Document:

Exhibit 4.5

 

 

 

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 [ • ]

 

[ • ]% Senior Notes due [
• ]

 

 

  

    	 		 

     

    

 

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; 12.02
	(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
	(c)	 	7.06; 11.02
	(d)	 	7.06
	314 (a)	 	4.05; 4.10; 11.02
	(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(a)
	(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)	 	9.02
	(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	 	31
	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	 	42
	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	 	52
	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	 	53
	SECTION 11.09.	No Adverse Interpretation of Other Agreements	 	53
	SECTION 11.10.	No Recourse Against Others	 	53
	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 [•] 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 [•]% Senior Notes due [•] 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;

 

    	 	1	 

     

    

 

(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 [•].

 

“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 4.950%
senior notes due 2024, the indenture governing the Issuer’s 4.50% senior notes due 2025, the indenture governing the Issuer’s
5.250% senior notes due 2026, the indenture governing the Issuer’s 4.500% senior notes due 2027, and the indenture governing
the Issuer’s 4.750% senior notes due 2028 (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 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.

 

    	 	6	 

     

    

 

“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
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;

 

    	 	8	 

     

    

 

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 [•]% Senior Notes due [•] 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 [•], 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 qualifying shares or Investments by individuals mandated by applicable law) by such Person or one or more Wholly
Owned Subsidiaries of such Person.

 

    	 	12	 

     

    

 

 

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 Note(s)”).

 

    	 	14	 

     

    

 

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 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 $[ • ] (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.

 

    	 	15	 

     

    

 

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 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 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.

 

    	 	20	 

     

    

 

(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 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.

 

    	 	21	 

     

    

 

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

 

    	 	23	 

     

    

 

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

 

    	 	24	 

     

    

 

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

 

    	 	25	 

     

    

 

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

 

    	 	26	 

     

    

 

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

 

    	 	27	 

     

    

 

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

 

    	 	29	 

     

    

 

(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.

 

    	 	30	 

     

    

 

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 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 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.

 

    	 	36	 

     

    

 

(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, [•], 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 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:

 

    	 	41	 

     

    

 

(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.

 

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:

 

    	 	42	 

     

    

 

(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

 

(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.

 

    	 	43	 

     

    

 

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 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.

 

    	 	44	 

     

    

 

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;

 

(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

 

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

 

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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

 

(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.

 

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(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),
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.

 

    	 	47	 

     

    

 

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 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.

 

    	 	48	 

     

    

 

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, 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.

 

    	 	49	 

     

    

 

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 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.

 

    	 	50	 

     

    

 

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

 

with a copy to:

 

Bryan Cave Leighton Paisner 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

 

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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).

 

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.

 

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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.

 

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.

 

    	 	53	 

     

    

 

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:  	 
	 	 	Name: 
	 	 	Title:

 

[Signature Page to Indenture]

 

    	 		 

     

    

 

	 	[LIST SUBSIDIARY GUARANTORS].
	 	 	 
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

    	 		 

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

    	 		 

     

    

 

EXHIBIT A

 

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

 

OMEGA HEALTHCARE INVESTORS, INC.

[•]% Senior Notes due [•]

 

	 	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 [•].

 

Interest Payment Dates: [•]and [•],
commencing [•].

 

Record Dates: [•]and [•].

 

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.

 

 

aThis language 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 [•]% Senior Notes
due [•] described in the within-mentioned Indenture.

 

Dated:

 

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

 

    	 	A-3	 

     

    

 

(Reverse of Note)

[•]% Senior Notes due [•]

 

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 [•]% per annum from [•] until maturity. The Issuer will pay interest semi-annually on [•]
and [•] 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 [•]. 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 [•]. 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 [•] or [•] 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 [ • ] (“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 [•], 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 [ • ] 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 [•],
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) [ • ] and [ • ] and (2) any [three] 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.

 

    	 	A-6	 

     

    

 

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”) 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 [ • ], 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-2axti_Ex10_1

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		
			CREDIT AGREEMENT
		

		
			THIS CREDIT AGREEMENT (this “Agreement”) is entered into as of November 2, 2018, by and between AXT, INC., a Delaware corporation (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).
		

		
			RECITALS
		

		
			Borrower has requested that Bank extend or continue credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained herein.
		

		
			NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows:
		

		
			ARTICLE I
		

		
			CREDIT TERMS
		

		
			SECTION 1.1.      LINE OF CREDIT.
		

		
			(a)          Line of Credit.  Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including November 30, 2020, not to exceed at any time the aggregate principal amount of Ten Million Dollars ($10,000,000.00) (“Line of Credit”), the proceeds of which shall be used for Borrower’s working capital requirements and other general corporate purposes.  Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of November 2, 2018, as modified from time to time (“Line of Credit Note”), all terms of which are incorporated herein by this reference.
		

		
			(b)          Borrowing and Repayment.  Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal amount available thereunder, as set forth herein.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(c)          Standby Letter of Credit Subfeature.  As a subfeature under the Line of Credit, Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue standby letters of credit for the account of Borrower (“Subfeature Standby Letters of Credit”); provided however, that the aggregate undrawn amount of all outstanding Subfeature Standby Letters of Credit shall not at any time exceed One Million Dollars ($1,000,000.00).  The form and substance of each Subfeature Standby Letter of Credit shall be subject to approval by Bank, in its sole discretion.  Each Subfeature Standby Letter of Credit shall be issued for a term not to exceed three hundred sixty-five (365) days, as designated by Borrower; provided however, that no Subfeature Standby Letter of Credit shall have an expiration date more than three hundred sixty-five (365) days beyond the maturity date of the Line of Credit (any such Standby Letter of Credit, an “Extended Date Letter of Credit”).  Notwithstanding anything to the contrary contained herein, Borrower shall, not less than ninety (90) days prior to the maturity date of the Line of Credit, provide Bank with cash collateral (which may be in addition to or, if agreed by Bank, may be a replacement for, such other collateral that may have been granted by Borrower to Bank, pursuant to this Agreement or otherwise), consisting of a deposit account maintained by Borrower with Bank in an amount that is not less than one hundred five percent (105%) of the undrawn amount of all Extended Date Letters of Credit, as evidenced by and subject to the security agreements and other documents as Bank shall reasonably require, all in form and substance satisfactory to Bank.  The undrawn amount of all Subfeature Standby Letters of Credit shall be reserved under the Line of Credit and shall not be available for borrowings thereunder.  Each Subfeature Standby Letter of Credit shall be subject to the additional terms and conditions of Bank’s standard standby letter of credit agreement and all applications and related documents required by Bank in connection with the issuance thereof.  Each drawing paid under a Subfeature Standby Letter of Credit shall be deemed an advance under the Line of Credit and shall be repaid by Borrower in accordance with the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at the time any drawing is paid, then Borrower shall immediately pay to Bank the full amount drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest applicable to advances under the Line of Credit.
		

		
			SECTION 1.2.      INTEREST/FEES.
		

		
			(a)          Interest.  The outstanding principal balance of each credit subject hereto shall bear interest, and the amount of each drawing paid under any Letter of Credit shall bear interest from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest set forth in each promissory note or other instrument or document executed in connection therewith.  The promissory notes or other instruments or documents executed in connection with the credit(s) subject to this Agreement may calculate interest at a rate equal to the sum of an index rate of interest plus a margin rate of interest.  In the event any index rate of interest would be less than zero percent (0.0%),
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			then the index rate of interest shall be deemed to be zero percent (0.0%) and the applicable promissory note or other instrument or document shall bear interest at a rate equal to the margin rate of interest.
		

		
			(b)          Computation and Payment.  Interest shall be computed on the basis set forth in each promissory note or other instrument or document required hereby.  Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby.
		

		
			(c)          Unused Commitment Fee.  Borrower shall pay to Bank a fee equal to one-quarter percent (0.25%) per annum (computed on the basis of a 360-day year, actual days elapsed) on the daily unused amount of the Line of Credit, which fee shall be calculated on a quarterly basis by Bank and shall be due and payable by Borrower in arrears on the fifteenth (15th) day of each fiscal quarter, commencing on January 15, 2019.
		

		
			(d)          Letter of Credit Fees.  Borrower shall pay to Bank fees upon the issuance of each Letter of Credit, upon the payment or negotiation of each drawing under any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including without limitation, the transfer, amendment or cancellation of any Letter of Credit) determined in accordance with Bank’s standard fees and charges then in effect for such activity.
		

		
			SECTION 1.3.     COLLECTION OF PAYMENTS.  Borrower authorizes Bank to collect all principal, interest and fees due under each credit subject hereto by debiting Borrower’s deposit account number with Bank, or any other deposit account maintained by Borrower with Bank, for the full amount thereof.  Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.
		

		
			SECTION 1.4.     COLLATERAL. As security for all indebtedness and other obligations of Borrower to Bank, other than indebtedness that is excluded from such secured obligations by the terms of the security agreement(s) required hereunder, Borrower shall grant to Bank security interests of first priority in the Collateral (as defined in that certain Security Agreement: Business Assets, dated as of the date hereof, by and between Borrower and Bank (the “Security Agreement”), including, but not limited to, all Borrower’s rights to payment, inventory, general intangibles (except for Intellectual Property), deposit accounts, accounts receivable, equipment and other personal property, in each case, to the extent located, received or held within the United States.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			All of the foregoing shall be evidenced by and subject to the terms of such security agreements, financing statements, deeds or mortgages, and other documents as Bank shall reasonably require, all in form and substance satisfactory to Bank.  Borrower shall pay to Bank immediately upon demand the full amount of all charges, costs and expenses (to include fees paid to third parties and all allocated costs of Bank personnel), expended or incurred by Bank in connection with any of the foregoing security, including without limitation, filing and recording fees and costs of appraisals, audits and title insurance.
		

		
			As used in this Agreement, “Copyrights” means any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.
		

		
			As used in this Agreement, “Intellectual Property” means, with respect to any person, all of such person’s right, title, and interest in and to the following:
		

		
			(a)          its Copyrights, Trademarks and Patents;
		

		
			(b)          any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, and operating manuals;
		

		
			(c)          any and all source code;
		

		
			(d)          any and all design rights which may be available to such person;
		

		
			(e)          any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and
		

		
			(f)           all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.
		

		
			As used in this Agreement, “Patents” means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same.
		

		
			As used in this Agreement, “Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			ARTICLE II
		

		
			REPRESENTATIONS AND WARRANTIES
		

		
			Borrower makes the following representations and warranties to Bank, which representations and warranties shall survive the execution of this Agreement and shall continue in full force and effect until the full and final payment, and satisfaction and discharge, of all obligations of Borrower to Bank subject to this Agreement.
		

		
			SECTION 2.1.      LEGAL STATUS.  Borrower is: (a)  a corporation, duly organized and existing and in good standing under the laws of Delaware, and is qualified or licensed to do business (and is in good standing as a foreign corporation, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed could have a material adverse effect on Borrower; and (b) not the target of any trade or economic sanctions promulgated by the United Nations or the governments of the United States, the United Kingdom, the European Union, or any other jurisdiction in which the Borrower is located or operates (collectively, “Sanctions”).
		

		
			SECTION 2.2.      AUTHORIZATION AND VALIDITY.  This Agreement and each promissory note, contract, instrument and other document required hereby or at any time hereafter delivered to Bank in connection herewith (collectively, the “Loan Documents”) have been duly authorized, and upon their execution and delivery in accordance with the provisions hereof will constitute legal, valid and binding agreements and obligations of Borrower or the party which executes the same, enforceable in accordance with their respective terms.
		

		
			SECTION 2.3.      NO VIOLATION.  The execution, delivery and performance by Borrower of each of the Loan Documents do not violate any provision of any law or regulation, or contravene any provision of the organizational and governing documents of Borrower, or result in any breach of or default under any material contract, obligation, indenture or other instrument to which Borrower is a party or by which Borrower may be bound.
		

		
			SECTION 2.4.      LITIGATION.  There are no pending, or to the best of Borrower’s knowledge threatened, actions, claims, investigations, suits or proceedings by or before any governmental authority, arbitrator, court or administrative agency which could have a material adverse effect on the financial condition or operation of Borrower other than those disclosed by Borrower to Bank in writing prior to the date hereof.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			SECTION 2.5.      CORRECTNESS OF FINANCIAL STATEMENT.  The annual financial statement of Borrower dated December 31, 2017, and all interim financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct and present fairly the financial condition of Borrower for the periods presented therein, (b) disclose all liabilities of Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) have been prepared in accordance with generally accepted accounting principles consistently applied.  Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except in favor of Bank, Permitted Liens, or as otherwise permitted by Bank in writing.
		

		
			SECTION 2.6.      INCOME TAX RETURNS.  Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.
		

		
			SECTION 2.7.      NO SUBORDINATION.  There is no agreement, indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination in right of payment of any of Borrower’s obligations subject to this Agreement to any other obligation of Borrower.
		

		
			SECTION 2.8.      PERMITS, FRANCHISES. Except to the extent that failure to so possess could not result in a Material Adverse Effect, Borrower possesses, and will hereafter possess, all permits, consents, approvals, franchises and licenses required and rights to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in compliance with applicable law.
		

		
			As used in this Agreement, “Material Adverse Effect” means, with respect to Borrower and its Subsidiaries, (a) a material adverse effect on the operations, business, assets, properties, liabilities (actual or contingent) or condition (financial or otherwise) of any such person or entity, (b) a material impairment of the ability of any such person or entity to perform its obligations under the Loan Documents to which it is a party, (c) a material impairment of the rights and remedies of Bank under any Loan Document or (d) an impairment of the legality, validity, binding effect or enforceability against Borrower of any Loan Document.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			SECTION 2.9.      ERISA.  Borrower is in compliance in all material respects with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended or recodified from time to time (“ERISA”); Borrower has not violated any provision of any defined employee pension benefit plan (as defined in ERISA) maintained or contributed to by Borrower (each, a “Plan”); no Reportable Event as defined in ERISA has occurred and is continuing with respect to any Plan initiated by Borrower; Borrower has met its minimum funding requirements under ERISA with respect to each Plan; and each Plan will be able to fulfill its benefit obligations as they come due in accordance with the Plan documents and under generally accepted accounting principles.
		

		
			SECTION 2.10.    OTHER OBLIGATIONS.  Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any other material lease, commitment, contract, instrument or obligation.
		

		
			SECTION 2.11.    ENVIRONMENTAL MATTERS.  Except as disclosed by Borrower to Bank in writing prior to the date hereof, Borrower is in compliance in all material respects with all applicable federal or state environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto, which govern or affect any of Borrower’s operations and/or properties, including without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same may be amended, modified or supplemented from time to time.  None of the operations of Borrower is the subject of any federal or state investigation evaluating whether any remedial action involving a material expenditure is needed to respond to a release of any toxic or hazardous waste or substance into the environment.  Borrower has no material contingent liability in connection with any release of any toxic or hazardous waste or substance into the environment.
		

		
			ARTICLE III
		

		
			CONDITIONS
		

		
			SECTION 3.1.      CONDITIONS OF INITIAL EXTENSION OF CREDIT.  The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank’s satisfaction of all of the following conditions:
		

		
			(a)          Approval of Bank Counsel.  All legal matters incidental to the extension of credit by Bank shall be satisfactory to Bank’s counsel.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(b)          Documentation.  Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed:
		

		
			(i)    This Agreement and each promissory note or other instrument or document required hereby.
		

		
			(ii)   The Security Agreement.
		

		
			(iii)  Corporate Resolutions and Certificate of Incumbency Borrower.
		

		
			(iv)  Satisfactory Pre-Loan Audit.
		

		
			(v)   Such other documents as Bank may require under any other Section of this Agreement.
		

		
			(c)          Financial Condition.  There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower or any Third Party Obligor hereunder, if any, nor any material decline, as determined by Bank, in the market value of any collateral required hereunder or a substantial or material portion of the assets of Borrower or any such Third Party Obligor, if any.
		

		
			(d)          Insurance.  Borrower shall have delivered to Bank evidence of insurance coverage, in form, substance, amounts, covering risks and issued by companies satisfactory to Bank, and where required by Bank, with lender loss payable endorsements in favor of Bank, including without limitation, policies of marine cargo insurance, and policies of fire and extended coverage insurance covering all real property collateral required hereby, with replacement cost and mortgagee loss payable endorsements, and such policies of insurance against specific hazards affecting any such real property, including terrorism, as may be required by governmental regulation or Bank.
		

		
			(e)          Audit.  Bank shall have received from Borrower results of a pre-loan audit and collateral exam, in form and substance satisfactory to Bank, and with results satisfactory to Bank.
		

		
			SECTION 3.2.      CONDITIONS OF EACH EXTENSION OF CREDIT.  The obligation of Bank to make each extension of credit requested by Borrower hereunder shall be subject to the fulfillment to Bank’s satisfaction of each of the following conditions:
		

		
			(a)          Compliance.  The representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects, except for any representation
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of the date of such extension of credit with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date), and on each such date, no Event of Default as defined herein, and no condition, event or act which with the giving of notice or the passage of time or both would constitute such an Event of Default, shall have occurred and be continuing or shall exist.
		

		
			(b)          Documentation.  Bank shall have received all additional documents which may be required in connection with such extension of credit including without limitation, the following:
		

		
			(i)    For the issuance of a commercial letter of credit under any credit subject to this Agreement, Bank’s standard Application for Commercial Letter of Credit.
		

		
			(ii)   For the issuance of a standby letter of credit under any credit subject to this Agreement, Bank’s standard Application for Standby Letter of Credit.
		

		
			(c)          Payment of Fees.  Bank shall have received payment in full of any fee required by any of the Loan Documents to be paid at the time such credit extension is made.
		

		
			(d)          Letter of Credit Documentation.  Prior to the issuance of any letter of credit, Bank shall have received a Letter of Credit Agreement and any other letter of credit documentation required by Bank, in each case completed and duly executed by Borrower.
		

		
			ARTICLE IV
		

		
			AFFIRMATIVE COVENANTS
		

		
			Borrower covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject hereto, Borrower shall, unless Bank otherwise consents in writing:
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			SECTION 4.1.      PUNCTUAL PAYMENTS.  Punctually pay all principal, interest, fees or other liabilities due under any of the Loan Documents at the times and place and in the manner specified therein, and immediately upon demand by Bank, the amount by which the outstanding principal balance of any credit subject hereto at any time exceeds any limitation on borrowings applicable thereto.
		

		
			SECTION 4.2.      ACCOUNTING RECORDS.  Maintain, and cause its Subsidiaries to maintain, adequate books and records in accordance with generally accepted accounting principles consistently applied, and permit any representative of Bank, at any reasonable time upon prior written notice of three (3) business days, to inspect, audit and examine such books and records, to make copies of the same, and to inspect the properties of Borrower.  If at any time any change in generally accepted accounting principles would affect the computation of any covenant (including the computation of any financial covenant) and/or pricing grid set forth in this Agreement or any other Loan Document, Borrower and Bank shall negotiate in good faith to amend such covenant and/or pricing grid to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant and/or pricing grid shall continue to be computed in accordance with the application of generally accepted accounting principles prior to such change and (ii) Borrower shall provide to Bank a written reconciliation in form and substance reasonably satisfactory to Bank, between calculations of such covenant and/or pricing grid made before and after giving effect to such change in generally accepted accounting principles.
		

		
			SECTION 4.3.      FINANCIAL STATEMENTS.  Provide to Bank all of the following, in form and detail satisfactory to Bank:
		

		
			(a)          not later than 90 days after and as of each fiscal year end, a form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”), to include a consolidated audited financial statement of Borrower and its Subsidiaries, prepared by a certified public accountant acceptable to Bank, to include balance sheet, income statement and statement of cash flows. The audited annual financial statements shall be accompanied by the unqualified opinion of such accountant addressed to Bank;
		

		
			(b)          not later than 45 days after and as of each fiscal quarter end, a form 10-Q filed with the SEC, to include a consolidated financial statement of Borrower and its Subsidiaries, prepared by Borrower and its Subsidiaries, to include balance sheet and income statement;
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(c)          not later than 45 days after and as of the end of each fiscal quarter, an aged listing of accounts receivable and accounts payable (but for accounts payable, only with respect to Borrower), and a reconciliation of accounts;
		

		
			(d)          contemporaneously with each annual and quarterly financial statement of Borrower and its Subsidiaries required hereby, a certificate of the president or chief financial officer of Borrower, that said financial statements are accurate, that Borrower and its Subsidiaries are in compliance with all financial covenants in this Agreement (as evidenced by detailed calculations attached to such certificate), and that there exists no Event of Default nor any condition, act or event which with the giving of notice or the passage of time or both would constitute an Event of Default;
		

		
			(e)          not later than December 31 of each year, a 2-year financial forecast, in form and substance satisfactory to Bank; and
		

		
			(f)           from time to time such other information as Bank may reasonably request.
		

		
			SECTION 4.4.      COMPLIANCE.
		

		
			(a)          Comply with, and cause Borrower’s Subsidiaries to comply with, the requirements of (i) all Sanctions, (ii) all laws and regulations that relate to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto, (iii)  the U.S. Foreign Corrupt Practices Act of 1977, as amended, (iv) the U.K. Bribery Act of 2010, as amended, and (v) any other applicable anti-bribery or anti-corruption laws and regulations;
		

		
			(b)          comply with, and cause Borrower’s Subsidiaries to comply with, the requirements of all laws, rules, regulations and orders, other than those referenced in Section 4.4(a), of any jurisdiction in which such entity is located or doing business, or otherwise is applicable to such entity, except to the extent that failure to so comply could not result in a Material Adverse Effect;
		

		
			(c)          preserve and maintain, and cause Borrower’s Subsidiaries to preserve and maintain, all licenses, permits, governmental approvals, rights, privileges and franchises necessary for the conduct of its business, except to the extent that failure to so preserve and maintain could not result in a Material Adverse Effect; and
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(d)          comply with the provisions of all documents pursuant to which Borrower is organized and/or which govern Borrower’s continued existence, except to the extent that failure to so comply could not result in a Material Adverse Effect.
		

		
			SECTION 4.5.      INSURANCE.  Maintain and keep in force, and cause Borrower’s Subsidiaries to maintain and keep in force, for each business in which they are engaged, insurance of the types and in amounts customarily carried in similar lines of business, including but not limited to fire, extended coverage, commercial general liability, flood, and, if required, hurricane, windstorm, seismic property damage and workers’ compensation, with all such insurance carried in amounts satisfactory to Bank, and deliver to Bank from time to time at Bank’s request schedules setting forth all insurance then in effect, together with a lender’s loss payee endorsement for all such insurance naming Bank as a lender loss payee.  Such insurance may be obtained from an insurer or through an insurance agent of Borrower’s choice, provided that any insurer chosen by Borrower is acceptable to Bank on such reasonable grounds as may be permitted under applicable law.
		

		
			SECTION 4.6.      FACILITIES.  Keep, and cause Borrower’s Subsidiaries to keep, all properties useful or necessary to each of their businesses in good repair and condition, and from time to time make necessary repairs, renewals and replacements thereto so that such properties shall be fully and efficiently preserved and maintained.
		

		
			SECTION 4.7.      TAXES AND OTHER LIABILITIES.  Pay, and cause each of Borrower’s Subsidiaries to pay, and discharge when due any and all indebtedness, obligations, assessments and taxes, both real or personal, including without limitation federal and state income taxes and state and local property taxes and assessments, except (a) such as they may in good faith contest or as to which a bona fide dispute may arise, and (b) for which they have made provision, to Bank’s satisfaction, for eventual payment thereof in the event any of them are obligated to make such payment.
		

		
			SECTION 4.8.      LITIGATION.  Promptly give, and cause Borrower’s Subsidiaries to promptly give, notice in writing to Bank of any litigation pending or threatened against Borrower or any subsidiary of Borrower.
		

		
			SECTION 4.9.      FINANCIAL CONDITION.  Maintain the consolidated financial condition of Borrower and its Subsidiaries as follows using generally accepted accounting principles consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein):
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(a)          Net income after taxes (as presented in the Borrower’s Form 10-Ks and 10-Qs filed with the SEC) not less than $1.00 on a trailing 12-month basis, determined as of each fiscal quarter end, with no two consecutive quarters of losses.
		

		
			(b)          Quick Ratio not less than 1.10 to 1.0 at each fiscal quarter end, with “Quick Ratio” defined as the aggregate of (i) cash and cash equivalents, short-term investments and long-term investments of cash (as detailed in Borrower’s Form 10-Ks and 10-Qs filed with the SEC), of which at least Ten Million Dollars ($10,000,000.00) is unrestricted cash held in Borrower’s U.S. operating and investment accounts, plus accounts receivable billed or invoiced from the United States to account debtors worldwide; divided by the sum of (ii) total current liabilities plus, without duplication, the outstanding balance remaining under the Line of Credit, plus, without duplication, the outstanding balance remaining under that certain promissory note from Borrower’s subsidiary Beijing Tongmei Xtal Technology Co., Ltd. to Industrial and Commercial Bank of China in the original principal amount of Fifty Million Renminbi (¥50,000,000.00) (“the ICBC Debt”).
		

		
			SECTION 4.10.    NOTICE TO BANK.  Promptly (but in no event more than five (5) days after the occurrence of each such event or matter) give written notice to Bank in reasonable detail of:  (a) the occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute an Event of Default; (b) any change in the name or the organizational structure of Borrower; (c) the occurrence and nature of any Reportable Event or Prohibited Transaction, each as defined in ERISA, or any funding deficiency with respect to any Plan; or (d) any termination or cancellation of any insurance policy which Borrower is required to maintain, or any uninsured or partially uninsured loss through liability or property damage, or through fire, theft or any other cause affecting Borrower’s property.
		

		
			As used in this Agreement, “Subsidiary” means any corporation or other entity of which at least the majority of the equity securities or other ownership interests having ordinary voting power for the election of directors or other persons performing similar functions are at the time owned directly or indirectly by Borrower and/or by one or more of Borrower’s Subsidiaries.  Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” herein shall refer to those of Borrower.
		

		
			ARTICLE V
		

		
			NEGATIVE COVENANTS
		

		
			Borrower further covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject hereto, Borrower will not, and will not permit any Subsidiary to, without Bank’s prior written consent:
		

		
			SECTION 5.1.      USE OF FUNDS.  Use any of the proceeds of any credit extended hereunder except for the purposes stated in Article I hereof, or directly or indirectly use any such proceeds for the purpose of (a) providing financing to, or otherwise funding, any targets of Sanctions; or (b) providing financing for, or otherwise funding, any transaction which would be prohibited by Sanctions or would otherwise cause Bank or any of Bank’s affiliates to be in breach of any Sanctions.
		

		
			SECTION 5.2.      CAPITAL EXPENDITURES.  Make any additional investment in fixed assets in the fiscal quarter ending December 31, 2018 in excess of an aggregate of Thirty-Two Million Dollars ($32,000,000.00), and in excess of an aggregate of Ten Million Dollars ($10,000,000.00) for each fiscal year thereafter; provided that any unused amounts in the fiscal quarter ending December 31, 2018 under this provision may be carried over and utilized in fiscal year 2019.
		

		
			SECTION 5.3.      LEASE EXPENDITURES.  Incur any operating lease expense, except (i) in connection with Borrower’s office leases and (ii) various leases that do not result, individually or in the aggregate, in payments in excess of One Million Dollars ($1,000,000.00) in any fiscal year.
		

		
			SECTION 5.4.      OTHER INDEBTEDNESS.  Create, incur, assume or permit to exist any indebtedness for borrowed money or liabilities resulting from borrowings, loans or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Bank; (b) purchase money indebtedness incurred in connection with the purchase of equipment in an aggregate amount incurred after the date of this Agreement not in excess of One Million Dollars ($1,000,000.00); (c) indebtedness consisting of loans or advances permitted pursuant to Sections 5.7(b), (c), (d), and (f) hereto; and (d) the ICBC Debt existing as of the date hereof in an amount not to exceed Eight Million Dollars ($8,000,000).
		

		
			SECTION 5.5.      MERGER, CONSOLIDATION, TRANSFER OF ASSETS.  Merge into or consolidate with any other entity; make any substantial change in the nature of Borrower’s or any Subsidiary’s business as conducted as of the date hereof; acquire all or substantially all of the assets of any other entity; nor sell, lease, transfer or otherwise dispose of all or a substantial or material portion of Borrower’s or any Subsidiary’s assets except in the ordinary course of its business; provided, however, that Borrower may sell its equity interests in any Subsidiary solely if Borrower owns, directly or indirectly, less than 50% of all issued and outstanding equity interests in such Subsidiary as of the date of this Agreement.  For the avoidance of doubt, Borrower shall be allowed to enter into (but not
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			consummate) any such merger or acquisition transaction, provided that the obligations hereunder shall be paid off and terminated in connection with such transaction.
		

		
			SECTION 5.6.      GUARANTIES.  Guarantee or become liable in any way as surety, endorser (other than as endorser of negotiable instruments for deposit or collection in the ordinary course of business), accommodation endorser or otherwise for, nor pledge or hypothecate any assets as security for, any liabilities or obligations of any other person or entity, except any of the foregoing in favor of Bank or in connection with office leases, equipment leases or vendor contracts entered into in the ordinary course of business.
		

		
			SECTION 5.7.      LOANS, ADVANCES, INVESTMENTS.  Make any loans or advances to or investments in any person or entity, except (a) any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof; (b) existing intercompany loans or advances to Baoding Tongmei Xtal Technology Co., Ltd. in an amount not exceeding Thirty Million Renminbi (¥30,000,000.00); (c) existing intercompany loans or advances to MaAnShan JinMei Gallium Ltd. in an amount not exceeding Five Million Renminbi (¥5,000,000.00); (d) existing intercompany loans or advances to ChaoYang TongMei Xtal Technology Co., Ltd. in an amount not exceeding Thirty Million Renminbi (¥30,000,000.00); (e) loans, investments or advances consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers in the ordinary course of business or the endorsement of negotiable instruments for deposit or collection in the ordinary course of business; and (f) additional loans or advances to Subsidiaries of Borrower in amounts not to exceed an aggregate of One Million Dollars ($1,000,000.00) in any fiscal year.
		

		
			SECTION 5.8.      PLEDGE OF ASSETS.  Mortgage, pledge, grant or permit to exist a security interest in, or lien upon, all or any portion of Borrower’s or any Subsidiary’s assets now owned or hereafter acquired, including without limitation Intellectual Property, except the following (collectively, “Permitted Liens”):
		

		
			(a)  any of the foregoing, in or upon assets not constituting Intellectual Property, in favor of Bank or which is existing as of, and disclosed to Bank in writing prior to, the date hereof;
		

		
			(b)  liens for taxes, fees, assessments and governmental charges not delinquent or to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 4.7, provided that no notice of any such lien has been filed or recorded under the Internal Revenue Code and the Treasury Regulations adopted thereunder;
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(c)  security interests in assets not constituting Intellectual Property securing indebtedness permitted under Section 5.4(b) herein (provided that (i) such security shall be created substantially simultaneously with the acquisition of the related property, (ii) such security interests do not at any time encumber any property other than the property financed and the proceeds thereof, (iii) the amount of indebtedness secured thereby is not increased, except in connection with a refinancing or replacement thereof that does not exceed the amount specified in Section 5.4(b), and (iv) the principal amount of indebtedness secured by any such security interest shall at no time exceed one hundred percent (100%) of the original price for the purchase of such property(including customary fees, costs and expenses) at the time of purchase);
		

		
			(d)  liens of carriers, warehousemen, mechanics and materialmen, and other like liens arising in the ordinary course of business, for sums not due or to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 4.7;
		

		
			(e)  deposits or pledges to secure payment of workers’ compensation, unemployment insurance, old age pensions or other social security obligations, in the ordinary course of business of Borrower and its Subsidiaries;
		

		
			(f)   leases or subleases of real property granted in the ordinary course of Borrower’s and its Subsidiaries’ business (or, if referring to another person or entity, in the ordinary course of such person or entity’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s and its Subsidiaries’ business (or, if referring to another person or entity, in the ordinary course of such person or entity’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein;
		

		
			(g)  liens securing judgments for the payment of money not constituting an Event of Default under Section 6.1(f) or securing appeal or other surety bonds relating to such judgments;
		

		
			(h)  liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided that (i) such deposit account is not a dedicated cash collateral account and is not subject to restriction against access by Borrower and/or its Subsidiaries in excess of those set forth by regulations promulgated by
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			the Federal Reserve Board, and (ii) such deposit account is not intended by Borrower or any Subsidiary to provide collateral to the depository institution;
		

		
			(i)   liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases entered into in the ordinary course of business of the Borrower and its Subsidiaries; and
		

		
			(j)   liens in existence on the date hereof on the real property of Borrower’s subsidiary Beijing Tongmei Xtal Technology Co., Ltd securing the ICBC Debt.
		

		
			ARTICLE VI
		

		
			EVENTS OF DEFAULT
		

		
			SECTION 6.1.      The occurrence of any of the following shall constitute an “Event of Default” under this Agreement:
		

		
			(a)          Borrower shall fail to pay when due any principal, interest, fees or other amounts payable under any of the Loan Documents.
		

		
			(b)          Any financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by Borrower or any other party under this Agreement or any other Loan Document shall prove to be incorrect, false or misleading in any material respect when furnished or made.
		

		
			(c)          Any default in the performance of or compliance with (1) any collateral value requirement set forth herein or any other Loan Document; or (2) any obligation, agreement or other provision contained herein or in any other Loan Document (other than those specifically described as an “Event of Default”), and with respect to such default under this subdivision (2) that by its nature can be cured, such default shall continue for a period of twenty (20) days from its occurrence.
		

		
			(d)          Any default in the payment or performance of any obligation, or any defined event of default, under the terms of any contract, instrument or document (other than any of the Loan Documents) pursuant to which Borrower, any guarantor hereunder or any general partner or joint
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			venturer in Borrower if a partnership or joint venture (with each such guarantor, general partner and/or joint venturer referred to herein as a “Third Party Obligor”) has incurred any debt or other liability to any person or entity, including Bank.
		

		
			(e)          Borrower or any Third Party Obligor shall become insolvent, or shall suffer or consent to or apply for the appointment of a receiver, trustee, custodian or liquidator of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general assignment for the benefit of creditors; Borrower or any Third Party Obligor shall file a voluntary petition in bankruptcy, or seeking reorganization, in order to effect a plan or other arrangement with creditors or any other relief under the Bankruptcy Reform Act, Title 11 of the United States Code, as amended or recodified from time to time (“Bankruptcy Code”), or under any state or federal law granting relief to debtors, whether now or hereafter in effect; or Borrower or any Third Party Obligor shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary petition; or Borrower or any Third Party Obligor shall be adjudicated a bankrupt, or an order for relief shall be entered against Borrower or any Third Party Obligor by any court of competent jurisdiction under the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors.
		

		
			(f)           The filing of a notice of judgment lien against Borrower or any Third Party Obligor; or the recording of any abstract or transcript of judgment against Borrower or any Third Party Obligor in any county or recording district in which Borrower or such Third Party Obligor has an interest in real property; or the service of a notice of levy and/or of a writ of attachment or execution, or other like process, against the assets of Borrower or any Third Party Obligor; or the entry of a judgment against Borrower or any Third Party Obligor; or any involuntary petition or proceeding pursuant to the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors is filed or commenced against Borrower or any Third Party Obligor.
		

		
			(g)          There shall exist or occur any event or condition that Bank in good faith believes impairs, or is substantially likely to impair, the payment or performance by Borrower, any Third Party Obligor, or the general partner of either if such entity is a partnership, of its obligations under any of the Loan Documents.
		

		
			(h)          The death or incapacity of Borrower or any Third Party Obligor if an individual.  The withdrawal, resignation or expulsion of any one or more of the general partners in Borrower or any Third Party Obligor if a partnership.  The dissolution or liquidation of Borrower or any Third Party Obligor if a corporation, partnership, joint venture or other type of entity; or Borrower or any such Third Party Obligor, or any of its directors, stockholders or members, shall take action seeking to effect the dissolution or liquidation of Borrower or such Third Party Obligor.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(i)           The withdrawal, resignation or expulsion of any one or more of the general partners in Borrower or any change in control of Borrower or any entity or combination of entities that directly or indirectly control Borrower, with “control” defined as ownership of an aggregate of thirty-five percent (35%) or more of the common stock, members’ equity or other ownership interest (other than a limited partnership interest).
		

		
			(j)           The sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary or by operation of law, without Bank’s prior written consent, of all or any part of or interest in any real property collateral required hereby.
		

		
			SECTION 6.2.      REMEDIES.  Upon the occurrence of any Event of Default:  (a) all principal, unpaid interest outstanding and other indebtedness of Borrower under each of the Loan Documents, any term thereof to the contrary notwithstanding, shall at Bank’s option and without notice (except as expressly provided in any mortgage or deed of trust pursuant to which Borrower has provided Bank a lien on any real property collateral) become immediately due and payable without presentment, demand, protest or any notices of any kind, including without limitation, notice of nonperformance, notice of protest, notice of dishonor, notice of intention to accelerate or notice of acceleration, all of which are hereby expressly waived by Borrower; (b) the obligation, if any, of Bank to extend any further credit under any of the Loan Documents shall immediately cease and terminate; and (c) Bank shall have all rights, powers and remedies available under each of the Loan Documents, or accorded by law, including without limitation the right to resort to any or all security for any credit subject hereto and to exercise any or all of the rights of a beneficiary or secured party pursuant to applicable law.  All rights, powers and remedies of Bank may be exercised at any time by Bank and from time to time after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers or remedies provided by law or equity.
		

		
			ARTICLE VII
		

		
			MISCELLANEOUS
		

		
			SECTION 7.1.      NO WAIVER.  No delay, failure or discontinuance of Bank in exercising any right, power or remedy under any of the Loan Documents shall affect or operate as a waiver of such right, power or remedy; nor shall any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect any other or further exercise thereof or the exercise of any other right, power or remedy.  Any waiver, permit, consent or approval of any kind by Bank of any breach of or default under any of the Loan Documents must be in writing and shall be effective only to the extent set forth in such writing.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			SECTION 7.2.      NOTICES.  All notices, requests and demands which any party is required or may desire to give to any other party under any provision of this Agreement must be in writing delivered to each party at the following address:
		

			
					
						BORROWER:

					
					
						AXT. Inc.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						4281 Technology Drive

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Fremont, CA 94538

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						BANK:

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						400 Hamilton Avenue, Suite 110

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Palo Alto, CA 94301

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Attn: AXT Inc. Relationship Manager

				

		
			 
		

		
			or to such other address as any party may designate by written notice to all other parties.  Each such notice, request and demand shall be deemed given or made as follows:  (a) if sent by hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt.
		

		
			SECTION 7.3.      COSTS, EXPENSES AND ATTORNEYS’ FEES.  Borrower shall pay to Bank immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including, to the extent permitted by applicable law, reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Bank’s in-house counsel to the extent permissible), expended or incurred by Bank in connection with (a) the negotiation and preparation of this Agreement and the other Loan Documents, Bank’s continued administration hereof and thereof, and the preparation of any amendments and waivers hereto and thereto, (b) the enforcement of Bank’s rights and/or the collection of any amounts which become due to Bank under any of the Loan Documents, whether or not suit is brought, and (c) the prosecution or defense of any action in any way related to any of the Loan Documents, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity. Notwithstanding anything in this Agreement to the contrary, reasonable attorneys’ fees shall not exceed the amount permitted by law.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			SECTION 7.4.      SUCCESSORS, ASSIGNMENT.  This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the parties; provided however, that Borrower may not assign or transfer its interests or rights hereunder without Bank’s prior written consent.  Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Bank’s rights and benefits under each of the Loan Documents.  In connection therewith, Bank may disclose all documents and information which Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its business, any guarantor hereunder or the business of such guarantor, if any, or any collateral required hereunder.
		

		
			SECTION 7.5.      ENTIRE AGREEMENT; AMENDMENT.  To the full extent permitted by law, this Agreement and the other Loan Documents constitute the entire agreement between Borrower and Bank with respect to each credit subject hereto and supersede all prior negotiations, communications, discussions and correspondence concerning the subject matter hereof.  This Agreement may be amended or modified only in writing signed by each party hereto.
		

		
			SECTION 7.6.      NO THIRD PARTY BENEFICIARIES.  This Agreement is made and entered into for the sole protection and benefit of the parties hereto and their respective permitted successors and assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any other of the Loan Documents to which it is not a party.
		

		
			SECTION 7.7.      TIME.  Time is of the essence of each and every provision of this Agreement and each other of the Loan Documents.
		

		
			SECTION 7.8.      SEVERABILITY OF PROVISIONS.  If any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of this Agreement.
		

		
			SECTION 7.9.      COUNTERPARTS.  This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same Agreement.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			SECTION 7.10.    GOVERNING LAW.  This Agreement shall be governed by and construed in accordance with the laws of California (such State, Commonwealth or District is referred to herein as the “State”), but giving effect to federal laws applicable to national banks, without reference to the conflicts of law or choice of law principles thereof.
		

		
			SECTION 7.11.    BUSINESS PURPOSE.  Borrower represents and warrants that each credit subject hereto is made for (a) a business, commercial, investment, agricultural or other similar purpose, (b) the purpose of acquiring or carrying on a business, professional or commercial activity, or (c) the purpose of acquiring any real or personal property as an investment and not primarily for a personal, family or household use.
		

		
			SECTION 7.12.    ARBITRATION.
		

		
			(a)          Arbitration.  The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation, execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination; or (ii) requests for additional credit.  In the event of a court ordered arbitration, the party requesting arbitration shall be responsible for timely filing the demand for arbitration and paying the appropriate filing fee within 30 days of the abatement order or the time specified by the court. Failure to timely file the demand for arbitration as ordered by the court will result in that party’s right to demand arbitration being automatically terminated.
		

		
			(b)          Governing Rules.  Any arbitration proceeding will (i) proceed in a location in the State selected by the American Arbitration Association (“AAA”); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance with the AAA’s commercial dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the “Rules”).  If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall control.  Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any dispute.  Nothing contained herein shall be deemed to be a
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law.
		

		
			(c)          No Waiver of Provisional Remedies, Self-Help and Foreclosure.  The arbitration requirement does not limit the right of any party to (i) foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding.  This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.
		

		
			(d)          Arbitrator Qualifications and Powers.  Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00.  Any dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations.  The arbitrator will be a neutral attorney licensed in the State or a neutral retired judge of the state or federal judiciary of the State, in either case with a minimum of ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated.  The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim.  In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication.  The arbitrator shall resolve all disputes in accordance with the substantive law of the State and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award.  The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the corresponding rules of civil practice and procedure applicable in the State or other applicable law.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction.  The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.
		

		
			(e)          Discovery.  In any arbitration proceeding, discovery will be permitted in accordance with the Rules.  All discovery shall be expressly limited to matters directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date.  Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination by
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			the arbitrator upon a showing that the request for discovery is essential for the party’s presentation and that no alternative means for obtaining information is available.
		

		
			(f)           Class Proceedings and Consolidations.  No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.
		

		
			(g)          Payment Of Arbitration Costs And Fees.  The arbitrator shall award all costs and expenses of the arbitration proceeding.
		

		
			(h)          Real Property Collateral; Judicial Reference.  Notwithstanding anything herein to the contrary, no dispute shall be submitted to arbitration if the dispute concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that might accrue to them by virtue of the single action rule statute of California, thereby agreeing that all indebtedness and obligations of the parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable.  If any such dispute is not submitted to arbitration, the dispute shall be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq., and this general reference agreement is intended to be specifically enforceable in accordance with said Section 638.  A referee with the qualifications required herein for arbitrators shall be selected pursuant to the AAA’s selection procedures.  Judgment upon the decision rendered by a referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645.
		

		
			(i)           Miscellaneous.  To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration proceeding within 180 days of the filing of the dispute with the AAA.  No arbitrator or other party to an arbitration proceeding may disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary course of its business or by applicable law or regulation.  If more than one agreement for arbitration by or between the parties potentially applies to a dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of the dispute shall control.  This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents or any relationship between the parties.
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			(j)           Small Claims Court.  Notwithstanding anything herein to the contrary, each party retains the right to pursue in Small Claims Court any dispute within that court’s jurisdiction.  Further, this arbitration provision shall apply only to disputes in which either party seeks to recover an amount of money (excluding attorneys’ fees and costs) that exceeds the jurisdictional limit of the Small Claims Court.
		

		
			[Continues With Signatures On Following Page]
		

		
			
		

		
			

		 

 

		

			Exhibit 10.1

		

		

			Credit Agreement, dated as of November 2, 2018, by and between AXT, Inc. and Wells Fargo Bank, National Association

		

		

		
			IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Agreement to be executed as of the day and year first written above.
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK,

				
	
					
						AXT, INC.

					
					
						NATIONAL ASSOCIATION

				
	
					
						 

					
					
						 

				
	
					
						By: /s/ Morris S. Young

					
					
						By: /s/ Victor Choi

				
	
					
						Name: Morris S. Young

					
					
						Name: Victor Choi

				
	
					
						Title: Chief Executive Officer

					
					
						Title: Vice President

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