Document:

Exhibit 4.1 

 

 

OMEGA HEALTHCARE INVESTORS, INC.,

as Issuer,

 

the SUBSIDIARY GUARANTORS named herein,

as Subsidiary Guarantors,

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

 

INDENTURE

 

 

 

Dated as of April 4, 2017

 

 

 

4.750% Senior Notes due 2028

 

 

  

     

     

    

 

CROSS-REFERENCE TABLE

 

	Trust Indenture
    Act Section	 	Indenture Section
	310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(a)(5)	 	7.08; 7.10
	(b)	 	7.08; 7.10
	(c)	 	N.A.
	311(a)	 	7.11
	(b)	 	7.11
	(c)	 	N.A.
	312 (a)	 	2.05
	(b)	 	11.03
	(c)	 	11.03
	313 (a)	 	7.06
	(b)(1)	 	7.06
	(b)(2)	 	7.06; 7.07
	(c)	 	7.06; 11.02
	(d)	 	7.06
	314(a)	 	4.05; 4.10; 11.02; 11.05
	(b)	 	N.A.
	(c)(1)	 	7.02; 11.04; 11.05
	(c)(2)	 	7.02; 11.04; 11.05
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	11.05
	(f)	 	N.A.
	315(a)	 	7.01(b); 7.02(b)
	(b)	 	7.05; 11.02
	(c)	 	7.01
	(d)	 	6.05; 7.01(c)
	(e)	 	6.11
	316(a) (last sentence)	 	2.09
	(a)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	N.A.
	(b)	 	6.07
	(c)	 	9.04
	317(a)(1)	 	6.08
	(a)(2)	 	6.09
	(b)	 	2.04
	318(a)	 	11.01
	(c)	 	11.01

 

 

N.A. means Not Applicable

 

Note:   This Cross-Reference Table shall not, for any purpose,
be deemed to be a part of this Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE One
	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	13
	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	13
	SECTION 1.04.	Rules of Construction	13
	 	 	 
	ARTICLE Two
	 
	THE NOTES
	 	 	 
	SECTION 2.01.	Form and Dating	14
	SECTION 2.02.	Execution, Authentication and Denomination; Additional Notes	15
	SECTION 2.03.	Registrar and Paying Agent	16
	SECTION 2.04.	Paying Agent To Hold Assets in Trust	17
	SECTION 2.05.	Holder Lists	17
	SECTION 2.06.	Transfer and Exchange	17
	SECTION 2.07.	Replacement Notes	18
	SECTION 2.08.	Outstanding Notes	18
	SECTION 2.09.	Treasury Notes	19
	SECTION 2.10.	Temporary Notes	19
	SECTION 2.11.	Cancellation	19
	SECTION 2.12.	Defaulted Interest	19
	SECTION 2.13.	CUSIP and ISIN Numbers	20
	SECTION 2.14.	Deposit of Moneys	20
	SECTION 2.15.	Book-Entry Provisions for Global Notes	20
	 	 	 
	ARTICLE Three
	 
	REDEMPTION
	 	 	 
	SECTION 3.01.	Notices to Trustee	22
	SECTION 3.02.	Selection of Notes To Be Redeemed	22
	SECTION 3.03.	Notice of Redemption	22
	SECTION 3.04.	Effect of Notice of Redemption	23
	SECTION 3.05.	Deposit of Redemption Price	23
	SECTION 3.06.	Notes Redeemed in Part	24

   

    i 

     

    

 

	ARTICLE Four
	 
	COVENANTS
	 	 	 
	SECTION 4.01.	Payment of Notes	24
	SECTION 4.02.	Maintenance of Office or Agency	24
	SECTION 4.03.	Corporate Existence	25
	SECTION 4.04.	Payment of Taxes	25
	SECTION 4.05.	Compliance Certificate; Notice of Default	25
	SECTION 4.06.	Waiver of Stay, Extension or Usury Laws	26
	SECTION 4.07.	Limitation on Indebtedness	26
	SECTION 4.08.	Maintenance of Total Unencumbered Assets	27
	SECTION 4.09.	Limitation on Issuances of Guarantees by Subsidiaries	27
	SECTION 4.10.	Reports to Holders	27
	 	 	 
	ARTICLE Five
	 
	SUCCESSOR CORPORATION
	 	 	 
	SECTION 5.01.	Consolidation, Merger and Sale of Assets	27
	 	 	 
	ARTICLE Six
	 
	DEFAULT AND REMEDIES
	 	 	 
	SECTION 6.01.	Events of Default	29
	SECTION 6.02.	Acceleration	30
	SECTION 6.03.	Other Remedies	31
	SECTION 6.04.	Waiver of Past Defaults	32
	SECTION 6.05.	Control by Majority	32
	SECTION 6.06.	Limitation on Suits	32
	SECTION 6.07.	Rights of Holders To Receive Payment	33
	SECTION 6.08.	Collection Suit by Trustee	33
	SECTION 6.09.	Trustee May File Proofs of Claim	33
	SECTION 6.10.	Priorities	34
	SECTION 6.11.	Undertaking for Costs	34
	 	 	 
	ARTICLE Seven
	 
	TRUSTEE
	 	 	 
	SECTION 7.01.	Duties of Trustee	34
	SECTION 7.02.	Rights of Trustee	35
	SECTION 7.03.	Individual Rights of Trustee	37
	SECTION 7.04.	Trustee’s Disclaimer	37
	SECTION 7.05.	Notice of Default	37
	SECTION 7.06.	Reports by Trustee to Holders	37

 

    ii 

     

    

 

	SECTION 7.07.	Compensation and Indemnity	38
	SECTION 7.08.	Replacement of Trustee	39
	SECTION 7.09.	Successor Trustee by Merger, Etc.	40
	SECTION 7.10.	Eligibility; Disqualification	40
	SECTION 7.11.	Preferential Collection of Claims Against the Issuer	40
	 	 	 
	ARTICLE Eight
	 
	DISCHARGE OF INDENTURE; DEFEASANCE
	 	 	 
	SECTION 8.01.	Termination of the Issuer’s Obligations	40
	SECTION 8.02.	Legal Defeasance and Covenant Defeasance	41
	SECTION 8.03.	Conditions to Legal Defeasance or Covenant Defeasance	43
	SECTION 8.04.	Application of Trust Money	44
	SECTION 8.05.	Repayment to the Issuer	44
	SECTION 8.06.	Reinstatement	44
	 	 	 
	ARTICLE Nine
	 
	AMENDMENTS, SUPPLEMENTS AND WAIVERS
	 	 	 
	SECTION 9.01.	Without Consent of Holders	45
	SECTION 9.02.	With Consent of Holders	46
	SECTION 9.03.	Compliance with the Trust Indenture Act	47
	SECTION 9.04.	Revocation and Effect of Consents	47
	SECTION 9.05.	Notation on or Exchange of Notes	48
	SECTION 9.06.	Trustee To Sign Amendments, Etc.	48
	 	 	 
	ARTICLE Ten
	 
	SUBSIDIARY GUARANTEE
	 	 	 
	SECTION 10.01.	Guarantee	48
	SECTION 10.02.	Limitation on Subsidiary Guarantor Liability	49
	SECTION 10.03.	Execution and Delivery of Subsidiary Guarantee	50
	SECTION 10.04.	Release of a Subsidiary Guarantor	50
	 	 	 
	ARTICLE Eleven
	 
	MISCELLANEOUS
	 	 	 
	SECTION 11.01.	Trust Indenture Act Controls	51
	SECTION 11.02.	Notices	51
	SECTION 11.03.	Communications by Holders with Other Holders	52
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	53
	SECTION 11.05.	Statements Required in Certificate or Opinion	53
	SECTION 11.06.	Rules by Paying Agent or Registrar	53
	SECTION 11.07.	Legal Holidays	53

 

    iii 

     

    

 

	SECTION 11.08.	Governing Law	54
	SECTION 11.09.	No Adverse Interpretation of Other Agreements	54
	SECTION 11.10.	No Recourse Against Others	54
	SECTION 11.11.	Successors	54
	SECTION 11.12.	Duplicate Originals	54
	SECTION 11.13.	Severability	54
	 	 	 
	SIGNATURES		S-1

 

	Exhibit A	-	Form of Note
	Exhibit B	-	Form of Legends
	Exhibit C	-	Form of Notation of Subsidiary Guarantee

 

Note:   This Table of Contents shall not, for any purpose,
be deemed to be part of this Indenture.

 

    iv 

     

    

  

INDENTURE dated as of April 4, 2017 among
Omega Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), each of the Subsidiary Guarantors named
herein, as Subsidiary Guarantors, and U.S. Bank National Association, a national banking association organized and existing under
the laws of the United States of America, as Trustee (the “Trustee”).

 

The Issuer has duly authorized the creation
of an issue of 4.750% Senior Notes due 2028 and, to provide therefor, the Issuer and the Subsidiary Guarantors have duly authorized
the execution and delivery of this Indenture. All things necessary to make the Notes, when duly issued and executed by the Issuer
and authenticated and delivered hereunder, the valid and binding obligations of the Issuer and to make this Indenture a valid and
binding agreement of the Issuer and the Subsidiary Guarantors have been done.

 

THIS INDENTURE WITNESSETH

 

For and in consideration of the premises and
the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit
of all Holders, as follows:

 

ARTICLE
One

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

SECTION
1.01.         Definitions.

 

Set forth below are certain defined terms
used in this Indenture.

 

“Acquired Indebtedness”
means Indebtedness of a Person existing at the time such Person becomes a Subsidiary or that is assumed in connection with an Asset
Acquisition from such Person by a Subsidiary and not incurred by such Person in connection with, or in anticipation of, such Person
becoming a Subsidiary or such Asset Acquisition; provided, however, that Indebtedness of such Person that is redeemed, defeased,
retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person becomes a
Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness.

 

“Adjusted Consolidated Net Income”
means, for any period, the aggregate net income (or loss) (before giving effect to cash dividends on preferred stock of the Issuer
or charges resulting from the redemption of preferred stock of the Issuer) of the Issuer and its Subsidiaries for such period determined
on a consolidated basis in conformity with GAAP; provided, however, that the following items shall be excluded in computing
Adjusted Consolidated Net Income, without duplication:

 

(1)         the
net income of any Person, other than the Issuer or a
Subsidiary, except to the extent of the amount of dividends or
other distributions actually paid to the Issuer or any of its Subsidiaries
by such Person during such period;

 

     

     

    

 

(2)         the
net income of any Subsidiary to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary
of such net income is not at the time permitted by the operation of the terms of its charter or
any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to such Subsidiary;

 

(3)         any
after-tax gains or losses attributable to asset sales; and

 

(4)         all
extraordinary gains and extraordinary losses.

 

“Adjusted Total Assets”
means, for any Person, the sum of:

 

(1)         Total
Assets for such Person as of the end of the fiscal quarter preceding the Transaction
Date as set forth on the most recent quarterly or annual consolidated balance sheet
of the Issuer and its Subsidiaries, prepared in conformity
with GAAP and filed with the SEC or provided to the
Trustee pursuant to Section 4.10; and

 

(2)         any
increase in Total Assets following the end of such quarter including,
without limitation, any increase in Total Assets resulting from the application of the proceeds
of any additional Indebtedness.

 

“Affiliate” means, as applied
to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with,
such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as applied to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise.

 

“Agent” means any Registrar
or Paying Agent.

 

“amend” means to amend,
supplement, restate, amend and restate or otherwise modify, including successively; and “amendment” shall have
a correlative meaning.

 

“Asset Acquisition” means:

 

(1)         an
investment by the Issuer or any of its Subsidiaries
in any other Person pursuant to which such Person
shall become a Subsidiary or shall be merged into or
consolidated with the Issuer or any of its Subsidiaries;
provided, however, that such Person’s
primary business is related, ancillary, incidental or complementary to the businesses of
the Issuer or any of its Subsidiaries on the date
of such investment; or

 

(2)         an
acquisition by the Issuer or any of its Subsidiaries from
any other Person of assets that constitute substantially all of a division or
line of business, or one or more healthcare
properties, of such Person; provided, however,
that the assets and properties acquired are related, ancillary, incidental or complementary
to the businesses of the Issuer or any of its Subsidiaries
on the date of such acquisition.

 

    	 	2	 

     

    

 

“Asset Disposition” means
the sale or other disposition by the Issuer or any of its Subsidiaries, other than to the Issuer or another Subsidiary, of:

 

(1)         all
or substantially all of the Capital Stock of any
Subsidiary; or

 

(2)         all
or substantially all of the assets that constitute a division or
line of business, or one or more healthcare
properties, of the Issuer or any of its Subsidiaries.

 

“Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any insolvency or other similar federal or state law for the relief of debtors.

 

“Board of Directors” means,
as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized committee thereof.

 

“Board Resolution” means,
with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have
been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

“Business Day” means a
day other than a Saturday, Sunday or other day on which banking institutions in New York or Maryland are authorized or required
by law to close.

 

“Capital Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting), including partnership interests, whether general or limited, in the equity of such Person, whether outstanding
on the Closing Date or issued thereafter, including, without limitation, all Common Stock and Preferred Stock.

 

“Capitalized Lease” means,
as applied to any Person, any lease of any property, whether real, personal or mixed, of which the discounted present value of
the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of
such Person.

 

“Capitalized Lease Obligations”
means the discounted present value of the rental obligations under a Capitalized Lease as reflected on the balance sheet of such
Person as determined in conformity with GAAP.

 

“Closing Date” means April
4, 2017.

 

“Common Stock” means, with
respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or
non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including
partnership interests, whether general or limited, of such Person’s equity, whether outstanding on the Closing Date or issued
thereafter, including, without limitation, all series and classes of common stock.

 

    	 	3	 

     

    

 

“Consolidated EBITDA” means,
for any period, Adjusted Consolidated Net Income for such period plus amounts which have been deducted and minus
amounts which have been added for, without duplication:

 

(1)         Consolidated
Interest Expense;

 

(2)         provision
for taxes based on income;

 

(3)         impairment
losses and gains on sales or other dispositions of properties and other Investments;

 

(4)         real
estate related depreciation and amortization expense;

 

(5)         the
effect of any non-recurring, non-cash items;

 

(6)         amortization
of deferred charges;

 

(7)         gains
or losses on early extinguishment of Indebtedness;
and

 

(8)         acquisition
expenses;

 

all as determined on a consolidated basis for the Issuer and
its Subsidiaries in conformity with GAAP; provided, however, that, if any Subsidiary is not a Wholly Owned Subsidiary, Consolidated
EBITDA shall be reduced (to the extent not already reduced in Adjusted Consolidated Net Income or otherwise reduced in accordance
with GAAP) by an amount equal to:

 

(x)          the
amount of the Adjusted Consolidated Net Income attributable to such Subsidiary multiplied by

 

(y)         the
percentage ownership interest in the income of such Subsidiary not owned on the last day of such period by the Issuer or any of
its Subsidiaries.

 

“Consolidated Interest Expense”
means, for any period, the aggregate amount of interest expense in respect of Indebtedness of the Issuer and the Subsidiaries during
such period, all as determined on a consolidated basis in conformity with GAAP including, without limitation (without duplication):

 

(1)         amortization
of debt issuance costs, debt discount or premium and other financing fees and expenses;

 

(2)         the
interest portion of any deferred payment obligations;

 

(3)         all
commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’ acceptance financing;

 

(4)         the
net costs associated with Interest Rate Agreements and Indebtedness
that is Guaranteed or secured by assets of the Issuer
or any of its Subsidiaries; and

 

    	 	4	 

     

    

 

(5)         all
but the principal component of rentals in respect of Capitalized
Lease Obligations paid, accrued or scheduled to be paid or
to be accrued by the Issuer and its Subsidiaries;

 

excluding, to the extent included in interest expense
above, the amount of such interest expense of any Subsidiary if the net income of such Subsidiary is excluded in the calculation
of Adjusted Consolidated Net Income pursuant to clause (2) of the definition thereof (but only in the same proportion as the
net income of such Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (2)
of the definition thereof), as determined on a consolidated basis in conformity with GAAP.

 

“Corporate Trust Office”
means the corporate trust office of the Trustee located at Two Midtown Plaza, 1349 W. Peachtree Street, NW, Suite 1050, EX-GA-ATPT,
Atlanta, Georgia 30309, Attention: Corporate Trust Department, or such other office, designated by the Trustee by written notice
to the Issuer, at which at any particular time its corporate trust business shall be administered.

 

“Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

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

 

“Depository” means The
Depository Trust Company, New York, New York, or a successor thereto registered under the Exchange Act or other applicable statute
or regulation.

 

“Disqualified Stock” means
any class or series of Capital Stock of any Person that by its terms or otherwise is:

 

(1)         required
to be redeemed prior to the Stated Maturity of the Notes,

 

(2)         redeemable
at the option of the holder of such class or series
of Capital Stock, at any time prior to the Stated Maturity
of the Notes, or

 

(3)         convertible
into or exchangeable for Capital Stock referred to
in clause (1) or (2) above or Indebtedness having
a scheduled maturity prior to the Stated Maturity of the Notes;

 

provided, however, that any Capital Stock that would
not constitute Disqualified Stock but for customary provisions thereof giving holders thereof the right to require such Person
to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control”
occurring prior to the Stated Maturity of the Notes shall not constitute Disqualified Stock.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 

    	 	5	 

     

    

 

“Existing Note Indentures”
means the indenture governing the Issuer’s 4.375% senior notes due 2023, the indenture governing the Issuer’s 5.875%
senior notes due 2024, the indenture governing the Issuer’s 4.950% senior notes due 2024, the indenture governing the Issuer’s
4.500% senior notes due 2025, the indenture governing the Issuer’s 5.250% senior notes due 2026 and the indenture governing
the Issuer’s 4.500% senior notes due 2027 (each an “Existing Note Indenture”), as each such Existing Note
Indenture may be supplemented from time to time.

 

“Fair Market Value” means
the price that would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to
sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors of the
Issuer, whose determination shall be conclusive if evidenced by a Board Resolution.

 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect as of the date of this indenture, including, without
limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements
by such other entity as approved by a significant segment of the accounting profession. Except as otherwise specifically provided
in this Indenture, all terms of an accounting or financial nature and all ratios and computations contained or referred to in this
Indenture shall be computed in conformity with GAAP applied on a consistent basis.

 

“Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting
the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1)         to
purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness
of such other Person (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services (unless
such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay,
or to maintain financial statement conditions or otherwise);
or

 

(2)         entered
into for purposes of assuring in any other manner the obligee of such Indebtedness of the
payment thereof or to protect such obligee against loss in respect thereof (in whole or
in part);

 

provided, however, that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used
as a verb has a corresponding meaning.

 

“Holder” means any registered
holder, from time to time, of the Notes.

 

“Incur” means, with respect
to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible
for, the

 

    	 	6	 

     

    

 

payment of, contingently or otherwise, such
Indebtedness, including an “Incurrence” of Acquired Indebtedness; provided, however, that neither the accrual
of interest nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness.

 

“Indebtedness” means, with
respect to any Person at any date of determination (without duplication):

 

(1)         all
indebtedness of such Person for borrowed money;

 

(2)         all
obligations of such Person evidenced by bonds, debentures, notes
or other similar instruments;

 

(3)         the
face amount of letters of credit or other similar instruments, excluding
obligations with respect to letters of credit (including trade letters of credit)
securing obligations (other than obligations described in (1) or (2) above or
(4), (5) or (6) below) entered into in the ordinary course of business
of such Person to the extent such letters of credit are not drawn upon or,
if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement;

 

(4)         all
unconditional obligations of such Person to pay amounts representing the balance deferred
and unpaid of the purchase price of any property (which purchase price is due more than six months after the date of placing such
property in service or taking delivery and title thereto), except any such balance that
constitutes an accrued expense or Trade Payable;

 

(5)         all
Capitalized Lease Obligations;

 

(6)         all
Indebtedness of other Persons secured by a Lien
on any asset of such Person, whether or not
such Indebtedness is assumed by such Person; provided,
however, that the amount of such Indebtedness shall be the lesser of (A) the
Fair Market Value of such asset at that date of determination and (B) the amount of
such Indebtedness;

 

and also includes, to the extent not otherwise included, any
non-contingent obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes
of collection in the ordinary course of business), Indebtedness of the types referred to in items (1) through (6) above of another
Person (it being understood that Indebtedness shall be deemed to be Incurred by such Person whenever such Person shall create,
assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof). In addition,

 

(1)         the
amount outstanding at any time of any Indebtedness issued
with original issue discount shall be deemed to be the face amount with respect to such Indebtedness
less the remaining unamortized portion of the original issue discount of such Indebtedness
at the date of determination in conformity with GAAP, and

 

(2)         Indebtedness
shall not include any liability for federal, state, local or other taxes.

 

    	 	7	 

     

    

 

“Indenture” means this
Indenture, as amended or supplemented from time to time in accordance with the terms hereof.

 

“interest” means, with
respect to the Notes, interest on the Notes.

 

“Interest Coverage Ratio”
means, on any Transaction Date, the ratio of:

 

(x)          the
aggregate amount of Consolidated EBITDA for the then most recent four fiscal quarters prior to such Transaction Date for which
reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.10 (“Four Quarter Period”)
to

 

(y)         the
aggregate Consolidated Interest Expense during such Four Quarter Period.

 

In making the foregoing calculation,

 

(1)         pro
forma effect shall be given to any Indebtedness Incurred or repaid (other than in connection
with an Asset Acquisition or Asset Disposition) during the period (“Reference
Period”) commencing on the first day of the Four Quarter Period and ending
on the Transaction Date (other than Indebtedness Incurred
or repaid under a revolving credit or similar arrangement), in each case as if such
Indebtedness had been Incurred or repaid on the first
day of such Reference Period;

 

(2)         Consolidated
Interest Expense attributable to interest on any Indebtedness
(whether existing or being Incurred) computed
on a pro forma basis and bearing a floating interest rate shall be computed as if
the rate in effect on the Transaction Date (taking into account any Interest
Rate Agreement applicable to such Indebtedness if such Interest
Rate Agreement has a remaining term in excess of 12 months or, if shorter, at
least equal to the remaining term of such Indebtedness) had been the applicable rate for
the entire period;

 

(3)         pro
forma effect shall be given to Asset Dispositions and Asset
Acquisitions and Investments (including giving
pro forma effect to the application of proceeds of any Asset Disposition and any
Indebtedness Incurred or repaid in connection with any such Asset
Acquisitions or Asset Dispositions) that occur during such Reference Period but subsequent
to the end of the related Four Quarter Period as if they had occurred and such proceeds
had been applied on the first day of such Reference Period; and

 

(4)         pro
forma effect shall be given to asset dispositions and asset acquisitions (including giving
pro forma effect to (i) the application of proceeds of any asset disposition and
any Indebtedness Incurred or repaid in connection with any such asset acquisitions or
asset dispositions and (ii) expense and cost reductions calculated on a basis consistent with Regulation S-X under
the Exchange Act) that have been made by any Person that
has become a Subsidiary or has been merged with or into
the Issuer or any of its Subsidiaries during such
Reference Period but subsequent to the end of the related Four
Quarter Period and that would have constituted asset dispositions or asset acquisitions
during such Reference Period but subsequent to the end of the related Four

 

    	 	8	 

     

    

 

Quarter
Period had such transactions occurred when such Person was a Subsidiary
as if such asset dispositions or asset acquisitions were Asset
Dispositions or Asset Acquisitions and had occurred on the first day of such Reference Period;

 

provided, however, that to the extent that clause (3)
or (4) of this paragraph requires that pro forma effect be given to an Asset Acquisition or Asset Disposition
or asset acquisition or asset disposition, as the case may be, such pro forma calculation shall be based upon the four full
fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business, or one or more healthcare
properties, of the Person that is acquired or disposed of to the extent that such financial information is available.

 

“Interest Payment Date”
means the Stated Maturity of an installment of interest on the Notes.

 

“Interest Rate Agreement”
means any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract
or other similar agreement or arrangement with respect to interest rates.

 

“Investment” in any Person
means any direct or indirect advance, loan or other extension of credit (including, without limitation, by way of Guarantee or
similar arrangement, but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP,
recorded as accounts receivable on the consolidated balance sheet of the Issuer and its Subsidiaries) or capital contribution to
(by means of any transfer of cash or other property (tangible or intangible) to others or any payment for property or services
solely for the account or use of others, or otherwise), or any purchase or acquisition of Capital Stock, bonds, notes, debentures
or other similar instruments issued by, such Person.

 

“Lien” means any mortgage,
pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other
title retention agreement or lease in the nature thereof or any agreement to give any security interest).

 

“Notes” means, collectively,
the Issuer’s 4.750% Senior Notes due 2028 issued in accordance with Section 2.02 (whether issued on the Closing Date,
issued as Additional Notes, or otherwise issued after the Closing Date) treated as a single class of securities under this Indenture,
as amended or supplemented from time to time in accordance with the terms of this Indenture.

 

“Officer” means any of
the following of the Issuer or a Subsidiary Guarantor, as applicable: the Chairman of the Board of Directors, the Chief Executive
Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or the Secretary.

 

“Officers’ Certificate”
means a certificate signed by two Officers.

 

“Opinion of Counsel” means
a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of, or counsel
to, the Issuer, a Subsidiary Guarantor or the Trustee.

 

    	 	9	 

     

    

 

“Person” means any individual,
corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company,
trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind.

 

“Preferred Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including
preferred partnership interests, whether general or limited, or such Person’s preferred or preference stock, whether outstanding
on the Closing Date or issued thereafter, including, without limitation, all series and classes of such preferred or preference
stock.

 

“principal” means, with
respect to the Notes, the principal of and premium, if any, on the Notes.

 

“Prospectus Supplement”
means the prospectus supplement, dated March 28, 2017, relating to the offering of the Notes.

 

“Record Date” means the
applicable Record Date specified in the Notes; provided, however, that if any such date is not a Business Day, the
Record Date shall be the first day immediately succeeding such specified day that is a Business Day.

 

“redeem” means to redeem,
repurchase, purchase, defease, retire, discharge or otherwise acquire or retire for value; and “redemption”
shall have a correlative meaning; provided, however, that this definition shall not apply for purposes of Section 5
of the Notes or Article Three.

 

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

 

“Redemption Price,” when
used with respect to any Note to be redeemed, means the price fixed for such redemption, payable in immediately available funds,
pursuant to this Indenture and the Notes.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer in the Corporate Trust Office of the Trustee to whom any corporate trust matter
is referred because of such officer’s knowledge of and familiarity with the particular subject and shall also mean any officer
who shall have direct responsibility for the administration of this Indenture.

 

“SEC” means the U.S. Securities
and Exchange Commission.

 

“Secured Indebtedness”
means any Indebtedness secured by a Lien upon the property of the Issuer or any of its Subsidiaries.

 

“Securities Act” means
the U.S. Securities Act of 1933, as amended, or any successor statute or statutes thereto.

 

    	 	10	 

     

    

 

“Significant Subsidiary,”
with respect to any Person, means any subsidiary of such Person that satisfies the criteria for a “significant subsidiary”
set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act.

 

“Stated Maturity” means:

 

(1)         with
respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal
of such debt security is due and payable; and

 

(2)         with
respect to any scheduled installment of principal of or
interest on any debt security, the date specified in such debt security as the fixed date on which such installment is due
and payable.

 

“Subsidiary” means, with
respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the
outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person and
the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance with
GAAP, if such statements were prepared as of such date.

 

“Subsidiary Guarantee”
means a Guarantee by each Subsidiary Guarantor for payment of the Notes by such Subsidiary Guarantor. The Subsidiary Guarantee
will be an unsecured senior obligation of each Subsidiary Guarantor and will be unconditional regardless of the enforceability
of the Notes and this Indenture. Notwithstanding the foregoing, each Subsidiary Guarantee by a Subsidiary Guarantor shall provide
by its terms that it shall be automatically and unconditionally released and discharged under the circumstances described in Section
10.04 hereof.

 

“Subsidiary Guarantors”
means (i) each Subsidiary that is a guarantor of Indebtedness under the Existing Note Indentures on the Closing Date and (ii) each
other Person that is required to become a Subsidiary Guarantor by the terms of this Indenture after the Closing Date, in each case,
until such Person is released from its Subsidiary Guarantee.

 

“Total Assets” means the
sum (without duplication) of:

 

(1)         Undepreciated
Real Estate Assets; and

 

(2)         all
other assets (excluding intangibles and accounts receivable) of the Issuer
and its Subsidiaries on a consolidated basis determined in conformity with GAAP.

 

“Total Unencumbered Assets”
as of any date means the sum of:

 

(1)         those
Undepreciated Real Estate Assets not securing any portion of Secured
Indebtedness; and

 

    	 	11	 

     

    

 

(2)         all
other assets (but excluding intangibles and accounts receivable) of the Issuer
and its Subsidiaries not securing any portion of Secured
Indebtedness determined on a consolidated basis in conformity with GAAP;

 

provided, however, that all investments in unconsolidated
joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities
shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included.

 

“Trade Payables” means,
with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed
or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition
of goods or services.

 

“Transaction Date” means,
with respect to the Incurrence of any Indebtedness by the Issuer or any of its Subsidiaries, the date such Indebtedness is to be
Incurred.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended.

 

“Trustee” means the party
named as such in this Indenture until a successor replaces it in accordance with the provisions of this Indenture and thereafter
means such successor.

 

“Undepreciated Real Estate Assets”
means, as of any date, the cost (being the original cost to the Issuer or any of its Subsidiaries plus capital improvements) of
real estate assets of the Issuer and its Subsidiaries on such date, before depreciation and amortization of such real estate assets,
determined on a consolidated basis in conformity with GAAP.

 

“Unsecured Indebtedness”
means any Indebtedness of the Issuer or any of its Subsidiaries that is not Secured Indebtedness.

 

“U.S. Government Obligations”
means direct obligations of, obligations guaranteed by, or participations in pools consisting solely of obligations of or obligations
guaranteed by, the United States of America for the payment of which obligations or guarantee the full faith and credit of the
United States of America is pledged and that are not callable or redeemable at the option of the issuer thereof.

 

“U.S. Legal Tender” means
such coin or currency of the United States of America that at the time of payment shall be legal tender for the payment of public
and private debts.

 

“Voting Stock” means with
respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers
or other voting members of the governing body of such Person.

 

“Wholly Owned” means, with
respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary (other than any
director’s

 

    	 	12	 

     

    

 

qualifying shares or Investments by individuals
mandated by applicable law) by such Person or one or more Wholly Owned Subsidiaries of such Person.

 

SECTION 1.02.         Other
Definitions.

 

	Term	 	Defined in Section
	“Additional Notes”	 	2.02
	“Authentication Order”	 	2.02
	“Covenant Defeasance”	 	8.02
	“Event of Default”	 	6.01
	“Four Quarter Period”	 	1.01
	“Global Note”	 	2.01
	“Initial Global Notes”	 	2.01
	“Initial Notes”	 	2.02
	“Issuer”	 	Preamble
	“Legal Defeasance”	 	8.02
	“Participants”	 	2.15
	“Paying Agent”	 	2.03
	“Payment Date”	 	1.01
	“Physical Notes”	 	2.01
	“Primary Treasury Dealer”	 	1.01
	“Reference Period”	 	1.01
	“Registrar”	 	2.03

 

SECTION 1.03.         Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision
of the Trust Indenture Act, such provision is incorporated by reference in, and made a part of, this Indenture. The following Trust
Indenture Act terms used in this Indenture have the following meanings:

 

“indenture securities”
means the Notes.

 

“indenture security holder”
means a Holder.

 

“indenture to be qualified”
means this Indenture.

 

“indenture trustee” or
“institutional trustee” means the Trustee.

 

“obligor” on the indenture
securities means the Issuer, any Subsidiary Guarantor or any other obligor on the Notes.

 

All other Trust Indenture Act terms used in
this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined
by SEC rule and not otherwise defined herein have the meanings assigned to them therein.

 

SECTION 1.04.         Rules
of Construction.

 

Unless the context otherwise requires:

 

    	 	13	 

     

    

 

(1)         a
term has the meaning assigned to it;

 

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

 

(3)         “or”
is not exclusive;

 

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

 

(5)         provisions
apply to successive events and transactions;

 

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

 

(7)         the
words “including,” “includes”
and similar words shall be deemed to be followed by “without limitation.”

 

ARTICLE
Two

 

THE
NOTES

 

SECTION 2.01.         Form
and Dating.

 

The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. The Issuer shall approve the form of the Notes and any notation,
legend or endorsement on them. Each Note shall be dated the date of its issuance and show the date of its authentication. Each
Note shall have an executed Subsidiary Guarantee from each of the Subsidiary Guarantors existing on the Closing Date endorsed thereon
substantially in the form of Exhibit C.

 

The terms and provisions contained in the
Notes and the Subsidiary Guarantees shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Issuer, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly
agree to such terms and provisions and to be bound thereby.

 

Notes issued as of the Closing Date shall
be issued in the form of one or more global Notes, each in registered form, substantially in the form set forth in Exhibit A,
deposited with the Trustee, as custodian for the Depository, duly executed by the Issuer (and having an executed Subsidiary Guarantee
from each of the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear
any legends required by applicable law (the “Initial Global Notes”).

 

Notes issued after the Closing Date shall
be issued initially in the form of one or more global Notes in registered form, substantially in the form set forth in Exhibit A,
deposited with the Trustee, as custodian for the Depository, duly executed by the Issuer (and having an

 

    	 	14	 

     

    

 

executed Subsidiary Guarantee from each of
the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear any legends
required by applicable law (together with the Initial Global Notes, the “Global Notes”).

 

The aggregate principal amount of the Global
Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository,
as hereinafter provided. Notes issued in exchange for interests in a Global Note may be issued in the form of definitive Notes
registered in the name or names of Persons other than a Depository for Global Notes or a nominee or nominees thereof (the “Physical
Notes”).

 

SECTION 2.02.         Execution,
Authentication and Denomination; Additional Notes.

 

One Officer of the Issuer (who shall have
been duly authorized by all requisite corporate actions) shall sign the Notes for such Issuer by manual or facsimile signature.
One Officer of a Subsidiary Guarantor (who shall have been duly authorized by all requisite corporate or other applicable entity
actions) shall sign the Subsidiary Guarantee for such Subsidiary Guarantor by manual or facsimile signature.

 

If an Officer whose signature is on a Note
or Subsidiary Guarantee, as the case may be, was an Officer at the time of such execution but no longer holds that office at the
time the Trustee authenticates the Note, the Note shall nevertheless be valid.

 

A Note (and the Subsidiary Guarantees in respect
thereof) shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the
Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

 

The Trustee shall authenticate (i) on
the Closing Date, Notes for original issue in the aggregate principal amount not to exceed $550,000,000 (the “Initial
Notes”) and (ii) Additional Notes (as defined below) in an unlimited amount (so long as not otherwise prohibited
by the terms of this Indenture, including Section 4.07) in each case upon a written order of the Issuer in the form of a certificate
of an Officer of the Issuer (an “Authentication Order”). Each such Authentication Order shall specify the amount
of Notes to be authenticated and the date on which the Notes are to be authenticated, whether the Notes are to be Initial Notes
or Additional Notes and whether the Notes are to be issued as certificated Notes or Global Notes or such other information as the
Trustee may reasonably request. In addition, with respect to authentication pursuant to clause (ii) of the first sentence of this
paragraph, the first such Authentication Order from the Issuer shall be accompanied by an Opinion of Counsel of the Issuer in a
form reasonably satisfactory to the Trustee.

 

The Issuer may, from time to time, without
the consent of the Holders of the Notes, issue additional Notes (the “Additional Notes”) having the same ranking
and the same interest rate, maturity and other terms as the outstanding Notes, except for the public offering price, the issue
date and, if applicable, the initial interest payment date and initial interest accrual date.

 

All Notes issued under this Indenture, including
Additional Notes, shall be treated as a single class for all purposes under this Indenture; provided that if the Additional Notes
are

 

    	 	15	 

     

    

 

not fungible for U.S. federal income tax with
the Initial Notes, the Additional Notes shall be issued under a separate CUSIP or ISIN number. The Additional Notes shall bear
any legend required by applicable law.

 

The Trustee may appoint an authenticating
agent reasonably acceptable to the Issuer to authenticate Notes. Unless otherwise provided in the appointment, an authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuer and Affiliates
of the Issuer. The Trustee shall have the right to decline to authenticate and deliver any Notes under this Indenture if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine
that such action would expose the Trustee to personal liability.

 

The Notes shall be issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

SECTION 2.03.         Registrar
and Paying Agent.

 

The Issuer shall maintain or cause to be maintained
an office or agency in the Borough of Manhattan, The City of New York, where (a) Notes may be presented or surrendered for
registration of transfer or for exchange (“Registrar”), (b) Notes may, subject to Section 2 of the
Notes, be presented or surrendered for payment (“Paying Agent”) and (c) notices and demands to or upon
the Issuer in respect of the Notes and this Indenture may be served. The Issuer may also from time to time designate one or more
other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain or cause to be maintained an office or agency in the Borough of Manhattan, The City of New York,
for such purposes. The Issuer may act as Registrar or Paying Agent, except that for the purposes of Articles Three and Eight, neither
the Issuer nor any Affiliate of the Issuer shall act as Paying Agent. The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Issuer, upon notice to the Trustee, may have one or more co-registrars and one or more additional paying
agents reasonably acceptable to the Trustee. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Issuer initially appoints the Trustee as Registrar and Paying Agent until
such time as the Trustee has resigned or a successor has been appointed.

 

The Issuer shall enter into an appropriate
agency agreement with any Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture
that relate to such Agent. The Issuer shall notify the Trustee, in advance, of the name and address of any such Agent. If the Issuer
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such.

 

    	 	16	 

     

    

 

SECTION 2.04.         Paying
Agent To Hold Assets in Trust.

 

The Issuer shall require each Paying Agent
other than the Trustee or the Issuer or any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit
of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether
such assets have been distributed to it by the Issuer or any other obligor on the Notes), and shall notify the Trustee of any Default
by the Issuer (or any other obligor on the Notes) in making any such payment. The Issuer at any time may require a Paying Agent
to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during
the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets
held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall
have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

 

SECTION 2.05.         Holder
Lists.

 

The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is
not the Registrar, the Issuer shall furnish to the Trustee at least two (2) Business Days prior to each Interest Payment Date and
at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of Holders, which list may be conclusively relied upon by the Trustee.

 

SECTION 2.06.         Transfer
and Exchange.

 

Subject to Section 2.15, when Notes are
presented to the Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal
amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested
if its requirements for such transaction are met; provided, however, that the Notes surrendered for transfer or exchange
shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar,
duly executed by the Holder thereof or his or her attorney duly authorized in writing. To permit registrations of transfers and
exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request. No service charge
shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith.

 

Without the prior written consent of the Issuer,
the Registrar shall not be required to register the transfer of or exchange of any Note (i) during a period beginning at the
opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the close of business on the day
of such mailing, (ii) selected for redemption in whole or in part pursuant to Article Three, except the unredeemed portion
of any Note being redeemed in part, and (iii) beginning at the opening of business on any Record Date and ending on the close
of business on the related Interest Payment Date.

 

    	 	17	 

     

    

 

Any Holder of a beneficial interest in a Global
Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Notes may be
effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) in accordance with the applicable
legends thereon, and that ownership of a beneficial interest in the Note shall be required to be reflected in a book-entry system.

 

SECTION 2.07.         Replacement
Notes.

 

If a mutilated Note is surrendered to the
Trustee or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and
the Trustee shall authenticate a replacement Note if the Trustee’s requirements are met. Such Holder must provide an indemnity
bond or other indemnity, sufficient in the judgment of both the Issuer and the Trustee, to protect the Issuer, the Trustee or any
Agent from any loss which any of them may suffer if a Note is replaced. The Issuer may charge such Holder for its reasonable out-of-pocket
expenses in replacing a Note pursuant to this Section 2.07, including reasonable fees and expenses of counsel and of the Trustee.

 

Every replacement Note is an additional obligation
of the Issuer and every replacement Subsidiary Guarantee shall constitute an additional obligation of the Subsidiary Guarantor
thereof.

 

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

 

SECTION 2.08.         Outstanding
Notes.

 

Notes outstanding at any time are all the
Notes that have been authenticated by the Trustee except those cancelled by it, those delivered to it for cancellation and those
described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because the Issuer, the Subsidiary
Guarantors or any of their respective Affiliates hold the Note (subject to the provisions of Section 2.09).

 

If a Note is replaced pursuant to Section 2.07
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless a Responsible Officer of the Trustee
receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be
outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07.

 

If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on a Redemption Date or the Stated
Maturity the Trustee or Paying Agent (other than the Issuer or an Affiliate thereof) holds U.S. Legal Tender or U.S. Government
Obligations sufficient to pay all of the principal and interest due on the Notes payable on that date, then on and after that date
such Notes cease to be outstanding and interest on them ceases to accrue.

 

    	 	18	 

     

    

 

SECTION 2.09.         Treasury
Notes.

 

In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or any of its
Affiliates shall be disregarded, except that, for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes that the Trustee has been informed in writing are so owned shall be disregarded.

 

SECTION 2.10.         Temporary
Notes.

 

Until definitive Notes are ready for delivery,
the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay,
the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange,
temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes. Notwithstanding the foregoing,
so long as the Notes are represented by a Global Note, such Global Note may be in typewritten form.

 

SECTION 2.11.         Cancellation.

 

The Issuer at any time may deliver Notes to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for
transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent (other than the
Issuer or a Subsidiary), and no one else, shall cancel and, at the written direction of the Issuer, shall dispose of all Notes
surrendered for transfer, exchange, payment or cancellation in accordance with its customary procedures. Subject to Section 2.07,
the Issuer may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Issuer
or any Subsidiary Guarantor shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant
to this Section 2.11.

 

SECTION 2.12.         Defaulted
Interest.

 

If the Issuer defaults in a payment of interest
on the Notes, it shall pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest,
in any lawful manner. The Issuer may pay the defaulted interest to the persons who are Holders on a subsequent special record date,
which date shall be the fifteenth day next preceding the date fixed by the Issuer for the payment of defaulted interest or the
next succeeding Business Day if such date is not a Business Day. At least 15 days before any such subsequent special record date,
the Issuer shall mail to each Holder, with a copy to the Trustee, a notice that states the subsequent special record date, the
payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid.

 

    	 	19	 

     

    

 

SECTION 2.13.         CUSIP
and ISIN Numbers.

 

The Issuer in issuing the Notes may use “CUSIP”
or “ISIN” numbers, and if so, the Trustee shall use the “CUSIP” or “ISIN” numbers in notices
of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation
is made as to the correctness or accuracy of the “CUSIP” or “ISIN” numbers printed in the notice or on
the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer will promptly
notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.

 

SECTION 2.14.         Deposit
of Moneys.

 

Subject to Section 2 of the Notes, prior
to 10:00 a.m. New York City time on each Interest Payment Date, Stated Maturity, Redemption Date and Payment Date, the Issuer shall
have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such
Interest Payment Date, Stated Maturity, Redemption Date and Payment Date, as the case may be, in a timely manner which permits
the Paying Agent to remit payment to the Holders on such Interest Payment Date, Stated Maturity, Redemption Date and Payment Date,
as the case may be.

 

SECTION 2.15.         Book-Entry
Provisions for Global Notes.

 

(a)          The
Global Notes initially shall (i) be registered in the name of the Depository
or the nominee of such Depository, (ii) be delivered to the Trustee
as custodian for such Depository and (iii)
bear legends as set forth in Exhibit B, as applicable.

 

Members of, or participants in, the Depository
(“Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depository, or the Trustee as its custodian, or under the Global Note, and the Depository may be treated by the Issuer,
the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and
Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

 

(b)          Except
as provided in this Section 2.15(b), transfers of Global Notes shall be limited to transfers in whole, but not in part,
(i) by the Depository to a nominee of the Depository, (ii) by a nominee of the Depository
to the Depository or another nominee of the Depository
or (iii) by the Depository or any such nominee to a successor Depository
or a nominee of such successor Depository.

 

Notwithstanding any provisions to the contrary
contained in Section 2.06 of this Indenture and in addition thereto, any Global Note shall be exchangeable pursuant to Section 2.06
of this Indenture for Physical Notes only if (i) such Depository notifies the Issuer that it is unwilling or unable to continue
as Depository for such Global Note or if at any time such Depository ceases to be a clearing agency registered under the Exchange
Act, and, in either case, the Issuer fails to appoint a successor Depository within 90 days of such event, and (ii) the

 

    	 	20	 

     

    

 

Issuer executes and delivers to the Trustee
an Officers’ Certificate (and any other deliverables required hereunder) stating that such Global Note shall be so exchangeable.
Any Global Note that is exchangeable pursuant to the preceding sentence shall be exchangeable for Physical Notes registered in
such names as the Depository shall direct in writing in an aggregate principal amount equal to the then outstanding principal amount
of the Global Note with like tenor and terms.

 

(c)          In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b)
of this Section 2.15, such Global Note
shall be deemed to be surrendered to the Trustee for cancellation, and (i) the Issuer
shall execute, (ii) the Subsidiary Guarantors shall execute notations of Subsidiary
Guarantees on and (iii) the Trustee shall upon written instructions from the Issuer
authenticate and deliver, to each beneficial owner identified by the Depository in
exchange for its beneficial interest in such Global Note,
an equal aggregate principal amount of Physical Notes of
authorized denominations.

 

(d)          The
Holder of any Global Note may grant proxies and otherwise
authorize any Person, including Participants and
Persons that may hold interests through Participants,
to take any action which a Holder is entitled to take under this Indenture
or the Notes.

 

(e)          The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.15.
The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Registrar.

 

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

 

(g)          The
Trustee shall have no responsibility for the actions or omissions of the Depository, or the accuracy of the books and records of
the Depository.

 

(h)          At
such time as all beneficial interests in a particular Global Note have been exchanged for Physical Notes or a particular Global
Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11
hereof. At any time prior to such cancellation, if any beneficial interest in a Global
Note is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global
Note or for Physical Notes, the principal
amount of Notes represented by such Global Note
shall be reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depository at the direction of
the Trustee to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global
Note, such other Global Note shall be increased

 

    	 	21	 

     

    

 

accordingly and an endorsement shall be made
on such Global Note by the Trustee or by the Depository
at the direction of the Trustee to reflect such increase.

 

ARTICLE
Three

 

REDEMPTION

 

SECTION 3.01.         Notices
to Trustee.

 

If the Issuer elects to redeem Notes pursuant
to Section 5 of the Notes, it shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal
amount of Notes to be redeemed. The Issuer shall give notice of redemption to the Trustee at least 45 days but not more than 75
days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee in writing), together with such documentation
and records as shall enable the Trustee to select the Notes to be redeemed.

 

SECTION 3.02.         Selection
of Notes To Be Redeemed.

 

If less than all of the Notes are to be redeemed
at any time pursuant to Section 5 of the Notes, the Trustee will select Notes for redemption as follows:

 

(x)          if
the Notes are listed on a national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed; or

 

(y)         if
the Notes are not so listed, while the Notes are in book-entry form, in accordance with the procedures of the Depository, or if
the Notes are no longer in book-entry form, on a pro rata basis, by lot or by such method as the Trustee shall deem fair
and appropriate.

 

No Notes of $2,000 or less shall be redeemed
in part.

 

SECTION 3.03.         Notice
of Redemption.

 

At least 30 days but not more than 60 days
before a Redemption Date, the Issuer shall mail a notice of redemption by first class mail, postage prepaid, to each Holder whose
Notes are to be redeemed at its registered address (except that a notice issued in connection with a redemption referred to in
Section 8.01 may be more than 60 days before such Redemption Date). At the Issuer’s request, the Trustee shall forward
the notice of redemption in the Issuer’s name and at the Issuer’s expense. Each notice for redemption shall identify
the Notes (including the CUSIP or ISIN number) to be redeemed and shall state:

 

(1)         the
Redemption Date;

 

(2)         the
Redemption Price and the amount of accrued interest,
if any, to be paid;

 

(3)         the
name and address of the Paying Agent;

 

    	 	22	 

     

    

 

(4)         that
Notes called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price plus accrued interest,
if any;

 

(5)         that,
unless the Issuer defaults in making the redemption payment, interest
on Notes called for redemption ceases to accrue on and after the Redemption
Date, and the only remaining right of the Holders of such Notes
is to receive payment of the Redemption Price upon surrender to the Paying
Agent of the Notes redeemed;

 

(6)         if
any Note is being redeemed in part, the portion of the principal
amount of such Note to be redeemed and that, after the Redemption
Date, and upon surrender and cancellation of such Note, a new Note
or Notes in aggregate principal amount equal to the unredeemed portion thereof will
be issued;

 

(7)         if
fewer than all the Notes are to be redeemed, the identification of the particular Notes
(or portion thereof) to be redeemed, as well as the aggregate principal
amount of Notes to be redeemed and the aggregate principal
amount of Notes to be outstanding after such
partial redemption; and

 

(8)         the
Section of the Notes or the Indenture, as applicable,
pursuant to which the Notes are to be redeemed.

 

The notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give
such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not
affect the validity of the proceedings for the redemption of any other Note. Notices of redemption may not be conditional.

 

SECTION 3.04.         Effect
of Notice of Redemption.

 

Once notice of redemption is mailed in accordance
with Section 3.03, Notes called for redemption become due and payable on the Redemption Date and at the Redemption Price plus
accrued interest, if any. Upon surrender to the Trustee or Paying Agent, such Notes called for redemption shall be paid at the
Redemption Price (which shall include accrued interest thereon to, but not including, the Redemption Date), but installments of
interest, the maturity of which is on or prior to the Redemption Date, shall be payable to Holders of record at the close of business
on the relevant Record Dates. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof called
for redemption unless the Issuer shall have not complied with its obligations pursuant to Section 3.05.

 

SECTION 3.05.         Deposit
of Redemption Price.

 

On or before 10:00 a.m. New York time on the
Redemption Date, the Issuer shall deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Redemption Price plus accrued
and unpaid interest, if any, of all Notes to be redeemed on that date.

 

If the Issuer complies with the preceding
paragraph, then, unless the Issuer defaults in the payment of such Redemption Price plus accrued interest, if any, interest on
the

 

    	 	23	 

     

    

 

Notes to be redeemed will cease to accrue
on and after the applicable Redemption Date, whether or not such Notes are presented for payment.

 

SECTION 3.06.         Notes
Redeemed in Part.

 

If any Note is to be redeemed in part only,
the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new
Note or Notes in principal amount equal to the unredeemed portion of the original Note or Notes shall be issued in the name of
the Holder thereof upon surrender and cancellation of the original Note or Notes.

 

ARTICLE
Four

 

COVENANTS

 

SECTION 4.01.         Payment
of Notes.

 

The Issuer shall pay the principal of, premium,
if any, and interest on the Notes in the manner provided in the Notes and this Indenture. An installment of principal of, or interest
on, the Notes shall be considered paid on the date it is due if the Trustee or Paying Agent (other than the Issuer or an Affiliate
thereof) holds on that date U.S. Legal Tender designated for and sufficient to pay the installment. Interest on the Notes will
be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

The Issuer shall pay interest on overdue principal
(including post-petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful, at the
same rate per annum borne by the Notes.

 

SECTION 4.02.         Maintenance
of Office or Agency.

 

The Issuer shall maintain in the Borough of
Manhattan, The City of New York, the office or agency required under Section 2.03 (which may be an office of the Trustee or
an affiliate of the Trustee or Registrar). The Issuer shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the address of the Trustee set forth in Section 11.02.

 

The Issuer may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations. The Issuer 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.

 

The Issuer hereby initially designates U.S.
Bank National Association, located at Two Midtown Plaza, 1349 W. Peachtree Street, NW., Suite 1050, EX-GA-ATPT, Atlanta,

 

    	 	24	 

     

    

 

Georgia 30309, Attention: Corporate Trust
Department, as such office of the Issuer in accordance with Section 2.03.

 

SECTION 4.03.         Corporate
Existence.

 

Except as otherwise permitted by Article Five,
the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and the corporate, partnership or other existence of each of its Subsidiaries in accordance with the respective organizational
documents of each such Subsidiary and the material rights (charter and statutory) and material franchises of the Issuer and each
of its Subsidiaries; provided, however, that the Issuer shall not be required to preserve any such right, franchise or corporate
existence with respect to itself or any Subsidiary if the Board of Directors shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof
is not adverse in any material respect to the Holders of the Notes.

 

SECTION 4.04.         Payment
of Taxes.

 

The Issuer and the Subsidiary Guarantors shall,
and shall cause each of the Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall become delinquent,
(a) all material taxes, assessments and governmental charges levied or imposed upon it or any of the Subsidiaries or upon
the income, profits or property of it or any of the Subsidiaries and (b) all lawful claims for labor, materials and supplies
which, in each case, if unpaid, might by law become a material liability or Lien upon the property of it or any of the Subsidiaries;
provided, however, that the Issuer and the Subsidiary Guarantors shall not be required to pay or discharge or cause to be
paid or discharged any such tax, assessment, charge or claim whose amount the applicability or validity is being contested in good
faith by appropriate actions and for which appropriate provision has been made.

 

SECTION 4.05.         Compliance
Certificate; Notice of Default.

 

(a)          The
Issuer shall deliver to the Trustee, within 90 days
after the close of each fiscal year, an Officers’ Certificate stating that a review
of the activities of the Issuer and its Subsidiaries has
been made under the supervision of the signing Officers with a view to determining whether
the Issuer and the Subsidiary Guarantors have kept,
observed, performed and fulfilled their obligations under this Indenture and further stating,
as to each such Officer signing such certificate, that to the best of such Officer’s
knowledge, the Issuer and the Subsidiary Guarantors during
such preceding fiscal year has kept, observed, performed and fulfilled each and every such covenant and no Default
occurred during such year and at the date of such certificate there is no Default that
has occurred and is continuing or, if such signers do know of such Default,
the certificate shall specify such Default and what action, if any, the Issuer
is taking or proposes to take with respect thereto. The Officers’
Certificate shall also notify the Trustee should the Issuer
elect to change the manner in which it fixes the fiscal year end.

 

(b)          The
Issuer shall deliver to the Trustee promptly and
in any event within five days after the Issuer becomes aware of the occurrence of any Default
an Officers’ Certificate

 

    	 	25	 

     

    

 

specifying the Default
and what action, if any, the Issuer is taking or
proposes to take with respect thereto.

 

SECTION 4.06.         Waiver
of Stay, Extension or Usury Laws.

 

The Issuer and each Subsidiary Guarantor covenants
(to the extent permitted by applicable law) that it will not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive such
Issuer or such Subsidiary Guarantor from paying all or any portion of the principal of and/or interest on the Notes or the Subsidiary
Guarantee of any such Subsidiary Guarantor as contemplated herein, wherever enacted, now or at any time hereafter in force, or
which may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable law) each 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.

 

SECTION 4.07.         Limitation
on Indebtedness.

 

(a)          The
Issuer will not, and will not permit any of its Subsidiaries
to, Incur any Indebtedness (including
Acquired Indebtedness) if, immediately after giving effect to the Incurrence of such
additional Indebtedness and the receipt and application of the proceeds therefrom, the aggregate
principal amount of all outstanding Indebtedness of
the Issuer and its Subsidiaries on a consolidated
basis determined in conformity with GAAP is greater than 60% of Adjusted
Total Assets.

 

(b)          The
Issuer will not, and will not permit any of its Subsidiaries
to, Incur any Secured Indebtedness if, immediately
after giving effect to the Incurrence of such additional Secured
Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal
amount of all outstanding Secured Indebtedness of the Issuer
and its Subsidiaries on a consolidated basis determined in conformity with GAAP
is greater than 40% of Adjusted Total Assets.

 

(c)          The
Issuer will not, and will not permit any of its Subsidiaries
to, Incur any Indebtedness other than the
Notes issued on the Closing Date and other Indebtedness
existing on the Closing Date; provided, however,
that the Issuer or any of its Subsidiaries may Incur
Indebtedness if, after giving effect to the Incurrence of such Indebtedness
and the receipt and application of the proceeds therefrom, the Interest Coverage Ratio of
the Issuer and its Subsidiaries on a consolidated
basis would be greater than 1.5 to 1.0.

 

(d)          Notwithstanding
any other provision of this Section 4.07, the maximum amount of Indebtedness
that the Issuer or any of its Subsidiaries may
Incur pursuant to this Section 4.07 shall not
be deemed to be exceeded, with respect to any outstanding Indebtedness, due solely to the
result of fluctuations in the exchange rates of currencies.

 

(e)          For
purposes of determining any particular amount of Indebtedness under this Section 4.07,
Guarantees, Liens or obligations with respect to
letters of credit supporting

 

    	 	26	 

     

    

 

Indebtedness
otherwise included in the determination of such particular amount shall not be included.

 

SECTION 4.08.         Maintenance
of Total Unencumbered Assets.

 

The Issuer and its Subsidiaries will maintain
Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Indebtedness of
the Issuer and its Subsidiaries on a consolidated basis.

 

SECTION 4.09.         Limitation
on Issuances of Guarantees by Subsidiaries.

 

The Issuer will not permit any of its Subsidiaries,
directly or indirectly, at any time after the issuance of the Notes (including following any release of a Subsidiary Guarantor
from its obligations under this Indenture) to Guarantee any Indebtedness of the Issuer (that would constitute Indebtedness under
clauses (1) or (2) of the definition thereof) in an amount at least equal to $50 million, unless such Subsidiary simultaneously
executes and delivers a supplemental indenture to this Indenture providing for a Subsidiary Guarantee by such Subsidiary.

 

SECTION 4.10.         Reports
to Holders.

 

Whether or not the Issuer is then required
to file reports with the SEC, the Issuer shall file with the SEC all such reports and other information as it would be required
to file with the SEC pursuant to Section 13(a) or 15(d) under the Exchange Act if it was subject thereto; provided,
however, that, if filing such documents by the Issuer with the SEC is not permitted under the Exchange Act, the Issuer shall
provide such documents to the Trustee and upon written request supply copies of such documents to any prospective Holder. The Issuer
shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to each Holder, without cost to such Holder
and at the expense of the Issuer, copies of such reports and other information.

 

ARTICLE
Five

 

SUCCESSOR
CORPORATION

 

SECTION 5.01.         Consolidation,
Merger and Sale of Assets.

 

(a)          The
Issuer will not consolidate with or merge with or
into, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets (as an entirety or
substantially an entirety in one transaction or a series of related transactions)
to, any Person or permit any Person to merge with
or into the Issuer unless:

 

(1)         the
Issuer shall be the continuing Person, or
the Person (if other than the Issuer) formed
by such consolidation or into which the Issuer is
merged or that acquired or leased such property and
assets of the Issuer shall be a corporation, general or
limited partnership, limited liability company or other entity (other than an individual)
organized and validly existing under the laws of the United States of America or any state
or jurisdiction thereof and shall expressly assume, by a supplemental indenture,
executed

 

    	 	27	 

     

    

 

and delivered to the Trustee,
all of the obligations of the Issuer on the Notes and
under this Indenture;

 

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

 

(3)         immediately
after giving effect to such transaction on a pro forma basis the Issuer, or
any Person becoming the successor obligor of
the Notes, as the case may be, could Incur at least
$1.00 of Indebtedness under paragraphs (a), (b) and (c) of Section 4.07; provided,
however, that this clause (3) shall not apply to a consolidation or
merger with or into a Wholly Owned Subsidiary with
a positive net worth; provided further, however, that, in connection
with any such merger or consolidation, no consideration (other than Capital
Stock (other than Disqualified Stock) in the surviving Person
or the Issuer) shall be issued or distributed
to the holders of Capital Stock of the Issuer; and

 

(4)         the
Issuer delivers to the Trustee an Officers’
Certificate (attaching the arithmetic computations to demonstrate compliance with clause (3)
above) and an Opinion of Counsel, in each case stating that such consolidation, merger
or transfer and such supplemental indenture complies
with this Section 5.01 and that all conditions precedent provided
for herein relating to such transaction have been complied with; provided,
however, that clause (3) above does not apply if, in the good faith determination
of the Board of Directors of the Issuer, whose determination
shall be evidenced by a Board Resolution, the principal
purpose of such transaction is to change the state of domicile of the Issuer; provided
further, however, that any such transaction shall not have as one of its purposes the evasion of the foregoing
limitations.

 

(b)          Except
as provided in Section 10.04, no Subsidiary Guarantor
may consolidate with or merge with or into
(whether or not such Subsidiary Guarantor is the
surviving Person) another Person, unless:

 

(1)         either
such Subsidiary Guarantor shall be the continuing Person
or the Person (if other than such Subsidiary Guarantor)
formed by such consolidation or into which such Subsidiary
Guarantor is merged shall be a corporation or other legal entity organized and validly
existing under the laws of the United States of America or any state or
jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed
and delivered to the Trustee, all of the obligations of such Subsidiary
Guarantor under the Subsidiary Guarantee of such Subsidiary
Guarantor and under this Indenture; and

 

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

 

(c)          For
purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single
transaction or series of transactions) of all or substantially
all of the properties or assets of one or more Subsidiary
Guarantors, the Capital Stock of which constitutes all or
substantially all of the properties and assets of the Issuer, will be deemed to be
the transfer of all or substantially all of the properties and assets of the Issuer.

 

    	 	28	 

     

    

 

(d)          Upon
any such consolidation, combination or merger of the Issuer
or a Subsidiary Guarantor, or any such sale,
conveyance, transfer, lease or other disposition of all or
substantially all of the assets of the Issuer in accordance with this Section 5.01,
in which the Issuer or such Subsidiary Guarantor is
not the continuing obligor under the Notes or its
Subsidiary Guarantee, the surviving entity formed by such consolidation or
into which the Issuer or such Subsidiary Guarantor
is merged or the entity to which the sale, conveyance, transfer, lease or
other disposition is made will succeed to, and be substituted for, and may exercise every right and power of, the Issuer
or such Subsidiary Guarantor under this Indenture,
the Notes and the Subsidiary Guarantees with the
same effect as if such surviving entity had been named therein as the Issuer or such Subsidiary
Guarantor and, except in the case of a lease, the Issuer or such Subsidiary
Guarantor, as the case may be, will be released from the obligation to pay the principal
of and interest on the Notes or in respect
of its Subsidiary Guarantee, as the case may be, and all of the Issuer’s
or such Subsidiary Guarantor’s other obligations
and covenants under the Notes, this Indenture and its Subsidiary
Guarantee, if applicable.

 

(e)          Notwithstanding
the foregoing, any Subsidiary Guarantor may (i) consolidate with or
merge with or into the Issuer or another Subsidiary
Guarantor or (ii) convert into a corporation, general or limited partnership, limited
liability company or trust organized under the laws of such Subsidiary
Guarantor’s jurisdiction of organization or the laws of the United States of
America or any state or jurisdiction thereof.

 

ARTICLE
Six

 

DEFAULT
AND REMEDIES

 

SECTION 6.01.         Events
of Default.

 

Each of the following is an “Event
of Default”:

 

(1)         default
in the payment of principal of, or premium,
if any, on any Note when they are due and payable at maturity, upon acceleration, redemption
or otherwise;

 

(2)         default
in the payment of interest on any Note when
it is due and payable, and such default continues for a period of 30 days;

 

(3)         default
in the performance or breach of the provisions of this Indenture
applicable to mergers, consolidations and transfers of all or substantially all of
the assets of the Issuer;

 

(4)         the
Issuer defaults in the performance of or breaches
any other covenant or agreement of the Issuer in
this Indenture or under the Notes (other than a default
specified in clause (1), (2) or (3) above)
and such default or breach continues for the earlier of (i) 60 consecutive days and (ii)
such shorter period specified for comparable defaults under any Existing Note Indenture (or
under any indenture pursuant to which the Issuer
or a Subsidiary Guarantor has issued any Indebtedness
that refinances or refunds (x) the Indebtedness under
such Existing Note Indenture or (y) such refinancing or

 

    	 	29	 

     

    

 

refunding Indebtedness)
after written notice by the Trustee or the Holders of
25% or more in aggregate principal amount of the
Notes;

 

(5)         there
occurs with respect to any issue or issues of Indebtedness
of the Issuer or any Significant Subsidiary having
an outstanding principal amount of $40 million or more
in the aggregate for all such issues of all such Persons, whether such Indebtedness
now exists or shall hereafter be created,

 

(i)          an
event of default that has caused the Holder thereof
to declare such Indebtedness to be due and payable prior to its Stated
Maturity and such Indebtedness has not been discharged in full or
such acceleration has not been rescinded or annulled within 30 days of such acceleration,
and/or

 

(ii)         the
failure to make a principal payment at the final (but not any interim) fixed maturity and
such defaulted payment shall not have been made, waived or extended within 30 days of such
payment default;

 

(6)         a
court of competent jurisdiction enters a decree or order for:

 

(i)          relief
in respect of the Issuer or any Significant Subsidiary in
an involuntary case under any applicable Bankruptcy Law now or
hereafter in effect,

 

(ii)         appointment
of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or any
Significant Subsidiary or for all or substantially
all of the property and assets of the Issuer or any Significant
Subsidiary, or

 

(iii)        the
winding up or liquidation of the affairs of the Issuer or
any Significant Subsidiary and, in each case, such decree or
order shall remain unstayed and in effect for a period of 60 consecutive days; or

 

(7)         the
Issuer or any Significant Subsidiary:

 

(i)          commences
a voluntary case under any applicable Bankruptcy Law now or
hereafter in effect, or consents to the entry of an order for relief in an involuntary
case under such law,

 

(ii)         consents
to the appointment of or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the
Issuer or such Significant Subsidiary or for all
or substantially all of the property and assets of the Issuer
or such Significant Subsidiary, or

 

(iii)        effects
any general assignment for the benefit of its creditors.

 

SECTION 6.02.         Acceleration.

 

If an Event of Default (other than an Event
of Default specified in clause (6) or (7) of Section 6.01 that occurs with respect to the Issuer) occurs and is continuing
under this

 

    	 	30	 

     

    

 

Indenture, the Trustee or the Holders of at
least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Issuer (and to the Trustee if such
notice is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate principal amount
of the Notes then outstanding shall, declare the principal of, premium, if any, and accrued interest on the Notes to be immediately
due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately
due and payable. In the event of a declaration of acceleration because an Event of Default set forth in clause (5) of Section 6.01
has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of
default triggering such Event of Default pursuant to clause (5) of Section 6.01 shall be remedied or cured by the Issuer or
the relevant Significant Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the declaration
of acceleration with respect thereto.

 

If an Event or Default specified in clause
(6) or (7) of Section 6.01 occurs with respect to the Issuer, the principal of, premium, if any, and accrued interest on the
Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. The Holders of at least a majority in principal amount of the outstanding Notes, by written
notice to the Issuer and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its
consequences if:

 

(x)          all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have
become due solely by such declaration of acceleration, have been cured or waived;

 

(y)          the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and

 

(z)          in
the event of a cure or waiver of a Default of the type set forth in Section 6.01(6) or (7), the Trustee shall have received an
Officers’ Certificate and an Opinion of Counsel that such Default has been cured or waived.

 

No such rescission shall affect any subsequent
Default or impair any right consequent thereto.

 

SECTION 6.03.         Other
Remedies.

 

If a Default occurs and is continuing, the
Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or interest on,
the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder in exercising any right or remedy accruing upon a Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent
permitted by law.

 

    	 	31	 

     

    

 

SECTION 6.04.         Waiver
of Past Defaults.

 

Subject to Sections 2.09, 6.07 and 9.02,
the Holders of a majority in principal amount of the outstanding Notes (which may include consents obtained in connection with
a tender offer or exchange offer of Notes) by notice to the Trustee may waive an existing Default and its consequences, except
a Default in the payment of principal of, or interest on, any Note as specified in Section 6.01(1) or (2). The Issuer shall
deliver to the Trustee an Officers’ Certificate stating that the requisite percentage of Holders have consented to such waiver
and attaching copies of such consents. When a Default is waived, it is cured and ceases.

 

SECTION 6.05.         Control
by Majority.

 

The Holders of at least a majority in aggregate
principal amount of the outstanding Notes may 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. Subject to Section 7.01, however, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or
that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving
of such direction received from the Holders of Notes; provided, however, that the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with any such direction received from the Holders of the Notes.

 

In the event the Trustee takes any action
or follows any direction pursuant to this Indenture, the Trustee shall be entitled to indemnification against any loss or expense
caused by taking such action or following such direction.

 

SECTION 6.06.         Limitation
on Suits.

 

No Holder will have any right to institute
any proceeding with respect to this Indenture or for any remedy thereunder, unless:

 

(1)         the
Holder gives the Trustee written notice of a continuing
Event of Default;

 

(2)         the
Holders of at least 25% in aggregate principal amount
of outstanding Notes make a written request to the Trustee
to pursue the remedy;

 

(3)         such
Holder or Holders offer the Trustee indemnity satisfactory
to the Trustee against any costs, liability or expense;

 

(4)         the
Trustee does not comply with the request within 60 days after receipt of the request and
the offer of indemnity; and

 

(5)         during
such 60-day period, the Holders of a majority in aggregate principal
amount of the outstanding Notes do not give the Trustee
a direction that is inconsistent with the request.

 

    	 	32	 

     

    

 

However, such limitations do not apply to
the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest on, such Note or to bring
suit for the enforcement of any such payment on or after the due date expressed in the Notes, which right shall not be impaired
or affected without the consent of the Holder.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over such other Holder.

 

SECTION 6.07.         Rights
of Holders To Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of and premium, if any, and interest on, a Note, on or after
the respective due dates therefor, or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of the Holder.

 

SECTION 6.08.         Collection
Suit by Trustee.

 

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

 

SECTION 6.09.         Trustee
May File Proofs of Claim.

 

The Trustee may file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any
judicial proceedings relating to the Issuer, their creditors or their property and shall be entitled and empowered to collect and
receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian in
any such judicial proceedings is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due
the Trustee under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding. The Trustee shall be entitled to participate as a member of any official committee of creditors in the matters as it
deems necessary or advisable.

 

    	 	33	 

     

    

 

SECTION 6.10.         Priorities.

 

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

 

First: to the Trustee for
amounts due under Section 7.07;

 

Second: to Holders for
interest accrued on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on
the Notes for interest;

 

Third: to Holders for principal
amounts due and unpaid on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable
on the Notes for principal; and

 

Fourth: to the Issuer or,
if applicable, the Subsidiary Guarantors, as their respective interests may appear.

 

The Trustee, upon prior notice to the Issuer,
may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10.

 

SECTION 6.11.         Undertaking
for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder
or Holders of more than 10% in principal amount of the outstanding Notes.

 

ARTICLE
Seven

 

TRUSTEE

 

SECTION 7.01.         Duties
of Trustee.

 

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

 

(b)          Except
during the continuance of a Default:

 

    	 	34	 

     

    

 

(1)         The
Trustee need perform only those duties as are specifically set forth herein
or in the Trust Indenture Act and no duties, covenants, responsibilities or
obligations shall be implied in this Indenture against the Trustee.

 

(2)         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 (including
Officers’ Certificates) or opinions
(including Opinions of Counsel) furnished to the Trustee
and conforming to the requirements of this Indenture. However, in the case of any
such certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, the Trustee
shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture.

 

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

 

(1)         This
paragraph does not limit the effect of Section 7.01(b).

 

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

 

(3)         The
Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05.

 

(d)          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 to take
or omit to take any action under this Indenture or take
any action at the request or direction of Holders if
it shall have reasonable grounds for believing that repayment of such funds is not assured to it.

 

(e)          Whether
or not therein expressly so provided, every provision
of this Indenture that in any way relates to the Trustee
is subject to this Section 7.01.

 

(f)          The
Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law.

 

(g)          In
the absence of bad faith, negligence or willful misconduct on the part of the Trustee,
the Trustee shall not be responsible for the application of any money by any Paying
Agent other than the Trustee.

 

SECTION 7.02.         Rights
of Trustee.

 

Subject to Section 7.01:

 

    	 	35	 

     

    

 

(a)          The
Trustee may rely conclusively on any resolution, certificate (including
any Officers’ Certificate), statement, instrument, opinion (including
any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture,
or other paper or document believed by it to be genuine
and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter
stated in the document.

 

(b)          Before
the Trustee acts or refrains from acting, it may
require an Officers’ Certificate and an Opinion of
Counsel, which shall conform to the provisions of Section 11.05. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel.

 

(c)          The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct
or negligence of any agent (other than an agent
who is an employee of the Trustee) appointed with due care.

 

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

 

(e)          The
Trustee may consult with counsel of its selection and the advice or
opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect
of any action taken, omitted or suffered by it hereunder in good faith and in accordance
with the advice or opinion of such counsel.

 

(f)          The
Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request, order or
direction of any of the Holders pursuant to the provisions of this Indenture,
unless such Holders shall have offered to the Trustee reasonable
security or indemnity satisfactory to it against the costs, expenses and liabilities which
may be incurred therein or thereby.

 

(g)          The
Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate (including any Officers’
Certificate), statement, instrument, opinion (including any Opinion
of Counsel), notice, request, direction, consent, order, bond, debenture, 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, upon reasonable notice to the Issuer,
to examine the books, records, and premises of the Issuer, personally or
by agent or attorney at the sole cost of the Issuer.

 

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

 

(i)          The
permissive rights of the Trustee to do things enumerated in this Indenture
shall not be construed as duties.

 

(j)          Except
with respect to Section 4.01 and 4.05, the Trustee shall have no duty to inquire as
to the performance of the Issuer with respect to the covenants contained in Article Four.
In addition, the Trustee shall not be deemed to have knowledge of an Event
of

 

    	 	36	 

     

    

 

Default except
(i) any Default or Event of Default occurring pursuant
to Sections 4.01, 6.01(1) or 6.01(2) or (ii)
any Default or Event of Default known to a Responsible
Officer.

 

(k)          The
rights, privileges, protections, immunities and benefits given to the Trustee, including
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in
each of its capacities hereunder, and to each agent, custodian
and other Person employed to act hereunder.

 

SECTION 7.03.         Individual
Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries or its respective Affiliates
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11.

 

SECTION 7.04.         Trustee’s
Disclaimer.

 

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

 

SECTION 7.05.         Notice
of Default.

 

If a Default occurs and is continuing and
is deemed to be known to the Trustee pursuant to Section 7.02(j), the Trustee shall mail to each Holder notice of the uncured Default
within 30 days after such Default occurs. Except in the case of a Default in payment of principal of, or interest on, any Note,
including an accelerated payment and the failure to make a payment on a Payment Date pursuant to a Default in complying with the
provisions of Article Five, the Trustee may withhold the 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 withholding the notice
is in the interest of the Holders.

 

SECTION 7.06.         Reports
by Trustee to Holders.

 

Within 60 days after each December 1, beginning
with December 1, 2017, the Trustee shall, to the extent that any of the events described in Trust Indenture Act § 313(a)
occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report dated as of such date that complies
with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust Indenture Act §§ 313(b), 313(c)
and 313(d).

 

A copy of each report at the time of its mailing
to Holders shall be mailed to the Issuer and filed with the SEC and each securities exchange, if any, on which the Notes are listed.

 

    	 	37	 

     

    

 

The Issuer shall notify the Trustee if the
Notes become listed on any securities exchange or of any delisting thereof and the Trustee shall comply with Trust Indenture Act
§ 313(d).

 

SECTION 7.07.         Compensation
and Indemnity.

 

The Issuer shall pay to the Trustee from time
to time such compensation as the Issuer and the Trustee shall from time to time agree in writing for its services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall
reimburse the Trustee upon request for all reasonable disbursements, expenses and advances (including reasonable fees and expenses
of counsel) incurred or made by it in addition to the compensation for its services, except any such disbursements, expenses and
advances as may be attributable to the Trustee’s negligence, bad faith or willful misconduct. Such expenses shall include
the reasonable fees and expenses of the Trustee’s agents and counsel.

 

The Issuer shall indemnify each of the Trustee
or any predecessor Trustee and its agents for, and hold them harmless against, any and all loss, damage, claims including taxes
(other than taxes based upon, measured by or determined by the income of the Trustee), liability or expense incurred by them except
for such actions to the extent caused by any negligence, bad faith or willful misconduct on their part, arising out of or in connection
with the acceptance or administration of this trust including the reasonable costs and expenses of defending themselves against
or investigating any claim or liability in connection with the exercise or performance of any of the Trustee’s rights, powers
or duties hereunder. The Trustee shall notify the Issuer promptly of any claim asserted against the Trustee or any of its agents
for which it may seek indemnity. The Issuer may, subject to the approval of the Trustee (which approval shall not be unreasonably
withheld), defend the claim and the Trustee shall cooperate in the defense. The Trustee and its agents subject to the claim may
have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel; provided, however, that
the Issuer will not be required to pay such fees and expenses if, subject to the approval of the Trustee (which approval shall
not be unreasonably withheld), it assumes the Trustee’s defense and there is no conflict of interest between the Issuer and
the Trustee and its agents subject to the claim in connection with such defense as reasonably determined by the Trustee. The Issuer
need not pay for any settlement made without its written consent. The Issuer need not reimburse any expense or indemnify against
any loss or liability to the extent incurred by the Trustee through its negligence, bad faith or willful misconduct.

 

To secure the Issuer’s payment obligations
in this Section 7.07, the Trustee shall have a Lien prior to the Notes against all money or property held or collected by
the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal and interest on particular Notes.

 

When the Trustee incurs expenses or renders
services after a Default specified in Section 6.01(6) or 6.01(7) occurs, such expenses and the compensation for such services
shall be paid to the extent allowed under any Bankruptcy Law.

 

    	 	38	 

     

    

 

Notwithstanding any other provision in this
Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge of this Indenture or
the appointment of a successor Trustee.

 

SECTION 7.08.         Replacement
of Trustee.

 

The Trustee may resign at any time by so notifying
the Issuer in writing. The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by so notifying
the Issuer and the Trustee and may appoint a successor Trustee. The Issuer may remove the Trustee if:

 

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

 

(2)         the
Trustee is adjudged a bankrupt or an insolvent;

 

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

 

(4)         the
Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if
a vacancy exists in the office of Trustee for any reason, the Issuer shall notify each Holder of such event and shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount
of the Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuer. Immediately after that, the retiring Trustee shall transfer,
after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor
Trustee, subject to the Lien provided in Section 7.07, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee
shall mail notice of its succession to each Holder.

 

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

 

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

 

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

 

    	 	39	 

     

    

 

SECTION 7.09.         Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the resulting, surviving
or transferee corporation without any further act shall, if such resulting, surviving or transferee corporation is otherwise eligible
hereunder, be the successor Trustee; provided that such corporation shall be otherwise qualified and eligible under this
Article Seven.

 

SECTION 7.10.         Eligibility;
Disqualification.

 

This Indenture shall always have a Trustee
who satisfies the requirement of Trust Indenture Act §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall have
a combined capital and surplus of at least $150,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with Trust Indenture Act § 310(b); provided, however, that there shall be excluded from the
operation of Trust Indenture Act § 310(b)(1) any indenture or indentures under which other securities, or certificates
of interest or participation in other securities, of the Issuer are outstanding, if the requirements for such exclusion set forth
in Trust Indenture Act § 310(b)(1) are met. The provisions of Trust Indenture Act § 310 shall apply to the
Issuer and any other obligor of the Notes.

 

SECTION 7.11.         Preferential
Collection of Claims Against the Issuer.

 

The Trustee, in its capacity as Trustee hereunder,
shall comply with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b).
A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated.

 

ARTICLE
Eight

 

DISCHARGE
OF INDENTURE; DEFEASANCE

 

SECTION 8.01.         Termination
of the Issuer’s Obligations.

 

The Issuer may terminate its obligations under
the Notes and this Indenture and the obligations of the Subsidiary Guarantors under the Subsidiary Guarantees and this Indenture
and this Indenture shall cease to be of further effect, except those obligations referred to in the penultimate paragraph of
this Section 8.01, if:

 

(1)         either

 

(A)         all
the Notes theretofore authenticated and delivered (except lost, stolen or
destroyed Notes which have been replaced or paid
and Notes for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer and thereafter repaid to the Issuer
or discharged from such trust) have been delivered to the Trustee for cancellation;
or

 

    	 	40	 

     

    

 

(B)         all
Notes not theretofore delivered to the Trustee for
cancellation (1) have become due and payable or (2) will become due and payable
within one year, or are to be called for redemption within one year, under arrangements
reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Issuer, and the Issuer
has irrevocably deposited or caused to be deposited with the Trustee
funds in an amount sufficient to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for
cancellation, for principal of, premium, if any, and interest
on the Notes to the date of maturity or redemption,
as the case may be, together with irrevocable instructions from the Issuer directing the
Trustee to apply such funds to the payment thereof at maturity or
redemption, as the case may be; provided that with respect to any redemption that
requires the payment of the Applicable Premium (as defined in the form of Note
in Exhibit A), the amount deposited shall be sufficient for purposes of this paragraph to the extent that an amount
is deposited with the Trustee equal to the Applicable Premium
calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption only required to
be deposited with the Trustee on or prior to the
date of the redemption;

 

(2)         the
Issuer has paid all sums payable by the Issuer under
this Indenture, and

 

(3)         the
Issuer has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel stating that all conditions precedent under
this Indenture relating to the satisfaction and discharge of this Indenture
have been complied with.

 

In the case of clause (B) of this Section 8.01,
and subject to the next sentence and notwithstanding the foregoing paragraph, the Issuer’s obligations in Sections 2.05,
2.06, 2.07, 2.08, 4.01, 4.02, 4.03 (as to legal existence of the Issuer only), 7.07, 8.05 and 8.06 shall survive until the Notes
are no longer outstanding pursuant to the last paragraph of Section 2.08. After the Notes are no longer outstanding,
the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive.

 

After such delivery or irrevocable deposit,
the Trustee upon request shall acknowledge in writing the discharge of the Issuer’s obligations under the Notes and this
Indenture except for those surviving obligations specified above.

 

SECTION 8.02.         Legal
Defeasance and Covenant Defeasance.

 

(a)          The
Issuer may, at its option and at any time, elect to have either paragraph (b)
or (c) below applied to all outstanding Notes upon compliance with the conditions
set forth in Section 8.03.

 

(b)          Upon
the Issuer’s exercise under Section 8.02(a) hereof
of the option applicable to this Section 8.02(b), the Issuer
and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions
set forth in Section 8.03, be deemed to have been discharged from their obligations
with respect to all outstanding Notes on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that

 

    	 	41	 

     

    

 

the Issuer
and the Subsidiary Guarantors shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes and
Subsidiary Guarantees, which shall thereafter be deemed to be “outstanding”
only for the purposes of Section 8.04 hereof and the other Sections of this Indenture
referred to in (i) and (ii) below, and to
have satisfied all its other obligations under such Notes and this Indenture
and the Subsidiary Guarantors shall be deemed to have satisfied all of their obligations
under the Subsidiary Guarantees and this Indenture (and
the Trustee, on demand of and at the expense of the Issuer,
shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder:

 

(i)          the
rights of Holders of outstanding Notes to receive,
solely from the trust fund described in Section 8.04, and as more fully set forth in
such Section 8.04, payments in respect of the principal of, premium, if any, and interest
on such Notes when such payments are due;

 

(ii)         the
Issuer’s obligations with respect to such Notes under
Article Two and Section 4.02 hereof;

 

(iii)        the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s
obligations in connection therewith; and

 

(iv)        the
provisions of this Article Eight applicable to Legal
Defeasance.

 

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

 

(c)          Upon
the Issuer’s exercise under paragraph (a) hereof
of the option applicable to this paragraph (c), the Issuer
and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions
set forth in Section 8.03, be released from their respective obligations under the
covenants contained in Sections 4.03 (other than with respect to the legal existence of the Issuer), 4.04,
4.07, 4.08, 4.09 and 4.10 and clause (3) of Section 5.01(a) with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.03 are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes
shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes shall not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes, the Issuer and
the Subsidiary Guarantors 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 an Event of Default
under Section 6.01, but, except as specified above, the remainder of this Indenture
and such Notes shall be unaffected thereby. In addition, upon the Issuer’s
exercise under paragraph (a) hereof of the option applicable to this paragraph (c),
subject to the satisfaction of the conditions set forth in Section 8.03, clauses (3),
(4), and (5) of Section 6.01 shall not constitute Events of Default.

 

    	 	42	 

     

    

 

SECTION 8.03.         Conditions
to Legal Defeasance or Covenant Defeasance.

 

The following shall be the conditions to the
application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

 

(1)         the
Issuer must irrevocably deposit with the Trustee,
in trust, for the benefit of the Holders, U.S. Legal Tender,
U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient
(without reinvestment), in the opinion of a nationally recognized firm of independent public accountants selected by the Issuer,
to pay the principal of and interest and premium,
if any, on the Notes on the stated date for payment or on
the redemption date Notes;

 

(2)         in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee
an Opinion of Counsel in the United States confirming that:

 

(a)          the
Issuer has received from, or there has been published by the Internal Revenue Service, a ruling, or

 

(b)          since
the date of this Indenture, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that,
and based thereon the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred;

 

(3)         in
the case of Covenant Defeasance, the Issuer shall
have delivered to the Trustee an Opinion of Counsel in
the United States reasonably acceptable to the Trustee confirming that the Holders
will not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such Covenant Defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

 

(4)         no
Default shall have occurred and be continuing on the date of such deposit (other than a
Default resulting from the borrowing of funds to be applied to such deposit);

 

(5)         the
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a Default under
this Indenture or a default under any other material
agreement or instrument to which the Issuer or any
of its Subsidiaries is a party or by which the Issuer
or any of its Subsidiaries is bound (other than any such Default
or default resulting solely from the borrowing of funds to be applied to such deposit);

 

(6)         the
Issuer shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by it with the intent of preferring the Holders
over any other creditors of the Issuer or with the intent of defeating, hindering,
delaying or defrauding any other of its creditors; and

 

    	 	43	 

     

    

 

(7)         the
Issuer shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that the conditions provided
for in, in the case of the Officers’ Certificate, clauses (1) through (6),
as applicable, and, in the case of the Opinion of Counsel, clauses (2),
if applicable, and/or (3) and (5) of this Section 8.03
have been complied with.

 

SECTION 8.04.         Application
of Trust Money.

 

The Trustee or Paying Agent shall hold in
trust U.S. Legal Tender and U.S. Government Obligations deposited with it pursuant to this Article Eight, and shall apply the deposited
U.S. Legal Tender and the money from U.S. Government Obligations in accordance with this Indenture to the payment of the principal
of and the interest on the Notes. The Trustee shall be under no obligation to invest said U.S. Legal Tender and U.S. Government
Obligations, except as it may agree with the Issuer.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender and U.S. Government Obligations deposited
pursuant to Section 8.03 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 Notes.

 

Anything in this Article Eight to the contrary
notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the Issuer’s request any U.S. Legal
Tender and U.S. Government Obligations held by it as provided in Section 8.03 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 that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 8.05.         Repayment
to the Issuer.

 

The Trustee and the Paying Agent shall pay
to the Issuer upon request any money held by them for the payment of principal or interest that remains unclaimed for two years;
provided, however, that the Trustee or such Paying Agent, before being required to make any payment, may at the expense
of the Issuer cause to be published once in a newspaper of general circulation in the City of New York or mail to each Holder entitled
to such money notice that such money remains unclaimed and that after a date specified therein which shall be at least 30 days
from the date of such publication or mailing any unclaimed balance of such money then remaining will be repaid to the Issuer. After
payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as general creditors unless an applicable
law designates another Person.

 

SECTION 8.06.         Reinstatement.

 

If the Trustee or Paying Agent is unable to
apply any U.S. Legal Tender and U.S. Government Obligations in accordance with this Article Eight by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, or if the funds deposited with the Trustee to effect Covenant Defeasance are insufficient to pay the principal of,
and interest on, the Notes

 

    	 	44	 

     

    

 

when due, the Issuer’s obligations under
this Indenture, and the Notes and the Subsidiary Guarantees shall be revived and reinstated as though no deposit had occurred pursuant
to this Article Eight until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender and U.S.
Government Obligations in accordance with this Article Eight; provided that if the Issuer has made any payment of interest
on, or principal of, any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of
the Holders of such Notes to receive such payment from the U.S. Legal Tender and U.S. Government Obligations held by the Trustee
or Paying Agent.

 

ARTICLE
Nine

 

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

SECTION 9.01.         Without
Consent of Holders.

 

(a)          The
Issuer, the Subsidiary Guarantors and the Trustee,
together, may amend or supplement this Indenture,
the Notes or the Subsidiary Guarantees without notice
to or consent of any Holder:

 

(1)         to
cure any ambiguity, defect or inconsistency in this Indenture,
the Notes or the Subsidiary Guarantees;

 

(2)         to
provide for uncertificated Notes in addition to or in
place of certificated Notes;

 

(3)         to
provide for the assumption of the Issuer’s or a
Subsidiary Guarantor’s obligations to the Holders
of the Notes in the case of a merger, consolidation or
sale of all or substantially all of the assets, in accordance with Article Five;

 

(4)         to
add any additional Subsidiary Guarantee by any additional Subsidiary
Guarantor (which supplemental indenture need not be executed by existing Subsidiary
Guarantors);

 

(5)         to
release any Subsidiary Guarantor from any of its obligations under its Subsidiary
Guarantee or this Indenture (to the extent permitted by this Indenture);

 

(6)         to
make any change that would not materially adversely affect the rights of any Holder;

 

(7)         to
make any change to conform this Indenture, the Notes or
the Subsidiary Guarantees to the "Description of notes"
section of the Prospectus Supplement of the Issuer relating
to the Notes dated March 28, 2017;

 

(8)         to
comply with requirements of the SEC in order to effect or
maintain the qualification of this Indenture under the Trust
Indenture Act; or

 

    	 	45	 

     

    

 

(9)         to
evidence and provide for the acceptance of an appointment by a successor trustee;

 

provided, however, that the Issuer has delivered
to the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that such amendment or supplement complies
with the provisions of this Section 9.01.

 

SECTION 9.02.         With
Consent of Holders.

 

(a)          Subject
to Section 6.07, the Issuer, the Subsidiary Guarantors
and the Trustee, together, with the written consent of the Holder
or Holders of a majority in aggregate principal amount of the outstanding
Notes may amend or supplement this Indenture,
the Notes or the Subsidiary Guarantees, without notice
to any other Holders. Subject to Sections 6.07, the Holder
or Holders of a majority in aggregate principal amount of the outstanding
Notes may waive compliance with any provision of this Indenture, the Notes
or the Subsidiary Guarantees without notice to any other Holders.

 

(b)          Notwithstanding
Section 9.02(a), without the consent of each Holder
affected, no amendment or waiver may:

 

(1)         change
the Stated Maturity of the principal of, or
any installment of interest on, any Note;

 

(2)         reduce
the principal amount of, or premium, if any, or
interest on, any Note;

 

(3)         change
the place of payment of principal of, or premium,
if any, or interest on, any Note;

 

(4)         impair
the right to institute suit for the enforcement of any payment on or after the Stated
Maturity (or, in the case of a redemption, on or
after the Redemption Date) of any Note;

 

(5)         reduce
the above-stated percentages of outstanding Notes the consent of whose Holders
is necessary to modify or amend this Indenture;

 

(6)         waive
a default in the payment of principal of, premium,
if any, or interest on the Notes;

 

(7)         voluntarily
release a Subsidiary Guarantor of the Notes, except
as permitted by this Indenture;

 

(8)         reduce
the percentage or aggregate principal amount of outstanding
Notes the consent of whose Holders is necessary for waiver of compliance with Sections 6.02
and 6.04; or

 

    	 	46	 

     

    

 

(9)         modify
or change any provisions of this Indenture affecting
the ranking of the Notes or the Subsidiary Guarantees in
any manner adverse to the Holders of the Notes.

 

(c)          It
shall not be necessary for the consent of the Holders under this Section to approve the
particular form of any proposed amendment, supplement or waiver but it shall be sufficient
if such consent approves the substance thereof.

 

(d)          A
consent to any amendment, supplement or waiver under this Indenture
by any Holder given in connection with an exchange (in the case of an exchange offer)
or a tender (in the case of a tender offer) of such Holder’s Notes will not be rendered
invalid by such tender or exchange.

 

(e)          After
an amendment, supplement or waiver under this Section 9.02
becomes effective, the Issuer shall mail to the Holders
affected thereby a notice briefly describing the amendment, supplement or waiver.
Any failure of the Issuer to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such
amendment, supplement or waiver.

 

SECTION 9.03.         Compliance
with the Trust Indenture Act.

 

From the date on which this Indenture is qualified
under the Trust Indenture Act, every amendment, waiver or supplement of this Indenture, the Notes or the Subsidiary Guarantees
shall comply with the Trust Indenture Act as then in effect.

 

SECTION 9.04.         Revocation
and Effect of Consents.

 

Until an amendment, waiver or supplement becomes
effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of
a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.
However, any such Holder or subsequent Holder may revoke the consent as to his Note or portion of his Note by notice to the Trustee
or the Issuer received before the date on which the Trustee receives an Officers’ Certificate certifying that the Holders
of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement
or waiver.

 

The Issuer may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which
record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding
the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.
The Issuer shall inform the Trustee in writing of the fixed record date if applicable.

 

After an amendment, supplement or waiver becomes
effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (8) of Section 9.02(b),

 

    	 	47	 

     

    

 

in which case, the amendment, supplement or
waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note; provided, however, that any such waiver shall
not impair or affect the right of any Holder to receive payment of principal of, and interest on, a Note, on or after the respective
due dates therefor, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent
of such Holder.

 

SECTION 9.05.         Notation
on or Exchange of Notes.

 

If an amendment, supplement or waiver changes
the terms of a Note, the Issuer may require the Holder of the Note to deliver it to the Trustee. The Issuer shall provide the Trustee
with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the Issuer’s
expense. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue, and the Trustee
shall authenticate, a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall
not affect the validity and effect of such amendment, supplement or waiver.

 

SECTION 9.06.         Trustee
To Sign Amendments, Etc.

 

The Trustee shall execute any amendment, supplement
or waiver authorized pursuant to this Article Nine; provided, however, that the Trustee may, but shall not be obligated
to, execute any such amendment, supplement or waiver which affects the Trustee’s own rights, duties or immunities under this
Indenture. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel and an
Officers’ Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this
Article Nine is authorized or permitted by this Indenture and constitutes legal, valid and binding obligations of the Issuer enforceable
in accordance with its terms. Such Opinion of Counsel shall be at the expense of the Issuer.

 

ARTICLE
Ten

 

SUBSIDIARY
GUARANTEE

 

SECTION 10.01.         Guarantee.

 

Subject to this Article Ten, each of
the Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (a) the principal of and interest on
the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on
the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or
the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof;
and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise. Failing payment when due of any

 

    	 	48	 

     

    

 

amount so guaranteed or any performance so
guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same immediately.
Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

The Subsidiary Guarantors hereby agree that
their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or
this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Subsidiary Guarantor
hereby waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice
and all demands whatsoever and covenant that this Note Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture.

 

If any Holder or the Trustee is required by
any court or otherwise to return to the Issuer, the Subsidiary Guarantors or any custodian, trustee, liquidator or other similar
official acting in relation to either the Issuer or the Subsidiary Guarantors, any amount paid by either to the Trustee or such
Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

Each Subsidiary Guarantor agrees that it shall
not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the Subsidiary Guarantors,
on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may
be accelerated as provided in Article Six hereof for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article Six hereof, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary Guarantee.

 

SECTION 10.02.         Limitation
on Subsidiary Guarantor Liability.

 

Each Subsidiary Guarantor, and by its acceptance
of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary
Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee.
To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that the
obligations of such Subsidiary Guarantor will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other
Subsidiary Guarantor under this Article Ten,

 

    	 	49	 

     

    

 

result in the obligations of such Subsidiary
Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. Each Subsidiary Guarantor that makes
a payment for distribution under its Subsidiary Guarantee is entitled to a contribution from each other Subsidiary Guarantor in
a pro rata amount based on the adjusted net assets of each Subsidiary Guarantor.

 

SECTION 10.03.         Execution
and Delivery of Subsidiary Guarantee.

 

To evidence its Subsidiary Guarantee set forth
in Section 10.01, each Subsidiary Guarantor hereby agrees that a notation of such Subsidiary Guarantee substantially in the
form included in Exhibit C shall be endorsed by an Officer of such Subsidiary Guarantor on each Note authenticated
and delivered by the Trustee and that this Indenture shall be executed on behalf of such Subsidiary Guarantor by an Officer.

 

Each Subsidiary Guarantor hereby agrees that
its Subsidiary Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure to endorse
on each Note a notation of such Subsidiary Guarantee.

 

If an Officer whose signature is on this Indenture
or on the Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Subsidiary
Guarantee is endorsed, the Subsidiary Guarantee shall be valid nevertheless.

 

The delivery of any Note by the Trustee, after
the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on
behalf of the Subsidiary Guarantors.

 

SECTION 10.04.         Release
of a Subsidiary Guarantor.

 

A Subsidiary Guarantor shall be automatically
and unconditionally released from its obligations under its Note Guarantee and its obligations under this Indenture:

 

(1)         upon
any sale, exchange or transfer to a Person not an
Affiliate of the Issuer of all of the Capital
Stock held by the Issuer and its Subsidiaries in,
or all or substantially all of the assets of, such
Subsidiary Guarantor;

 

(2)         upon
the liquidation or dissolution of such Subsidiary Guarantor;
provided that no Default or Event of Default
shall occur as a result thereof;

 

(3)         if
the Issuer exercises its Legal Defeasance option
under Section 8.02(b) or its Covenant Defeasance option
under Section 8.02(c), or if the Issuer’s obligations
under this Indenture are discharged in accordance with Section 8.01; or

 

(4)         if
a Subsidiary Guarantor ceases to guarantee the obligations
of the Issuer under any such Indebtedness of the
Issuer that would constitute Indebtedness under clauses
(1) or (2) under the definition thereof in an amount at least equal to $50 million;

 

provided, however, that in the case of clauses
(1) and (2) above, (x) such sale or other disposition is made to a Person other than the Issuer or any of its Subsidiaries and
(y) such sale or

 

    	 	50	 

     

    

 

disposition is otherwise permitted by this Indenture. Upon any
such occurrence specified in this Section 10.04, at the Issuer’s request, and upon delivery to the Trustee of an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent under the Indenture relating to such release
have been complied with, the Trustee shall execute any documents reasonably requested by the Issuer evidencing such release. A
Person that has been released pursuant to this Section 10.04 shall cease to be a Subsidiary Guarantor for all purposes under this
Indenture from and after the date of such release unless and until such Person again becomes a Subsidiary Guarantor pursuant to
Section 4.09.

 

Nothing contained in this Indenture or in
any of the Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with or into the Issuer (in which case such
Subsidiary Guarantor shall no longer be a Subsidiary Guarantor) or another Subsidiary Guarantor or shall prevent any sale or conveyance
of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety to the Issuer or another Subsidiary Guarantor.

 

ARTICLE
Eleven

 

MISCELLANEOUS

 

SECTION 11.01.         Trust
Indenture Act Controls.

 

If any provision of this Indenture limits,
qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the Trust Indenture
Act, such required or deemed provision shall control.

 

SECTION 11.02.         Notices.

 

Any notices or other communications required
or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telex, by nationally recognized
overnight courier service, by telecopier or registered or certified mail, postage prepaid, return receipt requested, addressed
as follows:

 

if to the Issuer or a Subsidiary Guarantor:

 

c/o Omega Healthcare Investors, Inc.

303 International Circle, Suite 200

Hunt Valley, Maryland  21030

Attention: Robert O. Stephenson

 

	Telephone:	(410) 427-1700
	Facsimile:	(410) 427-8800

 

    	 	51	 

     

    

 

with a copy to:

 

Bryan Cave LLP

One Atlantic Center

Fourteenth Floor

1201 W. Peachtree Street, NW

Atlanta, Georgia  30309-3471

Attention:  Eliot Robinson

 

	Telephone:	(404) 572-6600
	Facsimile:	(404) 572-6999

 

if to the Trustee:

 

U.S. Bank National Association

Two Midtown Plaza

1349 W. Peachtree Street, NW., Suite 1050

EX-GA-ATPT

Atlanta, Georgia 30309

Attention: Corporate Trust Department

 

	Telephone:	(404) 965 - 7218
	Facsimile:	(404) 365 - 7946

 

Each of the Issuer and the Trustee by written
notice to each other such Person may designate additional or different addresses for notices to such Person. Any notice or communication
to the Issuer and the Trustee, shall be deemed to have been given or made as of the date so delivered if personally delivered;
when replied to; when receipt is acknowledged, if telecopied; five (5) calendar days after mailing if sent by registered or certified
mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received
by the addressee); and next Business Day if by nationally recognized overnight courier service.

 

Any notice or communication mailed to a Holder
shall be mailed to him by first class mail or other equivalent means at his address as it appears on the registration books of
the Registrar and shall be sufficiently given to him if so mailed within the time prescribed.

 

Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

SECTION 11.03.         Communications
by Holders with Other Holders.

 

Holders may communicate pursuant to Trust
Indenture Act § 312(b) with other Holders with respect to their rights under this Indenture, the Notes or the Subsidiary
Guarantees. The Issuer, the Trustee, the Registrar and any other Person shall have the protection of Trust Indenture Act § 312(c).

 

    	 	52	 

     

    

 

SECTION 11.04.         Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer
to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:

 

(1)         an
Officers’ Certificate, in form and substance satisfactory to the Trustee,
stating that, in the opinion of the signers, all conditions precedent to be performed or effected
by the Issuer, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(2)         an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

SECTION 11.05.         Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture, other than the Officers’ Certificate required by
Section 4.05, shall include:

 

(1)         a
statement that the Person making such certificate or opinion
has read such covenant or condition;

 

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

 

(3)         a
statement that, in the opinion of such Person, he 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 or
satisfied; and

 

(4)         a
statement as to whether or not, in the opinion of each such Person,
such condition or covenant has been complied with; provided,
however, that with respect to matters of fact, an Opinion of Counsel may
rely on an Officers’ Certificate or certificates of public officials.

 

SECTION 11.06.         Rules
by Paying Agent or Registrar.

 

The Paying Agent or Registrar may make reasonable
rules and set reasonable requirements for their functions.

 

SECTION 11.07.         Legal
Holidays.

 

If a payment date is not a Business Day, payment
may be made on the next succeeding day that is a Business Day.

 

    	 	53	 

     

    

 

SECTION 11.08.         Governing
Law.

 

This Indenture, the Notes and the Subsidiary
Guarantees will be governed by and construed in accordance with the laws of the State of New York.

 

SECTION 11.09.         No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
another indenture, loan or debt agreement of any of the Issuer or any of its Subsidiaries. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

SECTION 11.10.         No
Recourse Against Others.

 

No director, officer, employee, incorporator,
stockholder, member or manager or controlling person of the Issuer or any Subsidiary Guarantor shall have any liability for any
obligations of the Issuer under the Notes or this Indenture or of any Subsidiary Guarantor under its Subsidiary Guarantee or the
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for issuance of
the Notes.

 

SECTION 11.11.         Successors.

 

All agreements of the Issuer and the Subsidiary
Guarantors in this Indenture, the Notes and the Note Guarantees shall bind their respective successors. All agreements of the Trustee
in this Indenture shall bind its successor.

 

SECTION 11.12.         Duplicate
Originals.

 

All parties may sign any number of copies
of this Indenture. Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement.

 

SECTION 11.13.         Severability.

 

To the extent permitted by applicable law,
in case any one or more of the provisions in this Indenture, in the Notes or in the Subsidiary Guarantees shall be held invalid,
illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all
of the provisions hereof shall be enforceable to the full extent permitted by law.

 

    	 	54	 

     

    

 

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

 

	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	as Issuer
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

  

     

     

    

 

	 	OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP, as a Subsidiary Guarantor
	 	 	 	 
	 	By:	OHI Healthcare Properties Holdco, Inc., as its Primary General Partner
	 	 	 	 
	 	 	By: 	/s/ Robert O Stephenson
	 	 	 	Name: Robert O. Stephenson
	 	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	11900 EAST ARTESIA BOULEVARD, LLC
	 	1200 ELY STREET HOLDINGS CO. LLC
	 	13922 CERISE AVENUE, LLC
	 	1628 B STREET, LLC
	 	2400 PARKSIDE DRIVE, LLC
	 	2425 TELLER AVENUE, LLC
	 	245 EAST WILSHIRE AVENUE, LLC 
	 	3232 ARTESIA REAL ESTATE, LLC
	 	3806 CLAYTON ROAD, LLC
	 	42235 COUNTY ROAD HOLDINGS CO. LLC
	 	446 SYCAMORE ROAD, L.L.C.
	 	48 HIGH POINT ROAD, LLC
	 	523 HAYES LANE, LLC
	 	637 EAST ROMIE LANE, LLC
	 	ALAMOGORDO AVIV, L.L.C.
	 	ALBANY STREET PROPERTY, L.L.C.
	 	ARIZONA LESSOR - INFINIA, LLC
	 	ARKANSAS AVIV, L.L.C.
	 	ARMA YATES, L.L.C.
	 	AVERY STREET PROPERTY, L.L.C
	 	AVIV ASSET MANAGEMENT, L.L.C.
	 	AVIV FINANCING I, L.L.C.
	 	AVIV FINANCING II, L.L.C.
	 	AVIV FINANCING III, L.L.C.
	 	AVIV FINANCING IV, L.L.C.
	 	AVIV FINANCING V, L.L.C.
	 	AVIV FOOTHILLS, L.L.C.
	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.
	 	AVIV LIBERTY, L.L.C.
	 	AVON OHIO, L.L.C.
	 	BALA CYNWYD REAL ESTATE, LP
	 	BAYSIDE COLORADO HEALTHCARE ASSOCIATES, LLC
	 	BAYSIDE STREET II, LLC
	 	BAYSIDE STREET, LLC
	 	BELLEVILLE ILLINOIS, L.L.C.
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	BELLINGHAM II ASSOCIATES, L.L.C.
	 	BETHEL ALF PROPERTY, L.L.C.
	 	BHG AVIV, L.L.C.
	 	BIGLERVILLE ROAD, L.L.C.
	 	BONHAM TEXAS, L.L.C.
	 	BRADENTON ALF PROPERTY, L.L.C.
	 	BURTON NH PROPERTY, L.L.C.
	 	CALIFORNIA AVIV TWO, L.L.C.
	 	CALIFORNIA AVIV, L.L.C.
	 	CAMAS ASSOCIATES, L.L.C.
	 	CANTON HEALTH CARE LAND, LLC 
	 	CARNEGIE GARDENS LLC
	 	CASA/SIERRA CALIFORNIA ASSOCIATES, L.L.C.
	 	CFG 2115 WOODSTOCK PLACE LLC
	 	CHAMPAIGN WILLIAMSON FRANKLIN, L.L.C.
	 	CHARDON OHIO PROPERTY HOLDINGS, L.L.C.
	 	CHARDON OHIO PROPERTY, L.L.C.
	 	CHATHAM AVIV, L.L.C.
	 	CHIPPEWA VALLEY, L.L.C.
	 	CHR BARTOW LLC
	 	CHR BOCA RATON LLC
	 	CHR BRADENTON LLC
	 	CHR CAPE CORAL LLC
	 	CHR FORT MYERS LLC
	 	CHR FORT WALTON BEACH LLC
	 	CHR LAKE WALES LLC
	 	CHR LAKELAND LLC
	 	CHR POMPANO BEACH BROWARD LLC
	 	CHR POMPANO BEACH LLC
	 	CHR SANFORD LLC
	 	CHR SPRING HILL LLC
	 	CHR ST. PETE BAY LLC
	 	CHR ST. PETE EGRET LLC
	 	CHR TAMPA CARROLLWOOD LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	CHR TAMPA LLC
	 	CHR TARPON SPRINGS LLC
	 	CHR TITUSVILLE LLC
	 	CLARKSTON CARE, L.L.C.
	 	CLAYTON ASSOCIATES, L.L.C.
	 	COLONIAL GARDENS, LLC 
	 	COLONIAL MADISON ASSOCIATES, L.L.C.
	 	COLORADO LESSOR - CONIFER, LLC
	 	COLUMBUS TEXAS AVIV, L.L.C.
	 	COLUMBUS WESTERN AVENUE, L.L.C.
	 	COLVILLE WASHINGTON PROPERTY, L.L.C.
	 	COMMERCE NURSING HOMES, L.L.C.
	 	COMMERCE STERLING HART DRIVE, L.L.C.
	 	CONROE RIGBY OWEN ROAD, L.L.C.
	 	CR AVIV, L.L.C.
	 	CRETE PLUS FIVE PROPERTY, L.L.C.
	 	CROOKED RIVER ROAD, L.L.C.
	 	CSE ALBANY LLC
	 	CSE AMARILLO LLC
	 	CSE ARDEN L.P.
	 	CSE AUGUSTA LLC
	 	CSE BEDFORD LLC
	 	CSE BLOUNTVILLE LLC
	 	CSE BOLIVAR LLC
	 	CSE CAMBRIDGE LLC
	 	CSE CAMBRIDGE REALTY LLC
	 	CSE CAMDEN LLC
	 	CSE CANTON LLC
	 	CSE CASABLANCA HOLDINGS II LLC
	 	CSE CASABLANCA HOLDINGS LLC
	 	CSE CEDAR RAPIDS LLC
	 	CSE CENTENNIAL VILLAGE, LP
	 	CSE CHELMSFORD LLC
	 	CSE CHESTERTON LLC
	 	CSE CLAREMONT LLC
	 	CSE CORPUS NORTH LLC
	 	CSE DENVER ILIFF LLC
	 	CSE DENVER LLC
	 	CSE DOUGLAS LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	CSE ELKTON LLC
	 	CSE ELKTON REALTY LLC
	 	CSE FAIRHAVEN LLC
	 	CSE FORT WAYNE LLC
	 	CSE FRANKSTON LLC
	 	CSE GEORGETOWN LLC
	 	CSE GREEN BAY LLC
	 	CSE HILLIARD LLC
	 	CSE HUNTINGDON LLC
	 	CSE HUNTSVILLE LLC
	 	CSE INDIANAPOLIS-CONTINENTAL LLC
	 	CSE INDIANAPOLIS-GREENBRIAR LLC
	 	CSE JACINTO CITY LLC
	 	CSE JEFFERSON CITY LLC
	 	CSE JEFFERSONVILLE-HILLCREST CENTER LLC
	 	CSE JEFFERSONVILLE-JENNINGS HOUSE LLC
	 	CSE KERRVILLE LLC
	 	CSE KING L.P.
	 	CSE KINGSPORT LLC
	 	CSE KNIGHTDALE L.P.
	 	CSE LAKE CITY LLC
	 	CSE LAKE WORTH LLC
	 	CSE LAKEWOOD LLC
	 	CSE LAS VEGAS LLC
	 	CSE LAWRENCEBURG LLC
	 	CSE LENOIR L.P.
	 	CSE LEXINGTON PARK LLC
	 	CSE LEXINGTON PARK REALTY LLC
	 	CSE LIGONIER LLC
	 	CSE LIVE OAK LLC
	 	CSE LOWELL LLC
	 	CSE MARIANNA HOLDINGS LLC
	 	CSE MEMPHIS LLC
	 	CSE MOBILE LLC
	 	CSE MOORE LLC
	 	CSE NORTH CAROLINA HOLDINGS I LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	CSE NORTH CAROLINA HOLDINGS II LLC
	 	CSE OMRO LLC
	 	CSE ORANGE PARK LLC
	 	CSE ORLANDO-PINAR TERRACE MANOR LLC
	 	CSE ORLANDO-TERRA VISTA REHAB LLC
	 	CSE PENNSYLVANIA HOLDINGS, LP
	 	CSE PIGGOTT LLC
	 	CSE PILOT POINT LLC
	 	CSE PINE VIEW LLC
	 	CSE PONCA CITY LLC
	 	CSE PORT ST. LUCIE LLC
	 	CSE RICHMOND LLC
	 	CSE RIPLEY LLC
	 	CSE RIPON LLC
	 	CSE SAFFORD LLC
	 	CSE SALINA LLC
	 	CSE SEMINOLE LLC
	 	CSE SHAWNEE LLC
	 	CSE SPRING BRANCH LLC
	 	CSE STILLWATER LLC
	 	CSE TAYLORSVILLE LLC
	 	CSE TEXARKANA LLC
	 	CSE TEXAS CITY LLC
	 	CSE THE VILLAGE LLC
	 	CSE UPLAND LLC
	 	CSE WALNUT COVE L.P.
	 	CSE WEST POINT LLC
	 	CSE WHITEHOUSE LLC
	 	CSE WILLIAMSPORT LLC
	 	CSE WINTER HAVEN LLC
	 	CSE WOODFIN L.P.
	 	CSE YORKTOWN LLC
	 	CUYAHOGA FALLS PROPERTY, L.L.C.
	 	CUYAHOGA FALLS PROPERTY II, L.L.C.
	 	DALLAS TWO PROPERTY, L.L.C. 
	 	DANBURY ALF PROPERTY, L.L.C.
	 	DARIEN ALF PROPERTY, L.L.C.
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	DELTA INVESTORS I, LLC
	 	DELTA INVESTORS II, LLC
	 	DENISON TEXAS, L.L.C.
	 	DESERT LANE LLC
	 	DIXIE WHITE HOUSE NURSING HOME, LLC
	 	DIXON HEALTH CARE CENTER, LLC 
	 	EAST ROLLINS STREET, L.L.C.
	 	EDGEWOOD DRIVE PROPERTY, L.L.C.
	 	EFFINGHAM ASSOCIATES, L.L.C.
	 	ELITE MATTOON, L.L.C.
	 	ELITE YORKVILLE, L.L.C.
	 	ENCANTO SENIOR CARE, LLC
	 	FALCON FOUR PROPERTY HOLDING, L.L.C.
	 	FALCON FOUR PROPERTY, L.L.C.
	 	FALFURRIAS TEXAS, L.L.C.
	 	FLORIDA ALF PROPERTIES, L.L.C.
	 	FLORIDA FOUR PROPERTIES, L.L.C.
	 	FLORIDA LESSOR – MEADOWVIEW, LLC
	 	FLORIDA REAL ESTATE COMPANY, LLC
	 	FORT STOCKTON PROPERTY, L.L.C.
	 	FOUR FOUNTAINS AVIV, L.L.C.
	 	FREDERICKSBURG SOUTH ADAMS STREET, L.L.C.
	 	FREEWATER OREGON, L.L.C.
	 	FULLERTON CALIFORNIA, L.L.C.
	 	G&L GARDENS, LLC
	 	GARDNERVILLE PROPERTY, L.L.C.
	 	GEORGIA LESSOR - BONTERRA/PARKVIEW, LLC
	 	GERMANTOWN PROPERTY, L.L.C.
	 	GILTEX CARE, L.L.C.
	 	GLENDALE NH PROPERTY, L.L.C.
	 	GOLDEN HILL REAL ESTATE COMPANY, LLC
	 	GONZALES TEXAS PROPERTY, L.L.C.
	 	GREAT BEND PROPERTY, L.L.C.
	 	GREENBOUGH, LLC
	 	GREENVILLE KENTUCKY PROPERTY, L.L.C.
	 	HERITAGE MONTEREY ASSOCIATES, L.L.C.
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	HHM AVIV, L.L.C.
	 	HIDDEN ACRES PROPERTY, L.L.C.
	 	HIGHLAND LEASEHOLD, L.L.C.
	 	HOBBS ASSOCIATES, L.L.C.
	 	HOT SPRINGS ATRIUM OWNER, LLC
	 	HOT SPRINGS AVIV, L.L.C.
	 	HOT SPRINGS COTTAGES OWNER, LLC
	 	HOT SPRINGS MARINA OWNER, LLC
	 	HOUSTON TEXAS AVIV, L.L.C.
	 	HUTCHINSON KANSAS, L.L.C.
	 	HUTTON I LAND, LLC 
	 	HUTTON II LAND, LLC 
	 	HUTTON III LAND, LLC 
	 	IDAHO ASSOCIATES, L.L.C.
	 	ILLINOIS MISSOURI PROPERTIES, L.L.C.
	 	INDIANA LESSOR – WELLINGTON MANOR, LLC
	 	IOWA LINCOLN COUNTY PROPERTY, L.L.C.
	 	JASPER SPRINGHILL STREET, L.L.C.
	 	KANSAS FIVE PROPERTY, L.L.C.
	 	KARAN ASSOCIATES TWO, L.L.C.
	 	KARAN ASSOCIATES, L.L.C.
	 	KARISSA COURT PROPERTY, L.L.C.
	 	KB NORTHWEST ASSOCIATES, L.L.C.
	 	KENTUCKY NH PROPERTIES, L.L.C.
	 	KINGSVILLE TEXAS, L.L.C.
	 	LAD I REAL ESTATE COMPANY, LLC
	 	LEATHERMAN 90-1, LLC 
	 	LEATHERMAN PARTNERSHIP 89-1, LLC 
	 	LEATHERMAN PARTNERSHIP 89-2, LLC 
	 	LOUISVILLE DUTCHMANS PROPERTY, L.L.C.
	 	MAGNOLIA DRIVE PROPERTY, L.L.C.
	 	MANOR ASSOCIATES, L.L.C.
	 	MANSFIELD AVIV, L.L.C.
	 	MASSACHUSETTS NURSING HOMES, L.L.C.
	 	MCCARTHY STREET PROPERTY, L.L.C.
	 	MERIDIAN ARMS LAND, LLC
	 	MINNESOTA ASSOCIATES, L.L.C.
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	MISHAWAKA PROPERTY, L.L.C.
	 	MISSOURI ASSOCIATES, L.L.C.
	 	MISSOURI REGENCY ASSOCIATES, L.L.C.
	 	MONTANA ASSOCIATES, L.L.C.
	 	MONTEREY PARK LEASEHOLD MORTGAGE, L.L.C.
	 	MOUNT WASHINGTON PROPERTY, L.L.C.
	 	MT. VERNON TEXAS, L.L.C.
	 	MURRAY COUNTY, L.L.C.
	 	MUSCATINE TOLEDO PROPERTIES, L.L.C.
	 	N.M. BLOOMFIELD THREE PLUS ONE LIMITED COMPANY
	 	N.M. ESPANOLA THREE PLUS ONE LIMITED COMPANY
	 	N.M. LORDSBURG THREE PLUS ONE LIMITED COMPANY
	 	N.M. SILVER CITY THREE PLUS ONE LIMITED COMPANY
	 	NEW HOPE PROPERTY, L.L.C.
	 	NEWTOWN ALF PROPERTY, L.L.C.
	 	NICHOLASVILLE KENTUCKY PROPERTY, L.L.C.
	 	NORTH LAS VEGAS LLC
	 	NORTH ROYALTON OHIO PROPERTY, L.L.C.
	 	NORWALK ALF PROPERTY, L.L.C.
	 	NRS VENTURES, L.L.C.
	 	OAKLAND NURSING HOMES, L.L.C.
	 	OCEAN SPRINGS NURSING HOME, LLC
	 	OCTOBER ASSOCIATES, L.L.C.
	 	OGDEN ASSOCIATES, L.L.C.
	 	OHI (CONNECTICUT), LLC
	 	OHI (ILLINOIS), LLC 
	 	OHI (INDIANA), LLC 
	 	OHI (IOWA), LLC 
	 	OHI ASSET (AR) ASH FLAT, LLC
	 	OHI ASSET (AR) CAMDEN, LLC
	 	OHI ASSET (AR) CONWAY, LLC
	 	OHI ASSET (AR) DES ARC, LLC
	 	OHI ASSET (AR) HOT SPRINGS, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	OHI ASSET (AR) MALVERN, LLC
	 	OHI ASSET (AR) MENA, LLC
	 	OHI ASSET (AR) POCAHONTAS, LLC
	 	OHI ASSET (AR) SHERIDAN, LLC
	 	OHI ASSET (AR) WALNUT RIDGE, LLC
	 	OHI ASSET (AZ) AUSTIN HOUSE, LLC
	 	OHI ASSET (CA), LLC
	 	OHI ASSET (CO) BRIGHTON, LLC
	 	OHI ASSET (CO) DENVER, LLC
	 	OHI ASSET (CO) MESA, LLC
	 	OHI ASSET (CO), LLC
	 	OHI ASSET (CT) LENDER, LLC
	 	OHI ASSET (FL) EUSTIS, LLC
	 	OHI ASSET (FL) GRACEVILLE, LLC
	 	OHI ASSET (FL) LAKE PLACID, LLC
	 	OHI ASSET (FL) LENDER, LLC
	 	OHI ASSET (FL) LUTZ, LLC
	 	OHI ASSET (FL) MARIANNA, LLC
	 	OHI ASSET (FL) MIDDLEBURG, LLC
	 	OHI ASSET (FL) PENSACOLA - HILLVIEW, LLC
	 	OHI ASSET (FL) PENSACOLA, LLC
	 	OHI ASSET (FL) PORT ST. JOE, LLC
	 	OHI ASSET (FL) SEBRING, LLC
	 	OHI ASSET (FL), LLC
	 	OHI ASSET (GA) CORDELE, LLC
	 	OHI ASSET (GA) DUNWOODY, LLC
	 	OHI ASSET (GA) MACON, LLC
	 	OHI ASSET (GA) MOULTRIE, LLC
	 	OHI ASSET (GA) NASHVILLE, LLC
	 	OHI ASSET (GA) ROSWELL, LLC
	 	OHI ASSET (GA) SNELLVILLE, LLC
	 	OHI ASSET (GA) VALDOSTA, LLC
	 	OHI ASSET (ID) HOLLY, LLC
	 	OHI ASSET (ID) MIDLAND, LLC
	 	OHI ASSET (ID), LLC
	 	OHI ASSET (IL), LLC
	 	OHI ASSET (IN) AMERICAN VILLAGE, LLC
	 	OHI ASSET (IN) ANDERSON, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	OHI ASSET (IN) BEECH GROVE, LLC
	 	OHI ASSET (IN) CLARKSVILLE, LLC
	 	OHI ASSET (IN) CLINTON, LLC
	 	OHI ASSET (IN) CONNERSVILLE, LLC
	 	OHI ASSET (IN) CROWN POINT, LLC
	 	OHI ASSET (IN) EAGLE VALLEY, LLC
	 	OHI ASSET (IN) ELKHART, LLC
	 	OHI ASSET (IN) FOREST CREEK, LLC
	 	OHI ASSET (IN) FORT WAYNE, LLC
	 	OHI ASSET (IN) FRANKLIN, LLC
	 	OHI ASSET (IN) GREENSBURG, LLC
	 	OHI ASSET (IN) INDIANAPOLIS, LLC
	 	OHI ASSET (IN) JASPER, LLC
	 	OHI ASSET (IN) KOKOMO, LLC
	 	OHI ASSET (IN) LAFAYETTE, LLC
	 	OHI ASSET (IN) MADISON, LLC
	 	OHI ASSET (IN) MONTICELLO, LLC
	 	OHI ASSET (IN) NOBLESVILLE, LLC
	 	OHI ASSET (IN) ROSEWALK, LLC
	 	OHI ASSET (IN) SALEM, LLC
	 	OHI ASSET (IN) SEYMOUR, LLC
	 	OHI ASSET (IN) SPRING MILL, LLC
	 	OHI ASSET (IN) TERRE HAUTE, LLC
	 	OHI ASSET (IN) WABASH, LLC
	 	OHI ASSET (IN) WESTFIELD, LLC
	 	OHI ASSET (IN) ZIONSVILLE, LLC
	 	OHI ASSET (KY) BEATTYVILLE, LLC
	 	OHI ASSET (KY) LOUISVILLE - 1120 CRISTLAND, LLC
	 	OHI ASSET (KY) LOUISVILLE - 2529 SIX MILE LANE, LLC
	 	OHI ASSET (KY) MORGANTOWN, LLC
	 	OHI ASSET (KY) OWENSBORO, LLC
	 	OHI ASSET (LA) BATON ROUGE, LLC
	 	OHI ASSET (LA), LLC
	 	OHI ASSET (MD) BALTIMORE - PALL MALL, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	OHI ASSET (MD) BALTIMORE - WEST BELVEDERE, LLC
	 	OHI ASSET (MD) SALISBURY, LLC
	 	OHI ASSET (MD), LLC
	 	OHI ASSET (MI) CARSON CITY, LLC
	 	OHI ASSET (MI) HEATHER HILLS, LLC
	 	OHI ASSET (MI), LLC
	 	OHI ASSET (MO) JACKSON, LLC
	 	OHI ASSET (MO), LLC
	 	OHI ASSET (MS) BYHALIA, LLC
	 	OHI ASSET (MS) CLEVELAND, LLC
	 	OHI ASSET (MS) CLINTON, LLC
	 	OHI ASSET (MS) COLUMBIA, LLC
	 	OHI ASSET (MS) CORINTH, LLC
	 	OHI ASSET (MS) GREENWOOD, LLC
	 	OHI ASSET (MS) GRENADA, LLC
	 	OHI ASSET (MS) HOLLY SPRINGS, LLC
	 	OHI ASSET (MS) INDIANOLA, LLC
	 	OHI ASSET (MS) NATCHEZ, LLC
	 	OHI ASSET (MS) PICAYUNE, LLC
	 	OHI ASSET (MS) VICKSBURG, LLC
	 	OHI ASSET (MS) YAZOO CITY, LLC
	 	OHI ASSET (NC) BISCOE, LLC
	 	OHI ASSET (NC) CORNELIUS, LLC
	 	OHI ASSET (NC) DREXEL, LLC
	 	OHI ASSET (NC) FAYETTEVILLE, LLC
	 	OHI ASSET (NC) HALLSBORO, LLC
	 	OHI ASSET (NC) MARION, LLC
	 	OHI ASSET (NC) MARSHVILLE, LLC
	 	OHI ASSET (NC) MOCKSVILLE – 1007 HOWARD STREET, LLC
	 	OHI ASSET (NC) MOCKSVILLE – 1304 MADISON ROAD, LLC
	 	OHI ASSET (NC) NASHVILLE, LLC
	 	OHI ASSET (NC) RAEFORD, LLC
	 	OHI ASSET (NC) ROCKY MOUNT – 1558 S. WINSTEAD, LLC
	 	OHI ASSET (NC) ROCKY MOUNT – 415 N. WINSTEAD, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	OHI ASSET (NC) SALISBURY, LLC
	 	OHI ASSET (NC) SALUDA, LLC
	 	OHI ASSET (NC) SHALLOTTE, LLC
	 	OHI ASSET (NC) WADESBORO, LLC
	 	OHI ASSET (NC) WAYNESVILLE, LLC
	 	OHI ASSET (NC) WILMINGTON, LLC
	 	OHI ASSET (NC) WINSTON SALEM, LLC
	 	OHI ASSET (NY) 2ND AVENUE, LLC
	 	OHI ASSET (NY) 93RD STREET, LLC
	 	OHI ASSET (OH) HUBER HEIGHTS, LLC
	 	OHI ASSET (OH) LENDER, LLC
	 	OHI ASSET (OH) NEW LONDON, LLC
	 	OHI ASSET (OH) STEUBENVILLE, LLC
	 	OHI ASSET (OH) TOLEDO, LLC
	 	OHI ASSET (OH) WEST CARROLLTON, LLC
	 	OHI ASSET (OH), LLC
	 	OHI ASSET (OR) PORTLAND, LLC
	 	OHI ASSET (OR) TROUTDALE, LLC
	 	OHI ASSET (PA) GP, LLC
	 	OHI ASSET (PA) WEST MIFFLIN, LP
	 	OHI ASSET (PA), LLC
	 	OHI ASSET (PA), LP
	 	OHI ASSET (SC) AIKEN, LLC
	 	OHI ASSET (SC) ANDERSON, LLC
	 	OHI ASSET (SC) EASLEY ANNE, LLC
	 	OHI ASSET (SC) EASLEY CRESTVIEW, LLC
	 	OHI ASSET (SC) EDGEFIELD, LLC
	 	OHI ASSET (SC) FIVE FORKS, LLC
	 	OHI ASSET (SC) GREENVILLE COTTAGES, LLC
	 	OHI ASSET (SC) GREENVILLE GRIFFITH, LLC
	 	OHI ASSET (SC) GREENVILLE LAURENS, LLC
	 	OHI ASSET (SC) GREENVILLE NORTH, LLC
	 	OHI ASSET (SC) GREENVILLE, LLC
	 	OHI ASSET (SC) GREER, LLC
	 	OHI ASSET (SC) MARIETTA, LLC
	 	OHI ASSET (SC) MCCORMICK, LLC
	 	OHI ASSET (SC) ORANGEBURG, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	OHI ASSET (SC) PICKENS EAST CEDAR, LLC
	 	OHI ASSET (SC) PICKENS ROSEMOND, LLC
	 	OHI ASSET (SC) PIEDMONT, LLC
	 	OHI ASSET (SC) SIMPSONVILLE SE MAIN, LLC
	 	OHI ASSET (SC) SIMPSONVILLE WEST BROAD, LLC
	 	OHI ASSET (SC) SIMPSONVILLE WEST CURTIS, LLC
	 	OHI ASSET (TN) BARTLETT, LLC
	 	OHI ASSET (TN) CLEVELAND, LLC
	 	OHI ASSET (TN) COLLIERVILLE, LLC
	 	OHI ASSET (TN) COLUMBIA, LLC
	 	OHI ASSET (TN) ELIZABETHTON, LLC
	 	OHI ASSET (TN) JAMESTOWN, LLC
	 	OHI ASSET (TN) JEFFERSON CITY, LLC
	 	OHI ASSET (TN) MEMPHIS - 1150 DOVECREST, LLC
	 	OHI ASSET (TN) MEMPHIS, LLC
	 	OHI ASSET (TN) MONTEAGLE, LLC
	 	OHI ASSET (TN) MONTEREY, LLC
	 	OHI ASSET (TN) MOUNTAIN CITY, LLC
	 	OHI ASSET (TN) NASHVILLE, LLC
	 	OHI ASSET (TN) PIGEON FORGE, LLC
	 	OHI ASSET (TN) ROCKWOOD, LLC
	 	OHI ASSET (TN) ROGERSVILLE - 109 HIGHWAY 70 NORTH, LLC
	 	OHI ASSET (TN) ROGERSVILLE, LLC
	 	OHI ASSET (TN) SOUTH PITTSBURG, LLC
	 	OHI ASSET (TN) SPRING CITY, LLC
	 	OHI ASSET (TN) WESTMORELAND, LLC
	 	OHI ASSET (TX) ANDERSON, LLC
	 	OHI ASSET (TX) ATHENS, LLC
	 	OHI ASSET (TX) BRYAN, LLC
	 	OHI ASSET (TX) BURLESON, LLC
	 	OHI ASSET (TX) COLLEGE STATION, LLC
	 	OHI ASSET (TX) COMFORT, LLC
	 	OHI ASSET (TX) DIBOLL, LLC
	 	OHI ASSET (TX) GRANBURY, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	OHI ASSET (TX) HONDO, LLC
	 	OHI ASSET (TX) ITALY, LLC
	 	OHI ASSET (TX) LONGVIEW, LLC
	 	OHI ASSET (TX) SCHERTZ, LLC
	 	OHI ASSET (TX) WINNSBORO ALF, LLC
	 	OHI ASSET (TX) WINNSBORO, LLC
	 	OHI ASSET (TX), LLC
	 	OHI ASSET (UT) OGDEN, LLC
	 	OHI ASSET (UT) PROVO, LLC
	 	OHI ASSET (UT) ROY, LLC
	 	OHI ASSET (VA) CHARLOTTESVILLE - 1165 PEPSI PLACE, LLC
	 	OHI ASSET (VA) CHARLOTTESVILLE, LLC
	 	OHI ASSET (VA) CHESAPEAKE, LLC
	 	OHI ASSET (VA) FARMVILLE, LLC
	 	OHI ASSET (VA) GALAX, LLC
	 	OHI ASSET (VA) HILLSVILLE, LLC
	 	OHI ASSET (VA) MADISON, LLC
	 	OHI ASSET (VA) MARTINSVILLE SNF, LLC
	 	OHI ASSET (VA) MECHANICSVILLE, LLC
	 	OHI ASSET (VA) MIDLOTHIAN, LLC
	 	OHI ASSET (VA) NORFOLK, LLC
	 	OHI ASSET (VA) PORTSMOUTH, LLC
	 	OHI ASSET (VA) RICHMOND - 2420 PEMBERTON ROAD, LLC
	 	OHI ASSET (VA) RICHMOND - 9101 BON AIR, LLC
	 	OHI ASSET (VA) ROCKY MOUNT, LLC
	 	OHI ASSET (VA) SUFFOLK, LLC
	 	OHI ASSET (WA) BATTLE GROUND, LLC
	 	OHI ASSET (WA) FORT VANCOUVER, LLC
	 	OHI ASSET (WV) DANVILLE, LLC
	 	OHI ASSET (WV) IVYDALE, LLC
	 	OHI ASSET CHG ALF, LLC
	 	OHI ASSET CSB LLC
	 	OHI ASSET CSE-E SUBSIDIARY, LLC
	 	OHI ASSET CSE-E, LLC
	 	OHI ASSET CSE-U SUBSIDIARY, LLC
	 	OHI ASSET CSE-U, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	OHI ASSET HUD CFG, LLC
	 	OHI ASSET HUD DELTA, LLC
	 	OHI ASSET HUD H-F, LLC
	 	OHI ASSET HUD SF CA, LLC
	 	OHI ASSET HUD SF, LLC
	 	OHI ASSET HUD WO, LLC
	 	OHI ASSET II (CA), LLC
	 	OHI ASSET II (FL), LLC
	 	OHI ASSET II (PA), LP
	 	OHI ASSET III (PA), LP
	 	OHI ASSET IV (PA) SILVER LAKE, LP
	 	OHI ASSET MANAGEMENT, LLC
	 	OHI ASSET RO PMM SERVICES, LLC
	 	OHI ASSET RO, LLC
	 	OHI ASSET S-W, LLC
	 	OHI ASSET, LLC
	 	OHI HEALTHCARE PROPERTIES HOLDCO, INC.
	 	OHI MEZZ LENDER, LLC
	 	OHI TENNESSEE, LLC
	 	OHIMA, LLC
	 	OHIO AVIV THREE, L.L.C.
	 	OHIO AVIV TWO, L.L.C.
	 	OHIO AVIV, L.L.C.
	 	OHIO INDIANA PROPERTY, L.L.C.
	 	OHIO PENNSYLVANIA PROPERTY, L.L.C.
	 	OKLAHOMA TWO PROPERTY, L.L.C.
	 	OKLAHOMA WARR WIND, L.L.C.
	 	OMAHA ASSOCIATES, L.L.C.
	 	OMEGA TRS I, INC.
	 	ORANGE ALF PROPERTY, L.L.C.
	 	ORANGE VILLAGE CARE CENTER, LLC
	 	ORANGE, L.L.C.
	 	OREGON ASSOCIATES, L.L.C.
	 	OSO AVENUE PROPERTY, L.L.C.
	 	OSTROM AVENUE PROPERTY, L.L.C.
	 	PALM VALLEY SENIOR CARE, LLC
	 	PANAMA CITY NURSING CENTER LLC
	 	PAVILLION NORTH PARTNERS, LLC
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	PAVILLION NORTH, LLP
	 	PAVILLION NURSING CENTER NORTH, LLC
	 	PEABODY ASSOCIATES TWO, L.L.C.
	 	PEABODY ASSOCIATES, L.L.C.
	 	PENNINGTON ROAD PROPERTY, L.L.C.
	 	PENSACOLA REAL ESTATE HOLDINGS I, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS II, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS III, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS IV, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS V, LLC
	 	POCATELLO IDAHO PROPERTY, L.L.C.
	 	POMONA VISTA L.L.C.
	 	PRESCOTT ARKANSAS, L.L.C.
	 	PV REALTY-CLINTON, LLC
	 	PV REALTY-KENSINGTON, LLC
	 	PV REALTY-WILLOW TREE, LLC
	 	RATON PROPERTY LIMITED COMPANY
	 	RAVENNA OHIO PROPERTY, L.L.C.
	 	RED ROCKS, L.L.C.
	 	RICHLAND WASHINGTON, L.L.C.
	 	RIDGECREST SENIOR CARE, LLC
	 	RIVERSIDE NURSING HOME ASSOCIATES TWO, L.L.C.
	 	RIVERSIDE NURSING HOME ASSOCIATES, L.L.C.
	 	ROCKINGHAM DRIVE PROPERTY, L.L.C.
	 	ROSE BALDWIN PARK PROPERTY L.L.C.
	 	S.C. PORTFOLIO PROPERTY, L.L.C.
	 	SALEM ASSOCIATES, L.L.C.
	 	SAN JUAN NH PROPERTY, LLC
	 	SANDALWOOD ARKANSAS PROPERTY, L.L.C.
	 	SANTA ANA-BARTLETT, L.L.C.
	 	SANTA FE MISSOURI ASSOCIATES, L.L.C.
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	SAVOY/BONHAM VENTURE, L.L.C.
	 	SEARCY AVIV, L.L.C.
	 	SEDGWICK PROPERTIES, L.L.C.
	 	SEGUIN TEXAS PROPERTY, L.L.C.
	 	SIERRA PONDS PROPERTY, L.L.C.
	 	SKYLER BOYINGTON, LLC
	 	SKYLER FLORIDA, LLC
	 	SKYLER MAITLAND LLC
	 	SKYLER PENSACOLA, LLC
	 	SKYVIEW ASSOCIATES, L.L.C.
	 	SOUTHEAST MISSOURI PROPERTY, L.L.C.
	 	SOUTHERN CALIFORNIA NEVADA, L.L.C.
	 	ST. JOSEPH MISSOURI PROPERTY, L.L.C.
	 	ST. MARY’S PROPERTIES, LLC
	 	STAR CITY ARKANSAS, L.L.C.
	 	STEPHENVILLE TEXAS PROPERTY, L.L.C.
	 	STERLING ACQUISITION, LLC
	 	STEVENS AVENUE PROPERTY, L.L.C.
	 	SUN-MESA PROPERTIES, L.L.C.
	 	SUWANEE, LLC
	 	TEXAS FIFTEEN PROPERTY, L.L.C.
	 	TEXAS FOUR PROPERTY, L.L.C.
	 	TEXAS LESSOR – STONEGATE GP, LLC
	 	TEXAS LESSOR – STONEGATE, LIMITED, LLC
	 	TEXAS LESSOR – STONEGATE, LP
	 	TEXHOMA AVENUE PROPERTY, L.L.C.
	 	THE SUBURBAN PAVILION, LLC
	 	TUJUNGA, L.L.C.
	 	TULARE COUNTY PROPERTY, L.L.C.
	 	TWINSBURG OHIO PROPERTY, LLC
	 	VRB AVIV, L.L.C.
	 	WASHINGTON IDAHO PROPERTY, L.L.C.
	 	WASHINGTON LESSOR – SILVERDALE, LLC
	 	WASHINGTON-OREGON ASSOCIATES, L.L.C.
	 	WATAUGA ASSOCIATES, L.L.C.
	 	WELLINGTON LEASEHOLD, L.L.C.
	 	WEST PEARL STREET, L.L.C.
	 	WEST YARMOUTH PROPERTY I, L.L.C.
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	WESTERVILLE OHIO OFFICE PROPERTY, L.L.C.
	 	WESTON ALF PROPERTY, LLC
	 	WHEELER HEALTHCARE ASSOCIATES, L.L.C.
	 	WHITLOCK STREET PROPERTY, L.L.C.
	 	WILCARE, LLC
	 	WILLIS TEXAS AVIV, L.L.C.
	 	YUBA AVIV, L.L.C.
	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Robert O Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:   Chief Financial Officer, Treasurer and Assistant Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Trustee
	 	 	 	 
	 	 	By:	/s/ David Ferrell
	 	 	 	Name: David Ferrell
	 	 	 	Title:   Vice President

 

[Signature Page to Indenture]

 

     

     

    

 

EXHIBIT A

 

[Insert the Global Note Legend, if applicable pursuant
to the provisions of the Indenture]

 

OMEGA HEALTHCARE INVESTORS, INC.

4.750% Senior Notes due 2028

 

CUSIP No.

	No.  [        ]	$

 

OMEGA HEALTHCARE INVESTORS, INC., a Maryland
corporation (the “Issuer”), for value received promises to pay to Cede & Co., or its registered assigns,
the principal sum of [             ] DOLLARS [or such other amount as is provided in a schedule attached hereto]a
on January 15, 2028.

 

Interest Payment Dates: January 15 and July
15, commencing January 15, 2018.

 

Record Dates: January 1 and July 1.

 

Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

 

a
This language should be included only if the Note is issued in global form. b
This schedule should be included only if the Note is issued in global form.

  

    	 	A-1	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be signed manually or by facsimile by its duly authorized officer.

 

Dated:

 

	 	OMEGA HEALTHCARE INVESTORS, INC., as Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-2	 

     

    

 

[FORM OF] TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the 4.750% Senior Notes due
2028 described in the within-mentioned Indenture.

 

Dated:

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	A-3	 

     

    

 

(Reverse of Note)

 

4.750% Senior Notes due 2028

 

Capitalized terms used herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

SECTION 1.          Interest.
Omega Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), promises to pay interest on the principal
amount of this Note at 4.750% per annum from April 4, 2017 until maturity. The Issuer will pay interest semi-annually on January
15 and July 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest
Payment Date”), commencing January 15, 2018. Interest on the Notes will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from April 4, 2017. The Issuer shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent
lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time
on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

SECTION 2.          Method
of Payment. The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business
on January 1 or July 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Issuer shall
pay principal, premium, if any, and interest on the Notes 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 (“U.S. Legal Tender”). Principal of, premium,
if any, and interest on the Notes will be payable at the office or agency of the Issuer maintained for such purpose except that,
at the option of the Issuer, the payment of interest may be made by check mailed to the Holders of the Notes at their respective
addresses set forth in the register of Holders of Notes. Until otherwise designated by the Issuer, the Issuer’s office or
agency in New York will be the office of the Trustee maintained for such purpose.

 

SECTION 3.          Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. Except as provided in the Indenture,
the Issuer or any of their Subsidiaries may act in any such capacity.

 

SECTION 4.          Indenture.
The Issuer issued the Notes under an Indenture dated as of April 4, 2017 (“Indenture”) by and among the Issuer,
the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the
“Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture
and the Trust Indenture Act for a statement of such terms.

 

    	 	A-4	 

     

    

 

SECTION 5.          Optional
Redemption. The Notes will be redeemable at the option of the Issuer, in whole or in part, at any time, and from time to time,
upon not less than 30 days’ nor more than 60 days’ notice. If the Notes are redeemed prior to October 15, 2027, the
Redemption Price will be equal to the greater of:

 

(a)          100%
of the principal amount of the Notes to be redeemed,
and

 

(b)          the
sum of the present values of the remaining scheduled payments of principal and interest
on the Notes to be redeemed (exclusive of interest
accrued to the applicable Redemption Date) discounted to such Redemption
Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury
Rate plus 40 basis points (the “Applicable Premium”),

 

plus, in each case of clauses (a) and (b) above, accrued and
unpaid interest thereon to, but not including, the applicable Redemption Date; provided, however, that if the Redemption
Date falls after the Record Date and on or prior to the corresponding Interest Payment Date, the Issuer will pay the full amount
of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of Notes at the close of business on the corresponding
Record Date (instead of the holder surrendering its Notes for redemption).

 

If the Notes are redeemed on or after October
15, 2027, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid
interest thereon to, but not including, such Redemption Date.

 

“Treasury Rate” means (1)
the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life of the Notes, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release) is
not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for the applicable Redemption Date. The Treasury
Rate shall be calculated on the third Business Day preceding the applicable Redemption Date.

 

“Comparable Treasury Issue”
means, with respect to any Redemption Date for the Notes, the United States Treasury security selected by the Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes to be redeemed.

 

    	 	A-5	 

     

    

 

“Comparable Treasury Price”
means, with respect to any Redemption Date for the Notes:

 

(i)          the
average of five Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or

 

(ii)         if
the Issuer obtains fewer than five but more than one such Reference
Treasury Dealer Quotations for such Redemption Date, the average of all such quotations,
or

 

(iii)        if
the Issuer obtains only one such Reference Treasury Dealer
Quotation for such Redemption Date, that Reference
Treasury Dealer Quotation.

 

“Independent Investment Banker”
means, with respect to any Redemption Date for the Notes, an independent investment banking institution of national standing appointed
by the Issuer with respect to such Redemption Date.

 

“Reference Treasury Dealer”
means (1) J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, a Primary Treasury Dealer selected
by Credit Agricole Securities (USA) Inc., and (2) any two other Primary Treasury Dealers selected by the Issuer; provided,
however, that if any Reference Treasury Dealers referred to in clause (1) above ceases to be a primary U.S. Government
securities dealer (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the
Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business
Day preceding the applicable redemption date.

 

SECTION 6.          
[Reserved].

 

SECTION 7.          Notice
of Redemption. Notice of redemption will be mailed by first class mail at least 30 days but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at its registered address. Notes in denominations larger than $2,000 may
be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state
the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the Redemption Date interest
ceases to accrue on Notes or portions thereof called for redemption.

 

SECTION 8.          Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption payments with respect to the Notes.

 

SECTION 9.          
Additional Notes. The Issuer may, from time to time, without the consent of the Holders of the Notes, create and issue
additional notes (the “Additional Notes”)

 

    	 	A-6	 

     

    

 

ranking pari passu with the Initial Notes in all respects (or
in all respects except for the public offering price of the Additional Notes, the issue date thereof, the payment of interest accruing
on the Additional Notes prior to the issue date thereof or except for the first payment of interest on the Additional Notes following
the issue date thereof). The Additional Notes shall be treated as a single class with the Initial Notes and have the same terms
as to status, redemption or otherwise as the Initial Notes, provided that if such Additional Notes are not fungible with the Initial
Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP or ISIN number.

 

SECTION 10.         Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer and the
Registrar are not required to transfer or exchange any Note selected for redemption. Also, the Issuer and the Registrar are not
required to transfer or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed.

 

SECTION 11.         Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

SECTION 12.         Amendment,
Supplement and Waiver. Subject to certain exceptions set forth in the Indenture, the Indenture, the Notes and the Subsidiary
Guarantees may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal
amount of the Notes then outstanding, and any existing Default or compliance with any provision may be waived with the consent
of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any
Holder, the parties thereto may also amend or supplement the Indenture, the Notes and the Subsidiary Guarantees under the limited
circumstances provided in the Indenture.

 

SECTION 13.         Defaults
and Remedies. If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
then outstanding Notes generally may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in
the case of a Default arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the
Issuer, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce
the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal
amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default if it determines that withholding notice is in their interest. The Holders
of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders
of all of the Notes waive any existing Default and its consequences under the Indenture except a continuing Default in the payment
of interest on, or the principal of, or the premium on, the Notes.

 

    	 	A-7	 

     

    

 

SECTION 14.         Restrictive
Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Issuer and its Subsidiaries
to incur indebtedness or to consolidate, merge or sell all or substantially all of its assets, and require the Issuer and its
Subsidiaries, on a consolidated basis, to maintain a minimum ratio of Total Unencumbered Assets to Unsecured Indebtedness. The
limitations are subject to a number of important qualifications and exceptions. The Issuer must annually report to the Trustee
on compliance with such limitations and other provisions in the Indenture.

 

SECTION 15.         No
Recourse Against Others. No director, officer, employee, incorporator, stockholder, member or manager or controlling person
of the Issuer or any Subsidiary Guarantor shall have any liability for any obligations of the Issuer under the Notes or the Indenture,
or of any Subsidiary Guarantor under its Subsidiary Guarantee or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.

 

SECTION 16.         Subsidiary
Guarantees. This Note will be entitled to the benefits of certain Subsidiary Guarantees made for the benefit of the Holders.
Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations
thereunder of the Subsidiary Guarantors, the Trustee and the Holders.

 

SECTION 17.         Trustee
Dealings with the Issuer. Subject to certain terms, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with the Issuer, their Subsidiaries or their respective Affiliates
as if it were not the Trustee.

 

SECTION 18.         Authentication.
This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

SECTION 19.         Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

SECTION 20.         CUSIP
and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN numbers in notices
of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

SECTION 21.         Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York.

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture.

 

    	 	A-8	 

     

    

 

ASSIGNMENT FORM

 

I or we assign and transfer this Note to

 

	 
	 
	 
	(Print or type name, address and zip code of assignee or transferee)
	 
	 
	(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint _______________________________________
agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	Dated:  _________________	Signed:	 
	 	 	(Sign exactly as name appears on
	 	 	the other side of this Note)

 

	Signature Guarantee:	 
	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

    	 	A-9	 

     

    

 

SCHEDULE OF PRINCIPAL AMOUNTb

 

The initial principal amount at maturity of
this Global Note shall be $                  . The following decreases/increases in the principal amount at maturity of this Global Note have been
made:

 

	Date of

    Decrease/Increase	 	Amount of decrease 

in Principal Amount 

of this Global Note	 	Amount of increase in

Principal Amount of 

this Global Note	 	Principal Amount of 

this Global Note 

following such 

decrease (or increase)	 	Signature of

    authorized officer of

    Trustee or Note

    Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

		b	This schedule should be included only if the Note is issued in global form.

  

    	 	A-10	 

     

    

 

EXHIBIT B

 

FORM OF LEGENDS

 

Each Global Note authenticated and delivered
hereunder shall bear the following legend:

 

THIS NOTE IS A GLOBAL NOTE WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY
OR A SUCCESSOR DEPOSITORY IN CUSTODY FOR THE BENEFICIAL OWNERS HEREOF.

 

THIS NOTE IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE OR THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.02 OF THE INDENTURE, (B) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(b)
OF THE INDENTURE, (C) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(b) OF THE INDENTURE, THIS GLOBAL NOTE MAY BE TRANSFERRED IN
WHOLE, BUT NOT IN PART, ONLY (X) BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, (Y) BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY OR (Z) BY THE DEPOSITORY OR ANY NOMINEE TO A SUCCESSOR DEPOSITORY OR TO A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY, AND (D) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE.

 

UNLESS THIS CERTIFICATE 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 CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 

    	 	B-1	 

     

    

 

EXHIBIT C

 

SUBSIDIARY GUARANTEE

 

For value received, each of the undersigned
(including any successor Person under the Indenture) hereby unconditionally guarantees, jointly and severally, to the extent set
forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any, and interest on
this Note in the amounts and at the times when due and interest on the overdue principal, premium, if any, and interest, if any,
of this Note when due, if lawful, and, to the extent permitted by law, the payment or performance of all other obligations of the
Issuer under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to the
terms and limitations of this Note, the Indenture, including Article Ten thereof, and this Subsidiary Guarantee. This Subsidiary
Guarantee will become effective in accordance with Article Ten of the Indenture and its terms shall be evidenced therein. The validity
and enforceability of any Subsidiary Guarantee shall not be affected by the fact that it is not affixed to any particular Note.

 

Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Indenture dated as of April 4, 2017, among Omega Healthcare Investors, Inc., a
Maryland corporation (the “Issuer”), the Subsidiary Guarantors named therein and U.S. Bank National Association,
as trustee (the “Trustee”), as amended or supplemented (the “Indenture”).

 

The obligations of the undersigned to the
Holders of Notes and to the Trustee pursuant to this Subsidiary Guarantee and the Indenture are expressly set forth in Article
Ten of the Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee and all of
the other provisions of the Indenture to which this Subsidiary Guarantee relates.

 

No director, officer, employee, incorporator,
stockholder, member or manager or controlling person of any Subsidiary Guarantor, as such, shall have any liability for any obligations
of such Subsidiary Guarantor under such Subsidiary Guarantor’s Subsidiary Guarantee or the Indenture or for any claim based
on, in respect of, or by reason of, such obligation or its creation.

 

This Subsidiary Guarantee shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

This Subsidiary Guarantee is subject to release
upon the terms set forth in the Indenture.

 

    	 	C-1	 

     

    

 

IN WITNESS WHEREOF, each Subsidiary Guarantor
has caused its Subsidiary Guarantee to be duly executed.

 

Date:

 

	 	[                                        ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	C-2Exhibit 4.1

 

EXECUTION VERSION

 

STERLING CONSTRUCTION COMPANY, INC.

 

REGISTRATION RIGHTS AGREEMENT

 

 

April 3, 2017

 

 

 

 

    

     

    

TABLE OF CONTENTS

 

Page

 

	Section 1.   	 	Definitions	1
	Section 2.   	 	Registration and Offerings	4
	Section 3.   	 	Piggyback Registrations	7
	Section 4.   	 	Registration Procedures	8
	Section 5.   	 	Registration Expenses	12
	Section 6.   	 	Indemnification and Contribution	13
	Section 7.   	 	Underwritten Offerings	15
	Section 8.   	 	Current Public Information	16
	Section 9.   	 	Subsidiary Public Offering	16
	Section 10.   	 	Transfer of Registrable Securities	16
	Section 11.   	 	General Provisions	17

 

    i

     

    

STERLING CONSTRUCTION COMPANY, INC.

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made as of April 3, 2017, between Sterling Construction Company, Inc., a Delaware
corporation (the “Company”), OCM Sterling NE Holdings, LLC and OCM Sterling E Holdings, LLC (the “Investor”).
Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in Section 1.

 

WHEREAS, the Company
and the Investor are parties to a Loan and Security Agreement, dated as of the date hereof, by and among the Company, each Investor,
as a lender, each lender signatory thereto (collectively, the “Lenders”), the guarantors signatory thereto and
Wilmington Trust, National Association, as the agent to the Lenders (as may be amended or modified from time to time, the “Loan
Agreement”) in which the Lenders thereunder have agreed to provide a loan to the Company in a principal amount of up
to $85,000,000.

 

WHEREAS, in order to
induce the Lenders to enter into the Loan Agreement, the Company has issued to the Investors those certain Warrants to purchase
shares of common stock of the Company, issued as of the date hereof, bearing certificates number W-001 and W-002 (together with
any other warrant or equity security issued in exchange therefor, “Warrants”) and agreed to provide the registration
rights set forth in this Agreement. The execution and delivery of this Agreement and the Warrants are conditions to the consummation
of the transactions under the Loan Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

Section 1.   
Definitions. Unless otherwise set forth below or elsewhere in this Agreement, other capitalized terms contained
herein have the meanings set forth in the Warrants.

 

“Affiliate”
of any Person means any other Person controlled by, controlling or under common control with such Person; provided that
the Company and its Subsidiaries shall not be deemed to be Affiliates of any holder of Registrable Securities. As used in this
definition, “control” (including, with its correlative meanings, “controlling,” “controlled by”
and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction
of management or policies (whether through ownership of securities, by contract or otherwise). With respect to any Person who is
an individual, “Affiliates” shall also include, without limitation, any member of such individual’s Family Group.

 

“Agreement”
has the meaning set forth in the recitals.

 

“Automatic Shelf
Registration Statement” has the meaning set forth in Section 2(a).

 

    

     

    

“Capital Stock”
means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such
corporation (whether voting or nonvoting and whether common or preferred) and (ii) with respect to any Person that is not a corporation,
individual or governmental entity, any and all partnership, membership, limited liability company or other equity interests of
such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of
assets of, the issuing Person, including in each case any and all warrants, rights (including conversion and exchange rights) and
options to purchase any of the foregoing.

 

“Common Stock”
means the Company’s common stock, par value $0.01 per share.

 

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

 

“End of Suspension
Notice” has the meaning set forth in Section 2(d)(ii).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with
all rules and regulations promulgated thereunder.

 

“Family Group”
means, with respect to a Person who is an individual, (i) such individual’s spouse and descendants (whether natural
or adopted) (collectively, for purposes of this definition, “relatives”), (ii) such individual’s
executor or personal representative, (iii) any trust, the trustee of which is such individual or such individual’s executor
or personal representative and which at all times is and remains solely for the benefit of such individual and/or such individual’s
relatives, (iv) any corporation, limited partnership, limited liability company or other tax flow-through entity the governing
instruments of which provide that such individual or such individual’s executor or personal representative shall have the
exclusive, nontransferable power to direct the management and policies of such entity and of which the sole owners of stock, partnership
interests, membership interests or any other equity interests are limited to such individual, such individual’s relatives
and/or the trusts described in clause (iii) above, and (v) any retirement plan for such individual or such individual’s
relatives.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Free Writing
Prospectus” means a free-writing prospectus, as defined in Rule 405.

 

“Indemnified
Parties” has the meaning set forth in Section 6(a).

 

“Investor”
has the meaning set forth in the recitals.

 

“Loan Agreement”
has the meaning set forth in the recitals.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

    -2- 

     

    

“Piggyback Registrations”
has the meaning set forth in Section 3(a).

 

“Primary Securities”
means shares of Common Stock having a value of not less than eighty million dollars ($80,000,000), issuable by the Company.

 

“Public Offering”
means any sale or distribution by the Company and/or holders of Registrable Securities to the public of Common Stock pursuant to
an offering registered under the Securities Act.

 

“Registrable
Securities” means (i) the Warrants, (ii) any Common Stock issued pursuant to the Warrants, and (iii) any common Capital
Stock of the Company or any Subsidiary of the Company issued or issuable with respect to the securities referred to in clause
(i) or (ii) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation
or other reorganization; provided, that securities shall cease to be Registrable Securities when they have been (a) sold
or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144, or (c) repurchased by the Company
or a Subsidiary of the Company. For purposes of this Agreement, whenever a Person has the right to acquire, directly or indirectly,
Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding
any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, such
Person shall be deemed to be a holder of such Registrable Securities and such Person shall be entitled to exercise the rights of
a holder of Registrable Securities hereunder.

 

“Registration
Expenses” has the meaning set forth in Section 5(a).

 

“Rule 144”,
“Rule 158”, “Rule 405,” “Rule 415” and “Rule 430B”
mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange
Commission, as the same shall be amended from time to time, or any successor rule then in force.

 

“Sale of the
Company” means any transaction or series of transactions pursuant to which any Person(s) or a group of related Persons
(other than any Investor and its Affiliates) in the aggregate acquires Common Stock of the Company or the surviving entity entitled
to vote (other than voting rights accruing only in the event of a default, breach, event of noncompliance or other contingency)
to elect directors with a majority of the voting power of the Company’s or the surviving entity’s board of directors
(whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s Common Stock).

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together
with all rules and regulations promulgated thereunder.

 

“Shelf Offering”
has the meaning set forth in Section 2(b)(i).

 

“Shelf Offering
Notice” has the meaning set forth in Section 2(b)(i).

 

“Shelf Registration”
has the meaning set forth in Section 2(a).

 

    -3- 

     

    

“Shelf Registration
Statement” means a registration statement under the Securities Act for the Shelf Registration.

 

“Subsidiary”
means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity
of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly
or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a majority of the limited liability company, partnership
or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or
more Subsidiaries of the Company or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons
shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or
shall be or control the managing director or general partner of such limited liability company, partnership, association or other
business entity.

 

“Suspension
Notice” has the meaning set forth in Section 2(d)(ii).

 

“Suspension
Period” has the meaning set forth in Section 2(d)(i).

 

“Violation”
has the meaning set forth in Section 6(a).

 

“Warrants”
has the meaning set forth in the recitals.

 

“WKSI”
means a “well-known seasoned issuer” as defined under Rule 405.

 

Section 2.   
Registration and Offerings.

 

(a)   
Mandatory Registration. Subject to the terms and conditions of this Agreement, the Company shall, no later than
May 31, 2017, (i) file a registration statement under the Securities Act on Form S-3 or any similar short-form registration,
if available, pursuant to Rule 415 under the Securities Act to register the Registrable Securities (a “Shelf Registration”)
and (ii) file a registration statement under the Securities Act on Form S-3 or any similar short-form registration, if available,
pursuant to Rule 415 under the Securities Act to register the Primary Securities. If the Company is a WKSI, such Shelf Registration
shall be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf
Registration Statement”).

 

(b)  
Shelf Offerings. 

 

(i)                
In the event that a Shelf Registration Statement is effective, the holders of a majority of the Registrable Securities covered
by such Shelf Registration Statement shall have the right at any time or from time to time to elect to sell pursuant to an offering
(including an Underwritten Offering) Registrable Securities available for sale pursuant to such registration statement, so long
as the Shelf Registration Statement remains in effect, and the Company shall pay all Registration Expenses in connection therewith.
The holders of a majority of the Registrable Securities shall make such election by delivering to the Company a written notice
(a “Shelf Offering Notice”) with respect to such offering specifying the number of Registrable Securities that
the holders desire to sell pursuant to such offering (the “Shelf Offering”). As promptly as practicable, but
no later than two Business Days after receipt of a Shelf Offering Notice, the Company shall give written notice of such Shelf Offering
Notice to all other holders of Registrable Securities. The Company, subject to Sections 2(c) and 7 hereof, shall include in such
Shelf Offering the Registrable Securities of any other holder of Registrable Securities that shall have made a written request
to the Company for inclusion in such Shelf Offering (which request shall specify the maximum number of Registrable Securities intended
to be disposed of by such holder) within seven days after the receipt of the Shelf Offering Notice. The Company shall, as expeditiously
as possible (and in any event within 20 days after the receipt of a Shelf Offering Notice), but subject to Section 2(d) hereof,
use its commercially reasonable efforts to facilitate such Shelf Offering. Each holder of Registrable Securities shall treat as
confidential the Shelf Offering Notice and shall not disclose or use the information contained in the Company’s notice regarding
the Shelf Offering Notice without the prior written consent of the Company until such time as the information contained therein
is or becomes available to the public generally, other than as a result of disclosure by a holder of Registrable Securities in
breach of the terms of this Agreement.

 

    -4- 

     

    

(ii)              
If the holders of a majority of the Registrable Securities wish to engage in an underwritten block trade off of a Shelf
Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already
existing Shelf Registration Statement), then notwithstanding the time periods set forth in Section 2(b)(i), such holders
shall notify the Company of the block trade Shelf Offering not less than two Business Days prior to the day such offering is to
commence. The Company shall promptly notify other holders of Registrable Securities of such block trade Shelf Offering and such
other holders of Registrable Securities must elect whether or not to participate by the next Business Day (i.e. one Business
Day prior to the day such offering is to commence) (unless a longer period is agreed to by the holders of a majority of the Registrable
Securities wishing to engage in the underwritten block trade) and the Company shall as expeditiously as possible use its commercially
reasonable efforts to facilitate such offering (which may close as early as two Business Days after the date it commences).

 

(iii)            
The Company shall, at the request of the holders of a majority of the Registrable Securities covered by a Shelf Registration
Statement, file any prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein
all disclosure and language deemed necessary or advisable by the holders of a majority of the Investor Registrable Securities to
effect such Shelf Offering.

 

(c)   
Priority on Shelf Offerings. If a Shelf Offering is an underwritten offering and the managing underwriters advise
the Company in writing that in their opinion the number of Registrable Securities to be included in such offering exceeds the
number of Registrable Securities which can be sold therein without adversely affecting the marketability, proposed offering price,
timing or method of distribution of the offering, the Company shall include in such offering the number of Registrable Securities
which, in the opinion of such underwriters, can be sold, without any such adverse effect, allocated pro rata among the respective
holders thereof on the basis of the amount of Registrable Securities owned by each such holder.

 

    -5- 

     

    

(d)  
Restrictions on Shelf Offerings.

 

(i)                
For a period not in excess of an aggregate of 90 calendar days in any 365-calendar day period (the “Suspension
Period”), the Company may suspend the use of a prospectus that is part of a Shelf Registration Statement (and therefore
suspend sales of the Registrable Securities) by providing written notice to the holders of Registrable Securities if upon advice
of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of non-public material
information not otherwise required to be disclosed under applicable law.

 

(ii)              
During any Suspension Period, the Company shall give a notice to the holders of Registrable Securities registered pursuant
to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities
and such notice shall state generally the basis for the notice and that such suspension shall continue only for as long as a Suspension
Period is required or permitted hereunder. A holder of Registrable Securities shall not effect any sales of its Registrable Securities
pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the
Company and prior to receipt of an End of Suspension Notice (as defined below). Each holder of Registrable Securities agrees that
it shall treat as confidential the receipt of the Suspension Notice and shall not disclose or use the information contained in
such Suspension Notice without the prior written consent of the Company until such time as the information contained therein is
or becomes available to the public generally, other than as a result of disclosure by such holder of Registrable Securities in
breach of the terms of this Agreement. A holder of Registrable Securities may recommence effecting sales of the Registrable Securities
pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an “End
of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the holders
and to the holders’ counsel, if any, promptly upon the termination of a Suspension Period.

 

(iii)            
Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to any
Shelf Registration Statement, the Company agrees that it shall extend the period of time during which such Shelf Registration Statement
shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the
holders of the Suspension Notice to and including the date of receipt by the holders of the End of Suspension Notice and provide
copies of the supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Period; provided
that such period of time shall not be extended beyond the date on which there are no longer any Registrable Securities outstanding.

 

    -6- 

     

    

(e)   
Selection of Underwriters. If any Shelf Offering is an Underwritten Offering, the holders of a majority of the Registrable
Securities participating in such Underwritten Offering shall have the right to select the investment banker(s) and manager(s)
to administer the offering relating to such Shelf Offering.

 

Section 3.   
Piggyback Registrations.

 

(a)   
Right to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (other
than in connection with registrations on Form S-4 or S-8 promulgated by the Securities and Exchange Commission or any successor
or similar forms or a registration on any form that does not include substantially the same information as would be required to
be included in a registration statement covering the sale of Registrable Securities), and the registration form to be used may
be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company shall give
prompt written notice to all holders of Registrable Securities of its intention to effect such Piggyback Registration and, subject
to the terms of Section 3(c) and Section 3(d), shall include in such Piggyback Registration (and in all related
registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to
which the Company has received written requests for inclusion therein within 20 days after delivery of the Company’s notice.

 

(b)  
Piggyback Registration Expenses. The Registration Expenses of the holders of Registrable Securities shall be paid
by the Company in all Piggyback Registrations, whether or not any such registration became effective.

 

(c)   
Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf
of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested
to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability,
proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i)
first, the securities the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration
which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the holders of such Registrable
Securities on the basis of the number of shares owned by each such holder, and (iii) third, other securities requested to be included
in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

 

(d)  
Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf
of holders of the Company’s securities, and the managing underwriters advise the Company in writing that in their opinion
the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without
adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company
shall include in such registration (i) first, the securities requested to be included therein by the holders initially requesting
such registration and the Registrable Securities requested to be included in such registration which, in the opinion of the underwriters,
can be sold without any such adverse effect, pro rata among the holders of such securities on the basis of the number of securities
so requested to be included therein, and (ii) second, other securities requested to be included in such registration which, in
the opinion of the underwriters, can be sold without any such adverse effect.

 

    -7- 

     

    

Section 4.   
Registration Procedures.

 

(a)   
Whenever required pursuant to the terms of this Agreement, the Company shall use its commercially reasonable efforts to
effect the registration of Registrable Securities and the sale thereof in accordance with the intended method of disposition thereof
and shall as expeditiously as possible:

 

(i)                
in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and file
with the Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses,
with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to
become effective (provided that before filing such registration statement or prospectus or any amendments or supplements thereto,
the Company shall furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such
counsel);

 

(ii)              
notify each holder of Registrable Securities of (A) the issuance by the Securities and Exchange Commission of any stop order
suspending the effectiveness of such registration statement or the initiation of any proceedings for that purpose, (B) the receipt
by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of
each registration statement filed hereunder;

 

(iii)            
prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement
and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period
ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended
methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration
of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public Offering,
such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection
with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration statement;

 

(iv)            
furnish to each seller of Registrable Securities thereunder such number of copies of such registration statement, each amendment
and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free
Writing Prospectus and such other documents as such seller may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such seller;

 

    -8- 

     

    

(v)              
use its commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or
blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably
necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such seller (provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph or (B) consent to general service of process in any
such jurisdiction);

 

(vi)            
notify each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time
when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to
any prospectus relating to such registration statement has been filed and when any registration or qualification has become effective
under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof,
of any request by the Securities and Exchange Commission for the amendment or supplementing of such registration statement or prospectus
or for additional information, and (C) at any time when a prospectus relating thereto is required to be delivered under the
Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains
an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject
to Section 2(d), at the request of any such seller, the Company shall use its commercially reasonable efforts to prepare
a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements
therein not misleading;

 

(vii)          
use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange on
which similar securities issued by the Company are then listed;

 

(viii)        
use commercially reasonable efforts to provide a transfer agent and registrar for all such Registrable Securities not later
than the effective date of such registration statement;

 

(ix)            
enter into and perform such customary agreements (including underwriting agreements in customary form) and take all such
other actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request
in order to expedite or facilitate the disposition of such Registrable Securities;

 

(x)              
make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition
pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter,
all financial and other records, pertinent corporate and business documents and properties of the Company as shall be necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents,
representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement;

 

    -9- 

     

    

(xi)            
take all reasonable actions to ensure that any Free-Writing Prospectus utilized in relation to Registrable Securities complies
in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby,
is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus,
shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading;

 

(xii)          
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Securities
and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering
the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the
effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities
Act and Rule 158;

 

(xiii)        
permit any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an underwriter
or a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to allow
such holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable
judgment of such holder and its counsel should be included;

 

(xiv)        
in the event of the issuance of any stop order suspending the effectiveness of such registration statement, or the issuance
of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Stock included
in such registration statement for sale in any jurisdiction use commercially reasonable efforts promptly to obtain the withdrawal
of such order;

 

(xv)          
in the case of any underwritten offering, use its commercially reasonable efforts to cause such Registrable Securities covered
by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary
to enable the sellers thereof to consummate the disposition of such Registrable Securities;

 

(xvi)        
cooperate with the holders of Registrable Securities covered by such registration statement and the managing underwriter
or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing
securities to be sold under such registration statement and enable such securities to be in such denominations and registered in
such names as the managing underwriter, or agent, if any, or such holders may request;

 

    -10- 

     

    

(xvii)      
cooperate with each holder of Registrable Securities covered by such registration statement and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required
to be made with FINRA;

 

(xviii)    
use its commercially reasonable efforts to make available the executive officers of the Company to participate with the
holders of Registrable Securities and any underwriters in any “road shows” or other selling efforts that may be reasonably
requested by the holders in connection with the methods of distribution for the Registrable Securities;

 

(xix)        
in the case of any underwritten offering, use its commercially reasonable efforts to obtain one or more cold comfort letters
from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered
by cold comfort letters as the holders of a majority of the Registrable Securities being sold reasonably request;

 

(xx)          
in the case of any underwritten offering, use its commercially reasonable efforts to provide a legal opinion of the Company’s
outside counsel, dated the effective date of such registration statement (and, if such registration includes an underwritten Public
Offering, dated the date of the closing under the underwriting agreement), regarding such registration statement, each amendment
and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating
thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion
shall be addressed to the underwriters and the holders of such Registrable Securities;

 

(xxi)        
if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its commercially
reasonable efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during
the period during which such Automatic Shelf Registration Statement is required to remain effective;

 

(xxii)      
if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration
Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; and

 

(xxiii)    
if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third
year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company
is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its commercially reasonable efforts
to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration
statement effective during the period during which such registration statement is required to be kept effective.

 

    -11- 

     

    

(b)  
Any officer of the Company who is a holder of Registrable Securities agrees that if and for so long as he or she is employed
by the Company or any Subsidiary thereof, he or she shall participate fully in the sale process in a manner customary for persons
in like positions and consistent with his or her other duties with the Company, including the preparation of the Shelf Registration
Statement and the preparation and presentation of any road shows.

 

(c)   
If the Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities
other than the holders of Registrable Securities, and the holders of Registrable Securities do not request that their Registrable
Securities be included in such Shelf Registration Statement, the Company agrees that, at the request of the holders of a majority
of the Registrable Securities, it shall include in such Automatic Shelf Registration Statement such disclosures as may be required
by Rule 430B in order to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement at
a later time through the filing of a prospectus supplement rather than a post-effective amendment.

 

(d)  
The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish
the Company such information regarding such seller and the distribution of such securities as the Company may from time to time
reasonably request in writing.

 

(e)   
If Investor or any of its respective Affiliates seek to effectuate an in-kind distribution of all or part of their respective
Registrable Securities to their respective direct or indirect equityholders, the Company shall, subject to any applicable lock-ups,
work with the foregoing persons to facilitate such in-kind distribution in the manner reasonably requested.

 

Section 5.   
Registration Expenses.

 

(a)   
The Company’s Obligation. All expenses incident to the Company’s performance of or compliance with this
Agreement (including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with
securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees
and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding underwriting
discounts and commissions) and other Persons retained by the Company) (all such expenses being herein called “Registration
Expenses”), shall be borne as provided in this Agreement, except that the Company shall, in any event, pay its internal
expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees
for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are
then listed. Each Person that sells securities pursuant to a Shelf Offering or Piggyback Registration hereunder shall bear and
pay all underwriting discounts and commissions applicable to the securities sold for such Person’s account.

 

    -12- 

     

    

(b)  
Counsel Fees and Disbursements. In connection with each Piggyback Registration and each Shelf Offering that is an
Underwritten Offering, the Company shall reimburse the holders of Registrable Securities included in such registration for the
reasonable fees and disbursements of one counsel chosen by the holders of a majority of the participating Registrable Securities.

 

(c)   
Security Holders. To the extent Registration Expenses are not required to be paid by the Company, each holder of
securities included in any registration or offering hereunder shall pay those Registration Expenses allocable to the registration
or offering of such holder’s securities so included, and any Registration Expenses not so allocable shall be borne by all
sellers of securities included in such registration or offering in proportion to the aggregate selling price of the securities
to be so registered or sold.

 

Section 6.   
Indemnification and Contribution.

 

(a)   
By the Company. The Company shall indemnify and hold harmless, to the extent permitted by law, each holder of Registrable
Securities, such holder’s officers, directors employees, agents and representatives, and each Person who controls such holder
(within the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions,
damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including
reasonable attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following
statements, omissions or violations (each a “Violation”) by the Company: (i) any untrue or alleged untrue
statement of material fact contained in (A) any Shelf Registration Statement, prospectus, preliminary prospectus or Free-Writing
Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this
Section 6, collectively called an “application”) executed by or on behalf of the Company or based upon
written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered
by such registration under the securities laws thereof, (ii) any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation
by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated
thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration,
qualification or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses
reasonably incurred by them in connection with investigating or defending any such losses. Notwithstanding the foregoing, the
Company shall not be liable in any such case to the extent that any such losses result from, arise out of, are based upon, or
relate to an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement,
any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application,
in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified
Party expressly for use therein or by such Indemnified Party’s failure to deliver a copy of such registration statement
or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient
number of copies of the same. In connection with an underwritten offering, the Company shall indemnify such underwriters, their
officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same
extent as provided above with respect to the indemnification of the Indemnified Parties.

 

    -13- 

     

    

(b)  
By Each Security Holder. In connection with any registration statement in which a holder of Registrable Securities
is participating, each such holder shall furnish to the Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify
the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within
the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or
alleged untrue statement of material fact contained in such registration statement, prospectus or preliminary prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained
in any information or affidavit so furnished in writing by such holder; provided that the obligation to indemnify shall
be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received by such holder
from the sale of Registrable Securities pursuant to such registration statement.

 

(c)   
Claim Procedure. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall
impair any Person’s right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party)
and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld,
conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not
be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified
parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities included
in the registration if such holders are indemnified parties, at the expense of the indemnifying party.

 

(d)  
Contribution. If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction
to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to
any loss, claim, damage, liability or action referred to herein, then the indemnifying party shall contribute to the amounts paid
or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection
with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant
equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited,
in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller
from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and
of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this
Section 6(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into
account such equitable considerations. The amount paid or payable by an indemnified party as a result of the losses, claims, damages,
liabilities or expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who is not guilty of such fraudulent misrepresentation.

 

    -14- 

     

    

(e)   
Release. No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of
any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff
to such indemnified party of a release from all liability in respect to such claim or litigation.

 

(f)   
Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be
in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract
and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any
officer, director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and
the termination or expiration of this Agreement.

 

Section 7.   
Underwritten Offerings. No Person may participate in any registration hereunder which is underwritten unless such
Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the
Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment
or “green shoe” option requested by the underwriters; provided that no holder of Registrable Securities shall
be required to sell more than the number of Registrable Securities such holder has requested to include) and (ii) completes and
executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements; provided that no holder of Registrable Securities included
in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters
(other than representations and warranties regarding such holder and such holder’s intended method of distribution) or to
undertake any indemnification obligations to the Company or the underwriters with respect thereto that are materially more burdensome
than those provided in Section 6. For the avoidance of doubt, each holder of Registrable Securities shall execute such
powers of attorney or custody agreements as are requested by the managing underwriters, appointing as power of attorney or custodian
such persons as reasonably requested by the holders of the majority of the Registrable Securities. Each holder of Registrable
Securities shall execute and deliver such other agreements as may be reasonably requested by the Company and the lead managing
underwriter(s) that are consistent with such holder’s obligations under Section 4 and this Section 7 or that
are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to, and consistent
with, this Section 7, the respective rights and obligations created under such agreement shall supersede the respective
rights and obligations of the holders, the Company and the underwriters created pursuant to this Section 7.

 

    -15- 

     

    

Section 8.   
Current Public Information. At all times after the Company has filed a Shelf Registration Statement with the Securities
and Exchange Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file
all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as any
holder or holders of Registrable Securities may reasonably request, all to the extent required to enable such holders to sell
Registrable Securities pursuant to Rule 144. Upon request, the Company shall deliver to any holder of Restricted Securities a
written statement as to whether it has complied with such requirements.

 

Section 9.   
Subsidiary Public Offering. If the Company distributes securities of a Subsidiary to its equity holders, then the
rights and obligations of the Company pursuant to this Agreement shall apply, mutatis mutandis, to such Subsidiary, and
the Company shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement.

 

Section 10. 
Transfer of Registrable Securities.

 

(a)   
Restrictions on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of (i) a
transfer to the Company, (ii) a transfer by any Investor to its limited partners or members, (iii) a Public Offering,
(iv) a sale pursuant to Rule 144 or (v) a transfer in connection with a Sale of the Company, prior to transferring any
Registrable Securities to any Person (including, without limitation, by operation of law), the transferring holder shall cause
the prospective transferee to execute and deliver to the Company a Joinder agreeing to be bound by the terms of this Agreement.

 

(b)  
Legend. Each certificate evidencing any Registrable Securities and each certificate issued in exchange for or upon
the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after
such transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED
AS OF _________ __, 2017 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S STOCKHOLDERS,
AS AMENDED. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON
WRITTEN REQUEST.”

 

    -16- 

     

    

The Company shall imprint such legend on
certificates evidencing Registrable Securities outstanding prior to the date hereof. The legend set forth above shall be removed
from the certificates evidencing any securities that have ceased to be Registrable Securities.

 

Section 11. General
Provisions.

 

(a)   
Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified
or waived only with the prior written consent of the Company and holders of a majority of the Registrable Securities. The failure
or delay of any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions
and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with
its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its
obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance
by that Person of the same or any other obligations of that Person under this Agreement.

 

(b)  
Remedies. The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically
(without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement
and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement
would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any
other rights and remedies existing hereunder, any party shall be entitled to specific performance and/or other injunctive relief
from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or
prevent violation of the provisions of this Agreement.

 

(c)   
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable
in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in
any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such prohibited,
invalid, illegal or unenforceable provision had never been contained herein.

 

(d)  
Entire Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding
among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements
or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any
way.

 

(e)   
Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit
and be enforceable by the Company and its successors and assigns and the holders of Registrable Securities and their respective
successors and permitted assigns (whether so expressed or not). In addition, whether or not any express assignment has been made,
the provisions of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the
benefit of, and enforceable by, any subsequent holder of Registrable Securities.

 

    -17- 

     

    

(f)   
Notices. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when
sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the
next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges
prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such
notices, demands and other communications shall be sent to the Company and to any holder of Registrable Securities at the addresses
specified below or at such address or to the attention of such other Person as the recipient party has specified by prior written
notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written notice
of the change to the sending party as provided herein.

 

To the Company:

 

Sterling Construction Company, Inc.

1800 Hughes Landing Blvd.

The Woodlands, Texas 77380

Attn: Chief Financial Officer

 

With a copy to:

 

Andrews Kurth Kenyon LLP

600 Travis, Suite 4200

Houston, TX 77002

Attention: Scott Olson

Phone: (713) 220-4764

Email: solson@andrewskurth.com

 

To the Investors:

 

OCM Sterling E Holdings, LLC and OCM Sterling
E Holdings, LLC

c/o Oaktree Capital Management, L.P.

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attention: Nicholas Basso

Phone: (213) 830-6805

Email: nbasso@oaktreecapital.com

 

With a copy to:

 

Kirkland & Ellis LLP

333 South Hope Street

Los Angeles, CA 90071

Attention: Damon R. Fisher, P.C.

Email: dfisher@kirkland.com

 

or to such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party.

 

    -18- 

     

    
(g)  
Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business
Day, the time period shall automatically be extended to the Business Day immediately following such Saturday, Sunday or legal
holiday.

 

(h)  
Governing Law. All issues and questions concerning the construction, validity, interpretation and enforcement of
this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State
of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 

(i)    
MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER
INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL
BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

(j)    
CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION
OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING
ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO
FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE
ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO
WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND HEREBY
AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION,
SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(k)  
No Recourse. Notwithstanding anything to the contrary in this Agreement, the Company and each holder of Registrable
Securities agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection
with this Agreement, shall be had against any current or future director, officer, employee, general or limited partner or member
of any holder of Registrable Securities or of any Affiliate or assignee thereof, whether by the enforcement of any assessment
or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed
and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current
or future officer, agent or employee of any holder of Registrable Securities or any current or future member of any holder of
Registrable Securities or any current or future director, officer, employee, partner or member of any holder of Registrable Securities
or of any Affiliate or assignee thereof, as such for any obligation of any holder of Registrable Securities under this Agreement
or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason
of such obligations or their creation.

 

    -19- 

     

    

(l)    
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way
of example rather than by limitation.

 

(m) No Strict Construction.
The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent,
and no rule of strict construction shall be applied against any party.

 

(n)  
Counterparts. This Agreement may be executed in multiple counterparts, any one of which need not contain the signature
of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

 

(o)  
Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered
into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent
executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using
a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and
shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute
original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise
the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability
of a contract and each such party forever waives any such defense.

 

(p)  
Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each holder of Registrable
Securities shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary
or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

 

    -20- 

     

    

(q)  
No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities
which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement.

 

 

 

* * * * *

    -21- 

     

    

IN WITNESS WHEREOF, the
parties have executed this Registration Agreement as of the date first written above.

 

 

 

 

 

 

 

    
	[Signature Page to Registration Rights Agreement]

     

    

 

[Signature Page to Registration Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]