit A hereto (the “Advisor Agreement”).
4.Severance Pay.  The Company will (a) continue paying you an amount equal to your current base salary, less all applicable withholding taxes, for the 12-month period immediately following the Termination Date (the “Severance Period”) and in accordance with the Company’s standard payroll procedures, starting after you sign this Agreement (the aggregate amount of these severance payments is equal to $525,000), and (b) pay you twelve equal monthly  installments of $21,875, beginning on the Effective Date and each 30 day anniversary thereafter, (the total amount of these severance payments is equal to $262,500).  If you breach any provision of this Agreement, you understand that no additional severance payments will be made.
5.COBRA Premiums.  Although you otherwise would not have been entitled to any continuation of Company-paid health insurance, if you sign this Agreement and elect to continue group health insurance coverage, the Company will continue to provide to you and your dependents, at the Company’s sole expense, coverage under the Company’s group health plan at the same level as in effect on the Termination Date until the earlier of (a) the end of the period of 12 months following the month in which the Termination Date occurs, or (b) the date when you become eligible for substantially equivalent health insurance under a subsequent employer’s group health plan.
6.Additional Option Vesting.  On August 8, 2020, the Company granted you an option to purchase 6,496,732 shares (as adjusted) of its Common Stock (the “Option”).  As of the Termination Date, you will be vested in 2,165,580 of the option shares subject to the Option.  If you sign this Agreement, you will become vested in 1,624,183 additional option shares (for a total of 3,789,763 vested option shares (the “Vested Shares”)), effective as of the Termination Date. You acknowledge that, by the original terms of the Option, no additional shares would have vested.  

In addition, if you sign and do not revoke this Agreement and provide the Services for the Term of the Advisor Agreement (as such terms are defined in the Advisor Agreement), and subject to the approval of the Company’s Board of Directors, the  Stock Option Agreement between you and the Company shall be amended so that the Vested Shares subject to the Option will remain exercisable until the earlier to occur of (a) June 30, 2023 (the date that is 15 months following the end of the Term set forth in the Advisor Agreement) or (b) the expiration date applicable to such Option (the “Exercisability Extension”).  You acknowledge, understand and agree that, as a result of the Exercisability Extension, any portion of the Option originally intended to be an ISO will no longer qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended, effective as of the date on which you sign this Agreement. The Option will expire with respect to the unvested shares thereunder on the Termination Date. Except as amended in this Section 6, the Stock Option Agreement will remain in full force and effect, and you agree to remain bound by that agreement.  You acknowledge and agree that, except for the Vested Shares, you do not have any other rights to any Company equity or equity-based awards. 
7.Outplacement Services.  Provided that you sign this Agreement and comply with its terms, the Company agrees to provide you with outplacement services through the one-year anniversary of the Termination Date through TJA Leadership under the outplacement service terms (which shall include 90-minute weekly sessions) agreed to by such provider and the Company.
8.Release of All Claims.  
(a)In consideration for the severance payments and the benefits set forth herein, to the fullest extent permitted by law, You waive, release and promise never to assert any claims or causes of action, whether or not now known, against the Company, as co-employer, or their respective predecessors, successors or past or present subsidiaries, stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans with respect to any matter related to your employment and/or other service relationship with the Company or the termination of that employment and/or service relationship, including (without limitation) claims to capital stock in the Company (other than the Vested Shares), bonuses, options to purchase the Company’s common stock or any other equity awards, attorneys’ fees or costs, claims of wrongful discharge, constructive discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith and fair dealing and any claims of discrimination or harassment based on sex, age, race, national origin, disability or any other basis under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Equal Pay Act, the Right to Privacy in the Workplace Act, the Fair Labor Standards Act, the National Labor Relations Act, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act of 2008, the Minimum Fair Wage Act, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Workers Adjustment and Retraining Notification Act, the Families First Coronavirus Response Act, the CARES Act, the Washington Industrial Welfare Act, Ch. 49.12 RCW, the Minimum Wage Act, Ch. 49.46 RCW, the Wage Payment Act, Ch. 49.48 RCW, the Wage Rebate Act, Ch. 49.52 RCW, the Washington Law Against Discrimination, Ch. 49.60 RCW, Washington leave laws, including the Paid Sick Leave Act, RCW 49.46, the Family Care Act, RCW 49.12, the Domestic Violence Leave Act, RCW 49.76, the Military Family Leave Act, RCW 49.77, and leave for certain emergency services personnel, RCW 49.12,  the New York State Human Rights Law, the New York Executive Law, the New York Civil Practice Law and Rules, Article 23-A of the New York State Correction Law, the New York Judiciary Law, the New York Labor Law (including but not limited to the New York WARN Act, the New York Achieve Pay Equity Act and all other provisions prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York Civil Rights Law, the New York Administrative Code, the New York City Human Rights Law, all including their amendments and respective implementing regulations, and all other laws and regulations relating to employment. However, this release covers only those claims that arose prior to the execution of this Agreement and only those claims that may be waived by applicable law. Execution of this Agreement does not bar any claim that arises hereafter, including (without limitation) a claim for breach of this Agreement and any claim by You for indemnification. For the avoidance of doubt, this release shall not apply to the Vested Shares or any other rights that you have under this Agreement. 
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(b)You understand that this Agreement does not limit your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (each, a “Government Agency”). You further understand that this Agreement does not limit your ability to communicate with, or otherwise participate in any investigation or proceeding that may be conducted by a Government Agency. However, to the fullest extent permitted by law, You agree that You are waiving the right to monetary damages or other equitable or monetary relief as a result of any such charge, complaint, investigation or proceeding.
(c)The Company voluntarily and irrevocably releases and discharges You, and your executors and administrators, generally from all charges, complaints, claims, promises, agreements, causes of action, damages, and debts that relate in any manner to your employment with or services for the Company, known or unknown (the “Claims”), which the Company has, claims to have, ever had or ever claimed to have had against you through the date upon which you execute this Agreement.  This general release of Claims includes, without implication of limitation, all Claims related to your services or termination as a director, officer, employee, agent or fiduciary of the Company or your activities on behalf of the Company in any such capacity; provided, however, that this general release of Claims excludes any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law by you.
9.Consideration and Revocation Period.  You acknowledge that You have been advised in writing to consult with an attorney of your choice (at your own expense) prior to signing this Agreement, and that you had at least 21 days to consider this Agreement before signing it. You acknowledge that if this Agreement is signed before 21 days have elapsed from the date of delivery, by signing this Agreement You have expressly waived the 21-day consideration period. You acknowledge that You may revoke this Agreement within seven (7) days following its execution, and the Agreement shall not become effective until the revocation period has expired. If You do not revoke this Agreement, the eighth day after the date You sign this Agreement will be the “Effective Date.” 
10.No Admission.  Nothing contained in this Agreement will constitute or be treated as an admission by You or the Company of liability, any wrongdoing or any violation of law.
11.Section 409A.  Any amount paid under this Agreement is intended to satisfy the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations. You and the Company agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition before actual payment to You under Section 409A. For purposes of this Agreement, each of the payments to be made to You under this Agreement shall be designated as a separate payment under Section 409A.
12.Company Property.  You represent that You will return to the Company all property that belongs to the Company, including (without limitation) copies of documents that belong to the Company and files stored on your computer(s) that contain information belonging to the Company. 
13.Confidentiality of Agreement.  You agree that You will not disclose to others the existence or terms of this Agreement, except that You may disclose such information to Government Agencies or to your spouse, attorney or tax adviser if such individuals agree that they will not disclose to others the existence or terms of this Agreement, to the extent allowed under the law. You agree that you do not possess any claim or allegation, either asserted or otherwise, that may be subject to or covered under New York CPLR § 5003-b and New York General Obligations Law § 5-336.
14.Mutual No Disparagement/Public Statements.  You agree that You will never make any negative or disparaging statements (orally or in writing) about the Company or its stockholders, directors, officers, employees, products, services or business practices, except as required by law. The Company shall direct its officers and directors to not make any negative or disparaging statements (orally 
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or in writing) about You.  You agree to cooperate with the Company and its public relations firm on all external and internal communications regarding your employment relationship with and departure from the Company; the Parties shall agree on the description of your departure from the Company set forth in the press release announcing your departure and the Form 8-K filed by the Company in connection with your departure. For purposes of clarity Executive shall not be restricted from providing his candid assessments of the industry in which the Company operates provided that such assessments do not refer directly to the Company.
15.Cooperation.  Executive agrees to reasonably cooperate with and assist the Company and its legal counsel in connection with any current or future litigation, investigation or other legal matters involving the Company about which Executive has knowledge or information including by making himself available at mutually convenient times and reasonable locations during the Severance Period.   Following the Severance Period, in the event such  cooperation  could reasonably be expected to materially  interfere with Executive’s full-time employment by another entity, the Parties agree that  Executive shall be reasonably compensated for his time with respect to such cooperation at a mutually agreed to hourly rate.
16.Assignment.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of the Executive upon the Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of the Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of the Executive’s right to compensation or other benefits will be null and void.
17.Notices.  All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally, (b) one (1) day after being sent by a well-established commercial overnight service, or (c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the Parties or their successors at the following addresses, or at such other addresses as the Parties may later designate in writing:
If to the Company:
BARK, Inc.
Attn: Chief Executive Officer
221 Canal Street
6th floor
New York New York 10013

If to Executive:  
Manish Joneja
3801 49th Avenue NE 
Seattle, WA 98105

18.Severability.  If any term of this Agreement is held to be invalid, void or unenforceable, the remainder of this Agreement will remain in full force and effect and will in no way be affected, and the Parties will use their best efforts to find an alternate way to achieve the same result.
19.Other Agreements.  At all times in the future, You will remain bound by your Proprietary Information and Inventions Assignment Agreement with the Company which you signed on 
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or about September 2, 2020, a copy of which is attached as Exhibit B, and the Indemnification Agreement with the Company that You signed on or about June 1, 2021, a copy of which is attached as Exhibit C. Except as expressly provided in this Agreement, this Agreement renders null and void all prior agreements between You and the Company and constitutes the entire agreement between You and the Company regarding the subject matter of this Agreement. This Agreement may be modified only in a written document signed by You and a duly authorized officer of the Company.
20.Choice of Law.  This Agreement will be construed and interpreted in accordance with the laws of the State of New York (other than its choice-of-law provisions).
21.Waiver of Breach.  The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.
22.Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
23.Tax Withholding.  All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.
24.Execution.  This Agreement may be executed in counterparts, each of which will be considered an original, but all of which together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.
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IN WITNESS WHEREOF, each of the Parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written.
            BARK, INC.
Date:                By:         
            
                Name:    

                Title:        
EXECUTIVE:
Date:                        
                Manish Joneja

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EXHIBIT A
ADVISOR AGREEMENT
This Advisor Agreement (the “Agreement”) is made effective as of January 10, 2022 (the “Effective Date”), by and between BARK, Inc., a Delaware corporation (the “Company”), and Manish Joneja, an individual (“Advisor”). In light of Advisor’s expertise in areas related to the Company's business and strategy, Company and Advisor agree as follows:
1.Services.  Advisor agrees to consult with and advise Company from time to time on matters relating to Company’s actual and potential business at Company's request (the “Services”). The Services may be rendered in person, or by telephone, electronic mail or other means.
2.Compensation.  Subject to the execution of a Release Agreement in substantially the form attached hereto as Exhibit I at the end of the Term (as defined below), the only consideration due to Advisor regarding the subject matter of this Agreement shall be the Exercisability Extension (as defined in the Release Agreement by and between the Company and Advisor dated as of January 10, 2022). 
3.Inventions.  Company shall own all rights, title and interests (including patent rights, copyright rights, trade secret rights, trademark rights, sui generis database rights and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all deliverables, inventions (whether or not patentable), materials, articles, technologies, works of authorship, software, specifications, designs, plans, processes, know-how, ideas, data and other results, work products and information that are made or conceived or reduced to practice, in whole or in part, by advisor, and that arise out of the Services or that are based on or otherwise reflect any Proprietary Information (as defined below) (collectively, “Inventions”).  Advisor will promptly provide and fully disclose all Inventions to Company. Advisor hereby makes and agrees to make all assignments necessary to accomplish the foregoing ownership. Advisor will assist Company at its expense to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce and defend any rights assigned. 
4.Confidentiality.  Advisor agrees that all Inventions and all other financial, business, regulatory, clinical and technical information (including, information relating to Company's products, plans, customers and employees) that advisor develops, learns or obtains in connection with the Services constitute “Proprietary Information”. Advisor will safeguard using reasonable means, hold in confidence and not disclose or, except in performing the Services, copy or use any Proprietary Information. However, Advisor shall not be so obligated with respect to information that Advisor can document is or becomes readily publicly available without restriction through no fault of Advisor or Advisor rightfully knew without restriction prior to its disclosure by Company. Upon termination and as otherwise requested by Company, Advisor will promptly return to Company all originals and copies of any Proprietary Information, and all information, records and materials developed therefrom.
5.Term and Termination.  The term of this Agreement shall commence on the Effective Date and shall terminate on March 31, 2022 (the “Term”). Advisor may terminate this Agreement at any time, for any or no reason, by giving the Company 5 days’ prior written notice. Notwithstanding anything to the contrary contained in this Section 5, the Company may terminate this Agreement at any time, including during the Term, as a result of Advisor’s gross negligence or willful misconduct.  Sections 3 through 10 of this Agreement and any remedies for breach of this Agreement shall survive any termination or expiration. 
6.Relationship.  Notwithstanding any provision herein to the contrary, each party shall be and act as an independent contractor and not as a partner, joint venturer, employer, employee or agent of the other and shall not bind or attempt to bind the other to any contract.  Advisor warrants that: none of the Services or any part of this Agreement is or will be inconsistent with any of Advisor's other obligations; all services and Inventions will be Advisor's original work and their use will not violate the rights of any person or entity; and Advisor will not disclose to Company or use for its benefit any proprietary, confidential or trade secret information of any third party.
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7.Assignment.  This Agreement and the Services are personal to Advisor, and Advisor shall have no right or ability to subcontract, delegate, assign or otherwise transfer any rights or obligations under this Agreement without the prior written consent of Company. Any attempt to do otherwise shall be void. None of the rights of Advisor to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of the Advisor’s right to compensation or other benefits will be null and void. This Agreement will be binding upon and inure to the benefit of any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. 
8.Injunctive Relief.  Any breach of Section 4 will cause irreparable harm to Company for which damages will not be an adequate remedy, and therefore, Company shall be entitled to injunctive relief with respect thereto in addition to any other remedies. 
9.Notices.  All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally, (b) one (1) day after being sent by a well-established commercial overnight service, or (c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:
If to the Company:
BARK, Inc.
Attn: Chief Executive Officer
221 Canal Street
6th floor
New York New York 10013

If to Advisor:  
Manish Joneja
3801 49th Avenue NE 
Seattle, WA 98105
10.Severability.  If any term of this Agreement is held to be invalid, void or unenforceable, the remainder of this Agreement will remain in full force and effect and will in no way be affected, and the parties will use their best efforts to find an alternate way to achieve the same result.
11.Entire Agreement.  This Agreement, the Proprietary Information and Inventions Assignment Agreement with the Company which Advisor signed on or about September 2, 2020, a copy of which is attached as Exhibit II, and the Indemnification Agreement with the Company that Advisor signed on or about June 1, 2021, a copy of which is attached as Exhibit III represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral. This Agreement may be modified only in a written document signed by Advisor and a duly authorized officer of the Company.  
12.Choice of Law.  This Agreement will be construed and interpreted in accordance with the laws of the State of New York (other than its choice-of-law provisions).
13.Waiver of Breach.  The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.
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14.Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
15.Tax Withholding.  All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.
16.Execution.  This Agreement may be executed in counterparts, each of which will be considered an original, but all of which together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.
[Signature Page to Follow]
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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written.
            BARK, INC.:
Date:    January 10, 2022            By:     /s/ Matt Meeker    
            
                Name:    Matt Meeker

                Title: Chief Executive Officer and Executive Chairman        
ADVISOR:
Date:    January 10, 2022            /s/ Manish Joneja        
                Manish Joneja

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EXHIBIT I
RELEASE AGREEMENT
This Release Agreement (the “Agreement”) is dated as of _________ __, 2022 by and between BARK, Inc. Company (the “Company”), a Delaware corporation (the “Company”) and Manish Joneja (“Advisor;” or “You” and together with the Company, the “Parties”).
WHEREAS, the Company and the Advisor entered into the Advisor Agreement dated January 10, 2022 (the “Advisor Agreement”); and
WHEREAS, the Company and the Advisor now desire to terminate the Advisor Agreement and Advisor’s service under the Advisor Agreement effective as of March 31, 2022 (the “Termination Date”).
NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the Parties hereby agree as follows: 
1.Exercisability Extension.  Contingent upon the Advisor’s execution of this Agreement, the Board of Directors of the Company has approved the Exercisability Extension (as defined in the Advisor Agreement).
2.Release of All Claims.  
(a)In consideration for the Exercisability Extension and the benefits set forth herein, to the fullest extent permitted by law, You waive, release and promise never to assert any claims or causes of action, whether or not now known, against the Company, as co-employer, or their respective predecessors, successors or past or present subsidiaries, stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans with respect to any matter related to your employment and/or other service relationship with the Company or the termination of that employment and/or other service relationship, including (without limitation) claims to capital stock in the Company (other than the rights to capital stock of the Company described in the Release Agreement entered into by the Parties on January 10, 2022 (the “Release Agreement”)), bonuses, options to purchase the Company’s common stock or any other equity awards, attorneys’ fees or costs, claims of wrongful discharge, constructive discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith and fair dealing and any claims of discrimination or harassment based on sex, age, race, national origin, disability or any other basis under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Equal Pay Act, the Right to Privacy in the Workplace Act, the Fair Labor Standards Act, the National Labor Relations Act, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act of 2008, the Minimum Fair Wage Act, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Workers Adjustment and Retraining Notification Act, the Families First Coronavirus Response Act, the CARES Act, the Washington Industrial Welfare Act, Ch. 49.12 RCW, the Minimum Wage Act, Ch. 49.46 RCW, the Wage Payment Act, Ch. 49.48 RCW, the Wage Rebate Act, Ch. 49.52 RCW, the Washington Law Against Discrimination, Ch. 49.60 RCW, Washington leave laws, including the Paid Sick Leave Act, RCW 49.46, the Family Care Act, RCW 49.12, the Domestic Violence Leave Act, RCW 49.76, the Military Family Leave Act, RCW 49.77, and leave for certain emergency services personnel, RCW 49.12, the New York State Human Rights Law, the New York Executive Law, the New York Civil Practice Law and Rules, Article 23-A of the New York State Correction Law, the New York Judiciary Law, the New York Labor Law (including but not limited to the New York WARN Act, the New York Achieve Pay Equity Act and all other provisions prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York Civil Rights Law, the New York Administrative Code, the New York City Human Rights Law, all including their amendments and respective implementing regulations, and all other laws and regulations relating to employment. However, this release covers only those claims that arose prior to the execution of this Agreement and only those claims that may be waived by applicable law. Execution of this Agreement does not bar any 
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claim that arises hereafter, including (without limitation) a claim for breach of this Agreement and any claim by You for indemnification. For the avoidance of doubt, this release shall not apply to the Vested Shares (as defined in the Release Agreement) or any other rights you have under the Release Agreement. 
(b)You understand that this Agreement does not limit your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (each, a “Government Agency”). You further understand that this Agreement does not limit your ability to communicate with, or otherwise participate in any investigation or proceeding that may be conducted by a Government Agency. However, to the fullest extent permitted by law, You agree that You are waiving the right to monetary damages or other equitable or monetary relief as a result of any such charge, complaint, investigation or proceeding.
(c)The Company voluntarily and irrevocably releases and discharges You, and your executors and administrators, generally from all charges, complaints, claims, promises, agreements, causes of action, damages, and debts that relate in any manner to your employment with or services for the Company, known or unknown (the “Claims”), which the Company has, claims to have, ever had or ever claimed to have had against you through the date upon which you execute this Agreement.  This general release of Claims includes, without implication of limitation, all Claims related to your services or termination as a director, officer, employee, agent or fiduciary of the Company or your activities on behalf of the Company in any such capacity; provided, however, that this general release of Claims excludes any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law by you.
3.Consideration and Revocation Period.  You acknowledge that You have been advised in writing to consult with an attorney of your choice (at your own expense) prior to signing this Agreement, and that you had at least 21 days to consider this Agreement before signing it. You acknowledge that if this Agreement is signed before 21 days have elapsed from the date of delivery, by signing this Agreement You have expressly waived the 21-day consideration period. You acknowledge that You may revoke this Agreement within seven (7) days following its execution, and this Agreement shall not become effective until the revocation period has expired. If You do not revoke this Agreement, the eighth day after the date You sign this Agreement will be the “Effective Date.” 
4.No Admission.  Nothing contained in this Agreement will constitute or be treated as an admission by You or the Company of liability, any wrongdoing or any violation of law.
5.Company Property.  You represent that You will return to the Company all property that belongs to the Company, including (without limitation) copies of documents that belong to the Company and files stored on your computer(s) that contain information belonging to the Company. 
6.Confidentiality of Agreement.  You agree that You will not disclose to others the existence or terms of this Agreement, except that You may disclose such information to Government Agencies or to your spouse, attorney or tax adviser if such individuals agree that they will not disclose to others the existence or terms of this Agreement, to the extent allowed under the law. You agree that you do not possess any claim or allegation, either asserted or otherwise, that may be subject to or covered under New York CPLR § 5003-b and New York General Obligations Law § 5-336.
7.Assignment.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of the Advisor upon the Advisor’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of the Advisor to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of the Advisor’s right to compensation or other benefits will be null and void.
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8.Notices.  All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally, (b) one (1) day after being sent by a well-established commercial overnight service, or (c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the Parties or their successors at the following addresses, or at such other addresses as the Parties may later designate in writing:
If to the Company:
BARK, Inc.
Attn: Chief Executive Officer
221 Canal Street
6th floor
New York New York 10013

If to Advisor:  
Manish Joneja
3801 49th Avenue NE 
Seattle, WA 98105
9.Severability.  If any term of this Agreement is held to be invalid, void or unenforceable, the remainder of this Agreement will remain in full force and effect and will in no way be affected, and the parties will use their best efforts to find an alternate way to achieve the same result.
10.Other Agreements.  At all times in the future, You will remain bound by your Proprietary Information and Inventions Assignment Agreement with the Company which you signed on or about September 2, 2020, a copy of which are attached as Exhibit A, and the Indemnification Agreement with the Company that You signed on or about June 1, 2021, a copy of which is attached as Exhibit B. Except as expressly provided in this Agreement, this Agreement renders null and void all prior agreements between You and the Company and constitutes the entire agreement between You and the Company regarding the subject matter of this Agreement. This Agreement may be modified only in a written document signed by You and a duly authorized officer of the Company.
11.Choice of Law.  This Agreement will be construed and interpreted in accordance with the laws of the State of New York (other than its choice-of-law provisions).
12.Waiver of Breach.  The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.
13.Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
14.Execution.  This Agreement may be executed in counterparts, each of which will be considered an original, but all of which together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.
[Signature Page to Follow]

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GDSVF&H\7884069.1

IN WITNESS WHEREOF, each of the Parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written.
            BARK, INC.
Date:    January 10, 2022            By:     /s/ Matt Meeker    
            
                Name:    Matt Meeker

                Title: Chief Executive Officer and Executive Chairman    
Advisor:
Date:    January 10, 2022            /s/ Manish Joneja    
                Manish Joneja

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GDSVF&H\7884069.1

EXHIBIT A
PROPRIETARY INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT

1
GDSVF&H\7884069.1

EXHIBIT B
INDEMNIFICATION AGREEMENT

EXHIBIT II
PROPRIETARY INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT

EXHIBIT III
INDEMNIFICATION AGREEMENT

EXHIBIT B
PROPRIETARY INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT

EXHIBIT C
INDEMNIFICATION AGREEMENT

EXHIBIT D
STOCK OPTION AGREEMENT

GDSVF&H\7884069.1

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