Document:

Indenture, dated as of November 18, 2003

 Exhibit 4.2 
  

 DOMTAR INC. 
 TO 
 JPMORGAN CHASE BANK 
 Trustee 
 SENIOR INDENTURE 
 Dated as of November 18, 2003 
  

  

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	ARTICLE ONE	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	1
		 	SECTION 101.	 	Definitions.	  	1
		 	 Act
	  	2
		 	 Additional Amounts
	  	2
		 	 Affiliate
	  	2
		 	 Attributable Obligation
	  	2
		 	 Authenticating Agent
	  	3
		 	 Base Currency
	  	3
		 	 Board of Directors
	  	3
		 	 Board Resolution
	  	3
		 	 Business Day
	  	3
		 	 Canadian GAAP
	  	3
		 	 Capitalized Lease Obligation
	  	3
		 	 Capital Stock
	  	3
		 	 Commission
	  	3
		 	 Company
	  	3
		 	 Company Request and Company Order
	  	3
		 	 Consolidated Net Tangible Assets
	  	4
		 	 Corporate Trust Office
	  	4
		 	 corporation
	  	4
		 	 Covenant Defeasance
	  	4
		 	 Debt
	  	4
		 	 Defaulted Interest
	  	4
		 	 Defeasance
	  	5
		 	 Depositary
	  	5
		 	 Event of Default
	  	5
		 	 Exchange Act
	  	5
		 	 Excluded Holder
	  	5
		 	 Exempted Debt
	  	5
		 	 Expiration Date
	  	5
		 	 Funded Debt
	  	5
		 	 Global Security
	  	5
		 	 Holder
	  	5
		 	 Indenture
	  	5
		 	 Interest Payment Date
	  	5
		 	 Interest Rate
	  	6
		 	 Investment Company Act
	  	6
		 	 Judgment Currency
	  	6

  

 i 

							
		 	 Maturity
	  	6
		 	 Mortgage
	  	6
		 	 Notice of Default
	  	6
		 	 Officers’ Certificate
	  	6
		 	 Opinion of Counsel
	  	6
		 	 Original Issue Date
	  	6
		 	 Original Issue Discount Security
	  	6
		 	 Outstanding
	  	6
		 	 Paying Agent
	  	7
		 	 Person
	  	8
		 	 Place of Payment
	  	8
		 	 Predecessor Security
	  	8
		 	 Principal Facility
	  	8
		 	 Principal Property
	  	8
		 	 Purchase Money Obligation
	  	8
		 	 rate(s) of exchange
	  	8
		 	 Redemption Date
	  	8
		 	 Redemption Price
	  	9
		 	 Regular Record Date
	  	9
		 	 Responsible Officer
	  	9
		 	 Restricted Subsidiary
	  	9
		 	 Sale and Leaseback Transaction
	  	9
		 	 Securities or Security
	  	9
		 	 Securities Act
	  	9
		 	 Security Register and Security Registrar
	  	9
		 	 Special Record Date
	  	9
		 	 Stated Maturity
	  	9
		 	 Subsidiary
	  	10
		 	 Tax Act
	  	10
		 	 Taxes
	  	10
		 	 Timberlands
	  	10
		 	 Trust Indenture Act
	  	10
		 	 Trustee
	  	10
		 	 U.S. Dollar
	  	10
		 	 U.S. Government Obligations
	  	10
		 	 Vice President
	  	11
		 	 Voting Stock
	  	11
		 	 Wholly-Owned Restricted Subsidiary
	  	11
		 	SECTION 102.	 	Compliance Certificates and Opinions.	  	11
		 	SECTION 103.	 	Form of Documents Delivered to Trustee.	  	12
		 	SECTION 104.	 	Acts of Holders; Record Dates.	  	13
		 	SECTION 105.	 	Notices, Etc., to Trustee and Company.	  	15
		 	SECTION 106.	 	Notice to Holders; Waiver.	  	15

  

 ii 

							
		 	SECTION 107.	 	Conflict with Trust Indenture Act.	  	16
		 	SECTION 108.	 	Effect of Headings and Table of Contents.	  	16
		 	SECTION 109.	 	Successors and Assigns.	  	16
		 	SECTION 110.	 	Separability Clause.	  	16
		 	SECTION 111.	 	Benefits of Indenture.	  	17
		 	SECTION 112.	 	Governing Law.	  	17
		 	SECTION 113.	 	Legal Holidays.	  	17
		 	SECTION 114.	 	Computations.	  	17
		 	SECTION 115.	 	Conversion of Currency.	  	17
		 	SECTION 116.	 	Agency for Service; Submission to Jurisdiction; Waiver of Immunities.	  	19
		 	SECTION 117.	 	Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual Liability.	  	19
			
	ARTICLE TWO	 	SECURITY FORMS	  	20
		 	SECTION 201.	 	Forms Generally.	  	20
		 	SECTION 202.	 	Form of Legend for Global Securities.	  	21
		 	SECTION 203.	 	Form of Trustee’s Certificate of Authentication.	  	21
			
	ARTICLE THREE	 	THE SECURITIES	  	22
		 	SECTION 301.	 	Title; Terms.	  	22
		 	SECTION 302.	 	Denominations.	  	24
		 	SECTION 303.	 	Execution, Authentication, Delivery and Dating.	  	24
		 	SECTION 304.	 	Temporary Securities.	  	26
		 	SECTION 305.	 	Registration, Registration of Transfer and Exchange.	  	26
		 	SECTION 306.	 	Mutilated, Destroyed, Lost and Stolen Securities.	  	29
		 	SECTION 307.	 	Payment of Interest; Interest Rights Preserved.	  	29
		 	SECTION 308.	 	Persons Deemed Owners.	  	31
		 	SECTION 309.	 	Cancellation.	  	31
		 	SECTION 310.	 	Computation of Interest.	  	32
			
	ARTICLE FOUR	 	SATISFACTION AND DISCHARGE	  	32
		 	SECTION 401.	 	Satisfaction and Discharge of Indenture.	  	32
		 	SECTION 402.	 	Application of Trust Money.	  	34
			
	ARTICLE FIVE	 	REMEDIES	  	34
		 	SECTION 501.	 	Events of Default.	  	34
		 	SECTION 502.	 	Acceleration of Maturity; Rescission and Annulment.	  	35
		 	SECTION 503.	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	36
		 	SECTION 504.	 	Trustee May File Proofs of Claim.	  	37
		 	SECTION 505.	 	Trustee May Enforce Claims Without Possession of Securities.	  	38

  

 iii 

							
		 	SECTION 506.	 	Application of Money Collected.	  	38
		 	SECTION 507.	 	Limitation on Suits.	  	39
		 	SECTION 508.	 	Unconditional Right of Holders to Receive Principal, Premium and Interest.	  	39
		 	SECTION 509.	 	Restoration of Rights and Remedies.	  	40
		 	SECTION 510.	 	Rights and Remedies Cumulative.	  	40
		 	SECTION 511.	 	Delay or Omission Not Waiver.	  	40
		 	SECTION 512.	 	Control by Holders.	  	40
		 	SECTION 513.	 	Waiver of Past Defaults.	  	41
		 	SECTION 514.	 	Undertaking for Costs.	  	41
		 	SECTION 515.	 	Waiver of Usury, Stay or Extension Laws.	  	41
			
	ARTICLE SIX	 	THE TRUSTEE	  	42
		 	SECTION 601.	 	Certain Duties and Responsibilities.	  	42
		 	SECTION 602.	 	Notice of Defaults.	  	42
		 	SECTION 603.	 	Certain Rights of Trustee.	  	43
		 	SECTION 604.	 	Not Responsible for Recitals or Issuance of Securities.	  	45
		 	SECTION 605.	 	May Hold Securities.	  	45
		 	SECTION 606.	 	Money Held in Trust.	  	45
		 	SECTION 607.	 	Compensation and Reimbursement.	  	45
		 	SECTION 608.	 	Disqualification; Conflicting Interests.	  	46
		 	SECTION 609.	 	Corporate Trustee Required; Eligibility.	  	46
		 	SECTION 610.	 	Resignation and Removal; Appointment of Successor.	  	47
		 	SECTION 611.	 	Acceptance of Appointment by Successor.	  	48
		 	SECTION 612.	 	Merger, Conversion, Consolidation or Succession to Business.	  	49
		 	SECTION 613.	 	Preferential Collection of Claims Against Company.	  	50
		 	SECTION 614.	 	Appointment of Authenticating Agent.	  	50
			
	ARTICLE SEVEN	 	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	52
		 	SECTION 701.	 	Company to Furnish Trustee Names and Addresses of Holders.	  	52
		 	SECTION 702.	 	Preservation of Information; Communications to Holders.	  	52
		 	SECTION 703.	 	Reports by Trustee.	  	53
		 	SECTION 704.	 	Reports by Company.	  	53
			
	ARTICLE EIGHT	 	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	54
		 	SECTION 801.	 	Company May Consolidate, Etc., Only on Certain Terms.	  	54
		 	SECTION 802.	 	Successor Person Substituted.	  	56

  

 iv 

							
			
	ARTICLE NINE	 	SUPPLEMENTAL INDENTURES	  	56
		 	SECTION 901.	 	Supplemental Indentures Without Consent of Holders.	  	56
		 	SECTION 902.	 	Supplemental Indentures With Consent of Holders.	  	57
		 	SECTION 903.	 	Execution of Supplemental Indentures.	  	58
		 	SECTION 904.	 	Effect of Supplemental Indentures.	  	59
		 	SECTION 905.	 	Conformity with Trust Indenture Act.	  	59
		 	SECTION 906.	 	Reference in Securities to Supplemental Indentures.	  	59
			
	ARTICLE TEN	 	COVENANTS	  	59
		 	SECTION 1001.	 	Payment of Principal, Premium and Interest.	  	59
		 	SECTION 1002.	 	Maintenance of Office or Agency.	  	60
		 	SECTION 1003.	 	Money for Securities Payments to Be Held in Trust.	  	60
		 	SECTION 1004.	 	Statement by Officers as to Default.	  	62
		 	SECTION 1005.	 	Existence.	  	62
		 	SECTION 1006.	 	Maintenance of Properties.	  	62
		 	SECTION 1007.	 	Payment of Taxes.	  	62
		 	SECTION 1008.	 	Negative Pledge.	  	63
		 	SECTION 1009.	 	Limitation on Sale and Leaseback Transactions.	  	64
		 	SECTION 1010.	 	Calculations.	  	65
		 	SECTION 1011.	 	Waiver of Certain Covenants.	  	66
		 	SECTION 1012.	 	Additional Amounts.	  	66
			
	ARTICLE ELEVEN	 	REDEMPTION OF SECURITIES	  	68
		 	SECTION 1101.	 	Company’s Right of Redemption.	  	68
		 	SECTION 1102.	 	Applicability of Article.	  	68
		 	SECTION 1103.	 	Election to Redeem; Notice to Trustee.	  	69
		 	SECTION 1104.	 	Selection by Trustee of Securities to Be Redeemed.	  	69
		 	SECTION 1105.	 	Notice of Redemption.	  	70
		 	SECTION 1106.	 	Deposit of Redemption Price.	  	71
		 	SECTION 1107.	 	Securities Payable on Redemption Date.	  	71
		 	SECTION 1108.	 	Securities Redeemed in Part.	  	71
			
	ARTICLE TWELVE	 	DEFEASANCE AND COVENANT DEFEASANCE	  	72
		 	SECTION 1201.	 	Company’s Option to Effect Defeasance or Covenant Defeasance.	  	72
		 	SECTION 1202.	 	Defeasance and Discharge.	  	72
		 	SECTION 1203.	 	Covenant Defeasance.	  	72
		 	SECTION 1204.	 	Conditions to Defeasance or Covenant Defeasance.	  	73
		 	SECTION 1205.	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.	  	75
		 	SECTION 1206.	 	Reinstatement.	  	75
		 	SECTION 1207.	 	Qualifying Trustee.	  	76

  

 v 

 CERTAIN SECTIONS OF THIS INDENTURE RELATING 
 TO SECTIONS 310 THROUGH 318, 
 INCLUSIVE OF THE TRUST INDENTURE ACT OF 1939: 

 

			
	TRUST INDENTURE ACT SECTION	  	INDENTURE SECTION
	SECTION 310(a)(1)	  	609, 610
	(a)(2)	  	609
	(a)(3)	  	NOT APPLICABLE
	(a)(4)	  	NOT APPLICABLE
	(a)(5)	  	609
	(b)	  	608, 610
	SECTION 311(a)	  	613
	(b)	  	613
	SECTION 312(a)	  	701, 702
	(b)	  	702
	(c)	  	702
	SECTION 313(a)	  	703
	(b)	  	703
	(c)	  	703
	(d)	  	703
	SECTION 314(a)	  	704
	(a)(4)	  	101, 1004
	(b)	  	NOT APPLICABLE
	(c)(1)	  	102
	(c)(2)	  	102
	(c)(3)	  	NOT APPLICABLE
	(d)	  	NOT APPLICABLE
	(e)	  	102
	SECTION 315(a)	  	601
	(b)	  	602
	(c)	  	601
	(d)	  	601
	(e)	  	514
	SECTION 316(a)	  	101
	(a)(1)(A)	  	502, 512
	(a)(1)(B)	  	513
	(a)(2)	  	NOT APPLICABLE
	(b)	  	508
	(c)	  	104
	SECTION 317(a)(1)	  	503
	(a)(2)	  	504
	(b)	  	1003
	SECTION 318(a)	  	107

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

 vi 

 SENIOR INDENTURE, dated as of
                    , 2003, between Domtar Inc., a corporation duly organized and existing under the federal laws of Canada (herein called the
“Company”), having its principal office at 395 de Maisonneuve Blvd. West, Montreal, Quebec H3A 1L6, and JPMorgan Chase Bank, a New York banking corporation, as Trustee (herein called the “Trustee”). 
 RECITALS OF THE COMPANY 
 The Company has
duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured senior debt securities in one or more series (the “Securities”) of substantially the tenor hereinafter provided,
and to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered; and 
 all things necessary
to make the Securities, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company, in accordance with its
terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Securities or of a series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL
APPLICATION 
 SECTION 101. Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms
defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (2) all other
terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term
“generally accepted accounting 

 
principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the time
of such computation; provided, that when two or more principles are so generally accepted, it shall mean that set of principles consistent with those in use by the Company; 
 (4) 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; and 
 (5) the words “herein”, “hereinafter”, “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. 
 “Act” when used with respect to any Holder, has the meaning specified in Section 104. 
 “Additional Amounts” has the meaning specified in Section 1012. 
 “Affiliate” of any specified Person
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Attributable Obligation” means, in respect of a Sale and Leaseback Transaction, the
present value (discounted at the rate of interest implicit in such transaction, if known, or at the rate of 10% if such implicit rate is not known) of the obligation of the lessee for the net rental payments (as described below) during the remaining
term of the lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended) entered into in connection therewith, such present value to be established as at the date as of which the amount of the
payment is determined and in accordance with Canadian GAAP as in effect from time to time. The term “net rental payments” under any lease for any period means the sum of the rental and other payments required to be paid in such period by
the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether or not designated as rental or additional rental) on account of indemnities (other than any constituting basic rent) or maintenance and repairs,
insurance, taxes, assessments, water rates, utilities or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by such lessee thereunder contingent upon the amount of sales, production or other measures of
economic performance. 
  

 2 

 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614
to act on behalf of the Trustee to authenticate Securities. 
 “Base Currency” has the meaning specified in Section 115.

 “Board of Directors” means either the board of directors of the Company or any duly authorized committee of that board.

 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York, New York, the Corporate Trust Office or any Place of Payment are authorized or obligated by
law or executive order to close. 
 “Canadian GAAP” means, at any particular time, accounting principles generally accepted in
Canada at such time. 
 “Capitalized Lease Obligation” means, with respect to any Person, any obligation of such Person as lessee
with respect to any lease that is required to be capitalized on its balance sheet in accordance with Canadian GAAP as in effect from time to time. The amount of any Capitalized Lease Obligation at any time shall be the amount at which it is carried
on the balance sheet of the lessee at such time in accordance with such principles. 
 “Capital Stock” of any Person means any and
all shares, interests, participations or other equivalents (however designated) of corporate stock of such Person. 
 “Commission”
means the United States 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. 
 “Company” means the Person
named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 “Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the Company
by (i) its Chairman of the Board of Directors, Chief Executive Officer, President or any Vice President, and (ii) its Treasurer, 

  

 3 

 
any Associate Treasurer, any Assistant Treasurer, its Controller, its Secretary or any Assistant Secretary, and delivered to the Trustee or, with respect to
Sections 303, 304, 305 and 603, any other employee of the Company named in an Officers’ Certificate delivered to the Trustee. 
 “Consolidated Net Tangible Assets” means, with respect to any Person(s), the total of all assets appearing on the most recent consolidated balance sheet of such Person(s), less the sum of the following amounts appearing on such
consolidated balance sheet: 
 (1) amounts, if any, at which goodwill, trademarks, tradenames, copyrights, patents and other similar
intangible assets (other than timber licenses) and unamortized stock or debt commission, discount, expense and premium shall appear as assets; 
 (2) all amounts at which investments in Subsidiaries which are not being consolidated shall appear on such consolidated balance sheet as assets; 
 (3) the amount of all liabilities appearing on such consolidated balance sheet as current liabilities; and 
 (4) any minority interest appearing on such consolidated balance sheet, 
 all as determined on a consolidated basis in accordance with Canadian
GAAP as in effect from time to time, except that the Company’s investment in Norampac Inc. shall be accounted for as an equity investment. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the date hereof is located at 4 New York Plaza, 15th Floor,
New York, New York 10004. 
 “corporation” means a corporation, association, company, joint-stock company or business trust.

 “Covenant Defeasance” has the meaning specified in Section 1203. 
 “Debt” means all Capitalized Lease Obligations and any undischarged indebtedness for money borrowed, whether or not evidenced by any note,
bond, debenture or other instrument; provided, however, that Debt shall not include any Debt for the payment or redemption of which money in the necessary amount shall have been deposited in irrevocable trust either at or before the maturity or
Redemption Date thereof. 
 “Defaulted Interest” has the meaning specified in Section 307. 
  

 4 

 “Defeasance” has the meaning specified in Section 1202. 
 “Depositary” means the clearing agency registered under the Exchange Act that is designated by the Company in Section 301 to act as
depositary for any series of Securities with respect to such series (or any successor to such clearing agency). 
 “Event of
Default,” unless otherwise specified with respect to Securities of a series pursuant to Section 301, has the meaning specified in Section 501. 
 “Exchange Act” means the United States Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time. 
 “Excluded Holder” has the meaning specified in Section 1012. 
 “Exempted Debt” means without duplication (a) all Debt of the Company and its Restricted Subsidiaries which is secured by a Mortgage
described in clause (h) of Section 1008 and (b) all Attributable Obligations in respect of Sale and Leaseback Transactions described in paragraph (b) of Section 1009. 
 “Expiration Date” has the meaning specified in Section 104. 
 “Funded Debt” of any Person means any Debt, whether issued, assumed or guaranteed by any Person, maturing by its terms more than one year from the date of issuance, assumption or guarantee thereof or which
is extendible or renewable at the sole option of the obligor in such manner that it may become payable more than one year from the date of issuance, assumption or guarantee thereof by such Person. 
 “Global Security” means a Security that evidences all or part of a series of Securities issued to the Depositary or its nominee for such
series, and registered in the name of such Depositary or its nominee and bearing the legend set forth in Section 202. 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indenture” means
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of each particular
series of Securities established as contemplated by Section 301, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this
instrument and any such supplemental indenture, respectively. 
 “Interest Payment Date” means as to each series of Securities the
Stated Maturity of an installment of interest on such Securities. 
  

 5 

 “Interest Rate” means the rate of interest specified or determined as specified in each
Security as being the rate of interest payable on such Security. 
 “Investment Company Act” means the United States Investment
Company Act of 1940 and any statute successor thereto, in each case as amended from time to time. 
 “Judgment Currency” has the
meaning specified in Section 115. 
 “Maturity” when used with respect to any Security, means the date on which the principal
of such Security or an installment of principal becomes due and payable as provided in the Securities or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
 “Mortgage” means any mortgage, hypothec, privilege, pledge, security interest, floating charge or other similar lien or encumbrance.

 “Notice of Default” means a written notice of the kind specified in Section 501(3). 
 “Officers’ Certificate” means a certificate signed by (i) the Chairman of the Board of Directors, Chief Executive Officer, President
or any Vice President, and (ii) the Treasurer, any Associate Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing an
Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Company. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for (and an employee of) the Company, and who shall be reasonably acceptable to the Trustee. 
 “Original Issue Date” means the date of issuance specified as such in each Security. 
 “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 502. 
 “Outstanding” when used with respect to
Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (1) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  

 6 

 (2) Securities, or portions thereof, for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided
that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (3) Securities, except to the extent provided in Sections 1202 and 1203, with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Twelve; and 
 (4) Securities which have been paid pursuant to Section 306 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held
by Holders in whose hands such Securities are valid, binding and legal obligations of the Company; 
 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 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or
determined as contemplated by Section 301, and (C) Securities beneficially owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee
knows 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 Trustee the pledgee’s right so to act with respect to
such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means the Trustee or any other Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of
the Company. 
  

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 “Person” means any individual, corporation, partnership, joint venture, association, limited
liability or joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of Payment” means, with respect to the Securities of any series, the place or places where the principal of and any premium and interest on the Securities of such series are payable as specified as contemplated by
Section 301. 
 “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 306 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. 
 “Principal Facility” means any
mill, converting plant or manufacturing plant owned or leased at the date of this Indenture or acquired or leased by the Company or any Subsidiary after such date and which is located within Canada or the United States, other than any mill or plant
the fair value of which as determined by the Board of Directors does not at the time exceed 1% of the Consolidated Net Tangible Assets of the Company. 
 “Principal Property” means, as the context may require, any real or immoveable property forming part of or constituting any or all of the following: any Principal Facility or Timberlands. 
 “Purchase Money Obligation” means any indebtedness, whether or not secured, incurred in respect of the cost of acquisition of any property
(including shares of Capital Stock or Debt) or of the cost of construction or improvement of any property acquired, constructed or improved after the date of this Indenture, which indebtedness existed at the time of acquisition or was created,
issued, incurred, assumed or guaranteed contemporaneously with the acquisition, construction or improvement or within 120 days after the completion thereof (or subsequently if created pursuant to a firm commitment financing arrangement obtained
within such 120-day period, provided that the related indebtedness is created within 90 days after the expiration of such 120-day period) and includes any extension, renewal or refunding of any such indebtedness if the principal amount thereof
outstanding on the date of such extension, renewal or refunding is not increased. 
 “rate(s) of exchange” has the meaning
specified in Section 115. 
 “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. 
  

 8 

 “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 a series means, unless otherwise provided pursuant to Section 301 with respect to Securities of a series, the date which is fifteen days next preceding such Interest Payment Date (whether or not a Business Day).

 “Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee with direct responsibility for
the administration of this Indenture, located at the Corporate Trust Office and assigned by the Trustee from time to time to administer its corporate trust matters. 
 “Restricted Subsidiary” means (a) a Subsidiary which, as at the end of the Company’s then most recently completed fiscal quarter, had Consolidated Net Tangible Assets representing 5% or more of the
Consolidated Net Tangible Assets of the Company (including such Subsidiary) and owns or leases any interest in a Principal Property and (b) any other Subsidiary which the Board of Directors shall have determined to be a Restricted Subsidiary.
Any determination mentioned in (b) shall be irrevocable provided, however, that the Board of Directors may determine that a Restricted Subsidiary described in (b) shall cease to be a Restricted Subsidiary and shall become an
unrestricted Subsidiary if (i) a Person other than the Company or a Restricted Subsidiary shall hold a minority interest in such Restricted Subsidiary of at least 15% of the common shareholders’ equity of such Restricted Subsidiary and
(ii) immediately after such Restricted Subsidiary becomes an unrestricted Subsidiary, no Event of Default or event which, with time or the giving of notice or both, would become an Event of Default, shall exist. 
 “Sale and Leaseback Transaction” has the meaning specified in Section 1009. 
 “Securities” or “Security” means any debt securities or debt security, as the case may be, authenticated and delivered under this
Indenture. 
 “Securities Act” means the United States 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 305. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 307. 
 “Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest
thereon, means the date specified in such Security as the 

  

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fixed date on which the principal of such Security or such installment of principal or interest is due and payable, in the case of such principal or
installment of principal, as such date may be extended or shortened as provided pursuant to the terms of such Security. 
 “Subsidiary” of any Person means any corporation of which more than 50% of the Voting Stock is owned, directly or indirectly, by or for the benefit of the Company or by or for any corporation in like relation to the Company and
includes any corporation in like relation to a Subsidiary. 
 “Tax Act” means the Income Tax Act (Canada). 
 “Taxes” has the meaning specified in Section 1012. 
 “Timberlands” means any real or immovable property located within Canada or the United States and (a) which is owned by the Company or any Subsidiary and contains, or (b) with respect to which the
Company or any Subsidiary is entitled under any lease, license or similar agreement to cut and remove, standing timber which is (or upon completion of a growth cycle then in process is expected to become) of a commercial quantity and of merchantable
quality, other than (i) any such property which at the time of determination is not held primarily for the production of lumber or other wood products, (ii) any such property the fair value of which as determined by the Board of Directors
does not at the time exceed 1% of the Consolidated Net Tangible Assets of the Company or (iii) any reserves of oil and gas located under such property. 
 “Trust Indenture Act” or “TIA” means the United States 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 Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and, if at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of that series. 
 “U.S.
Dollar” means the currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 
 “U.S. Government Obligations” means, with respect to the Securities of any series, securities which are (i) direct obligations of the United States of America or (ii) obligations of a Person
controlled or supervised by and acting as an agency or 

  

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instrumentality of the United States of America the payment of which is unconditionally guaranteed by the United States of America and which, in either case,
are full faith and credit obligations of the United States of America and are not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act) as custodian with respect to any such Government Obligation held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation
evidenced by such depository receipt. 
 “Vice President” when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title “Vice President”. 
 “Voting Stock” of any Person means Capital Stock of any class of such Person which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power
by reason of any contingency. 
 “Wholly-Owned Restricted Subsidiary” means a Restricted Subsidiary all of whose Voting Stock
(other than shares required to be owned by directors under any applicable law) are owned by the Company and/or one or more of its Wholly-Owned Restricted Subsidiaries. 
 SECTION 102. Compliance Certificates and Opinions. 
 Upon any application or request by the Company to
the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the
form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this
Indenture. In the case of an application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion
need be furnished. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
(other than the certificates provided pursuant to Section 1004) shall include: 
 (1) a statement that each individual signing such
certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
  

 11 

 (2) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual,
he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 103. Form of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon 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 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, or other
management employee of the Company or any Subsidiary stating that the information with respect to such factual matters is in the possession of the Company or such Subsidiary, 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. 
 Any certificate or opinion of an
officer of the Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless such officer or counsel,
as the case may be, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the accounting matters upon which such certificate or opinion may be based are erroneous. Any
certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent. 
  

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 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. 
 SECTION
104. Acts of Holders; Record Dates. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and,
except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive and may be relied upon by the Trustee, the Company, and any agent of the Trustee or the Company, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
Person acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. 
 (c) The fact and date of the execution by any Person 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 Trustee deems sufficient and
in accordance with such reasonable rules as the Trustee may determine. 
 (d) The ownership of Securities shall be proved by the Security
Register. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or
the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
  

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 (f) The Company may, but shall not be obligated to, set any day as a record date for the purpose of
determining the Holders of Outstanding Securities 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, provided that the Company 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 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; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date (as defined below) by Holders of the requisite principal amount of Outstanding Securities on such record date.
Nothing in this paragraph shall be construed to prevent the Company 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 on the date
such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the
Trustee in writing and to each Holder of Securities in the manner set forth in Section 106. 
 The Trustee may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request
to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 512. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities on such record date. Nothing in this paragraph shall be construed to prevent the Trustee 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 on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall
cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities in the manner set forth in Section 106. 
  

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 With respect to any record date set pursuant to this Section, the party hereto which sets such record
dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is
given to the other party hereto in writing, and to each Holder of Securities in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set
pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date
as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
 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. 
 SECTION
105. Notices, Etc., to Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders
or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 
 (1) the Trustee by any
Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed to or with the Trustee in writing at its Corporate Trust Office, Attention: Institutional Trust Services, or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in
writing and mailed, first-class, postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the
Company, Attention: Senior Vice President and Chief Financial Officer. 
 Neither the Company nor the Trustee shall be deemed to have
received any such request, demand, authorization, direction, notice, consent, waiver or Act of Holders unless given, furnished or filed as provided in this Section 105. 
 SECTION 106. 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 

  

 15 

 
mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder 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. 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. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 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 written approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 SECTION 107. Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of
the Trust Indenture Act which is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so
modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 SECTION 108.
Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
 SECTION 109. Successors and Assigns. 
 All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 110. 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. 
  

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 SECTION 111. Benefits of Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Security Registrar and their successors and assigns, and the Holders,
any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 112. Governing Law. 
 This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. This Indenture is subject to
the provisions of The Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 
 SECTION 113. Legal Holidays. 
 In any case where any Interest Payment Date, Redemption Date, Maturity or Stated Maturity of
any Security shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section))
payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Maturity
or Stated Maturity and no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date, Maturity or Stated Maturity, as the case may be, if such payment is made or duly provided for on the next succeeding Business
Day. 
 SECTION 114. Computations. 
 Unless otherwise specifically provided, the certificate or opinion of any independent firm of public accountants of recognized standing selected by the Board of Directors shall be conclusive evidence of the correctness of any computation
made under the provisions of this Indenture. The Company shall furnish to the Trustee upon its request a copy of any such certificate or opinion. 
 SECTION
115. Conversion of Currency. 
 The Company covenants and agrees that the following provisions shall apply to conversion of currency in
the case of the Securities and this Indenture: 
 (a) (i) If for the purpose of obtaining judgment in, or enforcing the judgment of, any court
in any country, it becomes necessary to convert into a currency (the “Judgment Currency”) an amount due in any other currency (the “Base Currency”), then the conversion shall be made at the rate of exchange prevailing on the
Business Day before the day on which the judgment is given or the order of enforcement is made, as the case may be (unless a court shall otherwise determine). 
  

 17 

 (ii) If there is a change in the rate of exchange prevailing between the Business Day
before the day on which the judgment is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date of receipt of the amount due, the Company will pay such additional (or, as the case
may be, such lesser) amount, if any, as may be necessary so that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount in Base Currency originally due. 

(b) In the event of the winding-up of the Company at any time while any amount or damages owing under the Securities and this Indenture, or any
judgment or order rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders and the Trustee harmless against any deficiency arising or resulting from any variation in rates of exchange between
(i) the date as of which the equivalent of the amount in Base Currency due or contingently due under the Securities and this Indenture (other than under this paragraph (b)) is calculated for the purposes of such winding-up and (ii) the
final date for the filing of proofs of claim in such winding-up. For the purpose of this paragraph (b) of Section 115, the final date for the filing of proofs of claim in the winding-up of the Company shall be the date fixed by the
liquidator or otherwise in accordance with the relevant provisions of applicable law as being the latest practicable date as at which liabilities of the Company may be ascertained for such winding-up prior to payment by the liquidator or otherwise
in respect thereto. 
 (c) The obligations contained in paragraphs (a)(ii) and (b) of this Section 115 shall constitute separate
and independent obligations of the Company from its other obligations under the Securities and this Indenture, shall give rise to separate and independent causes of action against the Company, shall apply irrespective of any waiver or extension
granted by any Holder or the Trustee or either of them from time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of the Company for a liquidated sum in
respect of amounts due hereunder (other than under paragraph (b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustee, as the case may be, and
no proof or evidence of any actual loss shall be required by the Company or its liquidator. In the case of paragraph (b) above, the amount of such deficiency shall not be deemed to be increased or reduced by any variation in rates of exchange
occurring between the said final date and the date of any liquidation distribution. 
  

 18 

 (d) The term “rate(s) of exchange” shall mean the Bank of Canada noon rate for purchase of Base
Currency with the Judgment Currency as reported by REUTERS on screens BOFC and BOFD. 
 (e) The Trustee shall have no duty or liability with
respect to monitoring or enforcing this Section 115. 
 SECTION 116. Agency for Service; Submission to Jurisdiction; Waiver of Immunities.

 (a) By the execution and delivery of this Indenture, the Company (i) acknowledges that it has, by separate written instrument,
irrevocably designated and appointed CT Corporation System, as its authorized agent for service of process in any suit, action or proceeding arising out of or based upon the Securities of any series or this Indenture that may be instituted in any
federal or state court located in the Borough of Manhattan in The City of New York, or brought under United States federal or state securities laws or brought by the Trustee, and acknowledges that CT Corporation System has accepted such designation,
(ii) irrevocably submits to the nonexclusive jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees that service of process upon CT Corporation System and written notice of said service to it (mailed or
delivered to the Company’s Senior Vice President and Chief Financial Officer at its principal office in Montreal, Canada as specified in Section 105(2) in this indenture) shall be deemed in every respect effective service of process upon
it in any such suit, action or proceeding. The Company further agrees to take any and all actions, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of
CT Corporation System in full force and effect so long as this Indenture shall be in full force and effect. 
 (b) To the extent that the
Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to
itself or its Property, the Company hereby irrevocably waives such immunity in respect of its obligations under this Indenture and the Securities, to the extent permitted by law. 
 SECTION 117. Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual Liability. 
 No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security of any series, or because of any indebtedness evidenced thereby, shall be had against any incorporator,
as such or against any past, present or future shareholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute or 

  

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constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities. 
 ARTICLE TWO 
 SECURITY FORMS 
 SECTION
201. Forms Generally. 
 The Securities of each series shall be substantially in the form attached as Exhibit A, or in such other form
or forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate provisions 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 applicable tax laws or 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 the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 with respect to the authentication and delivery of such Securities. 

The Trustee’s certificate of authentication shall be substantially in the form set forth in this Article. 
 The definitive Securities shall be printed, lithographed or engraved on a steel engraved border or on steel engraved borders or produced by any
combination of these methods, if required by any securities exchange on which the Securities may be listed, or may be produced in any other manner permitted by the rules of any securities exchange on which the Securities may be listed, all as
determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 Except as otherwise specified as
contemplated by Section 301 for Securities of any series, the Securities of each series will initially be issued in the form of one or more Global Securities. Each such Global Security shall represent such of the Outstanding Securities of such
series as shall be specified therein and each shall provide that it shall represent the aggregate amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate amounts of Outstanding Securities of such
series represented thereby may from time to time be reduced or increased, as appropriate. The Global Security or Securities evidencing the Securities of a series (and all Securities issued in exchange therefore) shall bear the legend indicated in
Section 202. 
  

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 SECTION 202. Form of Legend for Global Securities. 
 Every Global Security authenticated and delivered hereunder shall, in addition to the provisions contained in Exhibit A, bear a legend in substantially
the following form: 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN DTC OR SUCH NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 SECTION 203. Form of
Trustee’s Certificate of Authentication. 
 The Trustee’s certificates of authentication shall be in substantially the following
form: 
 Certificate of Authentication 
 This is one of the Securities referred to in the within-mentioned Indenture. 
 Dated: 
  

			
	JPMorgan Chase Bank
	as Trustee
		
	By:	 	  

		 	Authorized Officer

  

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 ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Title; Terms. 
 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, and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of a series: 
 (a) the title
of the securities of such series, which shall distinguish the Securities of the series from all other Securities; 
 (b) the limit, if any,
upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu
of, other Securities of the same series pursuant to Section 304, 305, 306, 906 or 1108 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); provided,
however, that the authorized aggregate principal amount of such series may be increased above such amount by a Board Resolution to such effect; 
 (c) the Stated Maturity or Maturities on which the principal of the Securities of such series is payable or the method of determination thereof; 
 (d) the rate or rates, if any, at which the Securities of such series shall bear interest or the method of determining such rate or rates, the Interest
Payment Dates on which such interest shall be payable, the right, if any, of the Company to defer or extend an Interest Payment Date, the Regular Record Date (if other than as defined in this Indenture) for the interest payable on any Interest
Payment Date and the dates from which interest shall accrue and the method of determining these dates; 
 (e) the place or places where the
principal of (and premium, if any) and interest on the Securities of such series shall be payable, the place or places where the Securities of such series may be presented for registration of transfer or exchange, and the place or places where
notices and demands to or upon the Company in respect of the Securities of such series may be made; 
  

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 (f) the period or periods within or the date or dates on which, if any, the price or prices at which and
the terms and conditions upon which the Securities of such series may be redeemed or prepaid, in whole or in part, at the option of the Company; 
 (g) the obligation or the right, if any, of the Company to redeem, repay or purchase the Securities of such series pursuant to any sinking fund, amortization or analogous provisions or at the option of a Holder thereof and the period or
periods within which, the price or prices at which, the currency or currencies (including currency unit or units) in which and the other terms and conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in
part, pursuant to such obligation; 
 (h) the denominations in which any Securities of such series shall be issuable, if other than
denominations of $1,000 and any integral multiple thereof; 
 (i) if other than U.S. Dollars, the currency or currencies (including currency
unit or units) in which the principal of (and premium, if any) and interest, if any, on the Securities of the series shall be payable, or in which the Securities of the series shall be denominated; 
 (j) the additions, modifications or deletions, if any, in the Events of Default or covenants of the Company set forth herein with respect to the
Securities of such series; 
 (k) if other than the principal amount thereof, the portion of the principal amount of Securities of such
series that shall be payable upon declaration of acceleration of the Maturity thereof; 
 (l) the additions or changes, if any, to this
Indenture with respect to the Securities of such series as shall be necessary to permit or facilitate the issuance of the Securities of such series in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

 (m) any index or indices used to determine the amount of payments of principal of and premium, if any, on the Securities of such series or
the manner in which such amounts will be determined; 
 (n) the issuance of a temporary Global Security representing all of the Securities of
such series and the terms upon which such temporary Global Security may be exchanged for definitive Securities of such series; 
 (o) whether
the Securities of the series shall be issued in whole or in part in the form of one or more Global Securities and, in such case, the identity of the Depositary for such Global Securities; 
  

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 (p) the appointment of any Paying Agent or Agents for the Securities of such series; 
 (q) the terms and conditions of any right or obligation on the part of the Company, or any option on the part of the Holders, to convert or exchange
Securities of such series into cash or any other securities or property of the Company or any other Person, and the additions or changes, if any, to this Indenture with respect to the Securities of such series to permit or facilitate such conversion
or exchange; and 
 (r) any other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this
Indenture). 
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be
provided herein or in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental hereto. 
 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 the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
 SECTION 302.
Denominations. 
 The Securities of each series shall be in registered form without coupons and shall be issuable in denominations of
$1,000 and any integral multiples thereof, unless otherwise specified as contemplated by Section 301. 
 SECTION 303. Execution, Authentication,
Delivery and Dating. 
 The Securities shall be executed on behalf of the Company by its Chairman of the Board of Directors, Chief
Executive Officer, President or any Vice President and attested by its Treasurer, any Associate Treasurer, any Assistant Treasurer, its Secretary or any Assistant Secretary. The signature of any of these officers on the Securities may be manual or
facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities executed by the Company to the
Trustee 

  

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for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities. 
 Notwithstanding the provisions 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 Company Order otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such Company
Order is 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. 
 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 Trustee by the manual signature of one of its authorized officers, 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 Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309, 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. 
 Minor typographical and other minor errors in the text
of any Security shall not affect the validity and enforceability of such Security if it has been duly authenticated and delivered by the Trustee. 
 Except in the case of Securities of any series as to which it is specified, as contemplated by Section 301, that such Securities shall be issued initially in individual certificated form, the Company shall execute and the Trustee shall
authenticate and deliver one or more Global Securities with respect to each series of Securities that (i) shall represent an aggregate amount equal to the aggregate principal amount of the initially issued Securities of such series,
(ii) shall be registered in the name of the Depositary or the nominee of the Depositary, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend
substantially in the form required in Section 202. If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
  

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 The Depositary must, at all times while it serves as such Depositary, be a clearing agency registered
under the Exchange Act, and any other applicable statute or regulation. 
 SECTION 304. Temporary Securities. 
 Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the 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 of any series in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender of the temporary Securities at the office or agency of the Company in a Place of Payment without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of
authorized denominations and having the same Original Issue Date and Stated Maturity and having the same terms as such temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under
this Indenture as definitive Securities. 
 SECTION 305. Registration, Registration of Transfer and Exchange. 
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office or in any other office
or agency of the Company in a Place of Payment being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Securities and of transfers and exchanges of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 
 Upon surrender for registration of transfer of any Security at the office or agency of the Company in a Place of Payment, the Company shall execute, and
the 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 a like tenor and aggregate principal amount, of the same
original Issue Date and Stated Maturity and having the same terms. 
  

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 Notwithstanding any other provision of this Section, unless and until it is exchanged in whole or in part
for the individual Securities represented thereby, a Global Security representing all or a portion of the Securities may not be transferred except as a whole by the Depositary to a nominee of such Depositary, or by a nominee of such Depositary to
such Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary or nominee of such successor Depositary. 
 At the option of the Holder, Securities may be exchanged for other Securities, of the same series of any authorized denominations, of like tenor and aggregate principal amount, of the same Original Issue Date and
Stated Maturity and having the same terms, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Securities which the Holder making the exchange is entitled to receive. 
 If at any time the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary or if at any time the Depositary shall cease to be a clearing agency registered under the Exchange Act as provided in Section 303, the Company shall appoint a successor Depositary. If a successor
Depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery
of individual Securities, will authenticate and make available for delivery, individual Securities in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing the Securities in exchange for such
Global Security or Securities. 
 The Company may at any time and in its sole discretion determine that individual Securities issued in the
form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual
Securities, will authenticate and make available for delivery, individual Securities in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing the Securities in exchange for such Global Security
or Securities. 
 The Depositary may surrender a Global Security in exchange in whole or in part for individual Securities on such terms as
are acceptable to the Company, the Trustee and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and make available for delivery, without service charge: 
 (1) to each Person specified by such Depositary a new individual Security or Securities of any authorized denomination as requested by such Person in
aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 
  

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 (2) to such Depositary a new Global Security in a denomination equal to the difference, if any, between
the principal amount of the surrendered Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof. 
 Upon the exchange of a Global Security for individual Securities in an aggregate principal amount equal to the principal amount of such Global Security, such Global Security shall be canceled by the Trustee. Individual Securities issued in
exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee. The Trustee shall make available for delivery such individual Securities to the Persons in whose names such Securities are so registered. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same
debt, and 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 Company or the Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No
service charge shall be made to a Holder for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1108 not involving any transfer. 
 Neither the Company nor the Trustee shall be required, pursuant to the provisions of this Section: (i) to issue, register the transfer of or exchange any Security of any series during a period beginning at the
opening of business 15 Business Days before the day of the mailing of a notice of redemption of any such Securities selected for redemption of Securities pursuant to Article Eleven and ending at the close of business on the day of such mailing of
notice of redemption; or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed in part, any portion thereof that is not redeemed. 

 

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 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is surrendered to the Trustee together with such security or indemnity as may be required by the Company or the Trustee to save
each of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same issue and series, of like tenor and principal amount, having the same Original Issue Date and Stated
Maturity and bearing the same Interest Rate as such mutilated Security, and bearing a number not contemporaneously outstanding. 
 If there
shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of
either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu
of any such destroyed, lost or stolen Security, a new Security of the same issue and series of like tenor and principal amount, having the same Original Issue Date and Stated Maturity and bearing the same Interest Rate as such destroyed, lost or
stolen Security, and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. 
 Every new Security issued pursuant to this Section in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 SECTION 307. Payment of Interest; Interest Rights Preserved. 
 Interest on any Security of any series which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose 

  

 29 

 
name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest in respect of
Securities of such series. The initial payment of interest on any Security of any series which is issued between a Regular Record Date and the related Interest Payment Date shall be payable as provided in such Security or in the Board Resolution
pursuant to Section 301 with respect to the related series of Securities. 
 Any interest on any Security which is payable, but is not
timely paid or duly provided for, on any Interest Payment Date for Securities of such series (herein called “Defaulted Interest”), shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue
of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series in respect of which interest is in default (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 Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such deposit 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 in this Clause provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by
the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first class, postage prepaid, to each Holder of a Security of such series at the address of such Holder as it appears in the Security Register 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 Clause (2). 
 (2) The Company 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 the Securities of the
series in respect of which interest is in 

  

 30 

 
default may be listed, and upon such notice as may be required by such exchange (or by the Trustee if the Securities are not listed), if, after notice given
by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the 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. 
 SECTION 308. Persons Deemed Owners. 
 The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any 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 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 None of the Company, the Trustee nor
any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or maintaining, supervising or reviewing
any records relating to such beneficial ownership interests. 
 SECTION 309. Cancellation. 
 All Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee, and any such Securities and Securities surrendered directly to the Trustee for any such purpose shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in
this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures unless by Company Order the Company shall direct that
cancelled Securities be delivered to it or that a certification of their disposal be delivered to the Company. Acquisition by the Company of any Security shall not operate as a redemption or satisfaction of the indebtedness represented by such
Security unless and until the same is delivered to the Trustee for cancellation. 
  

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 SECTION 310. Computation of Interest. 
 Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year consisting of twelve 30-day months. 
 SECTION 311. CUSIP Numbers. 
 The Company in issuing Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use for the Securities
“CUSIP” number in notices to the Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice and that reliance may be placed only on the other identification numbers printed on the Securities, and any such notice shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the
Trustee of any changes in the “CUSIP” numbers. 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for) and the Trustee at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 
 (1) either 
 (A) 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 306 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 (B) all such Securities not theretofore delivered to the Trustee for cancellation: 
 (i) have become due and payable, or 
  

 32 

 (ii) will become due and payable at their Stated Maturity within one year of the date of
deposit, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds: (A) money in an amount; (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any payment, money 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 Trustee of such series (but such opinion need only be delivered if any U.S. Government Obligations have been so deposited), to pay and discharge, and which shall be applied by
the Trustee, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which
have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be
paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against any U.S. Government Obligations
deposited pursuant to Section 401 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. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607 and the preceding
paragraph, the obligations of the Company to any Authenticating Agent under Section 614 and, if money and/or U.S. Government Obligations shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this
Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 
  

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 SECTION 402. Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations deposited with the Trustee pursuant to
Section 401 and all proceeds of such U.S. Government Obligations and the interest thereon, 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 Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money and U.S. Government Obligations
have been deposited with the Trustee. 
 ARTICLE FIVE 
 REMEDIES 
 SECTION 501. Events of Default. 
 “Event of Default”, wherever used herein with respect to the 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): 
 (1) default in the payment of any interest upon any Security of that series when it becomes due and payable, and such default
continues for a period of 30 days; or 
 (2) default in the payment of the principal of or premium, if any, on any Security of that series at
its Maturity; or 
 (3) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a
covenant or warranty a default in the performance of which or the breach of which is specifically dealt with elsewhere in this Section), 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 Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of 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 
 (4) the making of an order or
judgment by a court having jurisdiction adjudging the Company or any Restricted Subsidiary bankrupt or insolvent or ordering the winding up or liquidation or rearrangement of its affairs, or the seizure or attachment of all or a substantial part of
the Company’s or any Restricted Subsidiary’s property at the instance of a creditor, or the appointment of a Person to take possession or control under an 

  

 34 

 
agreement subjecting the property of the Company or any Restricted Subsidiary to a security interest or pursuant to an order of any court having jurisdiction
of all or a substantial part of the property or the inventory of the Company or any Restricted Subsidiary, such Person to include a receiver, a receiver-manager, an agent, a sequestrator, a trustee under a trust indenture, a creditor in possession
or any Person or corporation authorized to act on their behalf, provided that such order, judgment, seizure or attachment remains in force or such taking of possession or control continues in effect for a period of 90 consecutive days during which a
stay of enforcement shall not be in effect; or 
 (5) the making by the Company or any Restricted Subsidiary of an assignment for the benefit
of its creditors, the filing by it of a petition for the declaration of its own bankruptcy, the consenting by it to the institution of, or the granting by a court of, bankruptcy or other insolvency proceedings against it, the admission by the
Company or any Restricted Subsidiary to some or all of its creditors at a meeting or by other means of communication that it is insolvent or the commencement by the Company or any Restricted Subsidiary of any proceeding relative to its indebtedness
under any reorganization, arrangement, compromise, adjustment or postponement of debt, dissolution, winding up, composition or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or 
 (6) any other Event of Default specified with respect to Securities of that series as contemplated in Section 301. 
 SECTION 502. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default (other than an Event of Default specified in Section 501(4) or 501(5)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that series may declare the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of that series) of all of the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the 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 501(4) or 501(5) with respect to Securities of a series at the time Outstanding occurs, the principal
amount of all the Securities of such series (or specified amount) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
 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 

  

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has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay 
 (A) all
overdue interest on all Securities of that series, 
 (B) the principal of, and premium, if any, on, any Securities of that
series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates borne by such Securities, 
 (C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to Securities of that series, other than the non-payment of
the principal (or a specified portion of the principal) of and interest on Securities of that series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 
 The Company covenants that if: 
 (1) default is made in the payment of any interest on any Security when such
interest becomes due and payable and such default continues for a period of 30 days, or 
 (2) default is made in the payment of the
principal or premium, if any, on any Security at the Maturity thereof, 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such Securities for principal, including any sinking fund payment or analogous obligations (and premium, if any) and interest, including, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal or premium, if any, and on any overdue interest, at the 

  

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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 Trustee, its agents and counsel and all the amounts due to the Trustee under Section 607 hereof. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Securities, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy. 
 SECTION 504. Trustee May File Proofs of Claim. 
 In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors: 
 (a) the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (i) to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed
in any such proceeding, and 
 (ii) in particular, the Trustee shall be authorized to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute the same in accordance with Section 506; and 
 (b) 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 Trustee for distribution in accordance with Section 506, and, in
the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 607. 
  

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 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding; provided, however, that the Trustee 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. 
 SECTION 505. 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 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 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 Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 SECTION 506. Application of Money Collected. 
 Any money or property collected or to be applied by the
Trustee with respect to a series of Securities pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or premium,
if any, 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 Trustee and any predecessor Trustee under Section 607; 
 SECOND: To the payment of the amounts then due and unpaid upon such series of Securities for principal (and premium, if any) and interest 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 series of Securities for principal (and premium, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company, its successors or assigns or to whomsoever may be lawfully entitled to receive the same
or as a court of competent jurisdiction may direct. 
  

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 SECTION 507. Limitation on Suits. 
 No Holder of any Securities 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: 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect
to the Securities of that series; 
 (2) the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that
series have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

(5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in
aggregate 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. 
 SECTION 508. 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 premium, if any) and (subject to Section 307) interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

 

 39 

 SECTION 509. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 SECTION 510. 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 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION
511. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee 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 Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control
by Holders. 
 The Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that: 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, involve the Trustee in personal liability or be unduly
prejudicial to the Holders of the Securities not joining in the action; and 
 (2) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction. 
  

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 SECTION 513. Waiver of Past Defaults. 
 Subject to Section 502 hereof, the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any series may,
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: 
 (1) in the payment of the principal of, or premium, if any, or interest on, any Security of such series; or 
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 514. Undertaking
for Costs. 
 All parties to this Indenture agree, and each holder of any Security by his acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, any party litigant in
such suit to file an undertaking to pay the costs of such suit, and that court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any such party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court
to require such an undertaking or to make such an assessment in any suit instituted by the Company or by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security on or after the respective Stated Maturities expressed in such
Security (or in the case of redemption, on the Redemption Date). 
 SECTION 515. Waiver of Usury, Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; 

  

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and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SIX 
 THE TRUSTEE 
 SECTION 601. Certain Duties and Responsibilities. 
 The duties, responsibilities, protections,
privileges, and immunities of the Trustee shall be as provided by the Trust Indenture Act, particularly Sections 315 and 316 thereof, unless expressly excluded as provided in this Article Six. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 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 Trustee shall be subject to the provisions of this Section. 
 SECTION 602. Notice of Defaults. 
 If a default occurs
hereunder with respect to the Securities of a series, the Trustee within 90 days of such default shall give the Holders of such Securities notice of such default as and to the extent provided by the Trust Indenture Act; provided,
however, that in the case of any default of the character specified in Section 501(3) with respect to such Securities, no such notice to Holders shall be given until at least 30 days after the occurrence thereof; and provided,
further, that the Trustee may withhold notice to the Holders, of any default with respect to Securities of a series (except any default of the character specified in Section 501(1) and (2)), if and so long as the board of directors, the
executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determine that the withholding of the notice is in the interest of the Holders of such Securities. 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 the Securities of a series. 
  

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 SECTION 603. Certain Rights of Trustee. 
 Subject to the provisions of Section 601: 
 (1) the Trustee 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 it to be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate and may at its discretion secure such
further evidence deemed necessary or advisable, but shall in no case be bound to secure the same; 
 (4) the Trustee may consult with counsel
and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (5) the Trustee shall 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 Trustee, in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; 
 (6) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (7) the Trustee’s immunities and protections from liability and its rights to compensation and indemnification in connection with the performance of its duties under this Indenture shall extend to the
Trustee’s officers, directors, agents and employees and its services as Paying Agent, Security Registrar or any other role assumed by the Trustee 

  

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hereunder or to which it has been appointed with respect to the Securities issued hereunder. Such immunities and protections and right to indemnification,
together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal and final payment of the Securities; 
 (8) the Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture; 
 (9) the Trustee shall not be deemed to have knowledge of any “default” or Event of Default hereunder except (i) during any period it is
serving as Paying Agent for the Securities of a series, any Event of Default pursuant to Section 501(1) or (2), or (ii) any default or Event of Default of which a Responsible Officer shall have received written notification from the
Company or the Holders of at least 25% in aggregate principal amount of the Securities of the series with respect to which such default or Event of Default has occurred and is continuing or obtained “actual knowledge.” The term
“actual knowledge” as used herein shall mean the actual fact or statement of knowing by a Responsible Officer without independent investigation with respect thereto. The term “default” as used in this Section 603 shall mean
any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of a series; 
 (10) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture (other than the payment of debt service on the Securities from moneys furnished to it pursuant hereto), whether at the
request or direction of the Holders or any other Person, pursuant to this Indenture or otherwise, unless it shall have been offered reasonable indemnity or security against the fees, advances, costs, expenses and liabilities which might be incurred
by it in connection with the exercise of any such rights or powers; and 
 (11) the permissive rights of the Trustee enumerated herein shall
not be construed as duties. 
 Notwithstanding anything else herein contained, (i) the Trustee shall not be liable for any error of
judgment made in good faith by any officer of the Trustee unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts and (ii) no provision of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it believes the repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
  

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 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 
 SECTION 605. May
Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Security Registrar or such other agent. 
 SECTION 606. Money Held in Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as agreed with the Company herein or otherwise. 
 SECTION 607. Compensation and
Reimbursement. 
 The Company agrees: 
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents or attorneys), except any such expense, disbursement
or advance as may be attributable to the negligence, willful misconduct or bad faith of it or of its agents or attorneys; 
 (3) to
indemnify, defend and to hold the Trustee harmless against, any loss, liability or expense (including the reasonable compensation and the reasonable expenses and disbursements of its agents or attorneys) incurred without negligence, willful
misconduct or bad faith on its part, arising out of or in connection with the acceptance or 

  

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administration of the trust or trusts hereunder, including the reasonable costs and expenses of defending itself against any claim or liability in connection
therewith or with the exercise or performance of any of its powers or duties hereunder; 
 (4) that the Trustee shall have a lien prior to
the Securities upon all property and funds held by it hereunder for any amount owing it or any predecessor Trustee pursuant to this Section 607, except with respect to funds held in trust for the benefit of the Holders of particular Securities;
and 
 (5) without limiting any rights available to the Trustee under applicable law, that when the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 501(4) or Section 501(5), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 
 The provisions of this
Section 607 shall survive the resignation or removal of the Trustee and the termination of this Indenture. 
 SECTION 608. Disqualification;
Conflicting Interests. 
 If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall
not be deemed to have a conflicting interest by virtue of being a Trustee under this Indenture with respect to Securities of more than one series or by virtue of being a Trustee under this Indenture and under the Indenture dated as of
October 16, 2001 between the Company and JPMorgan Chase Bank (successor to The Chase Manhattan Bank (National Association)), as Trustee. 
 SECTION 609.
Corporate Trustee Required; Eligibility. 
 There shall at all times be a Trustee hereunder which shall (i) be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, (ii) be authorized under such laws to exercise corporate trust powers, (iii) have a combined capital and surplus of
at least $50,000,000, and (iv) be subject to supervision or examination by Federal or State authority. If such corporation files 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 corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so filed. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this 

  

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Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article Six. Neither the Company nor any Person directly
or indirectly controlling, controlled by or under common control with the Company shall serve as Trustee for the Securities of any series issued hereunder. 
 SECTION 610. Resignation and Removal; Appointment of Successor. 
 No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
 The Trustee may resign as Trustee at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If
the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 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. 
 The Trustee may be removed as
Trustee hereunder at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
 If at any time: 
 (1) the Trustee shall fail
to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months; or 
 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder; or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (A) the Company by a Board Resolution may remove the Trustee, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee or Trustees. 
  

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 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the
office of Trustee for any cause with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series and shall comply
with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security for at least six months
may, subject to Section 514, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities of such series as their names and addresses appear in the Security Register.
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. 
 SECTION 611. Acceptance of Appointment by Successor. 
 (a) In the 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 Company and to 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 Company 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. 
 (b) In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and 

  

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

 (d) 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. 
 SECTION 612. Merger, Conversion, Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been 

  

 49 

 
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. In case any of the Securities shall not have been authenticated by such predecessor
Trustee, any successor Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force and effect that this Indenture
provides for the certificate of authentication of the Trustee; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply
only to its successor or successors by merger, conversion or consolidation. 
 SECTION 613. Preferential Collection of Claims Against Company.

 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be
subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 
 SECTION 614.
Appointment of Authenticating Agent. 
 The 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 Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any
State, Territory or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If
such Authenticating Agent files 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 filed. 
  

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 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. 
 Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust business of an Authenticating Agent, shall be the successor Authenticating Agent hereunder, provided such corporation shall be otherwise eligible under this Section, without
the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 106 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 Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 
 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 Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  

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

			
	JPMorgan Chase Bank
	As Trustee
		
	By:	 	  

		 	As Authenticating Agent
		
	By:	 	  

		 	Authorized Signatory

 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company to Furnish Trustee Names and Addresses of
Holders. 
 The Company will furnish or cause to be furnished to the Trustee: 
 (1) semi-annually, not more than 15 days after each Regular Record Date, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders as of such Regular Record Date; and 
 (2) at such other times as the Trustee may request in writing, within 30 days
after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, that no such list need be provided in any case to the extent it would
include names and addresses received by the Trustee in its capacity as Security Registrar. 
 SECTION 702. Preservation of Information; Communications to
Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in
the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished. 
 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 Trustee, shall be as provided by the Trust Indenture Act. 
  

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 Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee
that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 SECTION 703. Reports by Trustee. 
 The Trustee shall
transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the
Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which
any Securities are listed, with the Commission and with the Company (Attn: Senior Vice President and Chief Financial Officer). The Company will notify the Trustee whenever any Securities are listed on any stock exchange. 
 SECTION 704. Reports by Company. 
 The Company shall:

 (1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; 
 (2) file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to
time by such rules and regulations; 
 (3) notwithstanding that the Company may not be required to remain subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the Commission, continue to
file with the Commission and provide the Trustee: 
 (A) within 140 days (in the case of Form 40-F) or six months (in the case
of Form 20-F) after the end of each fiscal year, the information required to be contained in annual reports on Form 40-F or 20-F as applicable (or any successor form); and 
  

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 (B) within 60 days after the end of each of the first three fiscal quarters of each
fiscal year, the information required to be contained in reports on Form 6-K (or any successor form) which, regardless of applicable requirements, shall, at a minimum, consist of such information required to be provided in quarterly reports under
the laws of Canada or any province or territory thereof to security holders of a corporation with securities listed on the Toronto Stock Exchange, whether or not the Company has any of its securities so listed. 
 Such information, to the extent permitted by the rules and regulations of the Commission, may be prepared in accordance with Canadian disclosure
requirements and Canadian GAAP; provided, however, that the Company shall not be so obligated to file such reports with the Commission if the Commission does not permit such filings; and 
 (4) transmit by mail, to all Holders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof with the
Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to Clauses (1), (2) and (3) of this Section as may be required by rules and regulations prescribed from time to time by the
Commission. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates). 
 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 SECTION 801. Company May Consolidate, Etc., Only on Certain Terms. 
 (a) Subject to Section 801(c), the Company shall
not consolidate with, amalgamate with, merge with or into or enter into any statutory arrangement with any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, and the Company shall not
permit any Person to consolidate with, amalgamate with or merge with or into the Company, unless: 
 (1) the Company is the surviving
corporation in a merger, amalgamation or consolidation; or 
  

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 (2) in case the Company shall consolidate with, amalgamate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by or continuing from such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance or
transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership, trust or limited liability company, organized and validly existing 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 or territory thereof and shall (except where such assumption is deemed to have occurred by the sole operation of law) expressly assume, by an indenture supplemental
hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be
performed or observed; and 
 (3) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice
or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 
 (4) the Company or such Person has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 (b) Subject to Section 801(c), any Debt which becomes an obligation of the Company or any Subsidiary as a result of any such transaction shall be
treated as having been incurred by the Company or such Subsidiary at the time of such transaction. 
 (c) The provisions of
Section 801(a) and (b) shall not be applicable to: 
 (1) the direct or indirect conveyance, transfer or lease of all or any portion
of the stock, assets or liabilities of any of the Company’s wholly owned Subsidiaries to the Company or to other wholly owned Subsidiaries of the Company; or 
 (2) any recapitalization transaction, a change of control of the Company or a highly leveraged transaction unless such transaction or change of control is structured to include a merger or consolidation by the Company
or the conveyance, transfer or lease of the Company’s assets substantially as an entirety. 
  

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 SECTION 802. Successor Person Substituted. 
 Upon any consolidation or amalgamation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the
assets of the Company substantially as an entirety in accordance with Section 801, the successor Person formed by such consolidation or amalgamation or into which the Company is merged or to which such conveyance, transfer or lease is made
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and in the event of any such conveyance or
transfer, the Company (which term shall for this purpose mean the Person named as the “Company” in the first paragraph of this Indenture or any successor Person which shall theretofore become such in the manner described in
Section 801) thereafter, except in the case of any lease, the Company shall be relieved of all obligations and covenants under this Indenture and the Securities and may be dissolved and liquidated. 
 In case of any such consolidation, amalgamation, merger, conveyance, transfer or lease, such changes in phraseology and form may be made in the
Securities thereafter to be issued as may be appropriate. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of Holders.

 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time,
may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities; or 
 (2) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or to surrender any right or power herein conferred upon the Company; or 
 (3) to provide for the issuance under this Indenture of Securities in bearer form (including securities registrable as to principal only) and to provide
for exchangeability of such Securities for Securities issued hereunder in fully registered form, and to make all appropriate changes for such purpose; or 
  

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 (4) to establish the form or terms of Securities of any series as permitted by Sections 201 or 301; or

 (5) to add to the covenants of the Company for the benefit of the Holders of all Securities 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 herein conferred upon the Company; or

 (6) to add any additional Events of Default; or 
 (7) to secure the Securities; or 
 (8) 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 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 611(b); or 
 (9) 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 as the Company and the Trustee may deem necessary and desirable, provided that
such action pursuant to this Clause (9) shall not adversely affect the rights of the Holders of Securities of any series in any material respect; or 
 (10) to conform any provision hereof to the requirements of the Trust Indenture Act or otherwise as necessary to comply with applicable law of the United States or any State thereof and Canada or of any province or
territory thereof to the extent they do not conflict with the applicable laws of the United States heretofore or hereafter enacted. 
 SECTION 902.
Supplemental Indentures With Consent of Holders. 
 With the consent of the Holders of not less than a majority in principal amount of
the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of 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: 
 (1) change the Stated Maturity of the principal of, or any installment of interest payable on, any Outstanding Security, or reduce the principal amount of or the rate of interest thereon or any premium payable upon
the redemption thereof, or reduce the amount of principal of an Original Issue Discount Security that would be due and payable upon redemption or acceleration or would be provable in bankruptcy, or adversely affect any right of repayment of the
Holder of any Security or change the Place of Payment or the coin or currency in which, any Outstanding Security or any principal (and premium, if any) or interest thereon is payable, or impair the right to institute suit for the enforcement of any
such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or 
  

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 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of
whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences or reduce the
quorum or voting requirements provided for in this Indenture; or 
 (3) modify any of the provisions of this Section, Section 513 or
Section 1011, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; 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 Trustee” and concomitant changes in this Section and Section 1011, or the deletion of this
proviso, in accordance with the requirements of Sections 611 and 901(8); or 
 (4) modify the provisions of Section 1012 in a manner
adverse to the Holders. 
 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. 
 SECTION 903. 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 Trustee shall be entitled to receive, in addition to the documents 

  

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required by Section 102, and (subject to Section 601) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture, and that all conditions precedent have been complied with. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties, protections, privileges, indemnities, liabilities or immunities under this Indenture or otherwise. 
 SECTION 904. Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. 
 SECTION 905. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 

SECTION 906. Reference in Securities to Supplemental Indentures. 
 Securities authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Company, bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Board of Directors, to any such supplemental indenture may be prepared and executed
by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 ARTICLE TEN

 COVENANTS 
 SECTION 1001. Payment of
Principal, Premium and Interest. 
 The Company covenants and agrees for the benefit of each series of Securities that it will duly and
punctually pay the principal of, premium, if any, and interest on the Securities of that series in accordance with the terms of such Securities and this Indenture. 
 Unless otherwise specified as contemplated by Section 301, the Company shall pay interest on overdue amounts at the rate set forth in the first paragraph of the Securities, and it shall pay interest on overdue
interest at the same rate (to the extent that the payment of such interest shall be legally enforceable), which interest on overdue interest shall accrue from the date such amounts became overdue. 
  

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 SECTION 1002. Maintenance of Office or Agency. 
 The Company will maintain in the Borough of Manhattan, The City of New York and each other Place of Payment for any series, an office or agency where
Securities of that series may be presented or surrendered for payment, and an office or agency where Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served. The Company initially appoints the Trustee, acting through its Corporate Trust Office, as its agent for said purposes. The Company will give prompt written notice to the Trustee of the location, and any
change in the location, of any such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan,
The City of New York and each other Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
 SECTION 1003. Money for Securities Payments to Be Held in Trust. 
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the
principal of or premium, if any, or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal, premium, if any, and any 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 Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents, it will, prior to each due date of the principal of and premium, if any, or interest on any Securities, deposit with a Paying Agent a sum sufficient to pay
the principal (and premium, if any) or interest so becoming due, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to
act. 
  

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 The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent, 
 (2) give the Trustee notice of any
default by the Company (or any other obligor upon the Securities) in the making of any payment of principal (and premium, if any) or interest, and 
 (3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by the Company or any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Any money or U.S. Government Obligations (including the proceeds thereof and the interest thereon) deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
of, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company at its option on Company Request (unless otherwise
required by mandatory provision of applicable escheat or abandoned or unclaimed property law) or (if then held by the Company) shall (unless otherwise required by mandatory provision of applicable escheat or abandoned or unclaimed property law) be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

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 SECTION 1004. Statement by Officers as to Default. 
 The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’
Certificate covering the preceding fiscal year, stating whether or not, to the best knowledge of the signers thereof, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture
(without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 
 SECTION 1005. Existence. 
 Subject to Article Eight,
the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence, rights (charter and statutory) and franchises of the Company and any Restricted Subsidiary; provided,
however, that the Company shall not be required to preserve any such right or franchise if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss
thereof is not disadvantageous in any material respect to the Holders. 
 SECTION 1006. Maintenance of Properties. 
 The Company will cause all material properties of the Company used or useful in the conduct of its business or the business of any Restricted Subsidiary
to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the Company and each Restricted Subsidiary may properly and advantageously conduct their respective businesses at all times; provided, however, that nothing in this Section shall prevent the Company
from selling, abandoning or otherwise disposing of, or discontinuing the operation or maintenance of, any of such properties if such action is, in the judgment of the Company, desirable in the conduct of its business or the business of any
Restricted Subsidiary. 
 SECTION 1007. Payment of Taxes. 
 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted
Subsidiary or upon the income, profits or property of the Company or any Restricted Subsidiary, and lawful claims for labor, 

  

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materials and supplies, which, if unpaid, might by law become a Mortgage upon the property of the Company or any Restricted Subsidiary; provided,
however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment or governmental charge whose amount, applicability or validity is being contested in good faith by appropriate
proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Securities. 
 SECTION 1008. Negative
Pledge. 
 The Company will not itself and will not permit any Restricted Subsidiary to, create, assume or otherwise have outstanding
after the date of this Indenture any Mortgage, upon any Principal Property of the Company or of any Restricted Subsidiary or upon the shares of Capital Stock or Debt of any Restricted Subsidiary, whether owned at the date of this Indenture or
hereafter acquired by the Company or by any Restricted Subsidiary, to secure any Debt of the Company or any Restricted Subsidiary, without making effective provision concurrently with the creation of any such Mortgage whereby the Securities
(together with any other Debt of the Company ranking equally with or in priority to the Securities and then existing or thereafter created if the Company shall determine such is required by the terms of such Debt) shall be secured by a Mortgage
equally and ratably with or prior to such Debt, so long as such Debt shall be so secured; provided, however, that this covenant shall not apply to any of the following: 
 (a) Mortgages in favor of the Company or any Wholly-Owned Restricted Subsidiary; 
 (b) any Mortgage to secure a Purchase Money Obligation, provided that: (i) in the case of any construction or improvement of any
property, the Mortgage shall not apply to any property owned by the Company or any Restricted Subsidiary at the time of the commencement of such construction or improvement, other than any real or immovable property which is substantially unimproved
for the purposes of the Company or any Restricted Subsidiary and on which the property so constructed or improved is located, and other than any machinery or equipment installed at any time so as to constitute immovable property or a fixture on the
real property on which the property so constructed or improved is located and (ii) in the case of any acquisition of property, the Mortgage shall not apply to any property owned by the Company or any Restricted Subsidiary immediately prior to
the consummation of the acquisition; 
 (c) any Mortgage existing upon any property or asset of a company which is merged with
or into amalgamated with, or consolidated into, or substantially all the assets or shares of Capital Stock of which are acquired by, the Company or a Restricted Subsidiary, at the time of such merger, amalgamation, consolidation or acquisition;
provided that (i) the Mortgage shall not apply to any 

  

 63 

 
other property or asset, other than improvements to the property or asset subject to such Mortgage and (ii) the Mortgage shall not have been created in
anticipation of such merger, amalgamation, consolidation or acquisition; 
 (d) Mortgages securing obligations issued by
Canada or any province or territory thereof; the United States of America, any State thereof, the District of Columbia or any territory or possession of the United States of America; or any political subdivision, agency or authority or any of the
foregoing, to finance the acquisition, construction or improvement of property subject to such Mortgages, including without limitation Mortgages incurred in connection with pollution control, industrial revenue or similar financings; 
 (e) any Mortgage required to be given or granted by any Restricted Subsidiary pursuant to the terms of any trust deed or similar document
entered into by such Restricted Subsidiary prior to the date it became a Restricted Subsidiary; 
 (f) Mortgages existing as
of the date of this Indenture; 
 (g) any extension, renewal, alteration or replacement (or successive extensions, renewals,
alterations or replacements) of any Mortgage referred to in clauses (a) through (f) above; provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the
time of such extension, renewal, alteration or replacement and provided further, however, that such extension, renewal, alteration or replacement shall be limited to all or a part of the property or other assets which secured
the Mortgage so extended, renewed, altered or replaced (plus improvements on such property or other assets); and 
 (h) a
Mortgage (including successive extensions, renewals, alterations or replacements thereof) not excepted by clauses (a) through (g) above, provided that after giving effect thereto Exempted Debt does not exceed 10% of the Consolidated Net
Tangible Assets of the Company. 
 SECTION 1009. Limitation on Sale and Leaseback Transactions. 
 (a) The Company will not, and will not permit any Restricted Subsidiary of the Company to, enter into any arrangement with any Person (other than the
Company or a Restricted Subsidiary) providing for the leasing by the Company or any Restricted Subsidiary of any Principal Property, or any Property which together with any other Property subject to the same transaction or series of related
transactions would in the aggregate constitute a Principal Property, whether owned at the date of this Indenture or thereafter acquired (except for leases for a term of not more than three years), which 

  

 64 

 
property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person (other than the Company or a Restricted
Subsidiary), more than six months after the acquisition, completion of construction, or commencement of operations of such property, with the intention of taking back a lease of such property (herein referred to as a “Sale and Leaseback
Transaction”) unless the net proceeds of the sale or transfer of the property to be leased are at least equal to the fair value of such property and unless: 
 (1) The Company or such Restricted Subsidiary would, at the time of entering into such arrangement, be entitled, without equally and
ratably securing the Securities, to create a Mortgage on such property to secure a Debt in an amount at least equal to the Attributable Obligation in respect to such Sale and Leaseback Transaction pursuant to the provisions of Section 1008, or

 (2) The Company or any Restricted Subsidiary shall apply an amount equal to the net proceeds of such sale or transfer
within 180 days after receipt thereof to (A) the retirement (other than mandatory retirement or by way of payment at maturity) of Funded Debt of the Company or any Funded Debt of any Restricted Subsidiary ranking on a parity with, or prior to,
the Securities and owing to a Person other than the Company or any Affiliate of the Company, or (B) the purchase of property, facilities or equipment (other than the property, facilities or equipment involved in such sale) forming part of or
constituting Principal Property having a value at least equal to the net proceeds of such sale. 
 (b) Notwithstanding the provisions of
paragraph (a) of this Section 1009, the Company or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction in addition to those permitted by paragraph (a) of this Section 1009, and without any obligation to
retire Funded Debt or to acquire property, facilities or equipment, provided at the time of entering into such Sale and Leaseback Transactions and after giving effect thereto, Exempted Debt does not exceed 10% of the Consolidated Net Tangible Assets
of the Company. 
 SECTION 1010. Calculations. 
 For the purposes of the calculations required to be made under Section 1008 and 1009: 
 (1) when determining
any ratio between Exempted Debt and Consolidated Net Tangible Assets, such determination (which may stipulate such Consolidated Net Tangible Assets to be not less than a stated amount without stipulating the exact amount thereof) shall be made by a
financial officer of the Company, on the basis of the most recent available financial statements or financial data, as at a date not more than 120 days prior to the date on which the 

  

 65 

 
Exempted Debt in respect of which such ratio is being determined is to be incurred or, in the case of an Attributable Obligation, the date on which the Sale
and Leaseback Transaction is to be entered into, and there shall be taken into calculation all issues and retirements of Funded Debt and Exempted Debt (without duplication) and of shares of Capital Stock and the proceeds of such issues and the
expenditures on such retirements made and received, as the case may be, and such change in the value of Consolidated Net Tangible Assets as shall be deemed material, subsequent to the date as of which such determination is being made up to and
including the first date on which any of the Exempted Debt in respect of which such determination is being made is to be incurred or entered into and including all the other Exempted Debt which have been concurrently authorized for issue and the
estimated net proceeds to be received on the issue of such other Exempted Debt; 
 (2) there shall be excluded from such
calculations all Exempted Debt of the Company payable to a Restricted Subsidiary or of any Restricted Subsidiary payable to the Company or to any other Restricted Subsidiary; 
 (3) all such calculations and determinations shall be made in accordance with Canadian GAAP; and 
 (4) the Trustee shall not be obligated to recalculate, recompute or confirm any such calculations. 
 SECTION 1011. Waiver of Certain Covenants. 
 The
Company may omit in any particular instance to comply with any term, provision, covenant or condition set forth in any covenant provided pursuant to Section 901(5) for the benefit of the Holders or in any of Sections 1006 to 1009, inclusive,
with respect to the Securities of any series if before or after 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 Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 SECTION 1012. Additional Amounts. 
 (a) All payments made by or on behalf of the Company under or with
respect to the Securities of any series will be made free and clear of and without withholding or deduction for or on account of, any present or future tax, duty, levy, impost, assessment 

  

 66 

 
or other government charge imposed or levied by or on behalf of the Government of Canada or of any province or territory thereof or any political subdivision
thereof, or by any authority or agency therein or thereof having power to tax (“Taxes”), unless the Company is required to withhold or deduct Taxes by law or by the interpretation or administration thereof by the relevant government
authority or agency. If the Company is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Securities, the Company will pay such additional amounts (“Additional
Amounts”) as may be necessary so that the net amount received by each Holder (including with respect to Additional Amounts) after such withholding or deduction will not be less than the amount the Holder would have received if such Taxes had
not been withheld or deducted; provided, however, that no Additional Amounts will be payable with respect to a payment made to a Holder (an “Excluded Holder”) in respect of the beneficial owner thereof (1) with which the
Company does not deal at arm’s length (for purposes of the Tax Act) at the time of the making of such payment, (2) which is subject to such Taxes by reason of its failure to comply with any certification, identification, information,
documentation or other reporting requirement if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in the rate of deduction or withholding of, such Taxes or
(3) which is subject to such Taxes by reason of its carrying on business in or being connected with Canada or any province or territory thereof other than by the mere holding of Securities or the receipt of payments thereunder. 
 (b) The Company will also (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant authority
as and when required in accordance with applicable law. The Company will pay all taxes, interest and other liabilities which arise by virtue of any failure of the Company to withhold, deduct and remit to the relevant authority on a timely basis the
full amounts required in accordance with applicable law. The Company will furnish to the Holders, within 30 days after the date the payment of any Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by
the Company. 
 (c) The Company will indemnify and hold harmless each Holder (other than all Excluded Holders) for the amount of (1) any
Taxes not withheld or deducted by the Company and levied or imposed on and paid by such Holder as a result of payments made under or with respect to the Securities, (2) any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto, and (3) any Taxes imposed with respect to any reimbursement under clauses (1) or (2) of this paragraph (c) of this Section 1012. 
 (d) At least 30 days prior to each date on which any payment under or with respect to the Securities is due and payable, if the Company is aware that it
will be obligated to pay Additional Amounts with respect to such payment, the Company will 

  

 67 

 
deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable, the amounts so payable and setting forth
such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. Whenever in this Indenture there is mentioned, in any context, the payment of principal (and premium, if any), interest or any
other amount payable under or with respect to any Security, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 1012 to the extent that, in such context, Additional Amounts are, were
or would be payable in respect thereof. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 SECTION 1101. Company’s Right of Redemption. 
 Unless otherwise specified as contemplated by Section 301 with respect to the Securities of a particular series, and notwithstanding any additional
redemption rights that may be so specified, the Company may, at its option, redeem the Securities of any series after their date of issuance in whole or in part at any time and from time to time, subject to the provisions of this Section 1101
and the other provisions of this Article Eleven. Unless otherwise specified as contemplated by Section 301 with respect to the Securities of a particular series, the redemption price for any Security so redeemed shall be equal to 100% of the
principal amount of such Securities then Outstanding plus accrued and unpaid interest up to, but excluding, the date fixed for redemption; provided, however, that installments of accrued and unpaid interest whose Stated Maturity is on
or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of
Section 307. 
 SECTION 1102. Applicability of Article. 
 Redemption of Securities, as permitted or required by any form of Security issued pursuant to this Indenture or the documentation providing therefor, shall be made in accordance with such form of Security or
documentation and this Article Eleven; provided, however, that if any provision of any such form of Security or documentation shall conflict with any provision of this Article, the provision of such form of Security or documentation
shall govern. Except as otherwise set forth in the form of Security for such series or such documentation, each Security shall be subject to partial redemption only in the amount of $1,000 or integral multiples of $1,000. 
  

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 SECTION 1103. Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of
the Company of the Securities of a series, the Company shall, at least 45 days but not more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Securities to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or (b) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’
Certificate and an Opinion of Counsel evidencing compliance with such restriction or condition. 
 SECTION 1104. Selection by Trustee of Securities to Be
Redeemed. 
 If less than all the Securities are to be redeemed (unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities not previously called for redemption, by such method as the Trustee in its sole discretion shall deem fair
and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security, 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 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 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities and specified tenor not previously called for redemption in accordance with the preceding sentence.

 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in the case of any
Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 
 The provisions of the two preceding
paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of
the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 
 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 

  

 69 

 
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. If the
Company shall so direct, Securities registered in the name of the Company, any Affiliate or any Subsidiary thereof shall not be included in the Securities selected for redemption. 
 SECTION 1105. Notice of Redemption. 
 Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at its address appearing in the Security Register. Unless the Company defaults in payment of the Redemption Price, on
and after the Redemption Date, interest shall cease to accrue on the Securities. 
 All notices of redemption shall state: 
 (1) the Redemption Date; 
 (2) the Redemption
Price, or if not then ascertainable, the manner of calculation thereof; 
 (3) if less than all the Outstanding Securities 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
consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed; 
 (4) that on the
Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date; and 
 (5) the place or places where each such Security is to be surrendered for payment of the Redemption Price. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, a
failure to give such notice by mail or any defect in the notice to the Holder of any Security designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security. 
  

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 SECTION 1106. Deposit of Redemption Price. 
 At or prior to 10:00 a.m., New York time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money 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. 
 SECTION 1107. Securities Payable on Redemption Date. 
 Notice of redemption having been given pursuant to Section 1105, the Securities to be so redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear or accrue any interest. Upon surrender
of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with any accrued but unpaid interest to, but excluding, the Redemption Date; provided,
however, that installments of accrued and unpaid interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the relevant Regular Record Dates according to their terms and the provisions of Section 307. 
 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. 
 SECTION 1108. 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 Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or
Securities 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. 
  

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 ARTICLE TWELVE 
 DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 1201. Company’s Option to Effect Defeasance or Covenant Defeasance.

 Except as otherwise specified as contemplated by Section 301 for Securities of any series, the provisions of this Article Twelve shall
apply to each series of Securities, and the Company may elect, at its option at any time, to have Section 1202 or Section 1203 applied to any Securities upon compliance with the conditions set forth below in this Article. Any such election
shall be evidenced by a Board Resolution. 
 SECTION 1202. Defeasance and Discharge. 
 Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities, the Company 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 1204 are satisfied (hereinafter called “Defeasance”). For this purpose, such
Defeasance means that the Company 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 Trustee, at the expense of the Company and upon Company Request, 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 Outstanding Securities to receive, solely from the trust fund described in Section 1204 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest on
such Securities when such payments are due, (2) the Company’s obligations with respect to such Securities under Sections 304, 305, 306, 1002, 1003 and 1012; (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder; and (4) this Article. Subject to compliance with this Article, the Company 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 1203 applied to such Securities. 
 SECTION 1203. Covenant Defeasance. 
 Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities (1) the Company shall be released from its
obligations under paragraph (a)(3) of Section 801, paragraph (b) of Section 801, Sections 1006 to 1009, inclusive, and any covenants provided pursuant to 901(5) for the benefit of the Holders of such Securities; and (2) the
occurrence of any event specified in Sections 501(3) (with respect to any of paragraphs (a)(3) of Section 801, paragraph (b) of Section 801, Sections 1006 to 1009, and any such covenants provided pursuant to Section 901(5)) shall
be deemed not 

  

 72 

 
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 1204 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(3)), 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. 
 SECTION 1204. Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of Section 1202 or Section 1203 to any Securities: 
 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 609 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
an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money 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 Trustee, to pay and discharge, and
which shall be applied by the 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 or on the Redemption Date, in accordance with the
terms of this Indenture and such Securities. 
 (2) In the event of an election to have Section 1202 apply to any Securities, the
Company shall have delivered to the Trustee an Opinion of Counsel in the United States stating that (A) the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling or (B) since the
date of this instrument, there has been a change in the applicable United States federal income tax law, in the case of either (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities
will not recognize gain or loss for United States federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to United States federal income tax on the same
amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 
  

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 (3) In the event of an election to have Section 1203 apply to any Securities, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States to the effect that the Holders of such Securities will not recognize gain or loss for United States 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 United States 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.

 (4) 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 Sections 501(4) and (5), at any time on or prior to the 123rd day after the date of such deposit (it being understood
that this condition shall not be deemed satisfied until after such 123rd day). 
 (5) The Company shall have delivered to the Trustee an
Opinion of Counsel in Canada or a ruling from Canada Customs and Revenue Agency to the effect that the Holders of the Outstanding Securities will not recognize income, gain or loss for Canadian federal or provincial income or other tax purposes as a
result of such defeasance and will be subject to Canadian federal or provincial income and other tax on the same amounts, in the same manner and at the same times as would have been the case had such defeasance not occurred (and for the purposes of
such opinion, such Canadian counsel shall assume that Holders of the Outstanding Securities include Holders who are not resident in Canada). 
 (6) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any indenture or other agreement or instrument for borrowed money to which the Company is a party or by which it is
bound. 
 (7) Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment
company within the meaning of the Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder. 
 (8) The Company is not an “insolvent person” within the meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such deposit or at any time during the period ended 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). 
 (9) If such
Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee shall have been made. 
  

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 (10) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 SECTION 1205.
Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject to the provisions of the last
paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof and the interest thereon) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1206,
the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1204 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 Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due
thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1204 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 Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1204 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. 
 SECTION 1206. Reinstatement.

 If the 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 Company has been discharged or released
pursuant to Section 1202 or 1203 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 Trustee or Paying Agent is permitted to apply all money held in
trust pursuant to Section 1205 with respect to such Securities in 

  

 75 

 
accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such
Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 
 SECTION 1207. Qualifying Trustee. 
 Any trustee
appointed pursuant to Section 1204 for the purpose of holding trust funds deposited pursuant to that Section shall be appointed under an agreement in form acceptable to the Trustee and shall provide to the Trustee a certificate of such trustee,
upon which certificate the Trustee shall be entitled to conclusively rely, that all conditions precedent provided for herein to the related Defeasance or Covenant Defeasance have been complied with. In no event shall the Trustee be liable for any
acts or omissions of said trustee. 
 *            *            * 
  

 76 

 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. 
  

 77 

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

			
	DOMTAR INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	Attest:	 	  

		 	Name:
		 	Title:
	
	 JPMORGAN CHASE BANK
 as
Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  

 78 

 EXHIBIT A 
 [SPECIMEN BOND] 
 (FORM OF FACE OF SECURITY) 
 [If the Security is an Original Issue Discount Security, insert—For purposes of Section 1271 of the United States Internal Revenue Code of 1986, as amended, the issue price of this security is
    % of its principal amount and the Issue Date is                     , 20    ]

 DOMTAR INC. 
 [Title of
Security] 
 CUSIP:
                     
  

			
	No.                     	  	$                     

 DOMTAR INC., a corporation organized and existing under the federal laws of Canada (hereinafter
called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [Insert if Global Security-Cede & Co.], or registered assigns, the
principal sum of                      U.S. Dollars on
                 [If the Security is to bear interest prior to Maturity, insert — , and to pay interest thereon from
                     or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
                     and
                     in each year, commencing
                    , at the rate of     % per annum, on the basis of a 360-day year consisting of twelve 30-day
months, until the principal hereof is paid or duly provided for or made available for payment] [(If applicable insert – , and (to the extent that the payment of such interest shall be legally enforceable) at the rate of
    % per annum on any overdue principal and premium and on any overdue installment of interest)]. 
 [If the
Security is to bear interest prior to Maturity, insert — The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the date which is fifteen days (whether or not a Business Day) next preceding such Interest Payment Date. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 

  

 A-1 

 
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture]. 
 [If the Security is not to bear interest prior to Maturity, insert – The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon
redemption or at Stated Maturity and in such case the overdue principal of this Security shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable),
which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is
not so paid on demand shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the
date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 
 Payment of the
principal of (and premium, if any) and [if applicable, insert—any interest] on this Security will be made at the office or agency of the Company maintained for that purpose in The City of New York, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts [if applicable, insert -; provided, however, that at the option of the Company payment of interest may be made by (i) check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by transfer to an account maintained by the payee in the United States]. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated: 
  

			
	DOMTAR INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest:	 	
	
	  

	Name:	 	
	Title:	 	

 Certificate of Authentication 
 This is one of the Securities referred to in the within-mentioned Indenture. 
 Dated: 
  

			
	 JPMorgan Chase Bank

	as Trustee
		
	By:	 	  

		 	Authorized Officer

  

 A-3 

 FORM OF REVERSE OF SECURITY 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
                    , 2003 as supplemented and amended from time to time (herein called the “Indenture”), between the Company and
JPMorgan Chase Bank, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof [if applicable insert —, limited in aggregate principal amount to $                    ].

 All terms used in this Security that are defined in the Indenture shall have the meaning assigned to them in the Indenture. 
 [If applicable, insert - The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, at any
time [on or after                     , 20    ], as a whole or in part, at the election of the Company. The
Redemption Price for any Security so redeemed shall be equal to 100% of the principal amount of such Securities then Outstanding plus accrued and unpaid interest up to but not including the date fixed for redemption. In the event of redemption of
this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
 [Installments of accrued and unpaid interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of the Securities
of this series, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms.] 
 The Indenture contains provisions for satisfaction, discharge and defeasance of (a) the entire indebtedness on this security and (b) certain restrictive covenants and the related Events of Default, upon
compliance by the Company with certain conditions set forth therein. 
 [If the Security is not an Original Issue Discount Security, –
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] [If the
security is an Original Issue Discount Security, – If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture. Such amount shall be equal to – insert formula for determining the amount. 
  

 A-4 

 Upon payment of the amount of principal so declared due and payable [if applicable insert – and of
interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable)], all of the Company’s obligations in respect of the payment of the principal of and interest, if
any, on the Securities of this series shall terminate.] 
 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of
a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security. 
 No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more
new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of
$                     and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same. 
  

 A-5 

 No service charge shall be made for any such registration of transfer or exchange, but the Company or the
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. 
  

 A-6Indenture, dated as of October 16, 2001

 Exhibit 4.3 
 EXECUTION COPY 
  

 DOMTAR INC. 
 TO 
 THE CHASE MANHATTAN BANK, 
 Trustee 
  

 Indenture 
 Dated as of October 16, 2001 
  

 U.S.$600,000,000 
 7.875%
Notes due 2011 
  

 DOMTAR INC. 
 Reconciliation and tie between Trust Indenture Act 
 of 1939 and Indenture, dated as of
October 16, 2001 
  

					
	 Trust Indenture Act Section
	  	Indenture Section
	§ 310	 	(a)(l)	  	608(a)
		 	(a)(2)	  	608(a)
		 	(b)	  	609
	§ 312	 	(c)	  	701
	§ 314	 	(a)	  	705
		 	(a)(4)	  	1004
		 	(c)(l)	  	102
		 	(c)(2)	  	102
		 	(e)	  	102
	§ 315	 	(b)	  	602
	§ 316	 	(a) (last sentence)	  	101 (“Outstanding”)
		 	(a)(l)(A)	  	512
		 	(a)(l)(B)	  	502, 513
		 	(b)	  	508
		 	(c)	  	104(d)
	§ 317	 	(a)(l)	  	503
		 	(a)(2)	  	504
		 	(b)	  	1003
	§ 318	 	(a)	  	113

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

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	 PARTIES
	  	1
	 RECITALS OF THE COMPANY
	  	1
				
		 		 	 ARTICLE ONE
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	
			
	 SECTION 101.
	 	 Definitions
	  	1
		 		 	 “$”
	  	2
		 		 	 “U.S.$”
	  	2
		 		 	 “Act”
	  	2
		 		 	 “Additional Amounts”
	  	2
		 		 	 “Additional Securities”
	  	2
		 		 	 “Adjusted Treasury Rate”
	  	2
		 		 	 “Affiliate”
	  	2
		 		 	 “Attributable Obligation”
	  	2
		 		 	 “Base Currency”
	  	3
		 		 	 “Board of Directors”
	  	3
		 		 	 “Board Resolution”
	  	3
		 		 	 “Business Day”
	  	3
		 		 	 “Canadian GAAP”
	  	3
		 		 	 “Capitalized Lease Obligation”
	  	3
		 		 	 “Capital Stock”
	  	3
		 		 	 “Commission”
	  	3
		 		 	 “Company”
	  	3
		 		 	 “Company Request”
	  	4
		 		 	 “Comparable Treasury Issue”
	  	4
		 		 	 “Comparable Treasury Price”
	  	4
		 		 	 “Consolidated Net Tangible Assets”
	  	4
		 		 	 “Corporate Trust Office”
	  	4
		 		 	 “corporation”
	  	4
		 		 	 “covenant defeasance”
	  	4
		 		 	 “Debt”
	  	4
		 		 	 “Default”
	  	4
		 		 	 “Defaulted Interest”
	  	4
		 		 	 “defeasance”
	  	4
		 		 	 “Depositary”
	  	5
		 		 	 “DTC”
	  	5
		 		 	 “Event of Default”
	  	5

 Note: This table of contents shall not, for any
purpose, be deemed to be a part of the Indenture. 

							
	 	 	 	 	 	  	Page
		 		 	 “Exchange Act”
	  	5
		 		 	 “Excluded Holder”
	  	5
		 		 	 “Exempted Debt”
	  	5
		 		 	 “Funded Debt”
	  	5
		 		 	 “Global Security”
	  	5
		 		 	 “Holder”
	  	5
		 		 	 “Indenture”
	  	5
		 		 	 “Independent Investment Banker”
	  	5
		 		 	 “Interest Payment Date”
	  	5
		 		 	 “Judgment Currency”
	  	5
		 		 	 “Maturity”
	  	5
		 		 	 “Mortgage”
	  	5
		 		 	 “Notice of Default”
	  	6
		 		 	 “Officer’s Certificate”
	  	6
		 		 	 “Opinion of Counsel”
	  	6
		 		 	 “Outstanding”
	  	6
		 		 	 “Paying Agent”
	  	7
		 		 	 “Person”
	  	7
		 		 	 “Predecessor Security”
	  	7
		 		 	 “Principal Facility”
	  	7
		 		 	 “Principal Property”
	  	7
		 		 	 “Property”
	  	7
		 		 	 “Purchase Money Obligation”
	  	7
		 		 	 “rate(s) of exchange”
	  	7
		 		 	 “Redemption Date”
	  	7
		 		 	 “Redemption Price”
	  	8
		 		 	 “Reference Dealer”
	  	8
		 		 	 “Reference Treasury Dealer Quotation”
	  	8
		 		 	 “Regular Record Date”
	  	8
		 		 	 “Responsible Officer”
	  	8
		 		 	 “Restricted Subsidiary”
	  	8
		 		 	 “Sale and Leaseback Transaction”
	  	8
		 		 	 “Security” or “Securities”
	  	8
		 		 	 “Securities Act”
	  	8
		 		 	 “Security Register”
	  	8
		 		 	 “Special Record Date”
	  	9
		 		 	 “Stated Maturity”
	  	9
		 		 	 “Subsidiary”
	  	9
		 		 	 “Tax Act”
	  	9
		 		 	 “Taxes”
	  	9
		 		 	 “Timberlands”
	  	9
		 		 	 “Trust Indenture Act” or “TIA”
	  	9
		 		 	 “Trustee”
	  	9
		 		 	 “U.S. Government Obligations”
	  	9
		 		 	 “Unrestricted Subsidiary”
	  	9
		 		 	 “Vice President”
	  	9

  

 ii 

							
	 	 	 	 	 	  	Page
		 		 	“Voting Stock”	  	10
		 		 	“Wholly-Owned Restricted Subsidiary”	  	10
	 SECTION 102.
	 	Compliance Certificates and Opinions	  	10
	 SECTION 103.
	 	Form of Documents Delivered to Trustee	  	10
	 SECTION 104.
	 	Acts of Holders	  	11
	 SECTION 105.
	 	Notices, etc., to Trustee and Company	  	12
	 SECTION 106.
	 	Notice to Holders; Waiver	  	13
	 SECTION 107.
	 	Effect of Headings and Table of Contents	  	13
	 SECTION 108.
	 	Successors and Assigns	  	13
	 SECTION 109.
	 	Separability Clause	  	13
	 SECTION 110.
	 	Benefits of Indenture	  	13
	 SECTION 111.
	 	Governing Law	  	14
	 SECTION 112.
	 	Legal Holidays	  	14
	 SECTION 113.
	 	Conflict with Trust Indenture Act	  	14
	 SECTION 114.
	 	Conversion of Currency	  	14
	 SECTION 115.
	 	Agency for Service; Submission to Jurisdiction; Waiver of Immunities	  	15
	 SECTION 116.
	 	Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual Liability	  	16
		
	 ARTICLE TWO
 SECURITY FORMS
	  	
			
	 SECTION 201.
	 	Forms Generally	  	16
	 SECTION 202.
	 	Form of Face of Security	  	17
	 SECTION 203.
	 	Form of Reverse of Security	  	20
	 SECTION 204.
	 	Form of Trustee’s Certificate of Authentication	  	22
		
	 ARTICLE THREE
 THE SECURITIES
	  	
			
	 SECTION 301.
	 	Title and Terms	  	23
	 SECTION 302.
	 	Denominations	  	23
	 SECTION 303.
	 	Execution, Authentication, Delivery and Dating	  	23
	 SECTION 304.
	 	Global Security	  	24
	 SECTION 305.
	 	Temporary Securities	  	25
	 SECTION 306.
	 	Registration, Registration of Transfer and Exchange	  	25
	 SECTION 307.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	26
	 SECTION 308.
	 	Payment of Interest; Interest Rights Preserved	  	27
	 SECTION 309.
	 	Persons Deemed Owners	  	28
	 SECTION 310.
	 	Cancellation	  	29
	 SECTION 311.
	 	Computation of Interest	  	29

  

 iii 

							
	 	 	 	 	 	  	Page
		
	 ARTICLE FOUR
 SATISFACTION AND DISCHARGE
	  	
			
	 SECTION 401.
	 	Satisfaction and Discharge of Indenture	  	29
	 SECTION 402.
	 	Application of Trust Money	  	30
		
	 ARTICLE FIVE
 REMEDIES
	  	
			
	 SECTION 501.
	 	Events of Default	  	31
	 SECTION 502.
	 	Acceleration of Maturity; Rescission and Annulment	  	32
	 SECTION 503.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	33
	 SECTION 504.
	 	Trustee May File Proofs of Claim	  	34
	 SECTION 505.
	 	Trustee May Enforce Claims Without Possession of Securities	  	34
	 SECTION 506.
	 	Application of Money Collected	  	35
	 SECTION 507.
	 	Limitation on Suits	  	35
	 SECTION 508.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	36
	 SECTION 509.
	 	Restoration of Rights and Remedies	  	36
	 SECTION 510.
	 	Rights and Remedies Cumulative	  	36
	 SECTION 511.
	 	Delay or Omission Not Waiver	  	36
	 SECTION 512.
	 	Control by Holders	  	36
	 SECTION 513.
	 	Waiver of Past Defaults	  	37
	 SECTION 514.
	 	Waiver of Stay or Extension Laws	  	37
		
	 ARTICLE SIX
 THE TRUSTEE
	  	
			
	 SECTION 601.
	 	Duties of Trustee	  	38
	 SECTION 602.
	 	Notice of Defaults	  	38
	 SECTION 603.
	 	Certain Rights of Trustee	  	38
	 SECTION 604.
	 	Trustee Not Responsible for Recitals or Issuance of Securities	  	40
	 SECTION 605.
	 	May Hold Securities	  	40
	 SECTION 606.
	 	Money Held in Trust	  	40
	 SECTION 607.
	 	Compensation and Reimbursement	  	40
	 SECTION 608.
	 	Corporate Trustee Required; Eligibility	  	41
	 SECTION 609.
	 	Resignation and Removal; Appointment of Successor	  	41
	 SECTION 610.
	 	Acceptance of Appointment by Successor	  	42
	 SECTION 611.
	 	Merger, Conversion, Consolidation or Succession to Business	  	43
		
	 ARTICLE SEVEN
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	
			
	 SECTION 701.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	43
	 SECTION 702.
	 	Preservation of Informal Communications with Securityholders	  	44
	 SECTION 703.
	 	Disclosure of Names and Addresses of Holders	  	44

  

 iv 

							
	 	 	 	 	 	  	Page
	 SECTION 704.
	 	Reports by Trustee	  	44
	 SECTION 705.
	 	Reports by Company	  	45
		
	 ARTICLE EIGHT
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	
			
	 SECTION 801.
	 	Company May Consolidate, etc., Only on Certain Terms	  	46
	 SECTION 802.
	 	Successor Person Substituted	  	46
		
	 ARTICLE NINE
 SUPPLEMENTAL INDENTURES
	  	
			
	 SECTION 901.
	 	Supplemental Indentures Without Consent of Holders	  	47
	 SECTION 902.
	 	Supplemental Indentures with Consent of Holders	  	48
	 SECTION 903.
	 	Execution of Supplemental Indentures	  	49
	 SECTION 904.
	 	Effect of Supplemental Indentures	  	49
	 SECTION 905.
	 	Conformity with Trust Indenture Act	  	49
	 SECTION 906.
	 	Reference in Securities to Supplemental Indentures	  	49
	 SECTION 907.
	 	Notice of Supplemental Indentures	  	49
		
	 ARTICLE TEN
 COVENANTS
	  	
			
	SECTION 1001.	 	Payment of Principal, Premium, if any, and Interest	  	50
	 SECTION 1002.
	 	Maintenance of Office or Agency	  	50
	 SECTION 1003.
	 	Money for Security Payments to Be Held in Trust	  	50
	 SECTION 1004.
	 	Statement as to Compliance	  	51
	 SECTION 1005.
	 	Corporate Existence	  	52
	 SECTION 1006.
	 	Negative Pledge	  	52
	 SECTION 1007.
	 	Limitation on Sale and Leaseback Transactions	  	53
	 SECTION 1008.
	 	Calculations	  	54
	 SECTION 1009.
	 	Waiver of Certain Covenants	  	55
	 SECTION 1010.
	 	Additional Amounts	  	55
	 SECTION 1011.
	 	Payment of Taxes and Other Claims	  	56
	 SECTION 1012.
	 	Maintenance of Properties	  	56
	 SECTION 1013.
	 	Appointment to Fill a Vacancy in Office of Trustee	  	57
		
	 ARTICLE ELEVEN
 REDEMPTION OF SECURITIES
	  	
			
	 SECTION 1101.
	 	Right of Redemption	  	57
	 SECTION 1102.
	 	Applicability of Article	  	58
	 SECTION 1103.
	 	Election to Redeem; Notice to Trustee	  	58
	 SECTION 1104.
	 	Selection by Trustee of Securities to Be Redeemed	  	58

  

 v 

							
	 	 	 	 	 	  	Page
	SECTION 1105.	 	Notice of Redemption	  	58
	SECTION 1106.	 	Deposit of Redemption Price	  	59
	SECTION 1107.	 	Securities Payable on Redemption Date	  	59
	SECTION 1108.	 	Securities Redeemed in Part	  	60
		
	 ARTICLE TWELVE
 DEFEASANCE AND COVENANT DEFEASANCE
	  	
			
	SECTION 1201.	 	Company’s Option to Effect Defeasance or Covenant Defeasance	  	60
	SECTION 1202.	 	Defeasance and Discharge	  	60
	SECTION 1203.	 	Covenant Defeasance	  	61
	SECTION 1204.	 	Conditions to Defeasance or Covenant Defeasance	  	61
	SECTION 1205.	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	  	63
	SECTION 1206.	 	Reinstatement	  	64
		
	TESTIMONIUM	  	1
		
	SIGNATURES AND SEALS	  	60

  

 vi 

 INDENTURE, dated as of October 16, 2001 between DOMTAR INC., a corporation duly organized and
existing under the federal laws of Canada (herein called the “Company”), having its principal office at 395 de Maisonneuve Blvd. West, Montreal Quebec H3A 1L6, and The Chase Manhattan Bank, a New York banking corporation duly organized and
existing under the laws of the State of New York, Trustee (herein called the “Trustee”). 
 RECITALS OF THE COMPANY

 The Company has duly authorized the creation of an issue of 7.875% Notes due 2011 (herein called the “Securities”), of
substantially the tenor and amount hereinafter set forth, and to provide therefor the Company has duly authorized the execution and delivery of this Indenture. 
 This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.

 All things necessary have been done to make the Securities, when executed by the Company and authenticated and delivered hereunder and
duly issued by the Company, the valid obligations of the Company and to make this Indenture a valid agreement of the Company, in accordance with their and its terms. 
 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 covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
 SECTION 101.
Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 (a) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular; 
 (b) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference
therein, have the meanings assigned to them therein, and the terms “cash transaction” and “self-liquidating paper”, as used in TIA Section 311, shall have the meanings assigned to them in the rules of the Commission adopted
under the Trust Indenture Act; 

 (c) all accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean
such accounting principles as are generally accepted at the date of such computation; and 
 (d) 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. 
 “$” means a dollar or other equivalent unit in such coin or currency of Canada as at the time shall be legal tender for the payment of public
and private debts. 
 “U.S.$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time
shall be legal tender for the payment of public and private debts. 
 “Act”, when used with respect to any Holder, has the meaning
specified in Section 104. 
 “Additional Amounts” has the meaning specified in Section 1010. 
 “Additional Securities” means Securities that are issued pursuant to one or more Board Resolutions, under an Officer’s Certificate
pursuant to the authority granted by one or more Board Resolutions or under a supplemental indenture after the date that the Securities are first issued by the Company and authenticated by the Trustee under this Indenture, which will rank pari
passu with the Securities initially issued in all respects, except that interest will only accrue on such Additional Securities as and from the issue date of such Additional Securities or such other date as set forth in the terms of such
Additional Securities. 
 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Redemption Date.

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Attributable Obligation” means, in respect of a Sale and Leaseback Transaction, the present value (discounted at the rate of interest implicit
in such transaction, if known, or at the rate of 10% if such implicit rate is not known) of the obligation of the lessee for the net rental payments (as described below) during the remaining term of the lease (including any period for 

  

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which such lease has been extended or may, at the option of the lessor, be extended) entered into in connection therewith, such present value to be
established as at the date as of which the amount of the payment is determined and in accordance with Canadian GAAP as in effect from time to time. The term “net rental payments” under any lease for any period means the sum of the rental
and other payments required to be paid in such period by the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether or not designated as rental or additional rental) on account of indemnities (other than
any constituting basic rent) or maintenance and repairs, insurance, taxes, assessments, water rates, utilities or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by such lessee thereunder contingent
upon the amount of sales, production or other measures of economic performance. 
 “Base Currency” has the meaning specified in
Section 114. 
 “Board of Directors” means either the board of directors of the Company or any duly authorized committee of
that board. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company
or by another officer of the Company acceptable to the Trustee as having 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 Trustee. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in The City of New
York are authorized or obligated by law or executive order to close. 
 “Canadian GAAP” means, at any particular time, accounting
principles generally accepted in Canada at such time. 
 “Capitalized Lease Obligation” means, with respect to any Person, any
obligation of such Person as lessee with respect to any lease that is required to be capitalized on its balance sheet in accordance with Canadian GAAP as in effect from time to time. The amount of any Capitalized Lease Obligation at any time shall
be the amount at which it is carried on the balance sheet of the lessee at such time in accordance with such principles. 
 “Capital
Stock” of any Person means any and all shares, interests, participations or other equivalents (however designated) of corporate stock of such Person. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or, if at any time after the execution of this Indenture such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “Company” means the Person named as the “Company” in the first paragraph of this Indenture, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Company” shall mean such successor Person. 
  

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 “Company Request” or “Company Order” means a written request or order signed in the
name of the Company by its Chairman, its President, any Vice President, its Treasurer or an Assistant Treasurer, and delivered to the Trustee. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt of comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for the Redemption Date. 
 “Consolidated Net Tangible Assets” means, with respect to any Person(s), the total of all assets appearing on the most recent consolidated
balance sheet of such Person(s), less the sum of the following amounts appearing on such consolidated balance sheet: (i) amounts, if any, at which goodwill, trademarks, tradenames, copyrights, patents and other similar intangible assets (other
than timber licenses) and unamortized stock or debt commission, discount, expense and premium shall appear as assets, (ii) all amounts at which investments in Subsidiaries which are not being consolidated shall appear on such consolidated
balance sheet as assets, (iii) the amount of all liabilities appearing on such consolidated balance sheet as current liabilities, and (iv) any minority interest appearing on such consolidated balance sheet; all as determined, except for
the accounting of the Company’s investment in Norampac Inc. as an equity investment, on a consolidated basis in accordance with Canadian GAAP as in effect from time to time. 
 “Corporate Trust Office” means the principal corporate trust office of the Trustee, at
which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at 450 West 33rd Street, 15th Floor, New York, New York, 10001, except that with respect to presentation of Securities for payment or for registration of transfer
or exchange, such term shall mean the office or agency of the Trustee at which, at any particular time, its corporate agency business shall be conducted. 
 “corporation” includes corporations, associations, companies and business trusts. 
 “covenant
defeasance” has the meaning specified in Section 1203. 
 “Debt” means all Capitalized Lease Obligations and any
undischarged indebtedness for money borrowed, whether or not evidenced by any note, bond, debenture or other instrument; provided, however, that Debt shall not include any Debt for the payment or redemption of which money in the necessary amount
shall have been deposited in irrevocable trust either at or before the maturity or redemption date thereof. 
 “Default” means any
event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning
specified in Section 308. 
 “defeasance” has the meaning specified in Section 1202. 
  

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 “Depositary” means DTC, until a successor Person shall have become such pursuant to the
applicable provisions of this Indenture and thereafter “Depositary” shall mean such successor Person. 
 “DTC” has the
meaning specified in Section 202. 
 “Event of Default” has the meaning specified in Section 501. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
 “Excluded Holder” has the meaning specified in Section 1010. 
 “Exempted Debt” means without duplication (a) all Debt of the Company and its Restricted Subsidiaries which is secured by a Mortgage
described in clause (7) of Section 1006 and (b) all Attributable Obligations in respect of Sale and Leaseback Transactions described in paragraph (b) of Section 1007. 
 “Funded Debt” of any Person means any Debt, whether issued, assumed or guaranteed by any Person, maturing by its terms more than one year from
the date of issuance, assumption or guarantee thereof or which is extendible or renewable at the sole option of the obligor in such manner that it may become payable more than one year from the date of issuance, assumption or guarantee thereof by
such Person. 
 “Global Security” has the meaning specified in Section 201. 
 “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. 
 “Independent Investment Banker” means one of the
Reference Dealers selected by the Company. 
 “Interest Payment Date” means the Stated Maturity of an installment of interest on
the Securities. 
 “Judgment Currency” has the meaning specified in Section 114. 
 “Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or otherwise. 
 “Mortgage” means any mortgage, hypothec, privilege, pledge, security interest, floating charge or other similar lien or encumbrance. 
  

 5 

 “Notice of Default” has the meaning specified in Section 501. 
 “Officer’s Certificate” means a certificate signed by the Chairman, the President or a Vice President, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the Company (or by any two officers, one of whom shall be the principal financial officer, of the Company duly authorized for the purpose by a Board Resolution and acceptable to the Trustee), and
delivered to the Trustee. Each such certificate shall include the statements provided for in Section 102. 
 “Opinion of
Counsel” means a written opinion of counsel, who may be counsel for the Company, including an employee of the Company, and who shall be acceptable to the Trustee. Each such opinion shall include the statements provided for in Section 102,
if and to the extent required hereby. 
 “Outstanding”, when used with respect to Securities, means, as of the date of
determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Securities, or portions thereof,
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its
own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been
made; 
 (iii) Securities, except to the extent provided in Sections 1202 and 1203, with respect to which the Company has
effected defeasance and/or covenant defeasance as provided in Article Twelve; and 
 (iv) Securities which have been paid
pursuant to Section 307 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 Trustee
proof satisfactory to it that such Securities are held by a protected purchaser (as defined in Article 8 of the Uniform Commercial Code) in whose hands the Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, and for the purpose of making the calculations required by TIA Section 313, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if 

  

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the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor. 
 “Paying Agent” means any
Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal of (and premium, if any, on) or interest on any Securities on behalf of the Company. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “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 307
in exchange for a mutilated security or in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Security. 
 “Principal Facility” means any mill, converting plant or manufacturing plant owned or leased at the date of this Indenture or acquired or
leased by the Company or any Subsidiary after such date and which is located within Canada or the United States, other than any mill or plant the fair value of which as determined by the Board of Directors does not at the time exceed 1% of the
Consolidated Net Tangible Assets of the Company. 
 “Principal Property” means, as the context may require, any real or immoveable
property forming part of or constituting any or all of the following: any Principal Facility or Timberlands. 
 “Property” means
any asset, revenue or any other property or property right or interest, whether tangible or intangible, real or personal, including, without limitation, any right to receive income. 
 “Purchase Money Obligation” means any indebtedness, whether or not secured, incurred in respect of the cost of acquisition of any property
(including shares of Capital Stock or Debt) or of the cost of construction or improvement of any property acquired, constructed or improved after the date of this Indenture, which indebtedness existed at the time of acquisition or was created,
issued, incurred, assumed or guaranteed contemporaneously with the acquisition, construction or improvement or within 120 days after the completion thereof (or subsequently if created pursuant to a firm commitment financing arrangement obtained
within such 120-day period, provided that the related indebtedness is created within 90 days after the expiration of such 120-day period) and includes any extension, renewal or refunding of any such indebtedness if the principal amount
thereof outstanding on the date of such extension, renewal or refunding is not increased. 
 “rate(s) of exchange” has the meaning
specified in Section 114. 
 “Redemption Date”, when used with respect to any Security to be redeemed, in whole or in part,
means the date fixed for such redemption by or pursuant to this Indenture. 
  

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 “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. 
 “Reference Dealer” means, (1) J.P. Morgan Securities Inc. and its
successors; provided, however, that if it shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company shall substitute for it another Primary Treasury
Dealer, and (2) any other Primary Treasury Dealer selected by the Trustee after consultation with the Company. 
 “Reference
Treasury Dealer Quotation” means, with respect to each Reference Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted by the Reference Dealer at 5:00 p.m. (New York time) on the third Business Day preceding the Redemption Date. 
 “Regular Record Date” for the interest payable on any Interest Payment Date means the April 1 or October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. 
 “Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee with direct responsibility
for the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restricted Subsidiary” means (a) a Subsidiary which, as at the end of the Company’s then most recently completed fiscal quarter, had
Consolidated Net Tangible Assets representing at least 5% of the Consolidated Net Tangible Assets of the Company and owns or leases any interest in a Principal Property and (b) any other Subsidiary which the Board of Directors shall have
determined to be a Restricted Subsidiary. Any determination mentioned in (b) shall be irrevocable provided, however, that the Board of Directors may determine that a Restricted Subsidiary described in (b) shall cease to be a
Restricted Subsidiary and shall become an Unrestricted Subsidiary if (i) a Person other than the Company or a Restricted Subsidiary shall hold a minority interest in such Restricted Subsidiary of at least 15% of the common shareholders’
equity of such Restricted Subsidiary and (ii) immediately after such Restricted Subsidiary becomes an Unrestricted Subsidiary, no Default or Event of Default shall exist. 
 “Sale and Leaseback Transaction” has the meaning specified in Section 1007. 
 “Security” or “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 United States Securities Act of 1933, as amended.

 “Security Register” and “Security Registrar” have the respective meanings specified in Section 306. 

 

 8 

 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 308. 
 “Stated Maturity”, when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” of any Person means any corporation of which more than 50% of the Voting Stock is owned, directly or indirectly, by or for the
benefit of the Company or by or for any corporation in like relation to the Company and includes any corporation in like relation to a Subsidiary. 
 “Tax Act” means the Income Tax Act (Canada). 
 “Taxes” has the meaning specified in Section 1010.

 “Timberlands” means any real or immovable property located within Canada or the United States and (a) which is owned by the
Company or any Subsidiary and contains, or (b) with respect to which the Company or any Subsidiary is entitled under any lease, license or similar agreement to cut and remove, standing timber which is (or upon completion of a growth cycle then
in process is expected to become) of a commercial quantity and of merchantable quality, other than (i) any such property which at the time of determination is not held primarily for the production of lumber or other wood products, (ii) any
such property the fair value of which as determined by the Board of Directors does not at the time exceed 1% of the Consolidated Net Tangible Assets of the Company or (iii) any reserves of oil and gas located under such property. 
 “Trust Indenture Act” or “TIA” means the United States Trust Indenture Act of 1939 as in force at the date as of which this Indenture
was executed, except as provided in Section 905; provided, however, that in the event the Trust Indenture Act is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
 “U.S. Government Obligations” has the meaning specified in Section 1204. 
 “Unrestricted Subsidiary” means a Subsidiary which is not or which has ceased to be a Restricted Subsidiary. 
 “Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a
word or words added before or after the title “vice president”. 
  

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 “Voting Stock” of any Person means Capital Stock of any class of such Person having under all
circumstances the right to elect at least a majority of the board of directors of such Person, provided that, for the purposes of this Indenture, shares which only carry the right to vote conditionally on the happening of an event shall not be
considered Voting Stock nor shall any shares be deemed to cease to be Voting Stock solely by reason of a right to vote accruing to shares of another class or classes by reason of the happening of such event. 
 “Wholly-Owned Restricted Subsidiary” means a Restricted Subsidiary all of whose Voting Stock (other than shares required to be owned by
directors under any applicable law) are owned by the Company and/or one or more of its Wholly-Owned Restricted Subsidiaries. 
 SECTION 102.
Compliance Certificates and Opinions. 
 (a) Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture (including any covenant compliance with which constitutes a condition
precedent) relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel such action is authorized or permitted by this Indenture and that all such conditions precedent, if any, have
been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished. 
 (b) Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than pursuant to Section 1004) shall include: 
 (1) a statement that each
individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement
as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 103. Form of
Documents Delivered to Trustee. 
 (a) 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. 
  

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 (b) Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his
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 Company stating
that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such
matters are erroneous. 
 (c) Any certificate or opinion of an officer of the Company or of counsel may be based, insofar as it relates to
accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as the case may be, knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to the accounting matters upon which such certificate or opinion may be based are erroneous. Any certificate or opinion of any independent firm of public accountants filed with
the Trustee shall contain a statement that such firm is independent. 
 (d) 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. 
 SECTION 104. Acts of Holders. 
 (a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved 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 the execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of 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 that the Trustee deems sufficient. 
  

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 (c) The principal amount and serial numbers of Securities held by any Person, and the date of holding the
same, shall be proved by the Security Register. 
 (d) If the Company shall solicit from the Holders of Securities any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be
a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
waiver, act, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, waiver, act, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding
Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date. 
 (e) 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 Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 SECTION 105. Notices, etc., to Trustee and Company. 
 Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention:
Institutional Trust Services, or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture, or at any other
address previously furnished in writing to the Trustee by the Company. 
  

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 SECTION 106. Notice to Holders; Waiver. 
 (a) Where this Indenture provides for notice of any event to Holders by the Company or the Trustee, 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 address as it appears in the Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. 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. 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. Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 (b) In case, by reason of the suspension of or irregularities in regular mail service or by reason of any other cause, it shall be impracticable to mail notice of any event to Holders when such notice is required to
be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice for every purpose hereunder. 
 SECTION 107. Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 108. Successors and Assigns. 
 All covenants and agreements in this Indenture by the Company
shall bind its successors and assigns, whether so expressed or not. 
 SECTION 109. 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. 
 SECTION 110. Benefits of Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any
Securities Registrar and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

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 SECTION 111. Governing Law. 
 This Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York. This Indenture is subject to the
provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 
 SECTION 112. Legal Holidays. 
 In any case where any Interest Payment Date, Redemption Date or Stated
Maturity or Maturity of any Security shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Securities) payment of principal (or premium, if any) or interest need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption Date or at the Stated Maturity or Maturity; provided that no interest shall accrue for the period from and after such
Interest Payment Date, Redemption Date, Stated Maturity or Maturity, as the case may be. 
 SECTION 113. Conflict with Trust Indenture
Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such act
to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed
to apply to this Indenture as so modified or to be excluded, as the case may be. 
 SECTION 114. Conversion of Currency. 

The Company covenants and agrees that the following provisions shall apply to conversion of currency in the case of the Securities and this Indenture:

 (a) (i) If for the purpose of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes necessary to
convert into a currency (the “Judgment Currency”) an amount due in any other currency (the “Base Currency”), then the conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which the
judgment is given or the order of enforcement is made, as the case may be (unless a court shall otherwise determine). 
 (ii)
If there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date of
receipt of the amount due, the Company will pay such additional (or, as the case may be, such lesser) amount, if any, as may be necessary so that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing on the date
of receipt will produce the amount in Base Currency originally due. 
 (b) In the event of the winding-up of the Company at any time while
any amount or damages owing under the Securities and this Indenture, or any judgment or order 

  

 14 

 
rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders and the Trustee harmless against any deficiency
arising or resulting from any variation in rates of exchange between (i) the date as of which the equivalent of the amount in Base Currency due or contingently due under the Securities and this Indenture (other than under this paragraph (b)) is
calculated for the purposes of such winding-up and (ii) the final date for the filing of proofs of claim in such winding-up. For the purpose of this paragraph (b) of Section 114, the final date for the filing of proofs of claim in the
winding-up of the Company shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as being the latest practicable date as at which liabilities of the Company may be ascertained for such
winding-up prior to payment by the liquidator or otherwise in respect thereto. 
 (c) The obligations contained in paragraphs (a)(ii) and
(b) of this Section 114 shall constitute separate and independent obligations of the Company from its other obligations under the Securities and this Indenture, shall give rise to separate and independent causes of action against the
Company, shall apply irrespective of any waiver or extension granted by any Holder or the Trustee or either of them from time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of
claim in the winding-up of the Company for a liquidated sum in respect of amounts due hereunder (other than under paragraph (b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss
suffered by the Holders or the Trustee, as the case may be, and no proof or evidence of any actual loss shall be required by the Company or its liquidator. In the case of paragraph (b) above, the amount of such deficiency shall not be deemed to
be increased or reduced by any variation in rates of exchange occurring between the said final date and the date of any liquidating distribution. 
 (d) The term “rate(s) of exchange” shall mean the Bank of Canada noon rate for purchase of Base Currency with the Judgment Currency as reported by REUTERS on screens BOFC and BOFD. 
 (e) The Trustee shall have no duty or liability with respect to monitoring or enforcing this Section 114. 
 SECTION 115. Agency for Service; Submission to Jurisdiction; Waiver of Immunities. 
 (a) By the execution and delivery of this Indenture, the Company (i) acknowledges that it has, by separate written instrument, irrevocably designated
and appointed CT Corporation System, as its authorized agent for service of process in any suit, action or proceeding arising out of or based upon the Securities or this Indenture that may be instituted in any federal or state court located in the
Borough of Manhattan in The City of New York, or brought under federal or state securities laws or brought by the Trustee, and acknowledges that CT Corporation System has accepted such designation, (ii) irrevocably submits to the nonexclusive
jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees that service of process upon CT Corporation System and written notice of said service to it (mailed or delivered to the Company’s Senior Vice President
and Chief Financial Officer at its principal office in Montreal, Canada as specified in Section 105(2) in this Indenture) shall be deemed in every respect effective service of process upon it in any such suit, action or 

  

 15 

 
proceeding. The Company further agrees to take any and all actions, including the execution and filing of any and all such documents and instruments, as may
be necessary to continue such designation and appointment of CT Corporation System in full force and effect so long as this Indenture shall be in full force and effect. 
 (b) To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid
of execution, execution or otherwise) with respect to itself or its Property, the Company hereby irrevocably waives such immunity in respect of its obligations under this Indenture and the Securities, to the extent permitted by law. 
 SECTION 116. Incorporators, Shareholders, Officers and Directors of the Company 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 incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of
law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders and as
part of the consideration for the issue of the Securities. 
 ARTICLE TWO 
 SECURITY FORMS 
 SECTION 201. Forms Generally. 
 (a) The Securities and the Trustee’s certificate of authentication shall be in substantially the forms set forth in this Article, 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 as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. Any portion of the text of any Security may be
set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security. 
 (b) 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 of the Company executing such Securities, as evidenced by their execution of such Securities. 
 (c) The Securities will initially be issued in global form (the “Global Security”). Such Global Security shall represent such of the
Outstanding Securities as shall be specified therein and each shall provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amounts of 

  

 16 

 
Outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate. Any endorsement of the Global Security to reflect
the amount of any increase or decrease in the amount of Outstanding Securities represented thereby shall be made by the Trustee and Depositary in accordance with instructions given by the holder thereof. The Global Security evidencing the Securities
(and all Securities issued in exchange therefor) shall bear the legend indicated in this Article. 
 (d) Any form of Security approved by or
pursuant to a Board Resolution must be acceptable as to form to the Trustee, such acceptance to be evidenced by the Trustee’s authentication of Securities in that form or a certificate signed by a Responsible Officer of the Trustee and
delivered to the Company. 
 SECTION 202. Form of Face of Security. 
 The Securities and the Trustee’s certificate of authentication to be endorsed thereon are to be substantially in the following forms: 
 (FORM OF FACE OF SECURITY) 
 Unless this
Security is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any Security issued is registered in
the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of DTC or a nominee of
DTC. This Security is exchangeable for Securities registered in the name of a Person other than DTC or its nominee only in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security
as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC) may be registered except in limited circumstances. 
  

 17 

 DOMTAR INC. 
 7.875% Note due 2011 
  

			
		  	CUSIP:                    
	 No.
                    
	  	U.S.$                        

 Domtar Inc., a corporation duly organized and existing under the federal laws of Canada (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
                         Dollars on October 15, 2011, at the office or agency of the Company referred to below, and
to pay interest thereon on April 15, 2002 and semi-annually thereafter, on April 15 and October 15 in each year, from October 16, 2001, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, at the rate of 7.875% per annum, until the principal hereof is paid or duly provided for, and (to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from the date on which such
overdue interest becomes payable to the date payment of such interest has been made or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the April 1 or October 1 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and such defaulted interest, and (to the extent
lawful) interest on such defaulted interest at the rate borne by the Securities, may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or may be paid in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal of (and premium, if any, on) and interest
on this Security will be made at the office or agency of the Company maintained for that purpose in The City of New York, or at such other office or agency of the Company as may be maintained for such purpose, in such coin or currency of the United
States as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company (i) by check mailed to the address of the Person
entitled thereto as such address shall appear on the Security Register or (ii) by transfer to an account maintained by the payee located in the United States. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  

 18 

 Unless the certificate of authentication hereon has been duly executed by the Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 
  

					
	 Dated:
	 	DOMTAR INC.
			
		 	By	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	By	 	  

		 	Name:	 	
		 	Title:	 	

  

	
	 Attest:

	  

	 Authorized Signature

  

 19 

 SECTION 203. Form of Reverse of Security. 
 This Security is one of a duly authorized issue of securities of the Company designated as its 7.875% Notes due 2011 (herein called the
“Securities”), which may be issued under an indenture (herein called the “Indenture”) dated as of October 16, 2001 between the Company and The Chase Manhattan Bank, trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder
of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
 The Securities are subject to redemption upon not less than 30 nor more than 60 days’ notice, at any time, as a whole or in part, at the option of the Company, at a Redemption Price equal to the greater of:

 (1) 100% of the principal amount of the Securities, or 
 (2) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities (not including any portion of the payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate, plus 35 basis points, 
 plus, in each case, accrued interest thereon to the Redemption Date. 
 The Securities will be subject to redemption at any time, in whole but not in part, at a Redemption Price equal to the principal amount thereof together
with accrued and unpaid interest to the date fixed for redemption, upon the giving of a notice as described below, if (i) the Company determines that (A) as a result of any change in or amendment to the laws (or any regulations or rulings
promulgated thereunder) of Canada or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position regarding application or interpretation of such laws, regulations or rulings (including a
holding by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after October 11, 2001, the Company has or will become obligated to pay, on the next succeeding Interest Payment Date, Additional
Amounts or (B) on or after October 11, 2001, any action has been taken by any taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, Canada or any political subdivision or taxing authority thereof
or therein, including any of those actions specified in clause (A) above, whether or not such action was taken or decision was rendered with respect to the Company, or any change, amendment, application or interpretation shall be officially
proposed, which, in any such case, in the written opinion to the Company of legal counsel of recognized standing, will result in an obligation to pay, on the next succeeding Interest Payment Date, Additional Amounts with respect to any Securities
and (ii) in any such case the Company in its business judgment determines that such obligation cannot be avoided by the use of reasonable measures available to the Company; 

  

 20 

 
provided, however, that (1) no such notice of redemption may be given earlier than 90 or later than 30 days prior to the earliest date on
which the Company would be obligated to pay such Additional Amounts where a payment in respect of the Securities is then due, and (2) at the time such notice of redemption is given, such obligation to pay such Additional Amounts remains in
effect. 
 In the case of any redemption of Securities, interest installments whose Stated Maturity is on or prior to the Redemption Date
will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Date referred to on the face hereof. Securities (or portions thereof) for whose redemption provision
is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 
 In the event of redemption of
this Security in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default shall occur and be continuing, the principal of all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain
restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Security at the times, place, and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable on the Security Register
of the Company, upon surrender of this Security for registration of transfer at the office or agency of the Company 

  

 21 

 
maintained for such purpose in The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. 
 The Securities are issuable only in registered form without coupons in denominations of U.S.$1,000
and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to the time of due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 SECTION 204. Form of Trustee’s Certificate of Authentication. 
 The Trustee’s certificate of
authentication shall be in substantially the following form: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION. 
 This is one of the Securities referred to in the within-mentioned Indenture. 
  

			
	 THE CHASE MANHATTAN BANK, as
 Trustee

		
	By	 	  

		 	Authorized Officer

  

 22 

 ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Title and Terms. 
 (a) The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 (b) The Securities shall be known and designated as the “7.875% Notes due [Missing text] f the Company. Their Stated Maturity shall be
October 15, 2011, and they shall bear interest at the rate of 7.875% per annum from October 16, 2001, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable on April 15, 2002
and semi-annually thereafter on April 15 and October 15 in each year and at said Stated Maturity, until the principal thereof is paid or duly provided for. 
 (c) The principal of (and premium, if any) and interest (and Additional Amounts, if any) on the Securities shall be payable at the office or agency of the Company maintained for such purpose in The City of New York,
or at such other office or agency of the Company as may be maintained for such purpose; provided, however, that, at the option of the Company, interest may be paid (i) by check mailed to addresses of the Persons entitled thereto
as such addresses shall appear on the Security Register or (ii) by transfer to an account maintained by the payee located in the United States. 
 (d) The Securities shall be redeemable as provided in Article Eleven. 
 (e) Additional Securities ranking
pari passu with the Securities issued on the date hereof may be created and issued from time to time by the Company without notice to or consent of the Holders and shall be consolidated with and form a single series with the Securities
initially issued and shall have the same terms as to status, redemption or otherwise as the Securities originally issued, except that interest will accrue on such Additional Securities as and from the issue date of such Additional Securities or such
other date as set forth in the terms of such Additional Securities. Any Additional Securities shall be issued pursuant to one or more Board Resolutions under an Officer’s Certificate pursuant to the authority granted by one or more Board
Resolutions, or under a supplemental indenture to this Indenture. 
 SECTION 302. Denominations. 
 The Securities shall be issuable only in registered form without coupons and only in denominations of U.S.$1,000 and any integral multiple thereof.

 SECTION 303. Execution, Authentication, Delivery and Dating. 
 (a) The Securities shall be executed on behalf of the Company by its Chairman, its President or a Vice President, under its corporate seal reproduced
thereon and attested by its Secretary or an Assistant Secretary. The signature of any of these officers on the Securities may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise
reproduced on the Securities. 
  

 23 

 (b) Securities bearing the manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such
Securities. 
 (c) At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities.

 (d) Each Security shall be dated the date of its authentication. 
 (e) 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 duly executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that
such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 
 SECTION 304.
Global Security. 
 (a) A Global Security may only be issued to the Depositary or a nominee of the Depositary and may be transferred,
in whole but not in part, only to another nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of such successor depositary. 
 (b) If at any time (i) the Depositary notifies the Company that it is unwilling or unable to continue as a depositary for such Global Security, or
(ii) the Depositary shall no longer be a clearing agency registered or in good standing under the Exchange Act or other applicable statute or regulation, at which time the Depositary is required to be so registered under the Exchange Act or
other applicable statute or regulation and in the case of either clause (i) or (ii) above a successor depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as
the case may be, or (iii) the Company, in its sole discretion, determines that such Global Security shall be exchangeable as described below, the Company will execute, and, subject to Article Three of this Indenture, the Trustee, upon written notice
from the Company, will authenticate and deliver the Securities in certificated non-book entry, definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security in exchange for such Global Security. In addition, the Company may at any time determine that the Securities shall no longer be represented by a Global Security. In such event, the Company will execute, and subject to Section 303 of
this Indenture, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities in certificated non-book entry, definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in certificated non-book entry,
definitive 

  

 24 

 
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security, the
Global Security shall be surrendered to and cancelled by the Trustee. Such Securities in certificated non-book entry, definitive registered form issued in exchange for the Global Security shall be registered in such names and in such authorized
denominations as the Depositary, or successor depositary, as the case may be, pursuant to instructions from the direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for
delivery to the Persons in whose names such Securities are so registered. 
 (c) Except as otherwise set forth in this Indenture or a Global
Security, owners of beneficial interests in the Securities evidenced by a Global Security will not be entitled to any rights under this Indenture with respect to such Global Security, and the Depositary or its nominee may be treated by the Company,
the Trustee and any agent of the Company or the Trustees as the owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any such agent from giving
effect to any written certification, proxy or other authorization furnished by the Depositary or its nominee or impair, as between the Depositary or its nominee and such owners of beneficial interests, the operation of customary practices governing
the exercise of the rights of the Depositary or its nominee as Holder of any Security. 
 SECTION 305. Temporary Securities.

 (a) Pending the preparation of definitive Securities, the Company may execute, and upon Company Order the 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 conclusively evidenced by their execution of such Securities. 
 (b) If temporary Securities are issued, the Company will cause definitive Securities to be prepared without unreasonable delay. After the preparation of
definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender of the temporary Securities at the office or agency of the Company designated for such purpose pursuant to Section 1002, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of
authorized denominations. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities. 
 SECTION 306. Registration, Registration of Transfer and Exchange. 
 (a) The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency designated pursuant to Section 1002 being
herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Security

  

 25 

 
Register shall be in written form or any other form capable of being converted into written form within a reasonable time. At all reasonable times, the
Security Register shall be open to inspection by the Trustee. The Trustee is hereby initially appointed as security registrar (the “Security Registrar”) for the purpose of registering Securities and transfers of Securities as herein
provided. 
 (b) Upon surrender for registration of transfer of any Security at the office or agency of the Company designated pursuant to
Section 1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Securities of any authorized denomination or denominations of a like aggregate principal amount.

 (c) At the option of the Holder, Securities may be exchanged for other Securities of any authorized denomination and of a like 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 Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the
Holder making the exchange is entitled to receive. 
 (d) All Securities issued upon any registration of transfer or exchange of Securities
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 (e) Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar)
be duly endorsed, or be accompanied by a written instrument of transfer, in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 
 (f) No service charge shall be made for any registration of transfer or exchange or redemption of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 305, 906 or 1108 not involving any transfer.

 (g) The Company shall not be required (i) to issue, register the transfer of or exchange any Security during a period beginning at
the opening of business 15 days before the selection of Securities to be redeemed under Section 1104 and ending at the close of business on the day of the mailing of the relevant notice of redemption, or (ii) 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. 
 SECTION 307. Mutilated, Destroyed, Lost and Stolen Securities. 
 (a) If (i) any mutilated Security is surrendered to the
Trustee, or (ii) the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company and the Trustee such security or indemnity as may be required by them
to save each of them harmless, then, in the absence of notice to the 

  

 26 

 
Company or the Trustee that such Security has been acquired by a protected purchaser (as defined in Article 8 of the Uniform Commercial Code), the Company
shall execute and upon Company Order the Trustee shall authenticate and deliver, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount, bearing a
number not contemporaneously outstanding. 
 (b) In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 (c) Upon the issuance of
any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. 
 (d) Every new Security issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all benefits of this
Indenture equally and proportionately with any and all other Securities duly issued hereunder. 
 (e) 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. 
 SECTION 308. Payment of Interest; Interest Rights Preserved. 
 (a) 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 such Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided, however, that each installment of interest
may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 309, to the address of such Person as it appears in the Security
Register or (ii) transfer to an account maintained by the payee located in the United States. 
 (b) Any interest on any Security which
is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder on the Regular Record Date by virtue of having been such Holder, and such defaulted interest and (to the
extent lawful) interest on such defaulted interest at the rate borne by the Securities (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) may be paid by the Company, at its election in each case,
as provided in clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to
the Persons in whose names the Securities (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such 

  

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Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit 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 in this clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date, and in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given in the manner provided for in Section 106, 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 given, such Defaulted Interest shall be paid to the Persons in whose names the Securities (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 clause (2). 
 (2) The Company may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 (c) 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. 
 SECTION 309. Persons Deemed Owners. 
 Prior to the due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 306 and 308) interest on such Security and for all other purposes
whatsoever (other than the payment of Additional Amounts, if any), whether or not such Security be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 
  

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 SECTION 310. Cancellation. 
 All Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation of any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation. 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 Trustee shall be disposed of by the Trustee in accordance with its customary procedures unless by Company Order the Company shall direct that cancelled Securities be returned to it or that a certification of their disposal be delivered to the
Company. 
 SECTION 311. Computation of Interest. 
 Interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of Indenture. 
 (a) This Indenture shall upon Company Request cease to be of further effect (except as to surviving rights of registration of transfer or exchange of Securities expressly provided for herein or pursuant hereto) and
the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when 
 (1) either 
 (A) 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 307 and (ii) Securities for whose payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held
in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
 (B) all such Securities not theretofore delivered to the Trustee for cancellation 
  

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 (i) have become due and payable, or 
 (ii) will become due and payable at their Stated Maturity with one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company. 
 and the Company, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee 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. 
 (b) Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, under Section 1010 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause
(1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 
 SECTION 402. Application of Trust Money. 
 Subject to the provisions of the last paragraph of
Section 1003, all money deposited with the Trustee pursuant to Section 401 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 Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee;
but such money need not be segregated from other funds except to the extent required by law. 
  

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 ARTICLE FIVE 
 REMEDIES 
 SECTION 501. Events of Default. 
 “Event of Default”, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any interest (including Additional Amounts) due on any Security when it becomes due and payable, and
continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal (or premium, if any) in
respect of any Security when such principal or premium becomes due, whether upon its Maturity, redemption or otherwise; or 
 (3) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a default in the performance, or breach, of a covenant or warranty a default in the performance of which or the breach of
which is specifically dealt with elsewhere in this Section), 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 Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities 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

 (4) default by the Company or any Restricted Subsidiary under any one or more indentures or instruments evidencing or under
which the Company or any Restricted Subsidiary has at the time outstanding indebtedness for borrowed money in an aggregate principal amount of at least U.S.$50,000,000 (or its equivalent in other currencies) shall happen and be continuing and
(i) shall consist of a failure to make any payment of principal at Maturity or (ii) shall have resulted in the acceleration of such indebtedness so that the same shall be or become due and payable prior to the date on which the same would
otherwise have become due and payable or shall have resulted in the enforcement of any security for such indebtedness; or 
 (5) the taking or entering against the Company or any Restricted Subsidiary of a judgment or decree for the payment of money in excess of U.S.$50,000,000 (or its equivalent in other currencies) in the aggregate, if the Company or such
Restricted Subsidiary, as the case may be, fails to file an appeal therefrom within the applicable appeal period or, if the Company or such Restricted Subsidiary, as the case may be, does file an appeal therefrom within such period, such judgment or
decree is not within a period of 90 days from the date thereof, and does not remain, vacated, discharged or stayed; or 
  

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 (6) the making by the Company or any Restricted Subsidiary of an assignment for the
benefit of its creditors, the filing by it of a petition for the declaration of its own bankruptcy, the consenting by it to the institution of, or the granting by a court of, bankruptcy or other insolvency proceedings against it, the admission by
the Company or any Restricted Subsidiary to some or all of its creditors at a meeting or by other means of communication that it is insolvent or the commencement by the Company or any Restricted Subsidiary of any proceeding relative to its
indebtedness under any reorganization, arrangement, compromise, adjustment or postponement of debt, dissolution, winding up, composition or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or 
 (7) the making of an order or judgment by a court having jurisdiction adjudging the Company or any Restricted Subsidiary bankrupt or
insolvent or ordering the winding up or liquidation or rearrangement of its affairs, or the seizure or attachment of all or a substantial part of the Company’s or any Restricted Subsidiary’s property at the instance of a creditor, or the
appointment of a Person to take possession or control under an agreement subjecting the property of the Company or any Restricted Subsidiary to a security interest or pursuant to an order of any court having jurisdiction of all or a substantial part
of the property or the inventory of the Company or any Restricted Subsidiary, such Person to include a receiver, a receiver-manager, an agent, a sequestrator, a trustee under a trust indenture, a creditor in possession or any Person or corporation
authorized to act on their behalf, provided that such order, judgment, seizure or attachment remains in force or such taking of possession or control continues in effect for a period of 90 consecutive days during which a stay of enforcement shall
not be in effect. 
 SECTION 502. Acceleration of Maturity; Rescission and Annulment. 
 (a) If an Event of Default occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of
the Outstanding Securities may declare the principal amount of all the Securities (and premium, if any) and all interest thereon to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and
upon any such declaration such principal amount (and premium, if any) and interest thereon shall become immediately due and payable. 
 (b)
At any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the
Outstanding Securities, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay, 
 (A) all
overdue interest on all Outstanding Securities, 
  

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 (B) all unpaid principal of (and premium, if any, on) any Outstanding Securities which
has become due otherwise than by such declaration of acceleration, and interest on such unpaid principal (and premium, if any) at the rate borne by the Securities, 
 (C) to the extent that payment of such interest is legally enforceable, interest on overdue interest at the rate borne by the Securities,
and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and 
 (2) all Events of Default, other than the non-payment of amounts of
principal of (or premium, if any, on) or interest on Securities which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 
 (a) The Company covenants that if 
 (1) default is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
 (2) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, 
 the Company will, upon demand of the Trustee, pay to the Trustee for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal (and premium, if any) and interest, and interest on any overdue principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the
rate borne by the 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 Trustee, its agents
and counsel. 
 (b) If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name as trustee of an
express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Securities and
collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Securities, wherever situated. 
 (c) If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders by such 

  

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appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 504. Trustee May File Proofs of Claim. 
 (a) In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue
principal, premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (i) to file a proof of claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607) and of the Holders allowed in such
judicial proceeding, and 
 (ii) 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 similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 
 (b) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting
the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 505. 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 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 Trustee shall be
brought in its own name and 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 Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 607, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

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 SECTION 506. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal (or premium, if any) 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 Trustee under Section 607; 
 SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any, on,) and interest on the Securities in
respect of which or for the benefit of which such money has been collected, rateably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest,
respectively; and 
 THIRD: The balance, if any, to the Person or Persons entitled thereto. 
 SECTION 507. Limitation on Suits. 
 No
Holder of any Securities shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders
have offered to the Trustee satisfactory indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority or more in principal amount of the Outstanding Securities; 
 it being understood and intended that no one or more 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 Holders, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders. 
  

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 SECTION 508. 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, as provided herein (including, if applicable, Article Twelve) and in such Security, of the principal of (and premium, if any, on) and (subject to Section 308) interest on, such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

SECTION 509. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 SECTION 510. 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 307, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 511. Delay or Omission Not
Waiver. 
 No delay or omission of the Trustee or of any Holder of any Security 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 Trustee or to the Holders may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control by Holders.

 The Holders of not less than a majority in principal amount of the Outstanding Securities shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, provided that 
  

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

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

 (3) the Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the
Holders not consenting. 
 SECTION 513. Waiver of Past Defaults. 
 (a) Subject to Section 502, the Holders of not less than a majority in principal amount of the Outstanding Securities may on behalf of the Holders of
all the Securities waive any past Default hereunder and its consequences, except a Default 
 (1) in respect of the payment of
the principal of (or premium, if any, on) or interest on any Security, or 
 (2) in respect of a covenant or provision hereof
which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security affected. 
 (b) 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 Event of
Default or impair any right consequent thereon. 
 SECTION 514. Waiver of Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted. 
  

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 ARTICLE SIX 
 THE TRUSTEE 
 SECTION 601. Duties of Trustee. 
 (a) If an event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and
shall use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the duties of the Trustee
shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of this Indenture. 
 SECTION 602. Notice of Defaults.

 Within 90 days after the occurrence of any Default hereunder, the Trustee shall transmit in the manner and to the extent provided in TIA
Section 313(c), notice of such Default hereunder known to the Trustee, unless such Default shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the principal of (or premium,
if any, on) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interest of the Holders; and provided further that, in the case of any Default of the character specified in Section 501(3), no such notice to Holders shall be given
until at least 30 days after the occurrence thereof. 
 SECTION 603. Certain Rights of Trustee. 
 (a) Subject to the provisions of TIA Sections 315(a) through 315(d): 
 (1) the Trustee 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 it to be genuine and to have been signed or presented by the proper party or
parties; 
  

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 (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other
evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 
 (4) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon; 
 (5) the Trustee shall be under no obligation to exercise any of the rights or powers vested
in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; 
 (6) the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
and 
 (8) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
 (9) the Trustee shall not
be charged with knowledge of any Default or Event of Default with respect to the Securities of any series unless either (1) a Responsible Officer of the Trustee shall have actual knowledge of such Default or event of Default or (2) written
notice of such Default or Event of Default shall have been given to the Trustee by the Company or any obligor on the Securities of any series or by any Holder of the Securities of any series. 
 (b) The Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  

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 SECTION 604. Trustee Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except for the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized to
execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the
qualifications set forth therein. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 
 SECTION 605. May Hold Securities. 
 The Trustee, any Paying Agent, any Security Registrar or any
other agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have
if it were not Trustee, Paying Agent, Security Registrar or such other agent. 
 SECTION 606. Money Held in Trust. 
 Subject to the provisions of Section 1003 of this Indenture, all moneys received by the Trustee shall, until used or applied as herein provided, be
held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as
otherwise agreed with the Company. 
 SECTION 607. Compensation and Reimbursement. 
 (a) The Company agrees: 
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith; and 
 (3) to indemnify the Trustee for, and to hold it
harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or 

  

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in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder. 
 (b) The obligations of the Company under this
Section to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture. As security for the performance of such obligations of the Company, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust
for the payment of principal of (and premium, if any, on) or interest on particular Securities. 
 (c) When the Trustee incurs expenses or
renders services in connection with an Event of Default specified in Section 501(6) or (7), the expenses (including the reasonable charges and expenses of its counsel) of and the compensation for such services are intended to constitute
expenses of administration under any applicable United States Federal or State, or any Canadian bankruptcy, insolvency or other similar law. 
 (d) The provisions of this Section shall survive the resignation or removal of the Trustee and the termination of this Indenture. 
 SECTION 608. Corporate Trustee Required; Eligibility. 
 There shall be at all times a Trustee hereunder which shall be
eligible to act as Trustee under TIA Section 310(a)(l) and shall have a combined capital and surplus of at least U.S.$50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of
United States Federal, State, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article. 
 SECTION 609. Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610. 
 (b) The Trustee may
resign at any time by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 610 shall not have been delivered to the Trustee within 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. 
  

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 (c) The Trustee may be removed at any time by Act of the Holders of not less than a majority in principal
amount of the Outstanding Securities, delivered to the Trustee and to the Company. 
 (d) If at any time: 
 (1) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by
any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be
eligible under Section 608 and shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company, by a Board Resolution, may remove the Trustee, or (ii) subject to TIA Section 315(e), any Holder who has been a
bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the
Company, by a Board Resolution, shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede the
successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Security for
at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (f) The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to the Holders of Securities in the manner provided for in Section 106. Each
notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 
 SECTION 610. Acceptance of
Appointment by Successor. 
 (a) Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to
the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become 

  

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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 request of the Company 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. Upon request of any such successor Trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts. 
 (b) 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. 
 SECTION 611. Merger, Conversion, Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any 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. In case any of the Securities shall not have been authenticated by such predecessor Trustee, any successor Trustee
may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force and effect that this Indenture provides for the certificate of
authentication of the Trustee; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation. 
 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company to Furnish Trustee Names and Addresses of Holders. 
 The Company covenants and
agrees that it will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Securities: 
 (a) semi-annually not more than 15 days after each record date for the payment of semi-annual interest on the Securities, as hereinabove
specified, as of such record date, and 
  

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 (b) at such other times as the Trustee may request in writing, within 30 days after
receipt by the Company of any such request as of a date not more than 15 days prior to the time such information is furnished, 
 provided that if and
so long as the Trustee shall be the Security Registrar, such list shall not be required to be furnished to the Trustee. 
 SECTION 702.
Preservation of Informal Communications with Securityholders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 701 and as to the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar (if acting in such capacity). 
 (b) The Trustee may destroy any list furnished to it as provided in Section 701 upon
receipt of a new list so furnished. 
 (c) Holders may communicate as provided in TIA Section 312(b) with other Holders of Securities
with respect to their rights under this Indenture or under the Securities. 
 SECTION 703. Disclosure of Names and Addresses of
Holders. 
 Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that none of the
Company or the Trustee or any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with TIA Section 312, regardless of the source from
which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b). 
 SECTION 704. Reports by Trustee. 
 (a)
Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance of Securities, the Trustee shall transmit to the Holders, in the manner and to the extent provided in TIA Section 313(c), a brief
report dated as of such May 15 if required by TIA Section 313(a). 
 (b) The Trustee shall comply with Sections 313(b) and 313(c)
of the Trust Indenture Act. 
 (c) A copy of such report shall, at the time of such transmission to the Holders, be filed by the Trustee with
the Company (Attn: Senior Vice-President and Chief Financial Officer), with each securities exchange upon which any of the Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when the
Securities become listed on any stock exchange. 
  

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 SECTION 705. Reports by Company. 
 The Company shall: 
 (1) file
with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual and quarterly reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; 
 (2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; 
 (3) notwithstanding that the Company may not be required to remain subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the Commission, the Company shall continue to file with
the Commission and provide the Trustee: 
 (A) within 140 days (in the case of Form 40-F) or six months (in the case of Form
20-F) after the end of each fiscal year, the information required to be contained in annual reports on Form 40-F or 20-F as applicable (or any successor form); and 
 (B) within 60 days after the end of each of the first three fiscal quarters of each fiscal year, the information required to be contained
in reports on Form 6-K (or any successor form) which, regardless of applicable requirements, shall, at a minimum, consist of such information required to be provided in quarterly reports under the laws of Canada or any province or territory thereof
to security holders of a corporation with securities listed on the Toronto Stock Exchange, whether or not the Company has any of its securities so listed. 
 Such information, to the extent permitted by the rules and regulations of the Commission, may be prepared in accordance with Canadian disclosure requirements and Canadian GAAP; provided, however, that
the Company shall not be so obligated to file such reports with the Commission if the Commission does not permit such filings; and 
 (4) transmit by mail to all Holders, in the manner and to the extent provided in TIA Section 313(c), within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be
filed by the Company pursuant to paragraphs (1), (2) and (3) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 
  

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 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 SECTION 801. Company May Consolidate, etc.,
Only on Certain Terms. 
 (a) The Company shall not consolidate with, amalgamate with or merge into or enter into any statutory
arrangement with any other corporation or convey, transfer or lease all or substantially all of its property and assets to any Person, unless: 
 (1) the entity formed by or continuing from such consolidation or amalgamation or into which the Company is merged or the Person which acquires by operation of law or by conveyance, transfer, or lease all or
substantially all of the property and assets of the Company shall be a corporation organized or existing under the laws of the United States, any State thereof or the District of Columbia or the laws of Canada or any province or territory thereof
and shall (except where such assumption is deemed to have occurred by the sole operation of law) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the Company’s
obligation for the due and punctual payment of the principal of (and premium, if any, on) and interest on all the Securities and the performance and observance of every covenant of the Company under this Indenture to be performed or observed;

 (2) immediately after giving effect to such transaction, no Default or Event of Default shall have happened and be
continuing under this Indenture; and 
 (3) the Company or such Person shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation, conveyance or transfer or lease and such supplemental indenture, if any, comply with this Article and that all conditions precedent herein provided
for relating to such transaction have been complied with. 
 (b) If, as a result of any such transaction, any properties or assets of the
Company or any Restricted Subsidiary of the Company become subject to a Mortgage, then, unless such Mortgage could be created pursuant to Section 1006 without equally and rateably securing the Securities, the Company, simultaneously with or
prior to such transaction, will cause the Securities and its other obligations under this Indenture to be secured equally and rateably with or prior to the indebtedness secured by such Mortgage for so long as such indebtedness is secured thereby.

 SECTION 802. Successor Person Substituted. 
 Upon any consolidation or amalgamation by the Company with or merger by the Company into any other corporation or any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety to any Person in accordance with Section 801, the successor Person formed by such consolidation or amalgamation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under this Indenture 

  

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with the same effect as if such successor Person had been named as the Company herein, and in the event of any such conveyance or transfer, the Company
(which term shall for this purpose mean the Person named as the “Company” in the first paragraph of this Indenture or any successor Person which shall theretofore become such in the manner described in Section 801), except in the case
of a lease, shall be discharged of all obligations and covenants under this Indenture and the Securities may be dissolved and liquidated. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders,
the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
contained herein and in the Securities; or 
 (2) to add to the covenants of the Company for the benefit of the Holders or to
surrender any right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default; or

 (4) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee pursuant to the requirements
of Section 610; or 
 (5) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent
with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; provided that such action shall not adversely affect the interests of the Holders in any material respect; or

 (6) to secure the Securities pursuant to the requirements of Section 801(b) or 1006 or otherwise; or 
 (7) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualifications of
this Indenture under any applicable law of the United States and Canada or of any province or territory thereof to the extent they do not conflict with the applicable law of the United States heretofore or hereafter enacted; or 
 (8) to issue Additional Securities. 
  

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 SECTION 902. Supplemental Indentures with Consent of Holders. 
 (a) With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities, by Act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of modifying in any manner the rights of the Holders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby: 
 (1) change the Stated Maturity of the principal of or any installment of interest on any Security,
including any requirement of the Company to pay Additional Amounts, or reduce the principal amount thereof, or the premium, if any, on, or any interest thereon or the rate of interest thereon or reduce the amount payable upon the acceleration of any
Stated Maturity or the amount thereof provable in bankruptcy pursuant to Section 504, or the amount of any accrued and unpaid interest thereon, or change the place of payment or currency in which any Security or any principal (or premium, if
any), or interest thereon is payable, or impair the right to institute suit for the enforcement of any payment with respect to the Securities, or 
 (2) reduce the percentage in principal amount of the Outstanding Securities or the accrued and unpaid interest thereon, or the rate of interest thereon if any, payable on the Redemption Date of any Security, 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 applicable to such Security or certain defaults hereunder
and their consequences provided for in this Indenture, or 
 (3) modify any of the provisions of this Section or Sections 513
and 1009, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 
 (4) reduce the voting or quorum requirements relating to meetings of Holders of the Securities, or 
 (5) modify the provisions of Section 1010 in a manner adverse to the Holders. 
 (b) 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. 
  

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 SECTION 903. 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 Trustee shall be entitled to receive, in addition to the documents required by Section 102, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
 SECTION 904. Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 905. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to the Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 SECTION 906. Reference in Securities to Supplemental Indentures. 
 Securities authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the
Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities. 
 SECTION 907. Notice of Supplemental
Indentures. 
 Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of
Section 902, the Company shall give notice thereof to the Holders of each Outstanding Security affected, in the manner provided for in Section 106, setting forth in general terms the substance of such supplemental indenture. 
  

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 ARTICLE TEN 
 COVENANTS 
 SECTION 1001. Payment of Principal, Premium, if any, and Interest. 
 The Company covenants and agrees for the benefit of the Holders that it will duly and punctually pay the principal of (and premium, if any, on) and
interest on the Securities in accordance with the terms of the Securities and this Indenture. 
 SECTION 1002. Maintenance of Office or
Agency. 
 (a) The Company will maintain in The City of New York, an office or agency where Securities may be presented or surrendered for
payment, where Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Corporate Trust Office of the Trustee shall
be such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one or more of such purposes. The Company will give prompt written notice to the Trustee of any change in the location of any
such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 (b) The Company may also from time to time designate one or more other offices or agencies (in or outside of The City of New York) where the Securities may be presented or surrendered for any or all such purposes and
may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in The City of New York for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such other office or agency. 
 SECTION 1003. Money for Security Payments to Be Held in Trust. 
 (a) If the Company shall at any time act as its own Paying Agent, it will, on or before each due date of the principal of (or premium, if any, on) or interest on any of the Securities, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay the principal of (or premium, if any) or 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 Trustee of its action or failure so to act. 
 (b) Whenever the Company shall have one or more Paying Agents for the Securities, it will,
on or before each due date of the principal of (or premium, if any, on), or interest on, any Securities, deposit with a Paying Agent a sum sufficient to pay the principal (or premium, if any) or interest so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of such action or any failure so to act. 
  

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 (c) The Company will cause each Paying Agent (other than the Trustee) to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (1) hold all sums held by it for the payment of the principal of (and premium, if any, on) or interest on Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided; 
 (2) give the Trustee notice of any default by the Company (or any
other obligor upon the Securities) in the making of any payment of principal (and premium, if any) or interest; and 
 (3) at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 (d) The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums
held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such sums. 
 (e) Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal of (or premium, if any, on) or interest on any Security and remaining unclaimed for two years after such principal, premium or interest has become due and payable
shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan,
The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Company. 
 SECTION 1004. Statement as to Compliance. 
 (a) The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer
stating, as to each signer thereof, that: 
 (1) a review of the activities of the Company during such fiscal year and of its
performance under this Indenture has been made under his or her supervision and 
  

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 (2) to the best of his or her knowledge, based on such review, the Company has fulfilled
all conditions and covenants under this Indenture throughout such fiscal year, or, if there has been a default in the fulfillment of any such condition or covenant, specifying each such default known to him or her and the nature and status thereof.

 (b) For purposes of this Section 1004, such compliance shall be determined without regard to any period of grace or requirement of
notice under this Indenture. 
 SECTION 1005. Corporate Existence. 
 Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence and the rights (charter and statutory) and franchises of the Company and any Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such right or franchise if the Company shall
determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders. 
 SECTION 1006. Negative Pledge. 
 The
Company will not itself and will not permit any Restricted Subsidiary to, create, assume or otherwise have outstanding after the date of this Indenture any Mortgage, upon any Principal Property of the Company or of any Restricted Subsidiary or upon
any shares of Capital Stock or Debt of any Restricted Subsidiary, whether owned at the date of this Indenture or hereafter acquired by the Company or by any Restricted Subsidiary, to secure any Debt of the Company or any Restricted Subsidiary,
without making effective provision concurrently with the creation of any such Mortgage whereby the Securities (together with, any other Debt of the Company ranking equally with or in priority to the Securities and then existing or thereafter created
if the Company shall determine such is required by the terms of such Debt) shall be secured by a Mortgage equally and rateably with or prior to such Debt, so long as such Debt shall be so secured; provided, however, that the foregoing
restrictions shall not be applicable to: 
 (1) Mortgages in favor of the Company or any Wholly-Owned Restricted Subsidiary;

 (2) any Mortgage to secure a Purchase Money Obligation provided that (A) in the case of any construction or
improvement of any property, the Mortgage shall not apply to any property owned by the Company or any Restricted Subsidiary at the time of the commencement of such construction or improvement, other than any real or immoveable property which is
substantially unimproved for the purposes of the Company or any Restricted Subsidiary and on which the property so constructed or improved is located, and other than any machinery or equipment installed at any time so as to constitute immoveable
property or a fixture on the real property on which the property so constructed or improved is located and (B) in the case of any acquisition of property, the Mortgage shall not apply to any property owned by the Company or any Restricted
Subsidiary immediately prior to the consummation of the acquisition; 
  

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 (3) Mortgages securing obligations issued by Canada or any province or territory thereof,
a State of the United States or the District of Columbia or any territory or possession of the United States, or any political subdivision, agency or authority of any of the foregoing, to finance the acquisition, construction or improvement of
property subject to such Mortgages, including without limitation Mortgages incurred in connection with pollution control, industrial revenue or similar financings; 
 (4) any Mortgage required to be given or granted by any Restricted Subsidiary pursuant to the terms of any trust deed or similar document
entered into by such Restricted Subsidiary prior to the date it became a Restricted Subsidiary; 
 (5) Mortgages existing as
of the date of this Indenture; 
 (6) any extension, renewal, alteration or replacement (or successive extensions, renewals,
alterations or replacements) of any Mortgage referred to in clauses (1) through (5) above, provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the
time of such extension, renewal, alteration or replacement and provided further, however, that such extension, renewal, alteration or replacement shall be limited to all or a part of the property or other assets which secured
the Mortgage so extended, renewed, altered or replaced (plus improvements on such property or other assets); and 
 (7) a
Mortgage (including successive extensions, renewals, alterations or replacements thereof) not excepted by clauses (1) through (6) above, provided that after giving effect thereto Exempted Debt does not exceed 10% of the Consolidated Net
Tangible Assets of the Company. 
 SECTION 1007. Limitation on Sale and Leaseback Transactions. 
 (a) The Company will not, and will not permit any Restricted Subsidiary of the Company to, enter into any arrangement with any Person (other than the
Company or a Restricted Subsidiary) providing for the leasing by the Company or any Restricted Subsidiary of any Principal Property, or any Property which together with any other Property subject to the same transaction or series of related
transactions would in the aggregate constitute a Principal Property, whether owned at the date of this Indenture or thereafter acquired (except for leases for a term of not more than three years), which property has been or is to be sold or
transferred by the Company or such Restricted Subsidiary to such Person (other than the Company or a Restricted Subsidiary), more than six months after the acquisition, completion of construction, or commencement of operations of such property, with
the intention of taking back a lease of such property (herein referred to as a “Sale and Leaseback Transaction”) unless the net proceeds of the sale or transfer of the property to be leased are at least equal to the fair value of such
property and unless: 
 (1) The Company or such Restricted Subsidiary would, at the time of entering into such arrangement, be
entitled, without equally and rateably securing the Securities, to create a Mortgage on such property to secure a Debt in an amount at least equal to the Attributable Obligation in respect to such Sale and Leaseback Transaction pursuant to the
provisions of Section 1006, or 
  

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 (2) The Company or any Restricted Subsidiary shall apply an amount equal to the net
proceeds of such sale or transfer within 180 days after receipt thereof to (A) the retirement (other than mandatory retirement or by way of payment at maturity) of Funded Debt of the Company or any Funded Debt of any Restricted Subsidiary
ranking on a parity with, or prior to, the Securities and owing to a Person other than the Company or any Affiliate of the Company, or (B) the purchase of property, facilities or equipment (other than the property, facilities or equipment
involved in such sale) forming part of or constituting Principal Property having a value at least equal to the net proceeds of such sale. 
 (b) Notwithstanding the provisions of paragraph (a) of this Section 1007, the Company or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction in addition to those permitted by paragraph (a) of this
Section 1007, and without any obligation to retire Funded Debt or to acquire property, facilities or equipment, provided at the time of entering into such Sale and Leaseback Transactions and after giving effect thereto, Exempted Debt does not
exceed 10% of the Consolidated Net Tangible Assets of the Company. 
 SECTION 1008. Calculations. 
 For the purposes of the calculations required to be made under Section 1006 and 1007: 
 (1) when determining any ratio between Exempted Debt and Consolidated Net Tangible Assets, such determination (which may stipulate such
Consolidated Net Tangible Assets to be not less than a stated amount without stipulating the exact amount thereof) shall be made by a financial officer of the Company, on the basis of the most recent available financial statements or financial data,
as at a date not more than 120 days prior to the date on which the Exempted Debt in respect of which such ratio is being determined is to be incurred or, in the case of an Attributable Obligation, the date on which the Sale and Leaseback Transaction
is to be entered into, and there shall be taken into calculation all issues and retirements of Funded Debt and Exempted Debt (without duplication) and of shares of Capital Stock and the proceeds of such issues and the expenditures on such
retirements made and received, as the case may be, and such change in the value of Consolidated Net Tangible Assets as shall be deemed material, subsequent to the date as of which such determination is being made up to and including the first date
on which any of the Exempted Debt in respect of which such determination is being made is to be incurred or entered into and including all the other Exempted Debt which have been concurrently authorized for issue and the estimated net proceeds to be
received on the issue of such other Exempted Debt; 
 (2) there shall be excluded from such calculations all Exempted Debt of
the Company payable to a Restricted Subsidiary or of any Restricted Subsidiary payable to the Company or to any other Restricted Subsidiary; 
  

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 (3) all such calculations and determinations shall be made in accordance with Canadian
GAAP; and 
 (4) the Trustee shall not be obligated to recalculate, recompute or confirm any such calculations. 
 SECTION 1009. Waiver of Certain Covenants. 
 The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 801(b), 1005, 1006, 1007, 1011, 1012 or 1013, if before the time for such compliance the Holders of not less than a
majority in principal amount of the Outstanding Securities, by Act of such Holders, waive such compliance in such instance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except
to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 SECTION 1010. Additional Amounts. 
 (a) All payments made by or on behalf of the Company under or with respect to the Securities will be made free and clear of and without withholding or deduction for or on account of, any present or future tax, duty, levy, impost, assessment
or other government charge imposed or levied by or on behalf of the Government of Canada or of any province or territory thereof or any political subdivision thereof, or by any authority or agency therein or thereof having power to tax
(“Taxes”), unless the Company is required to withhold or deduct Taxes by law or by the interpretation or administration thereof by the relevant government authority or agency. If the Company is so required to withhold or deduct any amount
for or on account of Taxes from any payment made under or with respect to the Securities, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder (including
with respect to Additional Amounts) after such withholding or deduction will not be less than the amount the Holder would have received if such Taxes had not been withheld or deducted; provided, however, that no Additional Amounts will
be payable with respect to a payment made to a Holder (an “Excluded Holder”) in respect of the beneficial owner thereof (1) with which the Company does not deal at arm’s length (for purposes of the Tax Act) at the time of the
making of such payment, (2) which is subject to such Taxes by reason of its failure to comply with any certification, identification, information, documentation or other reporting requirement if compliance is required by law, regulation,
administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in the rate of deduction or withholding of, such Taxes or (3) which is subject to such Taxes by reason of its carrying on business in or being
connected with Canada or any province or territory thereof other than by the mere holding of Securities or the receipt of payments thereunder. 
 (b) The Company will also (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Company will pay all taxes,
interest and other liabilities which arise by virtue of any failure of the Company to withhold, deduct and remit to the relevant authority on a timely basis the full amounts required in accordance with applicable law. The 

  

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Company will furnish to the Holders, within 30 days after the date the payment of any Taxes is due pursuant to applicable law, certified copies of tax
receipts evidencing such payment by the Company. 
 (c) The Company will indemnify and hold harmless each Holder (other than all Excluded
Holders) for the amount of (1) any Taxes not withheld or deducted by the Company and levied or imposed on and paid by such Holder as a result of payments made under or with respect to the Securities, (2) any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto, and (3) any Taxes imposed with respect to any reimbursement under clauses (1) or (2) of this paragraph (c) of this Section 1010. 
 (d) At least 30 days prior to each date on which any payment under or with respect to the Securities is due and payable, if the Company is aware that it
will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable, the amounts so payable and setting forth
such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. Whenever in this Indenture there is mentioned, in any context, the payment of principal (and premium, if any), interest or any
other amount payable under or with respect to any Security, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 1010 to the extent that, in such context, Additional Amounts are, were
or would be payable in respect thereof. 
 SECTION 1011. Payment of Taxes and Other Claims. 
 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Restricted Subsidiary or upon the income, profits or property of the Company or any Restricted Subsidiary and (2) all lawful claims for labor, materials and supplies which, if
unpaid, might by law become a Mortgage upon any Property of the Company or any Restricted Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 
 SECTION
1012. Maintenance of Properties. 
 The Company will cause all its Properties to be maintained and kept in good condition, repair and
working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business
carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent or restrict the sale, abandonment or other disposition of any of such
Properties if such action is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Subsidiaries as a whole and not disadvantageous in any material respect to the Holders. 
  

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 SECTION 1013. Appointment to Fill a Vacancy in Office of Trustee. 
 The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 609, a Trustee,
so that there shall at all times be a Trustee hereunder. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 SECTION 1101. Right of Redemption. 

(a) The Securities may be redeemed, at the option of the Company, at any time as a whole or in part, at a Redemption Price equal to the greater of:

 (1) 100% of the principal amount of the Securities, or 
 (2) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities (not including any portion of the payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate, plus 35 basis points, 
 plus, in each case, accrued interest thereon to the Redemption Date. 
 (b) The Securities will be subject to redemption at any time, in whole but not in part, at a redemption price equal to the principal amount thereof
together with accrued and unpaid interest to the date fixed for redemption, upon the giving of a notice as described below, if (i) the Company determines that (A) as a result of any change in or amendment to the laws (or any regulations or
rulings promulgated thereunder) of Canada or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position regarding application or interpretation of such laws, regulations or rulings
(including a holding by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after October 11, 2001, the Company has or will become obligated to pay, on the next succeeding Interest Payment Date,
Additional Amounts or (B) on or after October 11, 2001, any action has been taken by any taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, Canada or any political subdivision or taxing
authority thereof or therein, including any of those actions specified in clause (A) above, whether or not such action was taken or decision was rendered with respect to the Company, or any change, amendment, application or interpretation shall
be officially proposed, which, in any such case, in the written opinion to the Company of legal counsel of recognized standing, will result in an obligation to pay, on the next succeeding Interest Payment Date, Additional Amounts with respect to any
Securities and (ii) in any such case the Company in its business judgment determines that such obligation cannot be avoided by the use of reasonable measures available to the Company; provided, however, that (1) no such
notice of redemption may be given earlier than 90 or later 

  

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than 30 days prior to the earliest date on which the Company would be obligated to pay such Additional Amounts where a payment in respect of the Securities
is then due, and (2) at the time such notice of redemption is given, such obligation to pay such Additional Amounts remains in effect. 
 SECTION 1102. Applicability of Article. 
 Redemption of Securities at the election of the Company or otherwise, as permitted
or required by any provision of this Indenture, shall be made in accordance with such provision and this Article. 
 SECTION 1103.
Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities pursuant to Section 1101 shall be
evidenced by a Board Resolution. In case of any redemption at the election of the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Securities to be redeemed and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to
Section 1104. 
 SECTION 1104. Selection by Trustee of Securities to Be Redeemed. 
 (a) If less than all the Securities are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions of the principal
of Securities; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $1,000. 
 (b) The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for
partial redemption, the principal amount thereof to be redeemed. 
 (c) For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

SECTION 1105. Notice of Redemption. 
 (a) Notice of redemption shall be given in the manner provided for in Section 106 not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed. 
 (b) All notices of redemption shall state: 
 (1) the Redemption Date, 
  

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 (2) the Redemption Price and the amount of accrued interest to the Redemption Date
payable as provided in Section 1107, if any, 
 (3) if less than all Outstanding Securities are to be redeemed, the
identification (and, in the case of a partial redemption, the principal amounts) of the particular Securities to be redeemed, 
 (4) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the holder will receive, without charge, a new Security
or Securities of authorized denominations for the principal amount thereof remaining unredeemed, 
 (5) that on the Redemption
Date, the Redemption Price (and accrued interest, if any, to the Redemption Date payable as provided in Section 1107) will become due and payable upon each such Security, or the portion thereof, to be redeemed, and that interest thereon will
cease to accrue on and after said date, and 
 (6) the place or places where such Securities are to be surrendered for payment
of the Redemption Price and accrued interest, if any. 
 (c) Notice of redemption of Securities to be redeemed at the election of the Company
shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 
 SECTION
1106. Deposit of Redemption Price. 
 At or prior to 10 a.m. New York time on any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the
Securities which are to be redeemed on that date. 
 SECTION 1107. Securities Payable on Redemption Date. 
 (a) 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, if any, to the Redemption Date), and from and after such date (unless the Company 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 Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date;
provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the provisions of Section 308. 
  

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 (b) If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Securities. 
 SECTION
1108. Securities Redeemed in Part. 
 Any Security which is to be redeemed only in part shall be surrendered at the office or agency of
the Company maintained for such purpose pursuant to Section 1002 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities, 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 TWELVE 
 DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 1201. Company’s Option to Effect Defeasance or Covenant Defeasance. 
 The Company may, at its option by Board Resolution, at any time, with respect to the Securities, elect to have either Section 1202 or
Section 1203 be applied to all Outstanding Securities upon compliance with the conditions set forth below in this Article Twelve. 
 SECTION 1202. Defeasance and Discharge. 
 Upon the Company’s exercise under Section 1201 of the option applicable
to this Section 1202, the Company shall be deemed to have been discharged from its obligations with respect to all Outstanding Securities on the date the conditions set forth in Section 1204 are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Securities, which shall thereafter be deemed to be
“Outstanding” only for the purposes of Section 1205 and the other Sections of this Indenture referred to in (A) and (B) below, and to have satisfied all its other obligations under such Securities and this Indenture insofar
as such Securities are concerned (and the Trustee at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of Outstanding Securities to receive, solely from the trust fund described in Section 1204 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any, on) and interest on such
Securities when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 305, 306, 307, 1002, 1003 and 1010, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and
(D) this Article Twelve. Subject to compliance with this Article Twelve, the Company may exercise its option under this Section 1202 notwithstanding the prior exercise of its option under Section 1203 with respect to the Securities.

  

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 SECTION 1203. Covenant Defeasance. 
 Upon the Company’s exercise under Section 1201 of the option applicable to this Section 1203, the Company shall be released from its
obligations under Sections 801(b), 1005, 1006, 1007, 1011 or 1012, with respect to the Outstanding Securities on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”), and the Securities shall
thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
“Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 501(3), but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. 
 SECTION 1204. Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to application of either Section 1202 or Section 1203 to the Outstanding Securities: 
 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the
requirements of Section 608 who shall agree to comply with the provisions of this Article Twelve applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium, if any, on) and interest on the Outstanding
Securities on the Stated Maturity (or Redemption Date, if applicable) of such principal (and premium, if any) or installment of interest applicable to the Outstanding Securities on the day on which such payments are due and payable in accordance
with the terms of this Indenture and of such Securities and (ii) all amounts due to the Trustee under Section 607; provided that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such U.S.
Government Obligations to said payments with respect to the Securities. Before such a deposit, the Company may give to the Trustee, in accordance with Section 1103 hereof, a notice of its election to redeem all of the Outstanding Securities at
a future date in 

  

 61 

 
accordance with Article Eleven hereof, which notice shall be irrevocable. Such irrevocable redemption notice, if given, shall be given effect in applying the
foregoing. For this purpose, “U.S. Government Obligations” means securities that are (x) direct obligations of the United States for the timely payment of which its full faith and credit is pledged or (y) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case, are not callable
or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government Obligation or a
specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government
Obligation evidenced by such depository receipt. 
 (2) No Default or
Event of Default with respect to the Securities shall have occurred and be continuing on the date of such deposit or, insofar as paragraphs (6) and (7) of Section 501 hereof are concerned, at any time during the period ending on the
123rd day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period).

 (3) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default
under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 
 (4) In the case of an election under Section 1202, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service
a ruling or (y) since the date hereof, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of the Outstanding
Securities will not recognize income, gain or loss for United States federal income tax purposes as a result of such defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as
would have been the case had such defeasance not occurred. 
 (5) In the case of an election under Section 1203, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities will not recognize income, gain or loss for United States federal income tax purposes as a result of such covenant
defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case had such covenant defeasance not occurred. 
 (6) The Company shall have delivered to the Trustee an Opinion of Counsel in Canada or a ruling from Canada Customs and Revenue Agency to
the effect that the 

  

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Holders of the Outstanding Securities will not recognize income, gain or loss for Canadian federal or provincial income or other tax purposes as a result of
such defeasance and will be subject to Canadian federal or provincial income and other tax on the same amounts, in the same manner and at the same times as would have been the case had such defeasance not occurred (and for the purposes of such
opinion, such Canadian counsel shall assume that Holders of the Outstanding Securities include Holders who are not resident in Canada). 
 (7) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such deposit shall not cause the Trustee or the trust created hereunder to be subject to the U.S. Investment Company Act of
1940, as amended. 
 (8) The Company is not an “insolvent
person” within the meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such deposit or at any time during the period ended 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). 
 (9) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to either the defeasance under Section 1202 or the covenant defeasance under Section 1203 (as the case may be) have been complied with (except in the case of the Opinion of Counsel as to matters
of fact, as to which no opinion need be expressed). 
 SECTION 1205. Deposited Money and U.S. Government Obligations to Be Held in Trust;
Other Miscellaneous Provisions. 
 (a) Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1205, the “Trustee”) pursuant to Section 1204 in respect of the Outstanding
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 Paying Agent (including the Company 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 premium, if any) and interest, but such money need not be segregated from other funds except to the extent
required by law. 
 (b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
the U.S. Government Obligations deposited pursuant to Section 1204 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 the Outstanding
Securities. 
 (c) Anything in this Article Twelve to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time
to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1204 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 an equivalent defeasance or covenant defeasance, as applicable, in accordance with this Article. 
  

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 SECTION 1206. Reinstatement. 
 If the Trustee or any Paying Agent is unable to apply any money in accordance with Section 1205 by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to
Section 1202 or 1203, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 1205; provided, however, that if the Company makes any payment of
principal of (or premium, if any, on) or interest on any Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the
Trustee or Paying Agent. 
  

  

 64 

 This Indenture may be signed 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 Indenture. 
 IN WITNESS WHEREOF have caused this
Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

			
	DOMTAR INC.
		
	By	 	  

	Name:	 	
	Title:	 	
		
	By	 	  

	Name:	 	
	Title:	 	
	
	THE CHASE MANHATTAN BANK, as Trustee
		
	By	 	  

	Name:	 	
	Title:

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