Document:

Exhibit 4.10

              

        

        

        

        
          PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL INFORMATION.
              THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

        

        

        

        Execution Version

        

        

        Dated 5 June 2020

         

          

        BORR DRILLING LIMITED

         

        

        as the Parent

         

        

        the Subsidiaries of the Parent listed in Schedule 1 (List of documents) as "Purchasers"

         

        

        as the Purchasers

         

        

        the Subsidiaries of the Parent listed in Schedule 1 (List of documents) as "Debtors"

         

        

        as the Debtors

         

        

        KEPPEL FELS LIMITED

         

        

        as the Builder and

         

        OFFSHORE PARTNERS PTE. LTD.

         

        

        as the Creditor

         

        

        FRAMEWORK DEED

         

        

        
          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        
        TABLE OF CONTENTS

         

        

        	
                Contents

              	 	
                Page

              
	 	 	 
	
                1.

              	
                Definitions and interpretation

              	
                2

              
	 	 	 
	
                2.

              	
                Overriding principle

              	
                11

              
	 	 	 
	
                3.

              	
                Effective Date

              	
                11

              
	 	 	 
	
                4.

              	
                Amendments and supplements

              	
                13

              
	 	 	 
	
                5.

              	
                Savings provisions

              	
                28

              
	 	 	 
	
                6.

              	
                Application of proceeds

              	
                31

              
	 	 	 
	
                7.

              	
                Indemnities, costs and expenses

              	
                35

              
	 	 	 
	
                8.

              	
                Representations

              	
                37

              
	 	 	 
	
                9.

              	
                Information undertakings

              	
                41

              
	 	 	 
	
                10.

              	
                General undertakings

              	
                45

              
	 	 	 
	
                11.

              	
                Events of Default

              	
                46

              
	 	 	 
	
                12.

              	
                Changes to the Parties

              	
                50

              
	 	 	 
	
                13.

              	
                Notices

              	
                50

              
	 	 	 
	
                14.

              	
                Partial invalidity

              	
                53

              
	 	 	 
	
                15.

              	
                Remedies, rights and waivers

              	
                53

              
	 	 	 
	
                16.

              	
                Counterparts

              	
                54

              
	 	 	 
	
                17.

              	
                Governing law

              	
                54

              
	 	 	 
	
                18.

              	
                Enforcement

              	
                54

              
	 	 	 
	
                Schedule 1 List of documents

              	
                57

              
	 	 
	
                Schedule 2 Framework Deed Term Sheet summary

              	
                62

              
	 	 
	
                Schedule 3 Conditions precedent and conditions subsequent

              	
                64

              

        

        

        
          i

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        
        This framework deed (this "Deed") is made on 5 June 2020 between:

         

        	(1)	
                BORR DRILLING LIMITED, a company incorporated under the laws of Bermuda with Company No. 51741 and having its registered address at Golar Management (Bermuda) Ltd. S.E. Pearman Building, 2nd
                  Floor, 9 Par-la-Ville Road, Hamilton HM11 Bermuda, as the parent (the "Parent");

              

        

        

        	(2)	
                the Subsidiaries of the Parent listed in Schedule 1 (List of documents) as "Purchasers", as the purchasers (the "Purchasers");

              

        

        

        	(3)	
                the Subsidiaries of the Parent listed in Schedule 1 (List of documents) as "Debtors", as the debtors (the "Debtors");

              

        

        

        	(4)	
                KEPPEL FELS LIMITED, a company incorporated under the laws of Singapore with UEN 196700147N and having its registered address at 50 Gul Road Singapore 629351, as the builder (the "Builder"); and

              

        

        

        	(5)	
                OFFSHORE PARTNERS PTE. LTD., a company incorporated under the laws of Singapore with UEN 200917024M and having its registered address at 50 Gul Road Singapore 629351, as the creditor (the "Creditor").

              

        

        

        Whereas:

         

        

        	(A)	
                Each Party has entered into one or more Original Documents.

              

        

        

        	(B)	
                The Original Obligors have requested the Creditor Parties to agree to amend and supplement the terms of the Original Documents in accordance with the terms and conditions of this Deed in order to consummate the Equity Raise. The
                  amendments and supplements to the Original Documents in accordance with the terms and conditions of this Deed and the Equity Raise are a part of series of cross-conditional agreements with various stakeholders of the Group (including the
                  Creditor Parties) which, as a whole, will improve the Group's and each Obligor's liquidity and its financial stability in the period following the Effective Date.

              

        

        

        	(C)	
                The Parties have entered into this Deed to amend and supplement the Original Documents in accordance with the terms and conditions of this Deed.

              

        

        

        	(D)	
                Each Obligor (after giving due consideration to the terms and conditions of the Relevant Documents and satisfying itself that there are reasonable grounds for believing that the execution by it of this Deed will benefit it) is
                  satisfied that entering into this Deed and the other Relevant Documents to which it is a party is for the purposes and to the benefit of itself and its business.

              

         

        

        
          1

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(E)	
                The guidelines underpinning the amendments and supplements contemplated in this Deed, pursuant to a proposal dated 20 May 2020 prepared by the Creditor Parties and sent to the Parent (the "Framework
                    Deed Term Sheet"), are summarized in Schedule 2 (Framework Deed Term Sheet summary). The Parties intend to implement the guidelines of the Framework Deed Term Sheet (as the same may have
                  been further supplemented and negotiated between the Parties) pursuant to the corresponding Clauses referred to in the table set out in Schedule 2 (Framework Deed Term Sheet summary), which Clauses
                  shall for the avoidance of doubt supersede the guidelines set out in Schedule 2 (Framework Deed Term Sheet summary) and the Framework Deed Term Sheet.

              

        

        

        It is agreed as follows:

         

        

        	1.	
                Definitions and interpretation

              

        

        

        	 	1.1	
                Definitions

              

        

        

        In this Deed (including the recitals above), terms defined in Schedule 1 (List of Documents) shall have the same meaning when used in this Deed, and in
          addition:

         

        

        "Accounting Principles" means, in relation to an Obligor, the generally accepted accounting principles in the United States of America.

         

        

        "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
          Company.

         

        

        "Amended Construction Contract" means any Original Construction Contract, as amended and/or supplemented by this Deed.

         

        

        "Amended Credit Agreement" means any Original Credit Agreement, as amended and/or supplemented by this Deed.

         

        

        "Amended Document" means any Original Document, as amended and/or supplemented by this Deed on the Effective Date.

         

        

        "Authorisation" means:

         

        

        	

              	(a)	
                an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or registration; or

              

        

        

        	

              	(b)	
                in relation to anything which will be fully or partly prohibited or restricted by law or regulation if a Governmental Agency intervenes or acts in any way within a specified period after lodgement, filing, registration or notification,
                  the expiry of that period without intervention or action.

              

        

        

        "Business Day" means a day (other than a Saturday or Sunday) in relation to any other matter, on which banks are open for general
          business in Singapore, Oslo, London, and New York.

         

        

        
          2

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        "Charged Assets" means the assets from time to time subject, or expressed to be subject, to the Transaction Security or any part of those assets.

         

        

        "Construction Contract" means:

         

        

        	

              	(a)	
                prior to the Effective Date, any Original Construction Contract; or

              

        

        

        	

              	(b)	
                on and after the Effective Date, any Amended Construction Contract.

                 

                

                "Construction Contract (Type 1)" means:

              

        

        

        	

              	(a)	
                prior to the Effective Date:

              

        

        

        	

              	(i)	
                the Original Construction Contract (B380 HULDRA); or

              

        

        

        	

              	(ii)	
                the Original Construction Contract (B381 HEIDRUN); or

              

        

        

        	

              	(b)	
                on and after the Effective Date:

              

        

        

        	

              	(i)	
                the Amended Construction Contract (B380 HULDRA); or

              

        

        

        
          	 	
                  (ii)

                	
                  the Amended Construction Contract (B381 HEIDRUN).

                   

                  

                  "Construction Contract (Type 2)" means:

                

        

         

        	

              	(a)	
                prior to the Effective Date:

              

        

        

        	

              	(i)	
                the Original Construction Contract (B366 TIVAR);

              

        

        

        	

              	(ii)	
                the Original Construction Contract (B367 VALE); or

              

        

        

        	

              	(iii)	
                the Original Construction Contract (B368 VAR); or

              

        

        

        	

              	(b)	
                on and after the Effective Date:

              

        

        

        	

              	(i)	
                the Amended Construction Contract (B366 TIVAR);

              

        

        

        	

              	(ii)	
                the Amended Construction Contract (B367 VALE); or

              

        

        

        	

              	(iii)	
                the Amended Construction Contract (B368 VAR).

              

         

        

        "Credit Agreement" means:

         

        

        	

              	(a)	
                prior to the Effective Date, any Original Credit Agreement;

              

        

        

        	

              	(b)	
                on and after the Effective Date, any Amended Credit Agreement; or

              

        

        

        	

              	(c)	
                any New Credit Agreement.

              

         

        

        
          3

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        "Creditor Party" means the Builder or the Creditor.

         

        

        "Default" means an Event of Default or any event or circumstance specified in Clause 11 (Events of
            Default) which would (with the expiry of a grace period, the passage of time, the giving of notice, the making of any determination under the Relevant Documents, the satisfaction of any applicable condition under the Relevant Documents
          or any combination of any of the foregoing) be an Event of Default.

         

        

        "Delegate" means any delegate, agent, attorney or co-trustee appointed by the Creditor Parties.

         

        

        "Effective Date" has the meaning given to it in Clause 3 (Effective Date).

         

        

        "Equity Raise" has the meaning given to it in Schedule 3 (Conditions precedent and conditions
            subsequent).

         

        

        "Event of Default" means any event or circumstance specified as such in Clause 11 (Events of
            Default).

         

        

        "Financial Indebtedness" has the meaning given to it in the Credit Agreements, and in addition includes (for the avoidance of doubt)
          any indebtedness (or guarantees or indemnities for such indebtedness) for or in respect of:

         

        

        	

              	(a)	
                any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the last day of the Security Period or which are otherwise classified as borrowings under the Accounting Principles; and

              

        

        

        	

              	(b)	
                any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing or otherwise classified as
                  borrowings under the Accounting Principles.

              

        

        

        "Financial Reporting Waiver" has the meaning given to it in Clause 5.2 (Confirmations).

         

        

        "Governmental Agency" means any government or any governmental agency, semi- governmental or judicial entity or authority (including
          any stock exchange or any self- regulatory organisation established under statute).

         

        

        "Group" means the Parent and its Subsidiaries from time to time, and a "member of the Group"
          means any one of them.

         

        

        "Guarantor" means:

         

        

        	

              	(a)	
                the Parent;

              

        

        

        	

              	(b)	
                each Debtor which is party to:

              

        

        

        
          4

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(i)	
                the Original Credit Agreement (B358 HILD) or the Amended Credit Agreement (B358 HILD);

              

        

        

        	

              	(ii)	
                the Original Credit Agreement (B360 HEIMDAL) or the Amended Credit Agreement (B360 HEIMDAL); or

              

        

        

        	

              	(iii)	
                the Original Credit Agreement (B361 HERMOD) or the Amended Credit Agreement (B361 HERMOD); or

              

        

        

        	

              	(c)	
                any Obligor which has taken delivery of a Vessel pursuant to any Construction Contract.

              

        

        

        "Holding Company" means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.

         

        

        "IHC" has the meaning given to it in Clause 5.2 (Confirmations).

         

        

        "Intent Document" means:

         

        

        	

              	(a)	
                the Framework Deed Term Sheet (as defined in the recitals above); or

              

        

        

        	

              	(b)	
                any "secured term loan facility summary of indicative terms and conditions" signed by, amongst others, the Creditor, the Parent, and certain Original Obligors in relation to the financing of any of the Vessels.

              

        

        

        "Maintenance Report" means, in relation to each Debtor, a report delivered by that Debtor to the Creditor Parties pursuant to Clause 9.3 (Maintenance Report).

         

        

        "Material Adverse Effect" means, in the opinion of any of the Creditor Parties, a material adverse effect on:

         

        

        	

              	(a)	
                the business, operations, property or condition (financial or otherwise) of the Group taken as a whole or any Obligor;

              

        

        

        	

              	(b)	
                the ability of any Obligor to perform its obligations under the Relevant Documents to which it is a party;

              

        

        

        	

              	(c)	
                the validity, legality or enforceability of any Relevant Document, or the rights or remedies of any Creditor Party under, the Relevant Documents; or

              

        

        

        	

              	(d)	
                the validity, legality or enforceability of any Security expressed to be created under any Relevant Document or the priority and ranking of any of such Security or the rights or remedies of any Creditor Party under any of the Relevant
                  Documents.

              

        

        

        "Month" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

         

        

        
          5

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(a)	
                if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business
                  Day; and

              

        

        	

              	(b)	
                if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month.

              

        

        

        The above rules will only apply to the last Month of any period.

         

        

        "New Credit Agreement" means any document or agreement which evidences the terms of any loan facility provided by the Creditor
          referred to in paragraph (b) of Clause 4.2 (B367 VALE) or paragraph (b) of Clause 4.3 (B368 VAR), or any other document designated as such by the Creditor Parties
          and any Obligor.

         

        

        "Obligor" means:

         

        

        	

              	(a)	
                any Original Obligor;

              

        

        

        	

              	(b)	
                any Security Provider as defined in any Original Credit Agreement;

              

        

        

        	

              	(c)	
                any other person which is party to any Relevant Document (other than a Creditor Party); or

              

        

        

        	

              	(d)	
                any other person who has agreed in writing to be bound by the provisions of this Deed as an Obligor and whose agreement has been accepted in writing by the Creditor Parties and the Parent as an Obligor.

              

        

        

        "Obligors' Agent" means the person appointed to act on behalf of each Obligor in relation to the Relevant Documents pursuant to
          Clause 13.1 (Obligors' Agent).

         

        

        "Original Construction Contract" means:

         

        

        	

              	(a)	
                the Original Construction Contract (B380 HULDRA);

              

        

        

        	

              	(b)	
                the Original Construction Contract (B381 HEIDRUN);

              

        

        

        	

              	(c)	
                the Original Construction Contract (B366 TIVAR);

              

        

        

        	

              	(d)	
                the Original Construction Contract (B367 VALE); or

              

        

        

        	

              	(e)	
                the Original Construction Contract (B368 VAR).

              

         

        

        "Original Credit Agreement" means:

         

        

        	

              	(a)	
                the Original Credit Agreement (B358 HILD);

              

        

        

        	

              	(b)	
                the Original Credit Agreement (B360 HEIMDAL);

              

        

        

        	

              	(c)	
                the Original Credit Agreement (B361 HERMOD);

              

         

        

        
          6

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(d)	
                the Original Credit Agreement (B380 HULDRA); or

              

        

        

        	

              	(e)	
                the Original Credit Agreement (B381 HEIDRUN).

              

         

        

        "Original Document" means:

         

        

        	

              	(a)	
                any Original Construction Contract;

              

        

        

        	

              	(b)	
                any Buyer Parent Guarantee (as defined in any Original Construction Contract);

              

        

        

        	

              	(c)	
                any Borr Guarantee (as defined in any Original Construction Contract);

              

        

        

        	

              	(d)	
                any Original Credit Agreement; or

              

        

        

        	

              	(e)	
                any Finance Document (as defined in any Original Credit Agreement).

              

        

        

        "Original Jurisdiction" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the
          date of this Deed or (as the case may be) as at the date on which that Obligor becomes an Obligor.

         

        

        "Original Obligor" means the Parent, any Purchaser or any Debtor.

         

        

        "Party" means a party to this Deed.

         

        

        "Receiver" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Assets.

         

        

        "Refund Guarantees" means:

         

        

        	

              	(a)	
                the refund guarantee originally dated 18 November 2013 granted by CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SINGAPORE BRANCH to TRANSOCEAN OFFSHORE DEEPWATER HOLDINGS LIMITED in respect of the Original Construction Contract (B366
                  TIVAR), as subsequently novated to BORR TIVAR INC.;

              

        

        

        	

              	(b)	
                the refund guarantee originally dated 18 November 2013 granted by CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SINGAPORE BRANCH to TRANSOCEAN OFFSHORE DEEPWATER HOLDINGS LIMITED in respect of the Original Construction Contract (B367
                  VALE), as subsequently novated to BORR VALE INC.; and

              

        

        

        	

              	(c)	
                the refund guarantee originally dated 18 November 2013 granted by CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SINGAPORE BRANCH to TRANSOCEAN OFFSHORE DEEPWATER HOLDINGS LIMITED in respect of the Original Construction Contract (B368
                  VAR), as subsequently novated to BORR VAR INC..

              

         

        

        
          7

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        "Relevant Document" means this Deed, any other document designated as such by the Creditor Parties and any Obligor or:

         

        

        	

              	(a)	
                prior to the Effective Date, any Original Document;

              

        

        

        	

              	(b)	
                on and after the Effective Date, any Amended Document;

              

        

        

        	

              	(c)	
                any New Credit Agreement; or

              

        

        

        	

              	(d)	
                any Finance Document (as defined in any New Credit Agreement).

              

         

        

        "Relevant Jurisdictions" means, in relation to an Obligor:

         

        

        	

              	(a)	
                its Original Jurisdiction;

              

        

        

        	

              	(b)	
                any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be created by it is situated;

              

        

        

        	

              	(c)	
                any jurisdiction where it conducts its business; and

              

        

        

        	

              	(d)	
                the jurisdiction whose laws govern the perfection of any of the Relevant Documents entered into by it.

              

        

        

        "Reporting Entity" has the meaning given to that term in Clause 9.1 (Financial statements).

         

        

        "Secured Liabilities" means all present and future moneys, debts, obligations and liabilities due, owing or incurred by any Obligor
          to the Creditor Parties or any of them under or in connection with any Relevant Document (in each case, whether alone or jointly, or jointly or severally, with any other person, whether actually or contingently and whether as principal, surety or
          otherwise).

         

        

        "Security" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other
          agreement or arrangement having a similar effect.

         

        

        "Security Period" means the period starting on the date of this Deed and ending on the date on which each Creditor Party is satisfied
          that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full and:

         

        

        	

              	(a)	
                the Creditor Parties owe no further liabilities, obligations and undertakings under or pursuant to, and no claims whatsoever under or in respect or any Construction Contract in each case to any Obligor; and

              

        

        

        	

              	(b)	
                there is no outstanding Loan Facility (as defined in any Credit Agreement) or commitment under any Credit Agreement and the Creditor Parties are under no further obligation to provide financial accommodation to any Obligor under any
                  Credit Agreement.

              

        

        

        "Subsidiary" means, in relation to any company or corporation, a company or corporation:

         

        

        
          8

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(a)	
                which is controlled, directly or indirectly, by the first mentioned company or corporation;

              

        

        

        	

              	(b)	
                more than half the issued equity share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or

              

        

        

        	

              	(c)	
                which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

              

        

        

        and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to
          control the composition of its board of directors or equivalent body.

         

        

        "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest
          payable in connection with any failure to pay or any delay in paying any of the same).

         

        

        "Third Parties Act" means the Contracts (Rights of Third Parties) Act 1999.

         

        

        "Transaction Security" means the Security created or evidenced or expressed to be created or evidenced under any Relevant Document to
          secure the Secured Liabilities.

         

        

        "US$" means the lawful currency of the United States of America.

         

        

        "Vessel" means any asset listed in listed in Schedule 1 (List of documents) as "Vessels"

         

        

        	1.2	
                Construction and interpretation

              

        

        

        	(a)	
                Unless a contrary indication appears, any reference in the Relevant Documents to:

              

        

        

        	

              	(i)	
                the "Builder", the "Creditor", any "Debtor", the "Parent", any "Purchaser" or any "Party" shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or
                  obligations under the Relevant Documents;

              

        

        

        	

              	(ii)	
                "assets" includes present and future properties, revenues and rights of every description;

              

        

        

        	

              	(iii)	
                an "Original Document", a "Relevant Document", or any other agreement or instrument is a reference to that Original Document, that Relevant Document or
                  other agreement or instrument as amended, novated, supplemented, extended or restated from time to time (in each case, however fundamental and whether or not more onerous), including any change in the purpose of, any extension of or any
                  increase in any facility or the addition of any new facility under any Original Document, any Relevant Document or other document or security, but in each case to the extent not prohibited by the terms of this Deed;

              

        
          9

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(iv)	
                "guarantee" means (other than in Clause 6 (Application of proceeds)) any guarantee, letter of credit, bond, indemnity or similar assurance against loss,
                  or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation
                  is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

              

        

        

        	

              	(v)	
                "including" shall be construed as "including without limitation" (and cognate expressions shall be construed similarly);

              

        

        

        	

              	(vi)	
                "indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

              

        

        

        	

              	(vii)	
                an "insolvency", "winding-up" or "insolvency proceeding" in relation to any person shall be construed to include:

              

        

        

        	

              	(A)	
                any corporate action, legal proceeding or other procedure or step described in Clause 11.7 (Insolvency proceedings) in relation to that person; and

              

        

        

        	

              	(B)	
                any of the circumstances described in Clause 11.6 (Insolvency) in relation to that person,

              

        

        

        (and cognate expressions shall be construed similarly);

         

        

        	

              	(viii)	
                a "person" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether
                  or not having separate legal personality);

              

        

        

        	

              	(ix)	
                a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body,
                  agency, department or of any regulatory, self-regulatory or other authority or organisation;

              

        

        

        	

              	(x)	
                a provision of law or regulation is a reference to that provision as amended or re- enacted; and

              

        

        

        	

              	(xi)	
                a time of day is a reference to Singapore time unless the time of another jurisdiction is stated or implied.

              

        

        

        	(b)	
                Unless a contrary indication appears, references to Clauses and Schedules are to be construed as references to clauses of, and schedules to, this Deed. Clause and Schedule headings are for ease of reference only.

              

        

        

        	(c)	
                Unless a contrary indication appears, a term used in any other Relevant Document or in any notice or certificate given under or in connection with any Relevant Document has the same meaning in that Relevant Document, notice or
                  certificate as in this Deed.

              

         

        

        
          10

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(d)	
                A Default (other than an Event of Default) is "continuing" if it has not been remedied to the satisfaction of the Creditor Parties or waived and an Event of Default is "continuing" if it has not been expressly waived in writing by the Creditor Parties.

              

        

        

        	(e)	
                Where this Deed specifies an amount in a given currency (the "specified currency") "or its equivalent", the "equivalent"
                  is a reference to the amount of any other currency which, when converted into the specified currency utilising the spot rates of exchange available to the relevant Creditor Party for the purchase of the specified currency with that other
                  currency at or about 11.00 a.m. on the relevant date, is equal to the relevant amount in the specified currency.

              

        

        

        	(f)	
                In this Deed, unless a contrary indication appears, words importing the plural include the singular and vice versa, and words importing a gender include every gender.

              

        

        

        	1.3	
                Third party rights

              

        

        

        	(a)	
                Unless expressly provided to the contrary in this Deed, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Deed.

              

        

        

        	(b)	
                Notwithstanding any term of this Deed, the consent of any person who is not a Party is not required to rescind or vary this Deed at any time.

              

        

        

        	(c)	
                Any Receiver or Delegate may enforce and/or enjoy the benefit of any term of this Deed which expressly confers rights on it pursuant to the Third Parties Act.

              

        

        

        	1.4	
                Entire agreement

              

        

        

        	(a)	
                This Deed constitutes the entire agreement between the Parties in relation to the transactions contemplated in this Deed and supersedes any previous agreement, whether express or implied, regarding the transactions contemplated in this
                  Deed, including but not limited to the Intent Documents.

              

        

        

        	(b)	
                Each Intent Document is indicative only and not legally binding on any of the Parties. Without prejudice to the foregoing, each Party which is party to an Intent Document is released and discharged from all liabilities, obligations and
                  undertakings under or pursuant to, and all claims whatsoever under or in respect of the Intent Documents.

              

        

        

        	2.	
                Overriding principle

              

        

        

        If there is any conflict or inconsistency between the provisions of any Original Document and the provisions of this Deed, the provisions of this Deed will prevail and will
          supersede the terms of such Original Document.

         

        

        	3.	
                Effective Date

              

        

        

        	3.1	
                Conditions precedent

              

         

        

        
          11

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(a)	
                The provisions of Clause 4 (Amendments and supplements), Clause 5 (Savings provisions), Clause 6 (Application of
                    proceeds) and Clause 10 (General undertakings) shall only be effective on the date (the "Effective Date") on which each Creditor Party notifies the
                  Obligors' Agent that it has received all of the documents and other evidence listed in and appearing to comply with the requirements of Part 1 (Conditions precedent) of Schedule 3 (Conditions precedent and conditions subsequent).

              

        

        

        	(b)	
                Each Creditor Party shall notify the Obligors' Agent promptly upon receiving such documents and other evidence referred to in paragraph (a) above, provided that such Creditor Party shall not be obliged to do so unless the
                  representations to be made by each Obligor are true in all material respects.

              

        

        

        	(c)	
                The Obligors shall, as soon as such documents and other evidence have been entered into or become available (and in any case within 10 Business Days from the date on which any such document or evidence has been entered into or becomes
                  available), supply to the Creditor Parties the documents and other evidence listed in paragraph 2.1 (Equity Raise) and paragraph 2.2 (Key creditor consents)
                  of Part 1 (Conditions precedent) of Schedule 3 (Conditions precedent and conditions subsequent).

              

        

        

        	3.2	
                Conditions subsequent

              

        

        

        Following the Effective Date, the Obligors shall deliver or cause to be delivered to the Creditor Parties the additional documents and other evidence listed in Part 2 (Conditions subsequent) of Schedule 3 (Conditions precedent and conditions subsequent) within the time periods specified therein.

         

        

        	3.3	
                Waiver of conditions precedent and conditions subsequent

              

        

        

        The conditions precedent and conditions subsequent set out in this Clause 3 are inserted for the sole benefit of the Creditor Parties, and may be waived in writing in whole
          or in part and with or without conditions by the Creditor Parties on or before the relevant due date without prejudicing the right of the Creditor Parties to require fulfilment of such conditions in whole or in part at any time thereafter.

         

        

        	3.4	
                Form and content

              

        

        

        All documents and evidence delivered to the Creditor Parties under this Clause 3 shall:

         

        

        	(a)	
                be in form and substance reasonably acceptable to the Creditor Parties;

              

        

        

        	(b)	
                (to the extent applicable) be in full force and effect and consummated in accordance with all applicable laws;

              

        

        

        	(c)	
                if it is not in English, and if so required by the Creditor Parties, be accompanied by a certified English translation; and

              

        

        

        	(d)	
                if required by the Creditor Parties, be certified, notarised, legalised or attested in a manner acceptable to the Creditor Parties (acting reasonably).

              

         

        

        
          12

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	3.5	
                Long-stop date

              

        

        

        If the Effective Date does not occur by seven days from the date of this Deed (or such later date as may be notified by the Creditor Parties to the Obligors), the Effective
          Date shall not occur and Clause 4 (Amendments and supplements), Clause 5 (Savings provisions), Clause 6 (Application of proceeds)
          and Clause 10 (General undertakings) shall be void ab initio and cease to be in force and effect.

         

        

        	4.	
                Amendments and supplements

              

        

        

        Each Original Document mentioned below and (to the extent necessary or desirable to give effect to the provisions of this Clause 4) any Finance Document (as defined in any
          Original Credit Agreement) (the "Relevant Original Documents") shall be amended and supplemented in the manner set out in this Clause 4 so that the rights and obligations of the Parties under each Relevant
          Original Document which it is party to shall, on and after the Effective Date, be governed by, and construed in accordance with, the provisions of that Relevant Original Document as amended and supplemented by this Deed.

         

        

        	4.1	
                B366 TIVAR

              

        

        

        	(a)	
                Deferred delivery: article VIII.1 of the Original Construction Contract (B366 TIVAR) shall be amended and restated in the following manner:

              

        

        

        "The VESSEL shall be delivered by the BUILDER to the BUYER at the SHIPYARD, safely afloat on or about 30 June 2022 (the "SCHEDULED DELIVERY
            DATE") after completion of satisfactory Commissioning and Major trials and acceptance by the BUYER in accordance with ARTICLE VII.

         

        

        Note that this date may be extended, taking into account all PERMISSIBLE DELAYS which arise after the ACCEPTANCE DATE (the "EXTENDED
            DELIVERY DATE").".

         

        

        	(b)	
                Credit financing: The Creditor Parties and their Affiliates shall not be required to provide any loan facility, any financial accommodation or any other Financial Indebtedness to any
                  Obligor in respect of any Obligor's obligations under or in connection with the Original Construction Contract (B366 TIVAR) or the Amended Construction Contract (B366 TIVAR).

              

        

        

        	(c)	
                Holding costs: the following shall be incorporated as a new article XI.2(a)(iv) of the Original Construction Contract (B366 TIVAR):

              

        

        

        "Holding costs

         

        

        The BUYER shall pay to the BUILDER a holding cost which shall accrue daily (based on the actual number of days elapsed) at the rate of [***], from 15 July 2020 up to and
          including the date on which the VESSEL is delivered to the BUYER, provided that if the delivery the VESSEL is delayed beyond the SCHEDULED DELIVERY DATE, such amounts shall not accrue during any period of delay which occurs as a result of FORCE
          MAJEURE or a failure by the BUILDER to comply with its obligations under this CONTRACT.

         

        

        
          13

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        Such holding cost shall be payable (1) in relation to amounts accrued on or before 1 January 2021, in six equal instalments on 1 January 2021, 1 April 2021, 1 July 2021, 1
          October 2021, 1 January 2022 and 1 April 2022, and (2) in relation to any amounts accruing after 1 January 2021, in advance up to the next payment date on each of the following dates in each calendar year starting from and including 2021: 1
          January, 1 April, 1 July and 1 October.".

         

        

        	(d)	
                Cost cover: the following shall be incorporated as a new article XI.2(a)(v) of the Original Construction Contract (B366 TIVAR):

              

        

        

        "Cost cover

         

        

        The BUYER shall pay to the BUILDER a cost cover which shall accrue daily (based on the actual number of days elapsed) at the rate of [***]. per annum on the amount of One
          Hundred Forty Seven Million Four Hundred and Six Thousand United States Dollars (USD 147,406,000), from 15 July 2020 up to and including the date on which the VESSEL is delivered to the BUYER, provided that if the delivery the VESSEL is delayed
          beyond the SCHEDULED DELIVERY DATE, such amounts shall not accrue during any period of delay which occurs as a result of FORCE MAJEURE or a failure by the BUILDER to comply with its obligations under this CONTRACT.

         

        

        Such cost cover shall be payable (1) in relation to amounts accrued on or before 1 January 2021, in six equal instalments on 1 January 2021, 1 April 2021, 1 July 2021, 1
          October 2021, 1 January 2022 and 1 April 2022, and (2) in relation to any amounts accruing after 1 January 2021, in advance up to the next payment date on each of the following dates in each calendar year starting from and including 2021: 1
          January, 1 April, 1 July and 1 October.".

         

        

        	4.2	
                B367 VALE

              

         

        

        

        	(a)	
                Deferred delivery: article VIII.1 of the Original Construction Contract (B367 VALE) shall be amended and restated in the following manner:

              

        

        

        "The VESSEL shall be delivered by the BUILDER to the BUYER at the SHIPYARD, safely afloat on or about 30 July 2022 (the "SCHEDULED DELIVERY
            DATE") after completion of satisfactory Commissioning and Major trials and acceptance by the BUYER in accordance with ARTICLE VII. The BUYER may, by giving the BUILDER at least one year's prior written notice, nominate an earlier
          SCHEDULED DELIVERY DATE, but subject always to the earlier SCHEDULED DELIVERY DATE being mutually agreed by the BUYER and the SHIPYARD.

         

        

        Note this date may be extended, taking into account all PERMISSIBLE DELAYS, in which case the VESSEL shall be delivered by the BUILDER at the SHIPYARD safely afloat on or
          before the "EXTENDED DELIVERY DATE" after completion of satisfactory trials and acceptance by the BUYER in accordance with the terms of ARTICLE VII.".

         

        

        	(b)	
                Credit financing: the Creditor shall make available a loan facility not exceeding US$130,000,000 to the relevant Purchaser under the Amended Construction Contract (B367 VALE) to finance
                  that Purchaser's acquisition of the relevant Vessel under that Construction Contract on the relevant delivery date of such Vessel, subject to the preparation, execution and delivery of and on the terms of a credit agreement and related
                  documentation (based on the terms set out in the indicative terms contained in the "secured term loan facility summary of indicative terms and conditions" signed by, amongst others, the Creditor, the Parent, and that Purchaser in relation
                  to the financing of that Vessel) in form and substance reasonably satisfactory to the Creditor.

              

         

        

        
          14

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(c)	
                Payment terms: The existing third (delivery) instalment of One Hundred Forty Seven million Four Hundred and Six Thousand United States Dollars (USD147,406,000) referred to article
                  XI.2(iii) of the Original Construction Contract (B367 VALE) shall be divided into two payments which shall be payable as follows:

              

        

        

        	

              	(i)	
                a payment of Ten Million United States Dollars (USD10,000,000) shall be paid by the relevant Purchaser to the Builder on the delivery date of the relevant Vessel and such payment shall be referred to and defined in that Construction
                  Contract as the "third instalment"; and

              

        

        

        	

              	(ii)	
                a payment of One Hundred Thirty Seven million Four Hundred and Six Thousand United States Dollars (USD137,406,000) plus or minus any increase or decrease due to modification and/or adjustment, if any, arising prior to the delivery of
                  the relevant Vessel under articles III and VI of that Construction Contract of the CONTRACT PRICE under that Construction Contract, shall be paid by the relevant Purchaser to the Builder on the delivery date of the relevant Vessel, and
                  such payment shall be referred to and defined in that Construction Contract as the "fourth instalment",

              

        

        

        and that Construction Contract shall be logically amended to the extent necessary to give effect to the purpose and the intent of the foregoing amendments, including the
          following amendments:

         

        

        	

              	(A)	
                the payment of the first instalment, second instalment, and third instalment shall be made in accordance with article XI.4(a)(i) of that Construction Contract;

              

        

        

        	

              	(B)	
                the payment of the fourth instalment shall be made in accordance with article XI.4(a)(ii) of that Construction Contract; and

              

        

        

        	

              	(C)	
                article XII.1(a)(i) of that Construction Contract shall be amended such that the relevant Purchaser shall be deemed to be in default under that Construction Contract if any of the first instalment, second instalment, third instalment
                  or fourth instalment are not paid to the Builder within the respective due date of such instalment.

              

        

        

        The relevant Purchaser shall, immediately on being requested to do so by the Builder, enter into such further documents as may be necessary or desirable to give effect to
          the purpose and the intent of the amendments referred to in this paragraph (c).

         

        

        	(d)	
                Cost cover (third instalment): the following shall be incorporated as a new article XI.2(a)(v) of the Original Construction Contract (B367 VALE):

              

         

        

        
          15

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        "Cost cover

         

        

        The BUYER shall pay to the BUILDER a cost cover which shall accrue daily (based on the actual number of days elapsed) at the rate of [***]. per annum of the third
          instalment, from 15 October 2020 up to and including the date on which the VESSEL is delivered to the BUYER, provided that if the delivery the VESSEL is delayed beyond the SCHEDULED DELIVERY DATE, such amounts shall not accrue during any period
          of delay which occurs as a result of FORCE MAJEURE or a failure by the BUILDER to comply with its obligations under this CONTRACT.

         

        

        Such cost cover shall be payable (1) in relation to amounts accrued on or before 1 January 2021, in six equal instalments on 1 January 2021, 1 April 2021, 1 July 2021, 1 October 2021, 1 January
          2022 and 1 April 2022, and (2) in relation to any amounts accruing after 1 January 2021, in advance up to the next payment date on each of the following dates in each calendar year starting from and including 2021: 1 January, 1 April, 1 July and
          1 October.".

         

        

        	(e)	
                Cost cover (fourth instalment): the following shall be incorporated as a new article XI.2(a)(v) of the Original Construction Contract (B367 VALE):

              

        

        

        "Cost cover

         

        

        The BUYER shall pay to the BUILDER a cost cover which shall accrue daily (based on the actual number of days elapsed) at the rate of [***]. per annum of the fourth
          instalment, from 15 January 2022 up to and including the date on which the VESSEL is delivered to the BUYER, provided that if the delivery the VESSEL is delayed beyond the SCHEDULED DELIVERY DATE, such amounts shall not accrue during any period
          of delay which occurs as a result of FORCE MAJEURE or a failure by the BUILDER to comply with its obligations under this CONTRACT.

         

        

        Such cost cover shall be payable in arrears on the date on which the VESSEL is delivered to the BUYER.".

         

        

        	4.3	
                B368 VAR

              

        

        

        	(a)	
                Deferred delivery: article VIII.1 of the Original Construction Contract (B368 VAR) shall be amended and restated in the following manner:

              

        

        

        "The VESSEL shall be delivered by the BUILDER to the BUYER at the SHIPYARD, safely afloat on or about 15 September 2022 (the "SCHEDULED
            DELIVERY DATE") after completion of satisfactory Commissioning and Major trials and acceptance by the BUYER in accordance with ARTICLE VII. The BUYER may, by giving the BUILDER at least one year's prior written notice, nominate an
          earlier SCHEDULED DELIVERY DATE, but subject always to the earlier SCHEDULED DELIVERY DATE being mutually agreed by the BUYER and the SHIPYARD.

         

        

        Note this date may be extended, taking into account all PERMISSIBLE DELAYS, in which case the VESSEL shall be delivered by the BUILDER at the SHIPYARD safely afloat on or
          before the "EXTENDED DELIVERY DATE" after completion of satisfactory trials and acceptance by the BUYER in accordance with the terms of ARTICLE VII.".

         

        

        
          16

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                Credit financing: the Creditor shall make available a loan facility not exceeding US$130,000,000 to the relevant Purchaser under the Amended Construction Contract (B368 VAR) to finance
                  that Purchaser's acquisition of the relevant Vessel under that Construction Contract on the relevant delivery date of such Vessel, subject to the preparation, execution and delivery of and on the terms of a credit agreement and related
                  documentation (based on the terms set out in the indicative terms contained in the "secured term loan facility summary of indicative terms and conditions" signed by, amongst others, the Creditor, the Parent, and that Purchaser in relation
                  to the financing of that Vessel) in form and substance reasonably satisfactory to the Creditor.

              

        

        

        	(c)	
                Payment terms: The existing third (delivery) instalment of One Hundred Forty Seven million Four Hundred and Six Thousand United States Dollars (USD147,406,000) referred to article
                  XI.2(iii) of the Original Construction Contract (B368 VAR) shall be divided into two payments which shall be payable as follows:

              

        

        

        	

              	(i)	
                a payment of Ten Million United States Dollars (USD10,000,000) shall be paid by the relevant Purchaser to the Builder on the delivery date of the relevant Vessel and such payment shall be referred to and defined in that Construction
                  Contract as the "third instalment"; and

              

        

        

        	

              	(ii)	
                a payment of One Hundred Thirty Seven million Four Hundred and Six Thousand United States Dollars (USD137,406,000) plus or minus any increase or decrease due to modification and/or adjustment, if any, arising prior to the delivery of
                  the relevant Vessel under articles III and VI of that Construction Contract of the CONTRACT PRICE under that Construction Contract, shall be paid by the relevant Purchaser to the Builder on the delivery date of the relevant Vessel, and
                  such payment shall be referred to and defined in that Construction Contract as the "fourth instalment",

              

        

        

        and that Construction Contract shall be logically amended to the extent necessary to give effect to the purpose and the intent of the foregoing amendments, including the
          following amendments:

         

        

        	

              	(A)	
                the payment of the first instalment, second instalment, and third instalment shall be made in accordance with article XI.4(a)(i) of that Construction Contract;

              

        

        

        	

              	(B)	
                the payment of the fourth instalment shall be made in accordance with article XI.4(a)(ii) of that Construction Contract; and

              

        

        

        	

              	(C)	
                article XII.1(a)(i) of that Construction Contract shall be amended such that the relevant Purchaser shall be deemed to be in default under that Construction Contract if any of the first instalment, second instalment, third instalment
                  or fourth instalment are not paid to the Builder within the respective due date of such instalment.

              

         

        

        
          17

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        The relevant Purchaser shall, immediately on being requested to do so by the Builder, enter into such further documents as may be necessary or desirable to give effect to
          the purpose and the intent of the amendments referred to in this paragraph (c).

         

        

        	(d)	
                Cost cover (third instalment): the following shall be incorporated as a new article XI.2(a)(v) of the Original Construction Contract (B368 VAR):

              

        

        

        "Cost cover

         

        

        The BUYER shall pay to the BUILDER a cost cover which shall accrue daily (based on the actual number of days elapsed) at the rate of [***]. per annum of the third
          instalment, from 15 December 2020 up to and including the date on which the VESSEL is delivered to the BUYER, provided that if the delivery the VESSEL is delayed beyond the SCHEDULED DELIVERY DATE, such amounts shall not accrue during any period
          of delay which occurs as a result of FORCE MAJEURE or a failure by the BUILDER to comply with its obligations under this CONTRACT.

         

        

        Such cost cover shall be payable (1) in relation to amounts accrued on or before 1 January 2021, in six equal instalments on 1 January 2021, 1 April 2021, 1 July 2021, 1 October 2021, 1 January
          2022 and 1 April 2022, and (2) in relation to any amounts accruing after 1 January 2021, in advance up to the next payment date on each of the following dates in each calendar year starting from and including 2021: 1 January, 1 April, 1 July and
          1 October.".

         

        	(e)	
                Cost cover (fourth instalment): the following shall be incorporated as a new article XI.2(a)(v) of the Original Construction Contract (B368 VAR):

              

        

        

        "Cost cover

         

        

        The BUYER shall pay to the BUILDER a cost cover which shall accrue daily (based on the actual number of days elapsed) at the rate of [***]. per annum of the fourth
          instalment, from 15 March 2022 up to and including the date on which the VESSEL is delivered to the BUYER, provided that if the delivery the VESSEL is delayed beyond the SCHEDULED DELIVERY DATE, such amounts shall not accrue during any period of
          delay which occurs as a result of FORCE MAJEURE or a failure by the BUILDER to comply with its obligations under this CONTRACT.

         

        

        Such cost cover shall be payable in arrears the date on which the VESSEL is delivered to the BUYER.".

         

        

        	4.4	
                B380 HULDRA

              

        

        

        	(a)	
                Deferred delivery: article 8.1 of the Original Construction Contract (B380 HULDRA) shall be amended and restated in the following manner:

              

         

        

        
          18

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        "Provided that the Builder shall have fulfilled all of its obligations under the Contract required to, be performed by it prior to or concurrently upon delivery of the Rig
          to the Owner, the Rig shall be delivered by the Builder to the Owner at the Yard on 30 August 2022, or if such date does not fall on a Business Day, then on the next Business Day immediately thereafter (the "Scheduled

            Delivery Date"), except that, in the event of delays in the construction of the Rig or any performance required under this Contract due to causes which under the terms of this Contract permit the postponement of the date for delivery,
          aforementioned date for delivery of the Rig shall be postponed accordingly provided that if the same does not fall on a Business Day, then such date will be construed as falling on the next Business Day immediately after that date. The
          aforementioned date or such later date to which the requirement of delivery is postponed pursuant to such terms, is herein called the "Delivery Date".".

         

        

        	(b)	
                Credit financing: the following amendments shall be made to the loan facility(ies) being made available under the Original Credit Agreement (B380 HULDRA):

              

        

        

        	

              	(i)	
                Reduction of existing loan facility: the amount of the existing loan facility to be made available to the relevant Debtor under that Credit Agreement shall be reduced to US$73,150,000,
                  and that Credit Agreement shall be amended to the extent necessary or desirable to give effect to the purpose and intent of such reduction, including the following amendments:

              

        

        

        	

              	(A)	
                the definition of the term "Commitment" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Commitment" means US$73,150,000 in relation to the Interest Bearing Loan Facility plus US$4,500,000 in relation to the Interest
          Free Loan Facility as at the date of this Agreement.".

         

        

        	

              	(B)	
                clause 2.1 of that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        "Amount. Subject at all times to the provisions of this Agreement and the request of the Purchaser, the Creditor has agreed to make available to the Purchaser, a loan in the aggregate
          principal amount of up to US$73,150,000 (the "Interest Bearing Loan Facility").".

         

        

        	

              	(ii)	
                New interest free loan facility: the Creditor shall make available to the relevant Debtor an additional interest free loan in the aggregate principal amount of up to US$4,500,000 under
                  and subject to the provisions of that Credit Agreement and that Credit Agreement shall be logically amended to the extent necessary to give effect to the purpose and intent of the foregoing amendments, including the following amendments:

              

        

        

        	

              	(A)	
                the following shall be incorporated as a new clause 2.1A in that Credit Agreement:

              

        

        

        "Amount. Subject at all times to the provisions of this Agreement and the request of the Purchaser, the Creditor has agreed to make available to the Purchaser, in
          addition to the Interest Bearing Loan Facility, a loan in the aggregate principal amount of up to US$4,500,000 (the "Interest Free Loan Facility").".

         

        

        
          19

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(B)	
                the definition of the term "Interest Rate" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Interest Rate" means, in relation to the Loan granted under the Interest Free Loan Facility, 0 per cent. per annum, and in
          relation to any other Loan, the rate per annum that is the aggregate of:

         

        

        	

              	(a)	
                LIBOR; and

              

        

        

        	

              	(b)	
                the relevant Margin.".

              

        

        

        	

              	(C)	
                the definition of the term "Loan" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Loan" means the principal amount of the loan granted under this Agreement and which is for the time being outstanding under the
          Interest Bearing Loan Facility or the Interest Free Loan Facility.",

         

        

        and references in that Credit Agreement and any Finance Document (as defined in that Credit Agreement) to "the Loan", "a Loan", "any Loan", "each Loan", "that Loan" or any other cognate expressions shall for
          the avoidance of doubt and unless the context otherwise requires refer to both Loans.

         

        

        	

              	(D)	
                the definition of the term "Loan Facility" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Loan Facility" means any facility to be made available under this Agreement as described in Clause 2.1 (Amount) and Clause 2.1A (Amount).",

         

        

        and references in that Credit Agreement and any Finance Document (as defined in that Credit Agreement) to "the Loan Facility", "a Loan Facility ", "any Loan Facility", "each Loan Facility", "that Loan Facility" or any
          other cognate expressions shall for the avoidance of doubt and unless the context otherwise requires refer to both Loan Facilities.

        

        

        	

              	(E)	
                any partial prepayment of the Loans under that Credit Agreement shall be applied first towards prepayment of the Interest Bearing Loan Facility, and thereafter towards prepayment of the Interest Free Loan Facility.

              

        

        

        The relevant Debtor shall, immediately on being requested to do so by the Creditor, enter into such further documents as may be necessary or desirable to give effect to the purpose and the intent
          of the amendments referred to in this paragraph (b).

         

        

        
          20

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(c)	
                Holding costs: the following shall be incorporated as a new article 3.3A of the Original Construction Contract (B380 HULDRA) immediately after the existing article 3.3 of the Original
                  Construction Contract (B380 HULDRA):

              

        

        

        "The Owner shall pay to the Builder a holding cost which shall accrue daily (based on the actual number of days elapsed) at the rate of [***], from 15 July 2020 up to and
          including 31 December 2021. Such holding cost shall be payable (1) in relation to amounts accrued on or before 1 January 2021, in six equal instalments on 1 January 2021, 1 April 2021, 1 July 2021, 1 October 2021, 1 January 2022 and 1 April 2022,
          and (2) in relation to any amounts accruing after 1 January 2021, in advance up to the next payment date on each of the following dates in each calendar year starting from and including 2021: 1 January, 1 April, 1 July and 1 October.".

         

        

        	(d)	
                Principal payments: article 3.3 of the Original Construction Contract (B380 HULDRA) shall be amended and restated in the following manner:

              

        

        

        "The balance of Eighty Six Million Four Hundred Thousand United States Dollars (US$86,400,000.00), being 60% of the Rig Purchase Price, plus US$4,500,000, being an
          additional deferred payment instalment, shall become due and payable by the Owner to the Builder on the following dates:

         

        

        	

              	3.3.1	
                an amount of US$4,410,000 shall be payable on 1 January 2022;

              

        

        	

              	3.3.2	
                an amount of US$4,420,000 shall be payable on 1 April 2022;

              

        

        

        	

              	3.3.3	
                an amount of US$4,420,000 shall be payable on 1 July 2022; and

              

        

        

        	

              	3.3.4	
                an amount of US$73,150,000 plus US$4,500,000 (plus or minus any increase or decrease in the Rig Purchase Price pursuant to Article 4) shall be payable on the Delivery Date.".

              

        

        

        	(e)	
                Non-payment of principal: article 11.1(a) of the Original Construction Contract (B380 HULDRA) shall be amended and restated in the following manner:

              

        

        

        "if the Owner fails to pay any amount in accordance with Article 3.2 or Article 3.3;".

         

        

        	4.5	
                B381 HEIDRUN

              

        

        

        	(a)	
                Deferred delivery: article 8.1 of the Original Construction Contract (B381 HEIDRUN) shall be amended and restated in the following manner:

              

        

        

        "Provided that the Builder shall have fulfilled all of its obligations under the Contract required to, be performed by it prior to or concurrently upon delivery of the Rig
          to the Owner, the Rig shall be delivered by the Builder to the Owner at the Yard on 30 September 2022, or if such date does not fall on a Business Day, then on the next Business Day immediately thereafter (the "Scheduled

            Delivery Date"), except that, in the event of delays in the construction of the Rig or any performance required under this Contract due to causes which under the terms of this Contract permit the postponement of the date for delivery,
          aforementioned date for delivery of the Rig shall be postponed accordingly provided that if the same does not fall on a Business Day, then such date will be construed as falling on the next Business Day immediately after that date. The
          aforementioned date or such later date to which the requirement of delivery is postponed pursuant to such terms, is herein called the "Delivery Date".".

         

        

        
          21

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                Credit financing: the following amendments shall be made to the loan facility(ies) being made available under the Original Credit Agreement (B381 HEIDRUN):

              

        

        

        	

              	(i)	
                Reduction of existing loan facility: the amount of the existing loan facility to be made available to the relevant Debtor under that Credit Agreement shall be reduced to US$73,150,000,
                  and that Credit Agreement shall be amended to the extent necessary or desirable to give effect to the purpose and intent of such reduction, including the following amendments:

              

        

        

        	

              	(A)	
                the definition of the term "Commitment" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Commitment" means US$73,150,000 in relation to the Interest Bearing Loan Facility plus US$4,500,000 in relation to the Interest
          Free Loan Facility as at the date of this Agreement.".

         

        

        	

              	(B)	
                clause 2.1 of that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        "Amount. Subject at all times to the provisions of this Agreement and the request of the Purchaser, the Creditor has agreed to make available to the Purchaser, a loan in the aggregate principal amount of up
          to US$73,150,000 (the "Interest Bearing Loan Facility").".

         

        

        	

              	(ii)	
                New interest free loan facility: the Creditor shall make available to the relevant Debtor an additional interest free loan in the aggregate principal amount of up to US$4,500,000 under
                  and subject to the provisions of that Credit Agreement and that Credit Agreement shall be logically amended to the extent necessary to give effect to the purpose and intent of the foregoing amendments, including the following amendments:

              

        

        

        	

              	(A)	
                the following shall be incorporated as a new clause 2.1A in that Credit Agreement:

              

        

        

        "Amount. Subject at all times to the provisions of this Agreement and the request of the Purchaser, the Creditor has agreed to make available to the Purchaser, in
          addition to the Interest Bearing Loan Facility, a loan in the aggregate principal amount of up to US$4,500,000 (the "Interest Free Loan Facility").".

         

        

        
          22

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(B)	
                the definition of the term "Interest Rate" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Interest Rate" means, in relation to the Loan granted under the Interest Free Loan Facility, 0 per cent. per annum, and in
          relation to any other Loan, the rate per annum that is the aggregate of:

         

        

        	

              	(a)	
                LIBOR; and

              

        

        

        	

              	(b)	
                the relevant Margin.".

              

        

        

        	

              	(C)	
                the definition of the term "Loan" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Loan" means the principal amount of the loan granted under this Agreement and which is for the time being outstanding under the
          Interest Bearing Loan Facility or the Interest Free Loan Facility.",

         

        

        and references in that Credit Agreement and any Finance Document (as defined in that Credit Agreement) to "the Loan", "a Loan", "any Loan", "each Loan", "that Loan" or any other cognate expressions shall for
          the avoidance of doubt and unless the context otherwise requires refer to both Loans.

         

        

        	

              	(D)	
                the definition of the term "Loan Facility" in that Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Loan Facility" means any facility to be made available under this Agreement as described in Clause 2.1 (Amount) and Clause 2.1A (Amount).",

         

        

        and references in that Credit Agreement and any Finance Document (as defined in that Credit Agreement) to "the Loan Facility", "a Loan Facility ", "any Loan Facility", "each Loan Facility", "that Loan Facility" or any
          other cognate expressions shall for the avoidance of doubt and unless the context otherwise requires refer to both Loan Facilities.

        

        

        	

              	(E)	
                any partial prepayment of the Loans under that Credit Agreement shall be applied first towards prepayment of the Interest Bearing Loan Facility, and thereafter towards prepayment of the Interest Free Loan Facility.

              

        

        

        The relevant Debtor shall, immediately on being requested to do so by the Creditor, enter into such further documents as may be necessary or desirable to give effect to the purpose and the intent
          of the amendments referred to in this paragraph (b).

         

        

        	(c)	
                Holding costs: the following shall be incorporated as a new article 3.3A of the Original Construction Contract (B381 HEIDRUN) immediately after the existing article 3.3 of the Original
                  Construction Contract (B381 HEIDRUN):

              

         

        

        
          23

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        "The Owner shall pay to the Builder a holding cost which shall accrue daily (based on the actual number of days elapsed) at the rate of [***], from 15 October 2020 up to
          and including 31 December 2021. Such holding cost shall be payable (1) in relation to amounts accrued on or before 1 January 2021, in six equal instalments on 1 January 2021, 1 April 2021, 1 July 2021, 1 October 2021, 1 January 2022 and 1 April
          2022, and (2) in relation to any amounts accruing after 1 January 2021, in advance up to the next payment date on each of the following dates in each calendar year starting from and including 2021: 1 January, 1 April, 1 July and 1 October.".

         

        	(d)	
                Principal payments: article 3.3 of the Original Construction Contract (B381 HEIDRUN) shall be amended and restated in the following manner:

              

        

        

        "The balance of Eighty Six Million Four Hundred Thousand United States Dollars (US$86,400,000.00), being 60% of the Rig Purchase Price, plus US$4,500,000, being an
          additional deferred payment instalment, shall become due and payable by the Owner to the Builder on the following dates:

         

        

        	

              	3.3.1	
                an amount of US$4,410,000 shall be payable on 1 January 2022;

              

        

        

        	

              	3.3.2	
                an amount of US$4,420,000 shall be payable on 1 April 2022;

              

        

        

        	

              	3.3.3	
                an amount of US$4,420,000 shall be payable on 1 July 2022; and

              

        

        

        	

              	3.3.4	
                an amount of US$73,150,000 plus US$4,500,000 (plus or minus any increase or decrease in the Rig Purchase Price pursuant to Article 4) shall be payable on the Delivery Date.".

              

        

        

        	(e)	
                Non-payment of principal: article 11.1(a) of the Original Construction Contract (B381 HEIDRUN) shall be amended and restated in the following manner:

              

        

        

        "if the Owner fails to pay any amount in accordance with Article 3.2 or Article 3.3;".

         

        

        	4.6	
                B358 HILD, B360 HEIMDAL and B361 HERMOD

              

        

        

        	(a)	
                Insolvency undertaking: the following provisions shall be incorporated into the Original Credit Agreement (B358 HILD), the Original Credit Agreement (B360 HEIMDAL) and the Original Credit
                  Agreement (B361 HERMOD) mutatis mutandis as a new clause 12.1(ccc):

              

        

        

        	

              	(i)	
                The Parent and each Purchaser party to that Credit Agreement shall not commence or take any steps in relation to any insolvency proceeding in relation to that Purchaser unless, if required by the Creditor, the legal title to and
                  beneficial interest in the shares in that Purchaser and/or the Vessel which is owned by that Purchaser has been transferred to the Creditor free from any mortgage, charge, pledge, lien or other security interest securing any obligation of
                  any person or any other agreement or arrangement having a similar effect, in consideration for the following:

              

        

        

        	

              	(A)	
                the Creditor shall release, reassign and discharge any Transaction Security over such transferred shares and/or such transferred Vessel (as the case may be) on the date on which such transfer takes place (the "Asset Transfer Date"); and

              

         

        

        
          24

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(B)	
                on the date falling 15 Business Days after the Asset Transfer Date, the Fair Market Value of such Vessel (or, as the case may be, the Vessel owned by the Purchaser whose shares are being transferred) shall be deemed to be applied by
                  the Creditor as Recoveries in accordance with Clause 6.1 (Order of application), provided that:

              

        

        

        	

              	(1)	
                the Creditor shall sell such Vessel by the date 24 Months from the Asset Transfer Date on arms-length terms for the Fair Market Value, or otherwise the best price reasonably obtainable within such 24 Month period;

              

        

        

        	

              	(2)	
                the Creditor Parties shall not be required to make any payment or application pursuant to paragraph (d) and paragraph (e) of Clause 6.1 (Order of application) until the Creditor has actually
                  received the proceeds of any sale referred to in paragraph (1) above; and

              

        

        

        	

              	(3)	
                all amounts payable or to be applied by the Creditor Parties pursuant to paragraph (d) and paragraph (e) of Clause 6.1 (Order of application) shall be limited to, and only be made or payable
                  from, any amounts actually received by the Creditor pursuant to the sale referred to in paragraph (1) above and the Creditor shall not be under any obligation to pay or apply any shortfall between the amounts received by that Creditor
                  pursuant to such a sale and the Fair Market Value of such Vessel provided that the Creditor's rights to submit any proof, make demand or otherwise claim against the relevant Purchaser, any Security Provider or any direct or indirect
                  Subsidiary of the Security Provider in respect of such amount shall be suspended until such amount is applied in pursuant to paragraph (d) and paragraph (e) of Clause 6.1 (Order of application) and
                  the Creditor shall not be entitled to any right of double-proof or double recovery in respect of such amounts.

              

        

        

        	

              	(ii)	
                For the purposes of the foregoing, "Fair Market Value" means, in relation to a Vessel, the arithmetic average of the market value of such Vessel reflected in:

              

        

        

        	

              	(A)	
                a valuation obtained by the Parent and supplied to the Creditor within 10 Business Days after the Asset Transfer Date; and

              

        

        

        	

              	(B)	
                a valuation obtained by the Creditor and supplied to the Parent within 10 Business Days after the Asset Transfer Date; and

              

        

        

        	

              	(C)	
                if the market value of that Vessel shown in the abovementioned valuations differ by more than 10 per cent. of the higher of the two valuations, a third valuation obtained by the Creditor and supplied to the Parent within 15 Business
                  Days after the Asset Transfer Date,  and if any valuation is not supplied within the timelines specified above, such valuation shall be disregarded for the purposes of determining the relevant Fair Market Value. Each valuation referred to
                  in this paragraph (ii) shall be:

              

         

        

        
          25

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(1)	
                addressed to the Creditor;

              

        

        

        	

              	(2)	
                issued by any of Artic Offshore Internal AS, Fernleys, Clarksons Valuations Limited, IHS or such other independent shipbroker or valuer which is agreed between the Parent and the Creditor;

              

        

        

        	

              	(3)	
                prepared on a desktop basis of a charter-free sale for prompt delivery for cash at arm's length on normal commercial terms as between a willing seller and a willing buyer; and

              

        

        

        	

              	(4)	
                dated no earlier than the Asset Transfer Date.

              

        

        

        	

              	(iii)	
                The Obligors (other than the IHC) shall, immediately upon written demand by the Creditor, pay to the Creditor the amount of all costs and expenses incurred by that Creditor in connection with any valuation obtained by the Creditor
                  pursuant to paragraph (ii) above.

              

        

        

        	(b)	
                Maintenance of Vessel: Clause 9.3 (Maintenance Report) shall be incorporated into each Original Credit Agreement mutatis mutandis as a new clause 12.1(ddd).

              

        

        

        	4.7	
                Right to sell or charter

              

        

        

        The Builder and any Purchaser may at any time prior to the delivery of any Vessel under any Construction Contract which such Purchaser is a party to, enter into a mutual
          agreement to:

         

        

        	(a)	
                charter the relevant Vessel to any person prior to the delivery of such Vessel to the relevant Purchaser subject to the relevant Purchaser's right to take delivery of such Vessel under such Construction Contract; or

              

        

        

        	(b)	
                sell the relevant Vessel to any person and apply the proceeds of such sale in accordance with the terms of the Builder and such Purchaser's mutual agreement.

              

        

        

        	4.8	
                Definition of "Framework Deed"

              

        

        

        	(a)	
                The following shall be incorporated as defined term(s) in each Original Construction Contract:

              

        

        

        ""Framework Deed" means the framework deed dated on or about 5 June 2020 and entered into between, amongst others, BORR
          DRILLING LIMITED and certain of its subsidiaries which are listed in Schedule 1 thereto as "Purchasers" and "Debtors", the Builder, and OFFSHORE PARTNERS PTE. LTD..".

         

        

        
          26

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                The following shall be incorporated as defined term(s) in each Original Credit Agreement:

              

        

        

        ""Framework Deed" means the framework deed dated on or about 5 June 2020 and entered into between, amongst others, the
          Parent and certain of its subsidiaries (including the Purchaser) which are listed in Schedule 1 thereto as "Purchasers" and "Debtors", the Builder, and the Creditor.".

         

        

        	4.9	
                Ancillary definitions and rules of interpretation

              

        

        

        	(a)	
                The definition of the term "Finance Documents" in each Original Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""Finance Documents" means this Agreement, the Security Documents, the Framework Deed, the "Relevant Documents" as defined in the
          Framework Deed and any other document from time to time designated as a Finance Document by the Purchaser and the Creditor, and "Finance Document" means any one of them as the context so requires.".

         

        

        	(b)	
                The following shall be incorporated as a new paragraph (g) in the definition of the term "Security Documents" in each Original Credit Agreement:

              

        

        

        "(g) the Framework Deed.".

         

        

        	(c)	
                The following shall be incorporated as a new paragraph (c) in clause 13.2 of each Original Credit Agreement:

              

        

        

        "Enforcement: exercise (or direct any other Creditor Party or Delegate to exercise) any or all of its rights, remedies, powers or discretions under the Finance Documents.".

         

        

        	(d)	
                Each rule of interpretation and construction set out in Clause 1.2 (Construction and interpretation) shall be incorporated into each Original Credit Agreement and each Original Construction
                  Contract mutatis mutandis.

              

        

        

        	(e)	
                The definition of the term "LIBOR" in each Original Credit Agreement shall be amended and restated in the following manner:

              

        

        

        ""LIBOR" means, in relation to a Loan, the applicable Screen Rate as of 11.00 a.m. (London time) two Business Days before the first
          day of the Interest Period of that Loan for the currency of the Loan and for a period equal in length to the Interest Period of that Loan and if that rate is less than zero, LIBOR shall be deemed to be zero.".

         

        

        	(f)	
                The following shall be incorporated as a defined term in each Original Credit Agreement:

              

        

        

        ""Screen Rate" means, in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited
          (or any other person which takes over the administration of that rate) for the relevant period displayed on the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate), or, on the appropriate page of such other
          information service which publishes that rate from time to time in place of Thomson Reuters, provided that if the Screen Rate or such page or service ceases to be available, the Creditor may, in each case, specify (acting reasonably) another page
          or service displaying the relevant rate after consultation with the Purchaser, and provided that if the London interbank offered rate is not available for the currency of the Loan and/or for a period equal in length to the Interest Period of the
          Loan, the Creditor may specify (acting reasonably) another benchmark rate after consultation with the Purchaser (having regard to the then prevailing market convention for determining a rate of interest for similar U.S. dollar loans and any new
          benchmark interest rate that is used as a replacement or substitute for LIBOR).".

         

        

        
          27

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	5.	
                Savings provisions

              

        

        

        	5.1	
                Continuing obligations

              

        

        

        	(a)	
                Each Amended Document and this Deed shall be read and construed as one document and this Deed shall be considered as part of that Amended Document and, without prejudice to the generality of the foregoing, where the context so allows:

              

        

        

        	

              	(i)	
                references in each Relevant Document to "this Agreement" or "this Deed", howsoever expressed, shall be read and construed as references to that Relevant
                  Document as amended and/or supplemented by this Deed; and

              

        

        

        	

              	(ii)	
                references in any Relevant Document to any other Relevant Document, howsoever expressed, shall be construed to include the latter mentioned Relevant Document as amended and/or supplemented by this Deed.

              

        

        

        	(b)	
                Except to the extent expressly amended and/or supplemented by the provisions of this Deed, the terms and conditions of the Original Documents entered into on or before the date of this Deed and all other instruments and agreements
                  executed, delivered or entered into thereunder or pursuant thereto are hereby confirmed and shall remain in full force and effect.

              

        

        

        	(c)	
                Save as expressly set out herein, the Obligors represent and warrant that the Creditor Parties have not waived, released or otherwise modified, and undertake that they shall not assert that the Creditors Parties have waived, released
                  or otherwise modified, any of their rights and or the Obligors' obligations under any of the Original Documents.

              

        

        

        	5.2	
                Confirmations

              

        

        

        	(a)	
                Each Obligor hereby confirms, represents and warrants that:

              

        

        

        	

              	(i)	
                each of the Relevant Documents to which it is a party (and any security created or guarantees granted thereunder) remains in full force and effect, and shall continue to be binding on itself notwithstanding the amendments and/or
                  supplements to the Original Documents in the manner provided in this Deed; and

              

        

        

        	

              	(ii)	
                each other Obligor's obligations and liabilities under or in connection with the Relevant Documents shall, to the extent that such obligations and liabilities were guaranteed and/or secured by the Original Documents (including the
                  Secured Indebtedness as defined in any Credit Agreement), be guaranteed by the guarantees granted by it under the Relevant Documents to which it is a party and secured by the Transaction Security and the Relevant Documents to which it is
                  a party.

              

        

        

        
          28

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                The Builder shall:

              

        

        

        	

              	(i)	
                by the Effective Date, provide the Obligors with a letter from KEPPEL OFFSHORE & MARINE LIMITED confirming that each BUILDER Parent Guarantee (as defined in any Construction Contract (Type 2)) and each Parent Guarantee (as defined
                  in any Construction Contract (Type 1)) remains in full force and effect and continues to guarantee the Builder's obligations under such Construction Contract in accordance with the terms of such Keppel Parent Guarantee notwithstanding the
                  amendments and/or supplements to the Original Documents in the manner provided in this Deed; and

              

        

        	

              	(ii)	
                procure that:

              

        

        

        	

              	(A)	
                in accordance with article XI.6A(d) of each Construction Contract (Type 2), CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SINGAPORE BRANCH, shall deliver to each Purchaser under each Construction Contract (Type 2) as soon as
                  reasonably practicable after the Effective Date by SWIFT through the relevant Purchaser's bank or by an equivalent means to be approved by each such Purchaser a confirmation that (1) the Refund Guarantee (as defined in such Construction
                  Contract) in favour of such Purchaser continues to be in full force and effect; and (2) it consents to the extension of the expiry date of such Refund Guarantee to the date that is the scheduled delivery date of the relevant Vessel under
                  that Construction Contract, as amended by this Deed; or

              

        

        

        	

              	(B)	
                a replacement refund guarantee is issued by the Builder's bank (which bank must have a long term rating of at least "A" by Moody's Investor Services or Standard & Poor's rating services and be approved in advance by the relevant
                  Purchaser), substantially in the form set out in "Exhibit A" to the relevant building contract amendment agreement dated 24 May 2017 in respect of the relevant Construction Contract (Type 2), and the terms of article XI.6 of the relevant
                  Construction Contract, as amended by this Deed, apply to any replacement refund guarantee issued pursuant to this paragraph.

              

        

        

        	(c)	
                The Creditor Parties confirm that no Obligors shall be required to provide its audited, consolidated financial statements or unaudited consolidated financial statements for the financial year ended 31 December 2019 (collectively the "Deferred Financial Statements") pursuant to any Credit Agreement until such date as the Parent files, or is required by applicable law or regulation to file, its annual report in respect of the
                  financial year ended 2019 with the US Securities and Exchange Commission of the Norwegian Financial Services Authority (the "Filing"), provided that immediately following the Filing, the relevant
                  Obligor shall provide the Creditor Parties with the Deferred Financial Statements subject to the Filing (the "Financial Reporting Waiver").

              

         

        

        
          29

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(d)	
                The Creditor Parties acknowledge that certain agreements referred to in paragraph 2.2 (Key creditor consents) of Part 1 (Conditions precedent) of
                  Schedule 3 (Conditions precedent and conditions subsequent) require that a new intermediate holding company of the Group shall be established which will be direct subsidiary of the Parent. Subject
                  to:

              

        

        

        	

              	(i)	
                the completion of reasonably satisfactory legal and tax diligence as required by the Creditor Parties in connection with the incorporation of such a holding company;

              

        

        

        	

              	(ii)	
                each party to the agreements referred to in paragraph 2.2 (Key creditor consents) of Part 1 (Conditions precedent) of Schedule 3 (Conditions precedent and conditions subsequent) consenting to equivalent amendments to permit the incorporation of an intermediate holding company as far as is necessary;

              

        

        

        	

              	(iii)	
                negotiation, execution and delivery of mutually acceptable definitive documentation as required to give effect to the transactions contemplated below and such documentation being satisfactory to the Creditor Parties; and

              

        

        

        	

              	(iv)	
                no Material Adverse Effect occurring as a result of the transactions contemplated below,

              

        

        

        the Creditor Parties will consent to such amendments, steps and actions required under the Relevant Documents for the following:

         

        

        	

              	(A)	
                an intermediate holding company (the "IHC") to be established as a direct subsidiary of the Parent and a parent of all or substantially all of the Parent's Subsidiaries (including any Obligor)
                  and incorporated in Bermuda, the Cayman Islands or any other jurisdiction acceptable to the Creditor Parties; and

              

        

        

        	

              	(B)	
                once established, such IHC shall execute and deliver to the Creditor Parties; amongst others:

              

        

        

        	

              	(1)	
                a charge over all the issued share capital of the Obligors owned by the IHC in favour of Creditor as Security for the Secured Liabilities on a limited recourse basis or, if the Parent has already entered into such a charge over all the
                  issued share capital of that Obligor in favour of the Creditor, an amended and restated charge over shares pursuant to which the IHC agrees to be bound by the provisions of the existing charge over all the issued share capital of that
                  Obligor in favour of Creditor as Security for the Secured Liabilities on a limited recourse basis, it being understood that "limited recourse basis" shall mean that the IHC’s liability under any of the foregoing documents shall be limited
                  to, and only be made payable from, any amounts received or recovered by the Creditor Parties from the realisation or enforcement of the Security being granted thereunder; and

              

         

        

        
          30

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(2)	
                a deed of accession pursuant to which the IHC agrees to be bound by:

              

        

        

        	

              	(A)	
                the provisions of this Deed as an Obligor; and

              

        

        

        	

              	(B)	
                the provisions of this Deed and the other Relevant Documents as a Security Provider.

              

        

        

        Any documentation to be entered into by any Creditor Party and an Obligor or any Creditor Party and the IHC will not contain representations, restrictions, covenants or
          undertakings applicable to such IHC which are not applicable to the Parent under the Relevant Documents prior to the date of this Deed.

         

        

        	6.	
                Application of proceeds

              

        

        

        	6.1	
                Order of application

              

        

        

        Subject to Clause 6.11 (Permitted Disposal), all amounts from time to time received or recovered by any Creditor Party pursuant to
          the terms of any Relevant Document or in connection with the realisation or enforcement of all or any part of the Transaction Security (for the purposes of this Clause 6, the "Recoveries") shall be applied
          by the Creditor Parties at any time as the Creditor Parties (in their discretion) see fit, to the extent permitted by applicable law (and subject to the provisions of this Clause 6), in the following order:

         

        

        	(a)	
                in discharging any sums owing to any Receiver or any Delegate;

              

        

        

        	(b)	
                in payment of all costs and expenses incurred by any Creditor Party in connection with any realisation or enforcement of the Transaction Security, the shares in any Obligor and/or any Vessel taken in accordance with the terms of this
                  Deed;

              

        

        

        	(c)	
                in payment or distribution to the Creditor Parties for application in accordance with Clause 6.2 (Partial payments);

              

        

        

        	(d)	
                if none of the Obligors is under any further actual or contingent liability under any Relevant Document, in payment to any person to whom any Creditor Party is obliged by law to pay in priority to any Obligor; and

              

        

        

        	(e)	
                the balance, if any, in payment to the relevant Obligor.

              

        

        	6.2	
                Partial payments

              

        

        

        	(a)	
                If the Creditor Parties receives a payment that is insufficient to discharge all the amounts then due and payable by each Obligor under the Relevant Documents, the Creditor Parties shall apply that payment towards the obligations of
                  the Obligors under the Relevant Documents in the following order:

              

        

        

        	

              	(i)	
                in or towards payment of any unpaid amount owing to any Receiver or any Delegate under the Relevant Documents; and

              

         

        

        
          31

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(ii)	
                in or towards payment of any sum due but unpaid under the Relevant Documents at such time and in such order as the Creditor Parties (in their discretion) see fit.

              

        

        

        	(b)	
                The Creditor Parties may vary the order set out in paragraphs (a)(i) to (a)(ii) above.

              

        

        

        	(c)	
                Subject to Clause 6.11 (Permitted Disposal), paragraphs (a) and (b) above will override any appropriation made, or directed to be applied in some other manner, by an Obligor.

              

        

        

        	6.3	
                Guarantee and indemnity

              

        

        

        In furtherance of the above, each Guarantor irrevocably and unconditionally jointly and severally:

        

        

        	(a)	
                guarantees to each Creditor Party punctual performance by each other Obligor of all that Obligor's obligations under the Relevant Documents;

              

        

        

        	(b)	
                undertakes with each Creditor Party that whenever an Obligor does not pay any amount when due under or in connection with the Secured Liabilities, that Guarantor shall immediately on demand pay that amount as if it was the principal
                  obligor; and

              

        

        

        	(c)	
                agrees with each Creditor Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Creditor Party immediately on demand against any
                  cost, loss or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Relevant Document on the date when it would have
                  been due. The amount payable by each Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 6 if the amount claimed had been recoverable on the basis of a guarantee.

              

        

        

        	6.4	
                Continuing guarantee

              

        

        

        This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Relevant Documents, regardless of any intermediate
          payment or discharge in whole or in part.

         

        

        	6.5	
                Reinstatement

              

        

        

        If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Creditor
          Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration, judicial management or otherwise then the liability of each Obligor under this
          Clause 6 and the Relevant Documents will continue or be reinstated as if the discharge, release or arrangement had not occurred.

         

        

        	6.6	
                Waiver of defences

              

         

        

        
          32

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        The obligations of each Guarantor under this Clause 6 will not be affected by an act, omission, matter or thing which, but for this Clause 6.6 would reduce, release or
          prejudice any of its obligations under this Clause 6 (whether or not known to it or any Creditor Party) including:

         

        

        	(a)	
                any time, waiver or consent granted to, or composition with, any Obligor or other person;

              

        

        

        	(b)	
                the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any Obligor, any member of the Group or any other person;

              

        

        

        	(c)	
                the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, execute, take up or enforce, any rights against, or Security over assets of, any Obligor or other person or any non-presentation or
                  non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any Security;

              

        

        

        	(d)	
                any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Obligor or any other person;

              

        

        

        	(e)	
                any amendment, novation, supplement, extension, restatement or replacement (in each case however fundamental and whether or not more onerous) of any Relevant Document or any other document or security including any change in the
                  purpose of, any extension of or any increase in any facility or the addition of any new facility under any Relevant Document or other document or security;

              

        

        

        	(f)	
                any unenforceability, illegality or invalidity of any obligation of any person under any Relevant Document or any other document or security;

              

        

        

        	(g)	
                any intermediate payment or discharge of any of the Secured Liabilities in whole or in part;

              

        

        

        	(h)	
                any insolvency proceedings, amalgamation, reconstruction or reorganization of any Obligor or any other person; or

              

        

        

        	(i)	
                this Deed or any other Relevant Document not being executed by or binding upon any other party.

              

        

        

        	6.7	
                Immediate recourse

              

        

        

        Each Guarantor waives any right it may have of first requiring any Creditor Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or
          Security or claim payment from any person before claiming from that Guarantor under this Clause 6. This waiver applies irrespective of any law or any provision of a Relevant Document to the contrary.

         

        

        	6.8	
                Appropriations

              

        

        

        During the Security Period, each Creditor Party (or any trustee or agent on its behalf) may:

         

        

        	(a)	
                refrain from applying or enforcing any other moneys, security or rights held or received by that Creditor Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order
                  as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

              

         

        

        
          33

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                hold in a suspense account any moneys received from any Guarantor or on account of that Guarantor's liability under this Clause 6.

              

        

        

        	6.9	
                Deferral of Guarantors' rights

              

        

        

        	(a)	
                During the Security Period and unless any Creditor Party otherwise directs, no Guarantor shall exercise or otherwise enjoy the benefit of any right which it may have by reason of performance by it of its obligations under the Relevant
                  Documents or by reason of any amount being payable, or liability arising, under any Relevant Document:

              

        

        

        	

              	(i)	
                to be indemnified by an Obligor or any other person;

              

        

        

        	

              	(ii)	
                to claim any contribution from any other guarantor of or provider of Security for any person's obligations under the Relevant Documents;

              

        

        

        	

              	(iii)	
                to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Creditor Parties under the Relevant Documents or of any other guarantee or security taken pursuant to, or in connection with,
                  the Relevant Documents by any Creditor Party;

              

        

        

        	

              	(iv)	
                to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which that Guarantor has given a guarantee, undertaking or indemnity under Clause 6.1 (Guarantee and indemnity);

              

        

        

        	

              	(v)	
                to exercise any right of set-off against any Obligor; and/or

              

        

        

        	

              	(vi)	
                to claim or prove as a creditor of any Obligor in competition with any Creditor Party.

              

        

        

        	(b)	
                If any Guarantor shall receive any benefit, payment or distribution in relation to any such right it shall hold that benefit, payment or distribution (or so much of it as may be necessary to enable all amounts which may be or become
                  payable to the Creditor Parties by the Obligors under or in connection with the Relevant Documents to be paid in full) on trust for the Creditor Parties, and shall promptly pay or transfer the same to the Creditor Parties or as the
                  Creditor Parties may direct.

              

        

        

        	6.10	
                Additional security

              

        

        

        This guarantee is in addition to and is not in any way prejudiced by any other guarantee or Security now or subsequently held by any Creditor Party.

         

        

        	6.11	
                Permitted Disposal

              

         

        

        
          34

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        The Creditor Parties agree that any Vessel-owning Obligor shall be permitted to sell its Vessel and the Holding Company of any Vessel-owning Obligor shall be permitted to
          sell the shares in a Vessel-owning Obligor, provided no Default is continuing, and that the proceeds of sale (after deducting the reasonable costs of sale) (the "Sale Proceeds") are sufficient to pay all
          amounts owing to the Creditor Parties by such Vessel-owning Obligor in relation to that Vessel under any Amended Document to which such Obligor is party (but excluding for the avoidance of doubt any liabilities, obligations, actual or contingent
          claims, arising under this Clause 6) (the "Vessel Obligations" and such a sale being a "Permitted Disposal"). An amount of the Sale Proceeds equal to the Vessel
          Obligations shall be applied by that Vessel-owning Obligor as Recoveries in accordance with Clause 6.1 (Order of application) and any surplus between the amount of the Sale Proceeds and the aggregate
          amount of the Vessel Obligations shall be retained by the relevant Vessel-owning Obligor or any Vessel-owning Obligor as applicable. Each Creditor Party agrees that, upon a Permitted Disposal and subject to the application of proceeds set out
          above, it shall do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) required to release any Security or any other claim over or in respect of the Vessel, and the parts
          attached or associated thereto and any asset of the Obligor or the shares in the relevant Obligor (if applicable), and release the relevant Obligor from any liability, debt, claim or guarantee under the Relevant Documents.

         

        

        	7.	
                Indemnities, costs and expenses

              

        

        

        	7.1	
                Other indemnities

              

        

        

        Each Obligor (other than the IHC) shall, immediately upon written demand by a Creditor Party, indemnify that Creditor Party against any cost, loss or liability incurred by
          that Creditor Party as a result of:

         

        

        	(a)	
                the occurrence of any Event of Default;

              

        

        

        	(b)	
                any information produced, provided or approved by or on behalf of an Obligor being or being alleged to be misleading and/or deceptive in any respect;

              

        

        

        	(c)	
                any enquiry, investigation, subpoena (or similar order) or litigation with respect to any Obligor or with respect to the transactions contemplated, financed or secured under the Relevant Documents; or

              

        

        

        	(d)	
                a failure by an Obligor to pay any amount due under a Relevant Document on its due date or in the relevant currency.

              

        

        

        	7.2	
                Indemnity in relation to enforcement

              

        

        

        	(a)	
                Each Obligor (other than the IHC) shall, immediately upon written demand by a Creditor Party, a Receiver or a Delegate, promptly indemnify that Creditor Party, that Receiver and that Delegate against any cost, loss or liability
                  incurred by any of them as a result of:

              

        

        

        	

              	(i)	
                acting or relying on any communication, notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

              

        

        

        	

              	(ii)	
                the taking, holding, protection or enforcement of the Transaction Security;

              

         

        

        
          35

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(iii)	
                the exercise of any of the rights, powers, discretions and remedies vested in that Creditor Party, each Receiver and Delegate by the Relevant Documents or by law;

              

        

        

        	

              	(iv)	
                instructing lawyers, accountants, Tax advisers, surveyors or other professional advisers or experts as permitted under any Relevant Document; or

              

        

        

        	

              	(v)	
                acting as a Receiver or Delegate under the Relevant Documents or which otherwise relates to any of the Charged Assets or the performance of the terms of the Relevant Documents (otherwise than as a result of its gross negligence or
                  wilful misconduct).

              

        

        

        	(b)	
                Every Receiver and Delegate may, in priority to any payment to the Creditor Parties, indemnify itself out of the Charged Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 7.2
                  and shall have a lien on the Transaction Security and the proceeds of enforcement of the Transaction Security for all moneys payable to it.

              

        

        

        	7.3	
                Transaction expenses

              

        

        

        The Obligors (other than the IHC) shall, immediately upon written demand by any Creditor Party, pay to that Creditor Party the amount of all reasonable costs and expenses
          (including legal and adviser fees) incurred by that Creditor Party in connection with the confirmations contemplated in paragraph (b) of Clause 5.2 (Confirmations) or with the negotiation, preparation,
          printing, execution and perfection of:

         

        

        	(a)	
                this Deed and any other documents referred to in this Deed or in a Relevant Document; and

              

        

        

        	(b)	
                any other Relevant Documents executed after the date of this Deed,

              

        

        

        provided that the Obligors shall not be obliged to make any payment in respect of any demand made under this Clause 7.3 until 1 October 2020.

         

        

        	7.4	
                Amendment costs

              

        

        

        If a Obligor requests an amendment, waiver or consent under any Relevant Document, the Obligors (other than the IHC) shall, immediately upon written demand by any Creditor
          Party, reimburse that Creditor Party for the amount of all reasonable costs and expenses (including legal fees) incurred by that Creditor Party in responding to, evaluating, negotiating or complying with that request or requirement.

         

        

        	7.5	
                Enforcement and preservation costs

              

        

        

        The Obligors (other than the IHC) shall, immediately upon written demand by any Creditor Party, pay to that Creditor Party the amount of all costs and expenses (including
          legal fees) incurred by that Creditor Party in connection with the enforcement of, or the preservation of any rights under any Relevant Document and the Transaction Security and any proceedings instituted by or against that Creditor Party as a
          consequence of it entering into a Relevant Document, taking or holding the Transaction Security, or enforcing those rights.

         

        

        	7.6	
                Other Creditor Party expenses

              

         

        

        
          36

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        The Obligors shall (other than the IHC), immediately written demand by any Creditor Party, pay to that Creditor Party, and any Delegate and Receiver, the amount of all
          reasonable costs and expenses (including legal fees) reasonably incurred by them in connection with the administration or release of any Transaction Security.

         

        

        	7.7	
                Indemnities separate

              

        

        

        Each indemnity in each Relevant Document shall:

         

        

        	(a)	
                constitute a separate and independent obligation from the other obligations in that document or any other Relevant Document;

              

        

        

        	(b)	
                give rise to a separate and independent cause of action;

              

        

        

        	(c)	
                apply irrespective of any indulgence granted by any Creditor Party;

              

        

        

        	(d)	
                continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of the Secured Liabilities or any other judgment or order; and

              

        

        

        	(e)	
                apply whether or not any claim under it relates to any matter disclosed by any Obligor or otherwise known to any Creditor Party.

              

        

        

        	8.	
                Representations

              

        

        

        Each Obligor makes the representations and warranties set out in this Clause 8 to each Creditor Party on the date of this Deed.

         

        

        	8.1	
                Status

              

        

        

        	(a)	
                It is a company or, as the case may be, a corporation, duly incorporated and validly existing and, where applicable, in good standing under the laws of its jurisdiction of incorporation.

              

        

        

        	(b)	
                It and each of its respective Subsidiaries (if any) has the power to own its assets and carry on its business as it is being conducted.

              

        

        

        	8.2	
                Binding obligations

              

        

        

        	(a)	
                The obligations expressed to be assumed by it in each Relevant Document to which it is a party are legal, valid, binding and enforceable.

              

        

        

        	(b)	
                Without limiting the generality of paragraph (a) above, each Relevant Document to which it is a party creates the security interests which that Relevant Document purports to create and those security interests are valid and effective.

              

        

        

        	8.3	
                Non-conflict with other obligations

              

         

        

        
          37

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        The entry into and performance by it to the Relevant Documents to which it is a party, and the transactions contemplated by, the Relevant Documents to which it is a party
          and the granting of the Transaction Security owned by it do not and will not conflict with:

         

        

        	(a)	
                any law or regulation applicable to it;

              

        

        

        	(b)	
                its constitutional documents; or

              

        

        

        	(c)	
                any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (howsoever described) under any such agreement or instrument.

              

        

        

        	8.4	
                Power and authority

              

        

        

        	(a)	
                It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Relevant Documents to which it is a party and the transactions contemplated by those
                  documents and to create the Security expressed to be created by the Relevant Documents to which it is or will be a party.

              

        

        

        	(b)	
                No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving of guarantees or indemnities contemplated by the Relevant Documents to which it is a party.

              

        

        

        	8.5	
                Validity and admissibility in evidence

              

        

        

        All Authorisations required or desirable:

         

        

        	(a)	
                to enable it to lawfully enter into, exercise its rights and comply with its obligations in the Relevant Documents to which it is a party;

              

        

        

        	(b)	
                to make the Relevant Documents to which it is a party admissible in evidence in its Relevant Jurisdictions;

              

        

        

        	(c)	
                for it to carry on its business, and which are material; and

              

        

        

        	(d)	
                to enable it to create the Security to be created by it under any Relevant Document to which it is a party and to ensure that such Security has the priority and ranking it is expressed to have, have been obtained or effected and are in
                  full force and effect.

              

        

        

        	8.6	
                Governing law and enforcement

              

        

        

        	(a)	
                The choice of the governing law of the Relevant Documents which it is party to will be recognised and enforced in its Relevant Jurisdictions.

              

        

        

        	(b)	
                Any judgment obtained in relation to the Relevant Documents which it is party to, in the court which such Relevant Document is expressed to be subject to the jurisdiction of, will be recognised and enforced in its Relevant
                  Jurisdictions.

              

         

        

        
          38

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	8.7	
                Insolvency

              

        

        

        No:

         

        

        	(a)	
                corporate action, legal proceeding or other procedure or step described in Clause 11.7 (Insolvency proceedings); and

              

        

        

        	(b)	
                creditor's process described in Clause 11.8 (Creditors' process),

              

        

        

        has been taken or, to its knowledge, threatened in relation to it or its Subsidiaries and none of the circumstances described in Clause 11.6 (Insolvency) applies to it or any of its Subsidiaries (if any) after satisfaction of the conditions precedent contemplated in paragraph 2.2 (Key creditor consents) of Part 1 (Conditions precedent) of Schedule 3 (Conditions precedent and conditions subsequent).

         

        

        	8.8	
                No filing or stamp Taxes

              

        

        

        Under the laws of its Relevant Jurisdictions it is not necessary, that any of the Relevant Documents which it is a party to is filed, recorded or enrolled with any court or
          other authority in that jurisdiction or that any stamp, registration or similar Tax be paid on or in relation to any of those Relevant Documents or the transactions contemplated by any of those Relevant Documents.

         

        

        	8.9	
                No immunity

              

        

        

        Neither it nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceedings (including suit, attachment
          prior to judgment, execution or other enforcement).

         

        

        	8.10	
                No Default

              

        

        

        	(a)	
                No Default is continuing or might reasonably be expected to result from its entry into, the performance of, or any transaction contemplated by, any Relevant Document to which it is a party.

              

        

        

        	(b)	
                No other event or circumstance is outstanding which constitutes (or with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or
                  termination event (howsoever described) under any other agreement or instrument which is binding on it or any of its Subsidiaries (if any) or to which its (or any of its Subsidiaries' (if any)) assets are subject which might have a
                  Material Adverse Effect.

              

        

        

        	8.11	
                No misleading information

              

        

        

        	(a)	
                All information provided by or on behalf of it in relation to any Relevant Document was true, complete and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated and was not
                  misleading in any material respect.

              

         

        

        
          39

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                All financial projections provided by or on behalf of it and/or each Maintenance Report have been prepared on the basis of recent historical information and on the basis of reasonable assumptions which were reasonable as at the date
                  they were prepared and supplied and which was arrived at after careful consideration.

              

        

        

        	(c)	
                The expressions of opinion or intention provided by or on behalf of it pursuant to the Maintenance Report were made after careful consideration and (as at the date of the Maintenance Report) were fair and based on reasonable grounds.

              

        

        

        	(d)	
                No event of circumstance has occurred or arisen and no information has been omitted from the information so provided and no information has been given or withheld that results in the information, opinions, intentions, forecasts or
                  projections provided by or on behalf of it being untrue or misleading in any material respect.

              

        

        

        	8.12	
                Financial statements

              

        

        

        	(a)	
                The financial statements of each Reporting Entity most recently supplied to the Creditor Parties were prepared in accordance with the Accounting Principles consistently applied save to the extent expressly disclosed in such financial
                  statements.

              

        

        

        	(b)	
                The financial statements of each Reporting Entity most recently supplied to the Creditor Parties give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition and operations (consolidated in the
                  case of the Parent) for the period to which they relate, save to the extent expressly disclosed in such financial statements.

              

        

        

        	(c)	
                The budgets and forecasts supplied under this Deed were arrived at after careful consideration and have been prepared in good faith on the basis of recent historical information and on the basis of assumptions which were reasonable as
                  at the date they were prepared and supplied.

              

        

        

        	(d)	
                Since the date of the most recent financial statements delivered pursuant to Clause 9.1 (Financial statements) there has been no material adverse change in the assets, business or financial
                  condition of each Reporting Entity.

              

        

        

        	8.13	
                No proceedings pending or threatened

              

        

        

        	(a)	
                No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect has or have (to the best of its
                  knowledge and belief) been started or threatened against it.

              

        

        

        	(b)	
                No judgment or order of a court, arbitral body or agency which is reasonably likely to have a Material Adverse Effect has been made against it.

              

        

        

        	8.14	
                Repetition

              

        

        

        	(a)	
                Each of the representations set out in this Clause 8 (save for this Clause 8.14) are deemed to be made by each Obligor by reference to the facts and circumstances then existing on:

              

         

        

        
          40

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(i)	
                the date on which the Creditor Parties are or would have been obliged to provide a notification to the Obligors' Agent pursuant to paragraph (b) of Clause 3.1 (Conditions precedent);

              

        

        

        	

              	(ii)	
                the date of this Deed; and

              

        

        

        	

              	(iii)	
                each Delivery Date (as defined in any Construction Contract (Type 1)), each Scheduled Delivery Date (as defined in any Construction Contract (Type 2)), each Extended Delivery Date (as defined in any Construction Contract (Type 2)) and
                  for the avoidance of doubt each date on which a Vessel is intended to be delivered to the relevant Purchaser under the relevant Construction Contract.

              

        

        

        	(b)	
                Each of the representations set out in Clause 8.11 (No misleading information) and Clause 8.12 (Financial statements) are deemed to be made by each
                  Obligor by reference to the facts and circumstances then existing on:

              

        

        

        	

              	(i)	
                the date on which each set of financial statements of each Reporting Entity are supplied to any Creditor Party; and

              

        

        

        	

              	(ii)	
                the date of each Maintenance Report and the date on which each Maintenance Report is supplied to any Creditor Party.

              

        

        

        	9.	
                Information undertakings

              

        

        

        The Obligors shall comply with the undertakings in this Clause 9 and shall procure that each other Obligor will comply with the undertakings in this Clause 9 (insofar as such undertakings relate
          to that Obligor, its assets or the Relevant Documents to which it is a party) during the Security Period.

         

        

        	9.1	
                Financial statements

              

        

        

        	(a)	
                In this Deed, "Reporting Entity" means each person whose financial statements are required to be supplied to the Creditor Parties pursuant to this Clause 9.1 and/or whose Maintenance Reports are
                  required to be supplied to the Creditor Parties pursuant to Clause 9.3 (Maintenance Report).

              

        

        

        	(b)	
                Each Reporting Entity shall supply to the Creditor Parties:

              

        

        

        	

              	(i)	
                subject to the Financial Reporting Waiver, as soon as the same become available, but in any event within 120 days after the end of each of its financial years or, if earlier, within five Business Days of any earlier date that the
                  relevant Reporting Entity is required to file its audited financial statements with any regulatory authority pursuant to any applicable law or regulation:

              

        

        

        	

              	(A)	
                the audited unconsolidated financial statements of each Debtor and each Purchaser for that financial year or, if a director of the Parent delivers to the Creditor a confirmation that unaudited consolidated financial statements of such
                  Debtor or such Purchaser is consolidated in the audited consolidated financial statements of the Parent, unaudited unconsolidated financial statements of such Debtor or such Purchaser for that financial year; and

              

        
          41

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(B)	
                the audited consolidated financial statements of the Parent for that financial year; and

              

        

        

        	

              	(ii)	
                subject to the Financial Reporting Waiver, as soon as the same become available, but in any event within 60 days after the end of each first, second and third quarter of each of its financial years or, if earlier, within five Business
                  Days of any earlier date that the relevant Reporting Entity is required to file its unaudited financial statements for that financial quarter with any regulatory authority pursuant to any applicable law or regulation:

              

        

        

        	

              	(A)	
                the unaudited unconsolidated financial statements of each Debtor and each Purchaser for that financial quarter; and

              

        

        

        	

              	(B)	
                the unaudited consolidated financial statements of the Parent for that financial quarter; and

              

        

        

        	

              	(iii)	
                subject to the Financial Reporting Waiver, as soon as they are available, but in any event within 10 days after the end of each calendar month, the financial statements of the Parent on a consolidated basis for that month (to include a
                  projected cashflow statement for the Group for the subsequent three calendar months).

              

        

        

        	(c)	
                The provisions of this Clause 9.1 shall supersede and replace the provisions of paragraphs (a)(i) and (a)(ii) of clause 12.1 in each Credit Agreement.

              

        

        

        	9.2	
                Requirements as to financial statements

              

        

        

        Each Reporting Entity shall procure that each set of financial statements delivered by it pursuant to Clause 9.1 (Financial statements) shall:

         

        

        	(a)	
                include a balance sheet, profit and loss account and (in the case of the Parent only) cashflow statement.

              

        

        

        	(b)	
                (in the case of any financial statements for any financial years) be audited by its auditors;

              

        

        

        	(c)	
                be certified by a director of the relevant Reporting Entity as giving a true and fair view of (if audited) or fairly representing (if unaudited) its financial condition and operations (or, in the case of the Parent, the consolidated
                  financial condition and operations of the Group) as at the date of and for the period in relation to which those financial statements were drawn up;

              

        

        

        	(d)	
                in relation to any financial statements which it supplies to the Creditor Parties pursuant to paragraph (b)(iii) of Clause 9.1 (Financial statements), be accompanied by a statement by a director
                  of the Parent comparing actual performance for the period to which the financial statements relate with the forecast(s) set out in the previous financial statements which it had delivered to the Creditor Parties pursuant to paragraph
                  (b)(iii) of Clause 9.1 (Financial statements) in respect of such period; and

              

         

        

        
          42

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(e)	
                be prepared in accordance with the Accounting Principles, the accounting practices and financial reference periods consistent with those applied in the preparation of the preceding financial statements previously delivered to the
                  Creditor Parties for that Reporting Entity unless, in relation to any set of financial statements, the Obligors' Agent notifies the Creditor Parties that there has been a change in the Accounting Principles, the accounting practices or
                  financial reference periods and its auditors (or, if appropriate, the auditors of the relevant Reporting Entity) delivers to the Creditor Parties a description of any change necessary for those financial statements to reflect the
                  Accounting Principles, the accounting practices and financial reference periods upon which the preceding financial statements previously delivered to the Creditor Parties for that Reporting Entity were prepared.

              

        

        

        	9.3	
                Maintenance Report

              

        

        

        	(a)	
                Each Debtor shall supply together with each set of financial statements which it supplies to the Creditor Parties pursuant to paragraph (b)(ii) of Clause 9.1 (Financial statements), a quarterly
                  Maintenance Report.

              

        

        

        	(b)	
                Each Reporting Entity shall ensure that its Maintenance Report for each financial quarter:

              

        

        

        	

              	(i)	
                includes:

              

        

        

        	

              	(A)	
                the projected anticipated expenses incurred or to be incurred by that person over the subsequent financial quarter in connection with the operation, employment, maintenance, repair, drydocking and insurances of its Vessel; and

              

        

        

        	

              	(B)	
                such further information regarding the operation, employment, maintenance, repair, drydocking and insurances of its Vessel as any Creditor Party may reasonably request and which can be delivered without breach by any Obligor of any
                  confidentiality undertakings in favour of any person other than any member of the Group or any Affiliates of the Parent or any applicable law or rules of a securities/regulatory exchange; and

              

        

        

        	

              	(ii)	
                has been approved by a director of the relevant Reporting Entity.

              

        

        

        	9.4	
                Information: miscellaneous

              

        

        

        Each Obligor shall supply to the Creditor Parties:

         

        

        	(a)	
                at the same time as they are dispatched, copies of all documents dispatched by any Obligor to its shareholders generally (or any class of them) or its creditors generally (or any class of them);

              

        

        

        	(b)	
                promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Obligor and/or the Vessels and, in relation to the Parent only, which if
                  adversely determined, might reasonably be expected to have a Material Adverse Effect;

              

         

        

        
          43

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(c)	
                promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any Obligor and/or the Vessels and, in relation to the Parent only, which might reasonably be expected
                  to have a Material Adverse Effect;

              

        

        

        	(d)	
                promptly, such further information regarding the financial condition, business and operations of any Obligor or the Group as any Creditor Party may reasonably request and which can be delivered without breach by any Obligor of any
                  confidentiality undertakings in favour of any person other than any member of the Group or any Affiliates of the Parent or any applicable law or rules of a securities/regulatory exchange; and

              

        

        

        	(e)	
                promptly, such information as any Creditor Party may reasonably require about the Vessels or the Charged Assets and compliance of the Obligors with the terms of any Relevant Document,

              

        

        

        and shall promptly register such electronic mail addresses from time to time notified by the Creditor Parties to the Parent on the Parent's distribution list for any
          announcement, notice or other document relating specifically any Obligor posted onto any electronic website maintained by any stock exchange on which shares in or other securities of an Obligor are listed or any electronic website required by any
          such stock exchange to be maintained by or on behalf of that Obligor.

         

        

        	9.5	
                Notification of certain events

              

        

        

        	(a)	
                Each Obligor shall notify the Creditor Parties of any Default (and in each case, the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence.

              

        

        

        	(b)	
                Each Obligor shall notify the Creditor Parties of any insolvency proceeding which is or is intended to be commenced in relation to it (and in each case, the steps, if any, being taken to remedy it) promptly upon becoming aware of its
                  occurrence and in any case no later than the date falling 10 days prior to the date on which such insolvency proceeding is commenced.

              

        

        

        	(c)	
                Promptly upon a request by the Creditor Parties, each Obligor (or the Obligors' Agent on its behalf) shall supply to the Creditor Parties a certificate signed by a director on its behalf certifying that no Default is continuing and it
                  is not aware that any insolvency proceeding is or is intended to be commenced against it (or if a Default is continuing or any insolvency proceeding is or is intended to be commenced against it, specifying the Default or the insolvency
                  proceeding which is or is intended to be commenced against it and the steps, if any, being taken to remedy it).

              

        

        

        	9.6	
                Notification of fundraising

              

        

        

        	(a)	
                The Parent shall promptly notify the Creditor Parties if:

              

         

        

        
          44

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(i)	
                the Parent or any member of the Group incurs or will incur any Financial Indebtedness; or

              

        

        

        	

              	(ii)	
                the Parent or any member of the Group has or will, issue any shares or grant to any person any conditional or unconditional option, warrant or other right to call for the issue or allotment of, subscribe for, purchase or otherwise
                  acquire any share of the Parent or any member of the Group (including any right of pre-emption, conversion or exchange), or alter any right attaching to any share capital of the Parent.

              

        

        

        	(b)	
                The Parent shall promptly supply to the Creditor Parties, such information (including the material terms of the arrangements which are being entered into) as any Creditor Party may reasonably require about such arrangements referred to
                  in paragraph (a) and which can be delivered without breach by any Obligor of any confidentiality undertakings in favour of any person other than any member of the Group or any Affiliates of the Parent or any applicable law or rules of a
                  securities/regulatory exchange.

              

        

        

        	(c)	
                Paragraphs (a) and (b) above shall not apply to:

              

        

        

        	

              	(i)	
                the Equity Raise;

              

        

        

        	

              	(ii)	
                any transaction entered into by any member of the Group solely with any another member of the Group;

              

        

        

        	

              	(iii)	
                any Financial Indebtedness incurred pursuant to any arrangements in existence and in force on the date of this Deed;

              

        

        

        	

              	(iv)	
                any transaction undertaken pursuant to any management, board or employee incentive or remuneration programme or similar; or

              

        

        

        	

              	(v)	
                any transaction the principal amount or the net consideration receivable of which does not exceed US$10,000,000 (or its equivalent in other currencies).

              

        

        

        	10.	
                General undertakings

              

        

        

        The Obligors shall comply with the undertakings in this Clause 10 and shall procure that each other Obligor will comply with the undertakings in this Clause 10 (insofar as
          such undertakings relate to that Obligor, its assets or the Relevant Documents to which it is a party) during the Security Period.

         

        

        	10.1	
                Authorisations

              

        

        

        Each Obligor shall promptly:

         

        

        	(a)	
                obtain, comply with and do all that is necessary to maintain in full force and effect; and

              

        

        

        	(b)	
                supply certified copies to the Creditor Parties of,

              

        

        

        any Authorisation required under any law or regulation of a Relevant Jurisdiction to:

         

        

        
          45

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	

              	(i)	
                enable it to perform its obligations under the Relevant Documents to which it is a party;

              

        

        

        	

              	(ii)	
                ensure the legality, validity, enforceability or admissibility in evidence of the Relevant Documents to which it is a party; and

              

        

        

        	

              	(iii)	
                carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

              

        

        

        	10.2	
                Further assurance

              

        

        

        	(a)	
                Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as any Creditor Party may specify (and in such form as that Creditor Party may
                  require in favour of that Creditor Party or its nominee(s)):

              

        

        

        	

              	(i)	
                to perfect the Security created or intended to be created under or evidenced by the Relevant Documents to which it is a party (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the
                  assets which are, or are intended to be, the subject of the Transaction Security to which it is a party) or for the exercise of any rights, powers and remedies of that Creditor Party or the other Creditor Parties provided by or pursuant
                  to the Relevant Documents to which it is a party or by law;

              

        

        

        	

              	(ii)	
                to confer on that Creditor Party, Security over any property and assets of that Obligor located in any jurisdiction, equivalent or similar to the Security intended to be conferred by or pursuant to the Relevant Documents to which it is
                  a party; and/or

              

        

        

        	

              	(iii)	
                to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security to which it is a party.

              

        

        

        	(b)	
                Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection, maintenance or modification of any Security
                  conferred or intended to be conferred on any Creditor Party by or pursuant to the Relevant Documents to which it is a party.

              

        

        

        	11.	
                Events of Default

              

        

        

        Each of the events or circumstances set out in the following sub-clauses of this Clause 11 (other than Clause 11.10 (Acceleration))
          is an Event of Default.

         

        

        	11.1	
                Non-payment

              

        

        

        An Obligor does not pay on the due date any amount payable pursuant to a Relevant Document at the place at and in the currency in which it is expressed to be payable unless
          its failure to pay is caused by administrative or technical error and payment is in any event made within two Business Days of its due date.

         

        

        
          46

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	11.2	
                Material undertakings

              

        

        

        Any Obligor does not comply with the provisions of:

         

        

        	(a)	
                paragraph (c) of Clause 3.1 (Conditions precedent);

              

        

        

        	(b)	
                Clause 3.2 (Conditions subsequent); and

              

        

        

        	(c)	
                Clause 9.5 (Notification of certain events).

              

        

        

        	11.3	
                Other obligations

              

        

        

        	(a)	
                Any Obligor does not comply with any provision of this Deed (other than those referred to in Clause 11.1 (Non-payment) and Clause 11.2 (Material undertakings)).

              

        

        

        	(b)	
                An event of default or termination event (in each case howsoever expressed, described or defined) occurs and is continuing under any Relevant Document.

              

        

        

        	(c)	
                No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the earlier of (i) any Creditor Party giving notice to the Obligors' Agent and (ii) any
                  Obligor becoming aware of the failure to comply.

              

        

        

        	11.4	
                Misrepresentation

              

        

        

        Any representation or statement made or deemed to be made by any Obligor in any Relevant Document or any other document delivered by or on behalf of any Obligor under or in
          connection with any Relevant Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

         

        

        	11.5	
                Cross default

              

        

        

        	(a)	
                Any Financial Indebtedness of any Obligor is not paid when due nor within any applicable grace period.

              

        

        

        	(b)	
                Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

              

        

        

        	(c)	
                Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).

              

        

        

        	(d)	
                Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).

              

        

        

        	(e)	
                No Event of Default will occur under this Clause 11.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness, when aggregated with the Financial Indebtedness of any other person falling within
                  paragraphs (a) to (d) above, is less than US$10,000,000 (or its equivalent in any other currency or currencies).

              

         

        

        
          47

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	11.6	
                Insolvency

              

        

        

        	(a)	
                Any Obligor is or is presumed or deemed to be unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences
                  negotiations with one or more of its creditors (excluding any Creditor Party in its capacity as such) with a view to rescheduling any of its indebtedness.

              

        

        

        	(b)	
                The value of the assets of any Obligor is less than its liabilities (taking into account contingent and prospective liabilities).

              

        

        

        	(c)	
                A moratorium is declared in respect of any indebtedness of any Obligor. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

              

        

        

        	11.7	
                Insolvency proceedings

              

        

        

        	(a)	
                Any corporate action, legal proceedings or other procedure or step is taken in relation to:

              

        

        

        	

              	(i)	
                the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, judicial management, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement, filing under
                  title 11 of the United States Code, 11 U.S.C. §§ 101-1532, or otherwise) of any Obligor;

              

        

        

        	

              	(ii)	
                a composition, compromise, assignment or arrangement with any creditor of any Obligor, or any assignment for the benefit of creditors generally of any Obligor or a class of such creditors;

              

        

        

        	

              	(iii)	
                the appointment of a liquidator, receiver, administrator, judicial manager, administrative receiver, compulsory manager, provisional supervisor or other similar officer in respect of any Obligor or any of its assets; or

              

         

        	

              	(iv)	
                enforcement of any Security over any assets of any Obligor,

              

         

        or any analogous procedure or step is taken in any jurisdiction.

         

        

        	(b)	
                Paragraph (a) shall not apply to:

              

        

        

        	

              	(i)	
                any arrangements contemplated in paragraph 2.2 (Key creditor consents) of Part 1 (Conditions precedent) of Schedule 3 (Conditions

                    precedent and conditions subsequent); or

              

        

        

        	

              	(ii)	
                any legal proceeding which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

              

        

        

        	11.8	
                Creditors' process

              

         

        

        
          48

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(a)	
                Any expropriation, attachment, sequestration, distress, execution or any analogous event affects all or any material part of the assets of any Obligor.

              

        

        

        	(b)	
                Paragraph (a) shall not apply to any legal proceeding which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

              

        

        

        	11.9	
                Material adverse change

              

        

        

        The occurrence of any event or circumstance which has or, in the opinion of any Creditor Party, is likely to have a Material Adverse Effect.

         

        

        	11.10	
                Acceleration

              

        

        

        On and at any time after the occurrence of an Event of Default which is continuing any Creditor Party may:

         

        

        	(a)	
                by notice to the Obligors' Agent on behalf of the Obligors:

              

        

        

        	

              	(i)	
                exercise all or any of its respective rights, remedies, powers or discretions under:

              

        

        

        	

              	(A)	
                clause 13.2 (Declarations) of each Credit Agreement;

              

        

        

        	

              	(B)	
                article 11.2 of each Construction Contract (Type 1); or

              

        

        

        	

              	(C)	
                article XII.2 of each Construction Contract (Type 2),

              

        

        

        as though an Event of Default as defined in any such Credit Agreement has occurred or each Purchaser is in default under each such Construction Contract;

         

        

        	

              	(ii)	
                cancel any Loan Facility (as defined in any Credit Agreement) or any commitment for any Financial Indebtedness (and reduce them to zero), whereupon they shall immediately be cancelled (and reduced to zero);

              

        

        

        	

              	(iii)	
                cancel any part of any Loan Facility (as defined in any Credit Agreement) or any commitment for any Financial Indebtedness (and reduce such Loan Facility (as defined in any Credit Agreement) or such commitment accordingly), whereupon
                  the relevant part shall immediately be cancelled (and the relevant Loan Facility (as defined in any Credit Agreement) or the relevant commitment shall be immediately reduced accordingly);

              

        

        

        	

              	(iv)	
                declare that all or part of a Loan (as defined in any Credit Agreement), together with accrued interest, and all other amounts accrued or outstanding under the Relevant Documents be immediately due and payable, whereupon they shall
                  become immediately due and payable; and/or

              

        

        

        	

              	(v)	
                declare that all or part of a Loan (as defined in any Credit Agreement) be payable on demand, whereupon they shall immediately become payable on demand by the relevant Creditor Party; and/or

              

         

        

        
          49

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                exercise all of its rights, remedies, powers or discretions under the Relevant Documents and/or in respect of the Transaction Security as though an Event of Default as defined in any Credit Agreement has occurred or any Purchaser is in
                  default under any Construction Contract.

              

        

        

        For the avoidance of doubt, each of the foregoing rights, remedies, powers and discretions are separate and independent rights, remedies, powers and discretions.

         

        

        	12.	
                Changes to the Parties

              

        

        

        	12.1	
                Assignments and transfers

              

        

        

        	(a)	
                No Party may assign any of its rights and benefits or transfer any of its rights, benefits and obligations in respect of this Deed or any Relevant Document.

              

        

        

        	(b)	
                Any Creditor Party may assign any of its rights and benefits or transfer by novation any of its rights, benefits and obligations in respect of this Deed to any person whom it assigns any of its rights and benefits, or transfers by
                  novation, to any of its rights, benefits and obligations under and in accordance with the terms of any Construction Contract or any Credit Agreement.

              

        

        

        	12.2	
                Resignation of an Obligor

              

        

        

        	(a)	
                The Parent may request that any Obligor ceases to be an Obligor by delivering such a request in writing to the Creditors.

              

        

        

        	(b)	
                The Creditor Parties shall accept the resignation of such Obligor by notifying the Parent in writing (following which such Obligor shall be released and discharged from all liabilities, obligations and undertakings under or pursuant
                  to, and all claims whatsoever under or in respect of this Deed) if:

              

        

        

        	

              	(i)	
                no Default is continuing; and

              

        

        

        	

              	(ii)	
                such Obligor has taken delivery of its Vessel pursuant to the Construction Contract which it is a party to and is under no actual or contingent liability to the Creditor Parties or any of them as a Purchaser under or in connection with
                  any Construction Contract or as a Debtor under any Credit Agreement.

              

        

        

        	(c)	
                A notice in respect of BORR TIVAR INC. shall be deemed to have been served under paragraph (a) and paragraph (b) above upon delivery of the relevant Vessel to the BORR TIVAR INC. and provided the conditions in (b)(i) and (b)(ii) above
                  are satisfied at that time.

              

        

        

        	13.	
                Notices

              

        

        

        	13.1	
                Obligors' Agent

              

         

        

        
          50

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(a)	
                Each Obligor (other than the Parent) by its execution of this Deed or a Relevant Document incorporating this Clause 13.1 irrevocably appoints the Parent (the "Obligors' Agent") to act on its
                  behalf as its agent in relation to the Relevant Documents and irrevocably authorises:

              

        

        

        	

              	(i)	
                the Parent on its behalf to supply all information concerning itself contemplated by this Deed and/or the Relevant Documents to the Creditor Parties and to give all notices and instructions, to make such agreements and to effect the
                  relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and

              

        

        

        	

              	(ii)	
                each Creditor Party to give any notice, demand or other communication to that Obligor pursuant to the Relevant Documents to the Parent,

              

        

        

        and in each case the Obligor shall be bound as though that Obligor itself had given the notices and instructions or executed or made the agreements or effected the
          amendments, supplements or variations, or received the relevant notice, demand or other communication.

         

        

        	(b)	
                Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors' Agent or given to the Obligors' Agent under any Relevant Document on behalf
                  of another Obligor or in connection with any Relevant Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Relevant Document) shall be binding for all
                  purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors' Agent and any other Obligor, those of the Obligors'
                  Agent shall prevail.

              

        

        

        	13.2	
                Communications in writing

              

        

        

        Any communication to be made under or in connection with the Relevant Documents:

         

        

        	(a)	
                shall be made in writing;

              

        

        

        	(b)	
                in the case of a notice by an Obligor, must be signed by an authorised signatory of the sender (directly or with a facsimile signature); and

              

        

        

        	(c)	
                unless otherwise stated, may be made or delivered by letter or electronic mail.

              

        

        

        	13.3	
                Addresses

              

        

        

        The address and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or
          document to be made or delivered under or in connection with the Relevant Documents are those identified with its name in the signature pages below or any substitute address, electronic mail address or department or officer as the relevant Party
          may notify to the other Parties by not less than five Business Days' notice.

         

        

        
          51

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	13.4	
                Delivery

              

        

        	(a)	
                Any communication or document made or delivered by one person to another under or in connection with the Relevant Documents will be effective:

              

        

        

        	

              	(i)	
                if by way of electronic mail, only when actually received (or made available) in readable form; or

              

        

        

        	

              	(ii)	
                if by way of letter, only when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address,

              

        

        

        and, if a particular department or officer is specified as part of its address details provided under Clause 13.3 (Addresses), if addressed to that
          department or officer.

         

        

        	(b)	
                Notwithstanding paragraph (a) above, any communication or document to be made or delivered to any Creditor Party will be effective only when actually received by it (or if by way of electronic mail, when made available in readable
                  form) and then only if it is expressly marked for the attention of the department or officer identified with its signature below (or any substitute department or officer as it shall specify for this purpose).

              

        

        

        	(c)	
                Any communication or document made or delivered to the Obligors' Agent in accordance with this Clause 13.4 will be deemed to have been made or delivered to each of the Obligors.

              

        

        

        	(d)	
                Any communication or document which becomes effective, in accordance with paragraphs (a) to (c) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

              

        

        

        	13.5	
                Notification of address

              

        

        

        Promptly upon changing its address or electronic mail address, each Party shall notify the other Parties.

         

        

        	13.6	
                Reliance

              

        

        

        	(a)	
                Any communication or document sent under this Clause 13 can be relied on by the recipient if the recipient reasonably believes it to be genuine and (if such a signature is required under Clause 13.2 (Communications

                    in writing)) it bears what appears to be the signature (original or facsimile) of an authorised signatory of the sender (without the need for further enquiry or confirmation).

              

        

        

        	(b)	
                Each Party must take reasonable care to ensure that no forged, false or unauthorised notices are sent to another Party.

              

        

        

        	13.7	
                English language

              

        

        

        	(a)	
                Any notice given under or in connection with any Relevant Document must be in English.

              

         

        

        
          52

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                All other documents provided under or in connection with any Relevant Document must be:

              

        

        

        	

              	(i)	
                in English; or

              

        

        

        	

              	(ii)	
                if not in English, and if so required by any Creditor Party, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official
                  document.

              

        

        

        	13.8	
                Publicity

              

        

        

        	(a)	
                No filings, disclosures, announcement or publicity relating to this Deed and/or the transactions contemplated in this Deed shall be made or arranged by any Party or any of their Affiliates (a "Disclosing

                    Person") except by or with the prior written consent of the Creditor Parties and the Parent, unless required by applicable laws or the listing rules, regulations or requirements of the Oslo Stock Exchange, the New York Stock
                  Exchange, the Singapore Exchange Securities Trading Limited or any relevant stock exchange on which shares in or other securities of such Disclosing Person are listed in which case the Disclosing Person shall give the other Parties a
                  reasonable opportunity to comment on the terms of any such announcement prior to it being made and consider the reasonable comments of the other Parties.

              

        

        

        	(b)	
                This Deed may be disclosed by the Parent to the parties of the agreements referred to in paragraph 2.2 (Key creditor consents) of Part 1 (Conditions precedent)
                  of Schedule 3 (Conditions precedent and conditions subsequent).

              

        

        

        	14.	
                Partial invalidity

              

        

        

        If, at any time, any provision of this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity
          or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

         

        

        	15.	
                Remedies, rights and waivers

              

        

        

        	15.1	
                Exercise of rights

              

        

        

        No failure to exercise, nor any delay in exercising, on the part of any Creditor Party, any right or remedy under a Relevant Document shall operate as a waiver of any such
          right or remedy or constitute an election to affirm any Relevant Document. No election to affirm any of the Relevant Documents on the part of any Creditor Party shall be effective unless it is in writing. No single or partial exercise of any
          right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Relevant Document are cumulative and not exclusive of any rights or remedies provided by law.

         

        

        	15.2	
                Creditor Parties' rights and obligations

              

         

        

        
          53

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(a)	
                The obligations of each Creditor Party under the Relevant Documents are several. Failure by a Creditor Party to perform its obligations under the Relevant Documents does not affect the obligations of any other Party under the Relevant
                  Documents. No Creditor Party is responsible for the obligations of any other Creditor Party under the Relevant Documents.

              

        

        

        	(b)	
                The rights of each Creditor Party under or in connection with the Relevant Documents are separate and independent rights and any debt arising under the Relevant Documents to a Creditor Party from an Obligor is a separate and
                  independent debt in respect of which a Creditor Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Creditor Party include any debt owing to that Creditor Party under the Relevant
                  Documents and, for the avoidance of doubt, any amount owed by an Obligor which relates to a Creditor Party's role under a Relevant Document (including any such amount payable to the Creditor Party on its behalf) is a debt owing to that
                  Creditor Party by that Obligor.

              

        

        

        	(c)	
                A Creditor Party may separately enforce its rights under or in connection with the Relevant Documents.

              

        

        

        	15.3	
                Amendments and waivers

              

        

        

        	(a)	
                Any term of this Deed may be amended or waived only with the consent of the Creditor Parties and the Obligors.

              

        

        

        	(b)	
                Without prejudice to the other provisions of the Relevant Documents, each Obligor agrees to any such amendment or waiver permitted by this Clause 15.3 which is agreed to by the Obligors' Agent. This includes any amendment or waiver
                  which would, but for this paragraph (b) require the consent of all of the Obligors.

              

        

        

        	16.	
                Counterparts

              

        

        

        This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Deed.

         

        

        	17.	
                Governing law

              

        

        

        This Deed and any non-contractual obligations arising from or in connection with this Deed, shall be governed by, and construed in accordance with the laws of England.

         

        

        	18.	
                Enforcement

              

        

        

        	18.1	
                Jurisdiction of English courts

              

        

        

        	(a)	
                Subject to paragraph (c) below, the English courts have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including any dispute relating to any non-contractual obligation arising from or in
                  connection with this Deed and any dispute regarding the existence, validity or termination of this Deed) (a "Dispute").

              

         

        

        
          54

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        	(b)	
                The Parties agree that the English courts are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

              

        

        

        	(c)	
                This Clause 18.1 is for the benefit of the Creditor Parties only. As a result, no Creditor Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the
                  Creditor Parties may take concurrent proceedings in any number of jurisdictions.

              

        

        

        	18.2	
                Service of process

              

        

        

        	(a)	
                Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England):

              

        

        

        	

              	(i)	
                irrevocably appoints BORR DRILLING MANAGEMENT (UK) LIMITED, with its address at 20 North Audley Street, London, United Kingdom, W1K 6WE, or such other address may be notified by the Parent to the Creditor Parties, as its agent for
                  service of process in relation to any proceedings before the English courts in connection with any Relevant Document; and

              

        

        

        	

              	(ii)	
                agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.

              

        

        

        	(b)	
                If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Obligors' Agent (on behalf of all the Obligors) must immediately (and in any event within five days of such
                  event taking place) appoint another agent on terms acceptable to the Creditor Parties. Failing this, the Creditor Parties may appoint another agent for this purpose.

              

        

        

        	(c)	
                Each Obligor expressly agrees and consents to the provisions of this Clause 18.2.

              

        

        

        	18.3	
                Waiver of immunities

              

        

        

        Each Obligor irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use),
          all immunity on the grounds of sovereignty or other similar grounds from:

         

        

        	(a)	
                suit;

              

        

        

        	(b)	
                jurisdiction of any court;

              

        

        

        	(c)	
                relief by way of injunction or order for specific performance or recovery of property;

              

        

        

        	(d)	
                attachment of its assets (whether before or after judgment); and

              

        

        

        	(e)	
                execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it
                  will not claim any immunity in any such proceedings).

              

         

        

        
          55

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        [ the rest of this page has been intentionally left blank ]

         

        

        
          56

          
            

          
            
              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                  INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

            

          

        

        
        
          
             Schedule 1

             List of documents

            

            

            	
                    Vessel

                  	
                    Construction Contract

                  	
                    Purchaser

                  	
                    Credit Agreement

                  	
                    Debtor

                  
	 	 	 	 	 
	
                     Hull No. B358

                     

                    

                     "HILD"

                  	
                    Not relevant

                  	
                    Not relevant

                  	
                    The US$ 86,400,000 credit agreement in relation to the

                     vessel "HILD" originally dated 16 May 2018, as amended by the amendment agreement dated 15 October 2019, and entered into between the Creditor and the  Debtor listed in the corresponding column of this table.

                     

                      

                     (the "Original Credit Agreement (B358 HILD)", and as amended and supplemented by this Deed, the "Amended Credit
                        Agreement (B358  HILD)")

                  	
                     Borr Hild Inc. (formerly known as Borr Jack-Up XXVII Inc.), a company incorporated under the laws of the Marshall Islands with registration number 92787 and having its registered address at Trust Company Complex, Ajeltake Island,
                      Ajeltake Island, Majuro, Marshall Islands MH 96960.

                  
	
                     Hull No. B360

                     

                    

                     "HEIMDAL"

                  	
                    Not relevant

                  	
                    Not relevant

                  	
                    The US$ 86,400,000 credit agreement in relation to the

                     vessel "HEIMDAL" originally dated 16 May 2018, as amended by the amendment agreement dated 15 January 2020, and entered into between the Creditor and the Debtor listed in the corresponding column of this table.

                     

                      

                      (the "Original Credit Agreement (B360 HEIMDAL)", and as amended and supplemented by this Deed, the "Amended Credit Agreement (B360 HEIMDAL)")

                  	
                     Borr Heimdal Inc. (formerly known as Borr Jack-Up XXVIII Inc.), a company incorporated under the laws of the Marshall Islands with registration number 92789 and having its registered address at Trust Company Complex, Ajeltake
                      Island, Ajeltake Island, Majuro, Marshall Islands MH 96960.

                  

            

            

            
              57

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            	
                     Hull No. B361

                     

                     "HERMOD"

                  	
                    Not relevant

                  	
                    Not relevant

                  	
                    The US$ 86,400,000 credit agreement in relation to the  vessel "HERMOD" originally dated 16 May 2018, as amended by the amendment agreement dated 15 October 2019, and entered into between the Creditor and the Debtor listed in the
                      corresponding column of this table.

                     

                    

                     (the "Original Credit Agreement (B361 HERMOD)",

                     and as amended and supplemented by this Deed, the

                     "Amended Credit Agreement (B361 HERMOD)")

                  	
                     Borr Hermod Inc. (formerly known as Borr Jack-Up XXIX Inc.), a company incorporated under the laws of the Marshall Islands with registration number 92788 and having its registered address at Trust Company  Complex, Ajeltake
                      Island, Ajeltake Island, Majuro, Marshall Islands MH 96960.

                  
	
                     Hull No. B380

                     

                    

                     "HULDRA"

                  	
                     The construction contract in relation to the vessel "HULDRA" originally dated 16 May 2018, as

                     amended and restated by the amended and restated

                     construction contract dated 6 June 2018, and entered into between the Builder and the Purchaser listed in the

                     corresponding column of this table.

                     

                     (the "Original Construction Contract (B380 HULDRA)", and as amended and supplemented

                     by this Deed, the "Amended Construction Contract (B380 HULDRA)")

                  	
                     Borr Huldra Inc. (formerly known as Borr Jack-Up XXX Inc.), a company incorporated under the laws of the Marshall Islands with registration number 92785 and having its registered office at Trust Company Complex, Ajeltake Island,
                      Majuro, Marshall Islands MH 96960.

                  	
                     The US$ 86,400,000 credit agreement in relation to the

                     vessel "HULDRA" originally dated 16 May 2018, and entered into between the Creditor and the Debtor listed in the corresponding column of this table.

                     

                    

                     (the "Original Credit Agreement (B380 HULDRA)",

                     and as amended and supplemented by this Deed, the

                     "Amended Credit Agreement (B380 HULDRA)")

                  	
                     Borr Huldra Inc. (formerly known as Borr Jack-Up XXX Inc.), a company incorporated under the laws of the Marshall Islands with registration number 92785 and

                     having its registered office at Trust Company Complex,

                     Ajeltake Island, Majuro, Marshall Islands MH 96960.

                  

            

            

            
              58

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            	
                     Hull No. B381

                     

                     "HEIDRUN"

                  	
                     The construction contract in relation to the vessel "HEIDRUN" originally dated 16 May 2018, as

                     amended and restated by the amended and restated

                     construction contract dated 6 June 2018, and entered into between the Builder and the Purchaser listed in the

                     corresponding column of this table.

                     

                     (the "Original Construction Contract (B381 HEIDRUN)", and as amended and supplemented by this Deed, the "Amended Construction Contract (B381 HEIDRUN)")

                  	
                     Borr Heidrun Inc. (formerly known as Borr Jack-Up XXXI Inc.), a company incorporated under the laws of the Marshall Islands with registration number 92786 and having its registered office at Trust Company Complex, Ajeltake Island,
                      Majuro, Marshall Islands MH 96960.

                  	
                     The US$ 86,400,000 credit agreement in relation to the

                     vessel "HEIDRUN" originally dated 16 May 2018, and entered into between the Creditor and the Debtor listed in the corresponding column of this table.

                     

                    

                     (the "Original Credit Agreement (B381 HEIDRUN)",

                     and as amended and supplemented by this Deed, the

                     "Amended Credit Agreement (B381 HEIDRUN)")

                  	
                     Borr Heidrun Inc. (formerly known as Borr Jack-Up XXXI Inc.), a company incorporated under the laws of the Marshall Islands with registration number 92786 and having its registered office at Trust Company Complex, Ajeltake Island,
                      Majuro, Marshall Islands MH 96960.

                  
	
                     Hull No. B366

                     

                    

                     "TIVAR"

                  	
                     The construction contract in relation to the vessel "TIVAR" originally dated 6 November 2013, as amended by the variation orders and side letter set out in Exhibit II of the novation agreement dated 24

                     May 2017 (the "B366 Novation Agreement"), as novated and amended by the B366 Novation

                     Agreement and further amended by the building contract amendment agreement dated 24 May 2017 and the building contract second amendment agreement dated 6 June 2018, between the Builder and the  Purchaser listed in the
                      corresponding column of this  table.

                  	
                     Borr Tivar Inc. (formerly known as Borr Jack-Up V Inc.), a company incorporated under the laws of the Marshall Islands with registration number 89740 and having its registered address at Trust Company Complex, Ajeltake Island,
                      Majuro, Marshall Islands MH 96960.

                  	
                    N/A

                  	
                    N/A

                  

            

            

            
              59

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            	 	
                     (the "Original Construction Contract (B366 TIVAR)", and as amended and supplemented by this Deed, the "Amended
                        Construction Contract (B366 TIVAR)")

                  	 	 	 
	
                     Hull No. B367

                     

                    

                     "VALE"

                  	
                     The construction contract in relation to the vessel "VALE" originally dated 6 November 2013, as amended by the variation orders and side letter set out in Exhibit II of the novation agreement dated 24

                     May 2017 (the "B367 Novation Agreement"), as novated and amended by the B367 Novation Agreement and further amended by the building contract  amendment agreement dated 24 May 2017, between
                      the Builder and the Purchaser listed in the corresponding column of this table.

                     

                     (the "Original Construction Contract (B367 VALE)", and as amended and supplemented by this Deed, the "Amended
                        Construction Contract (B367 VALE)")

                  	
                     Borr Vale Inc. (formerly known as Borr Jack-Up VI Inc.), a company incorporated under the laws of the Marshall Islands with registration number 89741 and  having its registered address at Trust Company Complex, Ajeltake Island,
                      Majuro, Marshall Islands MH 96960.

                  	
                    N/A

                  	
                    N/A

                  

            

            

            
              60

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            	
                     Hull No. B368

                     

                     "VAR"

                  	
                     The construction contract in relation to the vessel "VAR" originally dated 6 November 2013, as amended by the variation orders and side letter set out in Exhibit II of the novation agreement dated 24

                     May 2017 (the "B368 Novation Agreement"), as novated and amended by the B368 Novation Agreement and further amended by the building contract  amendment agreement dated 24 May 2017, between
                      the Builder and the Purchaser listed in the corresponding column of this table.

                     

                    

                     (the "Original Construction Contract (B368 VAR)", and as amended and supplemented by

                     this Deed, the "Amended Construction Contract (B368 VAR)")

                  	
                     Borr Var Inc. (formerly known as Borr Jack-Up VII Inc.), a company incorporated under the laws of the Marshall Islands with registration number 89742 and  having its registered address at Trust Company Complex, Ajeltake Island,
                      Majuro, Marshall Islands MH 96960.

                  	
                    N/A

                  	
                    N/A

                  

             

            
              61

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

             Schedule 2

             Framework Deed Term Sheet summary 

            

            

            	
                    Vessel

                  	
                    Guideline

                  	
                    Clause reference

                  
	 	 	 
	
                     Hull No. B366

                     ("TIVAR")

                  	
                    Defer delivery of vessel from July 2020 to 2Q 2022

                  	
                    4.1(a)

                  
	 	 
	
                     No sellers credit will be provided on delivery - full payment of principal due  to Keppel prior to delivery

                  	
                     4.1(b)

                  
	
                    [***] holding costs payable from July 2020 to the date of delivery;

                  	
                     4.1(c)

                  
	
                    Cost cover payable at [***] from July 2020 to the date of delivery

                  	
                    4.1(d)

                  
	
                    Cost cover and holding costs to be paid quarterly in advance commencing 1 January 2021 to the date of delivery

                  	
                     4.1(c)

                     4.1(d)

                  
	
                     Hull No. B367

                     ("VALE")

                     

                    

                     Hull No. B368

                     ("VAR")

                  	
                    Defer delivery of both vessels from 1Q 2022 to end 3Q 2022

                  	
                    4.2(a)

                  
	 	
                     4.3(a)

                  
	
                    Sellers credit of USD130m to be provided for each vessel on delivery

                  	
                    4.2(b)

                  
	 	
                     4.2(b)

                  
	
                    USD10m currently due to be paid in October 2020 for Vale, cost cover of [***] payable from October 2020 to date of delivery, payment to be made quarterly in advance from 1 January 2021 to date of delivery

                  	
                     4.2(d)

                  
	
                    USD10m currently due to be paid in December 2020 for Var, cost cover payable at [***] from December 2020 to date of delivery, payment to be made quarterly in advance from 1 January 2021 to date of delivery

                  	
                     4.3(d)

                  
	
                    Vale cost cover of [***] payable on USD137.4m from deferred delivery of  1Q 2022 to 3Q2022, payment to be deferred and paid on delivery

                  	
                     4.2(e)

                  
	
                    Var cost cover of [***] payable on USD137.4m from 1Q 2022 to 3Q2022, payment to be deferred and paid on delivery

                  	
                     4.3(e)

                  
	
                    USD17.4m due on Var and Vale on delivery of each vessel

                  	
                    N/A

                  
	
                    Delivery contingent on full repayment of amounts owing by Borr to Keppel  in respect of Tivar

                  	
                     11.1, 11.10

                  
	
                     Hull No. B380

                     ("HULDRA")

                     

                    

                     Hull No. B381

                     ("HEIDRUN")

                  	
                    Defer delivery of both vessels from 2020 to end 3Q 2022

                  	
                    4.4(a)

                  
	 	
                     4.5(a)

                  
	
                    [***] holding costs payable from July 2020 to 31 December 2021 for Heidrun, payment to be made quarterly in advance from 1 January 2021 to 31 December 2021

                  	
                     4.5(c)

                  
	
                    [***] holding costs payable from October 2020 to 31 December 2021 for Huldra, payment to be made quarterly in advance from 1 January 2021 to 31 December 2021

                  	
                     4.4(c)

                  
	
                    Three equal quarterly principal payments totalling USD13.25m per vessel  payable in 1Q – 3Q 2022

                  	
                     4.4(d)

                     4.5(d)

                  

            

            

            
              62

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            

            	 	
                    Sellers credit to be reduced by USD13.25m from USD86.4m to

                  	
                     4.4(b)

                  
	
                    USD73.15m be provided for each vessel on delivery

                  	
                     4.5(b)

                  
	
                    Delivery contingent on full repayment of amounts owing by Borr to Keppel  in respect of Tivar

                  	
                     11.1, 11.10

                  
	
                     Hull No. B358

                     ("HILD")

                     

                    

                     Hull No. B360

                     ("HEIMDAL")

                  	
                    Financing terms remain as currently agreed

                  	
                    N/A

                  
	
                    Borr to undertake not to file for Chapter 11 or any other insolvency proceeding in any jurisdiction without first transferring the vessels or the  shares in the entities that own the vessels to Keppel
                      

                      

                    

                  	
                     4.6(a)

                  
	 	 	 
	
                    Hull No. B361

                    ("HERMOD")

                  	
                    Borr to regularly demonstrate to Keppel that the vessels are being adequately maintained (terms to be agreed)

                  	
                     4.6(b)

                  
	
                    Others

                  	
                    non-payment of any amounts due in respect of the terms included in this proposal will constitute an event of default and will result in cross defaults in respect of all other credit extended by Keppel to Borr

                  	
                     11.1

                  
	 	
                    Keppel to retain option to sell or charter all delivered or undelivered vessels to a third party prior to the date of delivery to Borr subject to mutual agreement by Borr

                  	
                     4.7

                  
	 	
                    10 days notice to be provided by Borr to Keppel in advance of any Chapter 11 filing or any other filing for any insolvency proceeding in any other jurisdiction

                  	
                     9.5(b)

                  
	 	
                    Within 10 days of any equity raising or documentation of the terms herein, Borr must advise Keppel of all covenants and warranties provided to or in respect of the agreements listed in Schedule 1 of the 15 may 2020 Borr Draft LOI
                      and the relevant bondholders documentation

                  	
                     3.1(c)

                  
	 	
                    Immediate notice to be provided by Borr to Keppel of any event of default under any of the Agreements

                  	
                     9.5(a)

                  
	 	
                    Borr to deliver to Keppel, to the extent not already delivered, originals of all documents and evidence required to be provided as conditions precedent to the issuance of a borrowing notice / granting of the loans under each of the
                      credit agreements relating to the vessels "Hild", "Heimdal" and "Hermod", including but not limited to the documents listed in paragraph 3 of the attached letter dated 22 April 2020 issued by OFFSHORE PARTNERS PTE. LTD. to BORR HILD
                      INC.. Such documents should be delivered to 50 Gul Road Singapore 629351 Attention: [***] by 21 May 2020 notwithstanding any other arrangements which may have been agreed to between the parties

                  	
                     3.1(a)

                  
	 	
                    Borr to comply with all existing information covenants and any other reasonable information requests from Keppel

                  	
                     9

                  
	 	
                    Borr to meet all reasonable Keppel financial and legal advisor fees incurred in respect of the terms of this proposal

                  	
                     7.3

                  

            

            

            
              63

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            

             Schedule 3

             Conditions precedent and conditions subsequent

             

            

             Part 1

             Conditions precedent

             

            
              
                	
                        1.

                      	
                        Obligors

                      

              

               

                

            

            
              
                	
                        (a)

                      	
                        A copy of the constitutional documents of each Obligor.

                      

              

            

             

            
              
                	
                        (b)

                      	
                        A copy of a resolution of the board of directors of each Obligor (or, in respect of the Parent, a copy of the extract of the board resolutions):

                      

              

            

             

            
              
                	 	
                        (i)

                      	
                        approving the terms of, and the transactions contemplated by, the Relevant Documents to which it is a party and resolving that it executes, delivers and performs the Relevant Documents to which it is a party;

                      

              

            

            

            

            
              
                	 	
                        (ii)

                      	
                        authorising a specified person or persons to execute the Relevant Documents to which it is a party on its behalf;

                      

              

            

             

            
              
                	 	
                        (iii)

                      	
                        authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Relevant Documents to which it is a party; and

                      

              

            

             

            
              
                	 	
                        (iv)

                      	
                        resolving that it is in its best interests to enter into the transactions contemplated by the Relevant Documents to which it is a party.

                      

              

            

            

            

            
              
                	
                        (c)

                      	
                        An original of any power of attorney issued by any Obligor authorising a specified person or persons to execute the Relevant Documents to which that Obligor is a party.

                      

              

            

            

            

            
              
                	
                        (d)

                      	
                        A copy of (if necessary or desirable) a resolution signed by all the holders of the issued shares in any Obligor approving the terms of, and the transactions contemplated by, the Relevant Documents to
                          which it is a party.

                      

              

            

             

            
              
                	
                        (e)

                      	
                        A certificate of a director of each Obligor:

                      

              

            

             

            
              
                	 	
                        (i)

                      	
                        Attaching specimen(s) of the signature of each person executing a Relevant Document authorised by the resolution or power of attorney referred to in paragraphs (b) and (c) above;

                      

              

            

             

            
              
                	 	
                        (ii)

                      	
                        confirming that borrowing, guaranteeing or granting of Security to secure, as appropriate, the Secured Liabilities would not cause any borrowing, guaranteeing, granting of Security or similar limit binding on it to be exceeded;
                          and

                      

              

            

             

            
              
                	 	
                        (iii)

                      	
                        certifying that each copy document relating to it or delivered on its behalf specified in this Part 1 of this Schedule 3 is correct, complete and in full force and effect as at a date no earlier than the Effective Date.

                      

              

            

             

            
              64

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            

            
              
                	
                        2.

                      	
                        Restructuring consents and documents

                      

              

            

            

            

            
              
                	
                        2.1

                      	
                        Equity Raise

                      

              

            

            

            

            
              	
                      (a)

                    	
                      Evidence that the Parent has received (or that the relevant bookrunner or arranger mandated by the Parent in relation to such subscriptions has received in escrow on behalf of the Parent to  be released  to the Parent  by  or  on
                        the Effective Date)  an  aggregate gross  amount of US$30,000,000 from the subscription for by any person for ordinary shares or equity interests in the Parent  or for  subordinated loan notes or  other  subordinated debt 
                        instruments in the Parent, in each case on or after 20 May 2020 (the "Equity Raise").

                    

            

            

            

            
              
                	
                        2.2

                      	
                        Key creditor consents

                      

              

            

            

            

            
              
                	
                        (a)

                      	
                        Evidence that, in relation to the US$450,000,000 Senior Secured Credit Facilities Agreement dated 25 June 2019 entered into between, amongst others, the Parent and/or other relevant members of  the Group  and DNB BANK ASA, 
                          DANSKE  BANK,  NORWEGIAN  BRANCH, CITIBANK   N.A.,   JERSEY  BRANCH,  GOLDMAN  SACHS   BANK  USA  and CLIFFORD CAPITAL PTE. LTD., the parties thereto have entered into amendment agreements which provide that by or on the Effective
                          Date:

                      

              

            

            

            

            
              
                	 	
                        (i)

                      	
                        all principal payments thereunder for the calendar year 2021 shall be deferred until the final maturity date or final termination date specified thereunder; and

                      

              

            

            

            

            
              
                	 	
                        (ii)

                      	
                        any temporary waiver granted thereunder in respect of an event of default (howsoever described) prior to the date of this Deed is permanently waived or cured on the Effective Date.

                      

              

            

            

            

            
              
                	
                        (b)

                      	
                        Evidence that, in relation to the US$100,000,000 Senior Secured Credit Facilities Agreement dated 25 June 2019 entered into between the Parent and/or other relevant members of the Group and DNB BANK ASA and DANSKE BANK,
                          NORWEGIAN BRANCH, the parties thereto  have entered into amendment agreements which provide that by or on the Effective Date:

                      

              

            

            

            

            
              
                	 	
                        (i)

                      	
                        all principal payments thereunder for the calendar year 2021 shall be deferred until the final maturity date or final termination date specified thereunder; and

                      

              

            

             

            
              
                	 	
                        (ii)

                      	
                        any temporary waiver granted thereunder in respect of an event of default (howsoever described) prior to the date of this Deed is permanently waived or cured on the Effective Date.

                      

              

            

            

            

            
              
                	
                        (c)

                      	
                        Evidence that, in relation to the US$ 195,000,000 Secured Term Loan Facility Agreement dated 25 June 2019 entered into between the Parent and/or other relevant members of the Group  and  HAYFIN  SERVICES LLP,  the  parties
                          thereto  have  entered  into amendment agreements which provide that by or on the Effective Date, certain restrictions on the use of cash  by  the  Parent  and/or  other  relevant  members  of  the  Group  imposed  by HAYFIN
                          SERVICES LLP are waived.

                      

              

            

             

            
              65

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            
              
                	
                        (d)

                      	
                        Evidence that, in relation to:

                      

              

            

            

            

            
              	 	
                      (i)

                    	
                      the sale and purchase agreement dated 9 October 2017 between BORR GALAR INC. (formerly known as BORR JACK-UP XVII INC.) and PPL SHIPYARD PTE. LTD. ("PPL") with respect to the sale and
                        purchase of the "GALAR" as novated by a novation agreement dated 16 January 2020 between BORR GALAR (UK) LIMITED, BORR GALAR INC., PPL and the Parent;

                    

            

             

            

            
              
                	 	
                        (ii)

                      	
                        the sale and purchase agreement dated 9 October 2017 between BORR GERD INC. (formerly known as BORR JACK-UP XVIII INC.) and PPL with respect to the sale and purchase of the "GERD";

                      

              

            

             

            

            
              
                	 	
                        (iii)

                      	
                        the sale and purchase agreement dated 9 October 2017 between BORR GERSEMI INC. (formerly known as BORR JACK-UP XIX INC.) and PPL with respect to the sale and purchase of the "GERSEMI" as acquired by BORR GESEMI (UK) LIMITED and
                          subsequently novated by a novation agreement dated 26 June 2019 between BORR GERSEMI INC., PPE, BORR GESEMI (UK) LIMITED and the Parent;

                      

              

            

             

            
              
                
                  
                    	 	
                            (iv)

                          	
                            the sale and purchase agreement dated 9 October 2017 between BORR GRID INC. (formerly known as BORR JACK-UP XX INC.) and PPL with respect to the sale and purchase of the "GRID" as acquired by BORR GRID (UK) LIMITED and
                              subsequently novated by a novation agreement dated 26 June 2019 between BORR GRID INC., PPE, BORR GRID (UK) LIMITED and the Parent;

                          

                  

                

              

            

             

            

            
              	 	
                      (v)

                    	
                      the sale and purchaseagreement dated 9 October 2017 between BORR GROA INC. (formerly known as BORR JACK-UP XXII INC.) and PPL with respect to the sale and purchase of the "GROA";

                    

            

             

            

            
              
                
                  
                    	 	
                            (vi)

                          	
                            the sale and purchase agreement dated 9 October 2017 between BORR GUNNLOD INC. (formerly known as BORR JACK-UP XXI INC.) and PPL with respect to the sale and purchase of the "GUNNLOD";

                          

                  

                   

                  

                

              

            

            
              
                	 	
                        (vii)

                      	
                        the rig construction agreement dated 9 October 2017 between BORR GYME INC. (formerly known as BORR JACK-UP XXIII INC.) and PPL with respect to the construction, sale and purchase of the "GYME";

                      

              

            

             

            
              
                	 	
                        (viii)

                      	
                        the rig construction agreement dated 9 October 2017 between BORR NATT INC. (formerly known as BORR JACK-UP XXIV INC.) and PPL with respect to the construction, sale and purchase of the "NATT"; and

                      

              

            

             

            
              
                	 	
                        (ix)

                      	
                        the rig construction agreement dated 9 October 2017 between BORR NJORD INC. (formerly known as BORR JACK-UP XXV INC.) and PPL with respect to the construction, sale and purchase of the "NJORD" as novated by a novation agreement
                          dated 16 January 2020 between BORR NJORD (UK) LIMITED, BORR NJORD INC., PPL and the Parent,

                      

              

            

             

            the parties thereto have entered into amendment agreements which provide that by or on the Effective Date,  all  interest  (other  than an amount  of  US$1,000,000 each financial quarter) owing thereunder from
              the date of this Deed until 31 December 2021 shall be deferred until on or about 1 January 2022. 

             

            
              66

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            
              	
                      (e)

                    	
                      Copies of each document or agreement which evidences the terms of the consents referred to in paragraphs (a) to (d) above.

                    

            

             

            
              
                	
                        3.

                      	
                        Relevant Documents

                      

              

            

             

            
              	
                      (a)

                    	
                      Such number of copies of this Deed as the Creditor Parties may require, duly executed, dated and delivered by each party thereto.

                    

            

            

            

            
              
                	
                        4.

                      	
                        Legal opinions

                      

              

            

            

            

            
              
                	
                        (a)

                      	
                        An agreed form of a legal opinion in relation to the laws of England from Latham & Watkins LLP, addressed to the Creditor Parties.

                      

              

            

             

            
              
                	
                        (b)

                      	
                        An agreed form of a legal opinion in relation to the laws of Bermuda from Zuill & Co, addressed  to the Creditor Parties.

                      

              

            

             

            
              
                	
                        (c)

                      	
                        An agreed form of a legal opinion in relation to the laws of the Marshall Islands from Holland & Knight LLP, addressed to the Creditor Parties.

                      

              

            

             

            
              
                	
                        5.

                      	
                        Others

                      

              

            

            

            

            
              
                	
                        (a)

                      	
                        Evidence that any process agent referred to in the Relevant Documents (if not an Obligor) has accepted its appointment.

                      

              

            

            

            

            
              
                	
                        (b)

                      	
                        A copy of any other Authorisation or other document, opinion or assurance which any Creditor Party considers to be necessary or desirable (if it has notified the Obligors' Agent accordingly) in connection with the entry into
                          and  performance of  the  transactions contemplated by any  Relevant Document or for the validity and enforceability of any Relevant Document.

                      

              

            

             

            
              
                	
                        (c)

                      	
                        A draft of any filings, disclosures, announcement or publicity relating to this Deed which is to  be made by any Obligor pursuant to the rules of any relevant stock exchange on which shares  in or other securities of such
                          Obligor are listed.

                      

              

            

             

             Part 2

            Conditions subsequent

             

            
              
                	
                        1.

                      	
                        Relevant Documents

                      

              

            

            

            

            
              
                	
                        (a)

                      	
                        By the date falling five Business Days after the Effective Date, such number of originals of this Deed as the Creditor Parties may require, duly executed, dated and delivered by each party thereto.

                      

              

            

             

            
              
                	
                        (b)

                      	
                        As soon as reasonably practicable, and in any case by the date falling 20 Business Days after  the Effective Date, such amendments or supplements to any Security Document (as defined in any Original Credit Agreement) as may be
                          necessary or desirable to give effect to the provisions of this Deed.

                      

              

            

             

            
              67

              
                

              
                
                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

            

            
            
              
                	
                        2.

                      	
                        Equity raise

                      

              

            

             

            

            
              	
                      (a)

                    	
                      By the date falling 10 Business Days after the Effective Date, evidence that the Parent has received the proceeds of the Equity Raise.

                    

            

             

            
              
                	
                        3.

                      	
                        Opinion

                      

              

            

             

            
              	
                      (a)

                    	
                      By the date falling one Month after the Effective Date, an issued copy of each agreed form legal opinion delivered to the Creditor Parties pursuant to Clause 3.1 (Conditions precedent), in
                        the  agreed form  delivered to the  Creditor  Parties pursuant  to  Clause  3.1  (Conditions precedent).

                    

            

             

            
              
                	
                        4.

                      	
                        Outstanding documents

                      

              

            

            

            

            
              	
                      (a)

                    	
                      By the date falling 10 days after the Effective Date, all documents and evidence required to be  supplied to the  Creditor,  but  have not  yet  been  supplied to the Creditor, as conditions precedent to the issuance of  any
                        Borrowing Notice (as defined in any Credit Agreement) or  the granting of any Loan (as defined in any Credit Agreement) under Credit Agreement, including the documents listed in paragraph 3 of the letter dated 22 April 2020 issued
                        by the Creditor  to BORR  HILD INC., including,  without limitation,  the original  share  certificate of BORR HILD INC..

                    

            

             

          

          
            68

            
              

            
              
                PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                    INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

              

            

          

            
            
              
                IN WITNESS WHEREOF THIS DEED has been entered into on the date stated at the beginning of this
                    Deed, and executed as a deed by the Parties and is intended to be and is hereby delivered as a deed by the Parties on the date specified above.

                 

                 

                   

                The Parent

                

                   

                EXECUTED and DELIVERED as a DEED

                 

                for and on behalf of

                 

                BORR DRILLING LIMITED

                 

                by: [***]
                   

                  
                    
                      	
                              /s/ [***]

                            	
                               

                            

                    

                  

                   

                    

                

                
                  Director

                   

                    

                

                Name:

                 

                in the presence of 

                   

                 

                  

                
                  	
                          /s/ [***] 

                        	
                           

                        

                

                 

                  

                Witness

                 

                Name: [***]

                 

                Notice details

                      

                    

                Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road Hamilton HM 11, Bermuda

                 

                   

                 Fax number: N/A

                  

                   

                 Electronic mail address: [***]

                 

                

                Attention party: [***] / [***]

               

              

              
                
                  

                
                  
                    PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                        INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                  

                

              

              
                The Purchasers

                 

                EXECUTED and DELIVERED as a DEED

                

                   

                for and on behalf of

                

                   

                BORR HULDRA INC. (formerly known as BORR JACK-UP XXX INC.)

                 

                   

                by: 

                  
                    
                    	
                            /s/ [***]

                            

                          	
                             

                          

                  

                

                 

                   

                Director

                 

                Name: [***]

                  

                 

                

                 in the presence of

                

                   

                
                  	
                          /s/ [***]

                          

                        	
                           

                        

                

                 

                Witness

                 

                  
                  Name: [***]

                

                

                   

                Notice details

                 

                Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                 

                

                Fax number: N/A

                 

                
                   Electronic mail address: [***]

                  

                   

                Attention party: [***] / [***]

                 

                

                
                  
                    

                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

              
                EXECUTED and DELIVERED as a DEED

                 

                for and on behalf of

                 

                BORR HEIDRUN INC. (formerly known as BORR JACK-UP XXXI INC.)

                

                   

                
                  by: 

                    
                      
                      	
                              /s/ [***]

                            	
                               

                            

                    

                  

                   

                     

                  Director

                   

                  Name: [***]

                   

                  

                  in the presence of

                  

                     

                  
                    	
                            /s/ [***]

                            

                          	
                             

                          

                  

                   

                  Witness

                   

                    
                    Name: [***]

                      

                  

                  

                     

                  Notice details

                   

                  Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                   

                  

                  Fax number: N/A

                   

                  
                     Electronic mail address: [***]  

                    

                     

                  Attention party: [***] 

                

                 

                   

                
                  
                    

                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

              EXECUTED and DELIVERED as a DEED

               

              for and on behalf of

               

              BORR TIVAR INC. (formerly known as BORR JACK-UP V INC.)

               

              
                by: 

                  
                    
                    	
                            /s/ [***]

                          	
                             

                          

                  

                

                 

                   

                Director

                 

                Name: [***]

                 

                

                in the presence of

                

                   

                
                  	
                          /s/ [***]

                        	
                           

                        

                

                 

                Witness

                 

                  
                  Name: [***]

                

                

                   

                Notice details

                 

                Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                 

                

                Fax number: N/A

                 

                
                   Electronic mail address: [***]

                     

                  

                   

                Attention party: [***] 

                 

                

                
                  
                    

                  
                    
                      PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS PERSONAL
                          INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                    

                  

                

              

              
                EXECUTED and DELIVERED as a DEED

                 

                for and on behalf of

                 

                BORR VALE INC. (formerly known as BORR JACK-UP VI INC.)

                 

                  
                  by: 

                    
                      
                      	
                              /s/ [***]

                            	
                               

                            

                    

                  

                   

                     

                  Director

                   

                  Name: [***]

                   

                  

                   in the presence of

                  

                     

                  
                    	
                            /s/ [***]

                          	
                             

                          

                  

                   

                  Witness

                   

                    
                    Name: [***]

                  

                  

                     

                  Notice details

                   

                  Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                   

                  

                  Fax number: N/A

                   

                  
                     Electronic mail address: [***]

                       

                    

                     

                  Attention party: [***]

                   

                  

                  
                    
                      

                    
                      
                        PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS
                            PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                      

                    

                  

                  
                    EXECUTED and DELIVERED as a DEED

                     

                    for and on behalf of

                     

                    BORR VAR INC. (formerly known as

                      BORR JACK-UP VII INC.)

                     

                      
                      by: 

                        
                          
                          	
                                  /s/ [***]

                                	
                                   

                                

                        

                      

                       

                         

                      Director

                       

                      Name: [***]

                       

                      

                       in the presence of

                      

                         

                      
                        	
                                /s/ [***]

                              	
                                 

                              

                      

                       

                      Witness

                       

                        
                        Name: [***]

                      

                      

                         

                      Notice details

                       

                      Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                       

                      

                      Fax number: N/A

                       

                      
                         Electronic mail address: [***]

                           

                        

                         

                      Attention party: [***]

                       

                      

                      
                        
                          

                        
                          
                            PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS
                                PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                          

                        

                      

                      
                        The Debtors

                         

                        EXECUTED and DELIVERED as a DEED

                         

                        for and on behalf of

                         

                        BORR HILD INC. (formerly known as BORR JACK-UP XXVII INC.)

                        

                          
                          by: 

                            
                              
                              	
                                      /s/ [***]

                                    	
                                       

                                    

                            

                          

                           

                             

                          Director

                           

                          Name: [***]

                           

                          

                          in the presence of

                          

                             

                          
                            	
                                    /s/ [***]

                                  	
                                     

                                  

                          

                           

                          Witness

                           

                            
                            Name: [***]

                          

                          

                             

                          Notice details

                           

                          Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                           

                          

                          Fax number: N/A

                           

                          
                             Electronic mail address: [***]

                               

                            

                             

                          Attention party: [***]

                           

                          

                          
                            
                              

                            
                              
                                PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND CONTAINS
                                    PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                              

                            

                          

                          
                            EXECUTED and DELIVERED as a DEED

                             

                            for and on behalf of

                             

                            BORR HEIMDAL INC. (formerly known as BORR JACK-UP XXVIII INC.)

                             

                              
                              by: 

                                
                                  
                                  	
                                          /s/ [***]

                                        	
                                           

                                        

                                

                              

                               

                                 

                              Director

                               

                              Name: [***]

                               

                              

                              in the presence of

                              

                                 

                              
                                	
                                        /s/ [***]

                                      	
                                         

                                      

                              

                               

                              Witness

                               

                                
                                Name: [***]

                              

                              

                                 

                              Notice details

                               

                              Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                               

                              

                              Fax number: N/A

                               

                              
                                 Electronic mail address: [***]

                                   

                                

                                 

                              Attention party: [***]

                               

                              

                              
                                
                                  

                                
                                  
                                    PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND
                                        CONTAINS PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                                  

                                

                              

                              
                                EXECUTED and DELIVERED as a DEED

                                 

                                for and on behalf of

                                

                                   

                                BORR HERMOD INC. (formerly known as BORR JACK-UP XXIX INC.)

                                 

                                  
                                  by: 

                                    
                                      
                                      	
                                              /s/ [***]

                                              

                                            	
                                               

                                            

                                    

                                  

                                   

                                     

                                  Director

                                   

                                  Name: [***]

                                   

                                  

                                  in the presence of

                                  

                                     

                                  
                                    	
                                            /s/ [***]

                                          	
                                             

                                          

                                  

                                   

                                  Witness

                                   

                                    
                                    Name: [***]

                                  

                                  

                                     

                                  Notice details

                                   

                                  Address: S.E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda

                                   

                                  

                                  Fax number: N/A

                                   

                                  
                                     Electronic mail address: [***]

                                       

                                    

                                     

                                  Attention party: [***]

                                   

                                  

                                  
                                    
                                      

                                    
                                      
                                        PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT MATERIAL AND
                                            CONTAINS PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                                      

                                    

                                  

                                  
                                    EXECUTED and DELIVERED as a DEED

                                     

                                    for and on behalf of

                                     

                                    BORR HULDRA INC. (formerly known as BORR JACK-UP XXX INC.)

                                     

                                      
                                      by: 

                                        
                                          
                                          	
                                                  /s/ [***]

                                                	
                                                   

                                                

                                        

                                      

                                       

                                         

                                      Director

                                       

                                      Name: [***]

                                       

                                      

                                      in the presence of

                                      

                                         

                                      
                                        	
                                                /s/ [***]

                                              	
                                                 

                                              

                                      

                                       

                                      Witness

                                       

                                        
                                        Name: [***]

                                      

                                      

                                         

                                      Notice details

                                       

                                        

                                      As above.

                                       

                                        
                                        
                                          
                                            

                                          
                                            
                                              PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT
                                                  MATERIAL AND CONTAINS PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                                            

                                          

                                        

                                        
                                          EXECUTED and DELIVERED as a DEED

                                           

                                          for and on behalf of

                                           

                                          BORR HEIDRUN INC. (formerly known as BORR JACK-UP XXXI INC.)

                                           

                                            
                                            by: 

                                              
                                                
                                                	
                                                        /s/ [***]

                                                      	
                                                         

                                                      

                                              

                                            

                                             

                                               

                                            Director

                                             

                                            Name: [***]

                                             

                                            

                                            in the presence of

                                            

                                               

                                            
                                              	
                                                      /s/ [***]

                                                    	
                                                       

                                                    

                                            

                                             

                                            Witness

                                             

                                              
                                              Name: [***]

                                            

                                            

                                               

                                            Notice details

                                             

                                            As above.

                                            
                                             

                                            

                                            
                                              
                                                

                                              
                                                
                                                  PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH NOT
                                                      MATERIAL AND CONTAINS PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                                                

                                              

                                            

                                            
                                              
                                                The Builder
                                                  

                                                     

                                                  
                                                    
                                                      EXECUTED and DELIVERED as a DEED

                                                    

                                                  

                                                  

                                                     

                                                  
                                                    for and on behalf of

                                                     

                                                      

                                                    KEPPEL FELS LIMITED

                                                      

                                                  

                                                

                                                

                                                 

                                              by:

                                                 

                                               

                                              
                                                	
                                                        /s/ [***]

                                                      	
                                                         

                                                      

                                              

                                               

                                                

                                               Designation: Director

                                                

                                               

                                                

                                              Name: [***]

                                               

                                                

                                              in the presence of

                                               

                                              

                                               
                                                
                                                  
                                                    	/s/ [***] 	
                                                             

                                                          

                                                  

                                                

                                              

                                               

                                                
                                                Witness

                                                

                                                
                                                Name: [***]

                                                 

                                                  
                                                  Notice details

                                                

                                                 

                                                

                                                Address: [***]

                                                

                                                 

                                                  

                                                Fax number: [***]

                                                

                                                 

                                                  

                                                 Electronic mail address: [***]

                                                

                                                
                                                  

                                                  

                                                  Attention party: [***], [***], [***], [***], [***]

                                                   

                                                    

                                                  
                                                    
                                                      

                                                    
                                                      
                                                        PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE SUCH PORTIONS ARE BOTH
                                                            NOT MATERIAL AND CONTAINS PERSONAL INFORMATION. THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“[***]”).

                                                      

                                                    

                                                  

                                                   The Creditor

                                                    

                                                   

                                                    

                                                  
                                                    EXECUTED and DELIVERED as a
                                                        DEED

                                                  

                                                

                                              

                                              
                                                

                                                

                                                
                                                  for and on behalf of

                                                   

                                                    

                                                   OFFSHORE PARTNERS PTE. LTD. (formerly knows as CASPIAN RIGBUILDERS PTE. LTD.)

                                                    

                                                   

                                                    

                                                

                                                
                                                  by:

                                                     

                                                   

                                                  
                                                    	
                                                            /s/ [***]

                                                          	
                                                             

                                                          

                                                  

                                                   

                                                    

                                                   Designation: Director

                                                    

                                                   

                                                    

                                                  Name: [***]

                                                   

                                                    

                                                  in the presence of

                                                   

                                                  

                                                  
                                                    
                                                      
                                                        	/s/ [***] 	
                                                                 

                                                              

                                                      

                                                    

                                                  

                                                   

                                                    
                                                    Witness

                                                    

                                                    
                                                    Name: [***]

                                                     

                                                      
                                                      Notice details

                                                    

                                                     

                                                    

                                                    Address: [***]

                                                      

                                                     

                                                      

                                                    Fax number: [***]

                                                      

                                                     

                                                      

                                                     Electronic mail address: [***]

                                                    
                                                      

                                                      

                                                      Attention party: [***], [***], [***], [***], [***]Exhibit 4.20

 

EKSO BIONICS HOLDINGS, INC.

 

TO

 

__________________________

 

AS TRUSTEE

 

INDENTURE

 

DATED AS OF _______, 20

 

SENIOR DEBT SECURITIES

 

     

     

    

 

Ekso Bionics Holdings, Inc.

 

Certain Sections of this Indenture relating to Sections 310
through 318, inclusive, of the Trust Indenture Act of 1939:

 

	Section 310(a) (1)	6.9 
	(a)(2)	6.9 
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(b)	6.8, 6.10
	Section 311(a)	6.13 
	(b)	6.13 
	Section 312(a)	7.1, 7.2
	(b)	7.2 
	(c)	7.2 
	Section 313(a)	7.3 
	(b)	7.3 
	(c)	7.3 
	(d)	7.3 
	Section 314(a)	7.4 
	(a)(4)	10.1, 10.4
	(b)	Not Applicable
	(c)(1)	1.2 
	(c)(2)	1.2 
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	1.2 
	Section 315(a)	6.1 
	(b)	6.2 
	(c)	6.1 
	(d)	6.1 
	(e)	5.14 
	Section 316(a)	1.1 
	(a)(1)(A)	5.2, 5.12
	(a)(1)(B)	5.13 
	(a)(2)	Not Applicable
	(b)	5.8 
	(c)	1.4 
	Section 317(a) (1)	5.3 
	(a)(2)	5.4 
	(b)	10.3 
	Section 318(a)	1.7 

 

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

 

    		i	 

     

    

 

Table
of Contents

 

Page

 

	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1 
	 	 
	Section 1.1	Definitions	1 
	Section 1.2	Compliance Certificates and Opinions	6 
	Section 1.3	Form of Documents Delivered to Trustee	7 
	Section 1.4	Acts of Holders; Record Dates	7 
	Section 1.5	Notices, etc., to Trustee and Company	8 
	Section 1.6	Notice to Holders; Waiver	9 
	Section 1.7	Conflict with Trust Indenture Act	9 
	Section 1.8	Effect of Headings and Table of Contents	9 
	Section 1.9	Successors and Assigns	9 
	Section 1.10	Separability Clause	
    9 
	Section 1.11	Benefits of Indenture	9 
	Section 1.12	Governing Law	9 
	Section 1.13	Legal Holidays	9 
	Section 1.14	Indenture and Securities Solely Corporate Obligations	10 
	Section 1.15	Indenture May be Executed in Counterparts	10 
	 	 	 
	ARTICLE 2 SECURITY FORMS	10 
	 	 
	Section 2.1	Forms Generally	10 
	Section 2.2	Form of Face of Security	10 
	Section 2.3	Form of Reverse of Security	12 
	Section 2.4	Form of Legend for Global Securities	14 
	Section 2.5	Form of Trustee’s Certificate of Authentication	14 
	Section 2.6	Form of Conversion Notice	15 
	 	 	 
	ARTICLE 3 THE SECURITIES	16 
	 	 
	Section 3.1	Amount Unlimited; Issuable in Series	16 
	Section 3.2	Denominations	18 
	Section 3.3	Execution, Authentication, Delivery and Dating	18 
	Section 3.4	Temporary Securities	19 
	Section 3.5	Registration; Registration of Transfer and Exchange	19 
	Section 3.6	Mutilated, Destroyed, Lost and Stolen Securities	20 
	Section 3.7	Payment of Interest; Interest Rights Preserved	21 
	Section 3.8	Persons Deemed Owners	22 
	Section 3.9	Cancellation	22 
	Section 3.10	Computation of Interest	22 
	 	 	 
	ARTICLE 4 SATISFACTION AND DISCHARGE	22 
	 	 
	Section 4.1	Satisfaction and Discharge of Indenture	22 
	Section 4.2	Application of Trust Money	23 
	 	 	 
	ARTICLE 5 REMEDIES	23 
	 	 
	Section 5.1	Events of Default	23 
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	24 
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	25 
	Section 5.4	Trustee May File Proofs of Claim	26 
	Section 5.5	Trustee May Enforce Claims Without Possession of Securities	26 
	Section 5.6	Application of Money Collected	26 
	Section 5.7	Limitation on Suits	26 
	Section 5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	27 

 

    		ii	 

     

    

 

Table
of Contents

 

Page

 

	Section 5.9	Restoration of Rights and Remedies	27 
	Section 5.10	Rights and Remedies Cumulative	27 
	Section 5.11	Delay or Omission Not Waiver	27 
	Section 5.12	Control by Holders	27 
	Section 5.13	Waiver of Past Defaults	28 
	Section 5.14	Undertaking for Costs	28 
	Section 5.15	Waiver of Usury, Stay or Extension Laws	28 
	 	 	 
	ARTICLE 6 THE TRUSTEE	28 
	 	 
	Section 6.1	Certain Duties and Responsibilities	28 
	Section 6.2	Notice of Defaults	29 
	Section 6.3	Certain Rights of Trustee	29 
	Section 6.4	Not Responsible for Recitals or Issuance of Securities	30 
	Section 6.5	May Hold Securities and Act as Trustee under Other Indentures	30 
	Section 6.6	Money Held in Trust	30 
	Section 6.7	Compensation and Reimbursement	30 
	Section 6.8	Conflicting Interests	30 
	Section 6.9	Corporate Trustee Required; Eligibility	31 
	Section 6.10	Resignation and Removal; Appointment of Successor	31 
	Section 6.11	Acceptance of Appointment by Successor	32 
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business	32 
	Section 6.13	Preferential Collection of Claims Against Company	33 
	Section 6.14	Appointment of Authenticating Agent	33 
	 	 	 
	ARTICLE 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	34 
	 	 
	Section 7.1	Company to Furnish Trustee Names and Addresses of Holders	34 
	Section 7.2	Preservation of Information; Communications to Holders	34 
	Section 7.3	Reports by Trustee	34 
	Section 7.4	Reports by Company	35 
	 	 	 
	ARTICLE 8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	35 
	 	 
	Section 8.1	Company May Consolidate, etc., Only on Certain Terms	35 
	Section 8.2	Successor Substituted	35 
	 	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES	36 
	 	 
	Section 9.1	Supplemental Indentures Without Consent of Holders	36 
	Section 9.2	Supplemental Indentures with Consent of Holders	37 
	Section 9.3	Execution of Supplemental Indentures	37 
	Section 9.4	Effect of Supplemental Indentures	37 
	Section 9.5	Conformity with Trust Indenture Act	38 
	Section 9.6	Reference in Securities to Supplemental Indentures	38 
	 	 	 
	ARTICLE 10 COVENANTS	38 
	 	 
	Section 10.1	Payment of Principal, Premium and Interest	38 
	Section 10.2	Maintenance of Office or Agency	38 
	Section 10.3	Money for Securities Payments to be Held in Trust	38 
	Section 10.4	Statement by Officers as to Default	39 
	Section 10.5	Existence	39 
	Section 10.6	Maintenance of Properties	39 
	Section 10.7	Payment of Taxes and Other Claims	40 
	Section 10.8	Waiver of Certain Covenants	40 

 

    		iii	 

     

    

 

Table
of Contents

 

Page

 

	ARTICLE 11 REDEMPTION OF SECURITIES	40 
	 	 
	Section 11.1	Applicability of Article	40 
	Section 11.2	Election to Redeem; Notice to Trustee	40 
	Section 11.3	Selection by Trustee of Securities to Be Redeemed	40 
	Section 11.4	Notice of Redemption	41 
	Section 11.5	Deposit of Redemption Price	41 
	Section 11.6	Securities Payable on Redemption Date	42 
	Section 11.7	Securities Redeemed in Part	42 
	 	 	 
	ARTICLE 12 SINKING FUNDS	42 
	 	 
	Section 12.1	Applicability of Article	42 
	Section 12.2	Satisfaction of Sinking Fund Payments with Securities	42 
	Section 12.3	Redemption of Securities for Sinking Fund	43 
	 	 	 
	ARTICLE 13 DEFEASANCE AND COVENANT DEFEASANCE	43 
	 	 
	Section 13.1	Company’s Option to Effect Defeasance or Covenant Defeasance	43 
	Section 13.2	Defeasance and Discharge	43 
	Section 13.3	Covenant Defeasance	43 
	Section 13.4	Conditions to Defeasance or Covenant Defeasance	44 
	Section 13.5	Deposited Money, U.S. Government Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions	45 
	Section 13.6	Reinstatement	46 
	 	 	 
	ARTICLE 14 CONVERSION OF SECURITIES	46 
	 	 
	Section 14.1	Applicability of Article	46 
	Section 14.2	Exercise of Conversion Privilege	46 
	Section 14.3	No Fractional Shares	47 
	Section 14.4	Adjustment of Conversion Price or Conversion Rate	47 
	Section 14.5	Notice of Certain Corporate Actions	48 
	Section 14.6	Reservation of Shares of Common Stock	48 
	Section 14.7	Payment of Certain Taxes upon Conversion	48 
	Section 14.8	Nonassessability	48 
	Section 14.9	Provision in Case of Consolidation, Merger or Sale of Assets	49 
	Section 14.10	Duties of Trustee Regarding Conversion	49 
	Section 14.11	Repayment of Certain Funds upon Conversion	49 

 

    		iv	 

     

    

 

INDENTURE, dated as of , 20 , between
Ekso Bionics Holdings, Inc., a corporation duly organized and existing under the laws of the State of New York (herein
called the “Company”), having its principal executive office at 1414 Harbour Way South, Suite 1201,
Richmond, California and , as Trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences
of indebtedness (herein called the “Securities”), to be issued in one or more series as provided in this Indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE 1

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.1 Definitions.

 

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

 

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

 

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

 

(3)            all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States of America, and, except as otherwise herein expressly provided, the term “generally accepted
accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles
in the United States of America as are generally accepted at the date of such computation;

 

(4)            all
references to “$” refer to the lawful currency of the United States of America;

 

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

 

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

 

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

 

“Additional Interest” has the
meaning specified in Section 5.2(b).

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person.

 

    		1	 

     

    

 

“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of
one or more series.

 

“Board of Directors” means either
the board of directors of the Company or any duly authorized committee of that board empowered to act for it with respect to this
Indenture.

 

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

 

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

 

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

 

“Common Stock” includes any
stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the event of any voluntary
or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by the Company; provided,
however, subject to the provisions of Section 14.9, shares issuable upon conversion of Securities shall include only shares
of the class designated as Common Stock of the Company at the date of this Indenture or shares of any class or classes resulting
from any reclassification or reclassifications thereof and which have no preference in respect of dividends or of amounts payable
in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which are not subject to
redemption by the Company; provided, further, that if at any time there shall be more than one such resulting class, the shares
of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting
from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications.

 

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

 

“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by its Chairman of the Board, its Vice Chairman
of the Board, its Chief Executive Officer, its President or a Vice President, and by its principal financial officer, its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

 

“Constituent Person” has the
meaning specified in Section 14.9.

 

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

 

“Corporate Trust Office” means
the corporate trust office of the Trustee at , Attention: Corporate Trust Department, or such other office, designated by the Trustee
by written notice to the Company, at which at any particular time its corporate trust business shall be administered.

 

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

 

“Covenant Defeasance” has the
meaning specified in Section 13.3.

 

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

 

“Defeasance” has the meaning
specified in Section 13.2.

 

    		2	 

     

    

 

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

 

“euro” or “euros”
means the currency adopted by those nations participating in the third stage of the economic and monetary union provisions of the
Treaty on European Union, signed at Maastricht on February 7, 1992.

 

“European Economic Area” means
the member nations of the European Economic Area pursuant to the Oporto Agreement on the European Economic Area dated May 2,
1992, as amended.

 

“European Union” means the member
nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 7, 1992, which
amended the Treaty of Rome establishing the European Community.

 

“Event of Default” has the meaning
specified in Section 5.1.

 

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

 

“Expiration Date” has the meaning
specified in Section 1.4.

 

“Foreign Government Obligation”
means with respect to Securities of any series which are not denominated in the currency of the United States of America (x) any
security which is (i) a direct obligation of the government which issued or caused to be issued the currency in which such
security is denominated and for the payment of which obligations its full faith and credit is pledged or, with respect to Securities
of any series which are denominated in euros, a direct obligation of any member nation of the European Union for the payment of
which obligation the full faith and credit of the respective nation is pledged so long as such nation has a credit rating at least
equal to that of the highest rated member nation of the European Economic Area, or (ii) an obligation of a Person controlled
or supervised by and acting as an agency or instrumentality of a government specified in clause (i) above the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation by the such government, which, in either case (i) or
(ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any Foreign Government Obligation which
is specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect
to any specific payment of principal of or interest on any Foreign Government Obligation which is so specified and held, provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of the Foreign Government Obligation or the specific
payment of principal or interest evidenced by such depositary receipt.

 

“Global Security” means a Security
that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.4 (or such legend as
may be specified as contemplated by Section 3.1 for such Securities).

 

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

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 3.1; provided, however, that if at any time more than one Person is acting as Trustee under this
Indenture due to the appointment of one or more separate Trustees for any one or more separate series of Securities, “Indenture”
shall mean, with respect to such series of Securities for which any such Person is Trustee, this instrument as originally executed
or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to
the applicable provisions hereof and shall include the terms of particular series of Securities for which such Person is Trustee
established as contemplated by Section 3.1, exclusive, however, of any provisions or terms which relate solely to other series
of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of
any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person
had become such Trustee, but to which such Person, as such Trustee, was not a party; provided, further that in the event that this
Indenture is supplemented or amended by one or more indentures supplemental hereto which are only applicable to certain series
of Securities, the term “Indenture” for a particular series of Securities shall only include the supplemental indentures
applicable thereto.

 

    		3	 

     

    

 

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

 

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

 

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

 

“Maturity,” when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, repurchase at the option of the
Holder, upon redemption or otherwise.

 

“Non-electing Share” has the
meaning specified in Section 14.9.

 

“Notice of Default” means a
written notice of the kind specified in Section 5.1(4).

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer, the President
or a Vice President, and by the principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant
to Section 10.4 shall be the principal executive, financial or accounting officer of the Company.

 

“Opinion of Counsel” means a
written opinion of counsel, who may be counsel for, or an employee of, the Company, and who shall be reasonably acceptable to the
Trustee.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.2.

 

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

 

(1)            Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

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

 

(3)            Securities
as to which Defeasance has been effected pursuant to Section 13.2; and

 

(4)            Securities
which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are
valid obligations of the Company;

 

    		4	 

     

    

 

provided, however, that in determining whether the Holders of
the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security
which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such
date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if, as of such date, the principal
amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed
to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.1, (C) the principal amount
of a Security denominated in one or more non-U.S. dollar currencies or currency units which shall be deemed to be Outstanding shall
be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.1, of the principal
amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of the amount determined
as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be so owned
shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the
pledgee is not the Company or any other obligor upon the Securities.

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

 

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

 

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

 

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

 

“Record Date” means any Regular
Record Date or Special Record Date.

 

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

 

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

 

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

 

“Reporting Default” has the
meaning specified in Section 5.2(b).

 

“Responsible Officer” means,
when used with respect to the Trustee, an officer of the Trustee in the Corporate Trust Office assigned and duly authorized by
the Trustee to administer its corporate trust matters.

 

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

 

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

 

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

 

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

 

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

 

    		5	 

     

    

 

“Subsidiary” means a Person
of which at least a majority of the outstanding voting stock having the power to elect a majority of the board of directors of
such Person (in the case of a corporation) is, or of which at least a majority of the equity interests (in the case of a Person
which is not a corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other Subsidiaries,
or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock
or similar interests to the Company which ordinarily has or have voting power for the election of directors or persons performing
similar functions, whether at all times or only so long as no senior class of stock or other interests has or have such voting
power by reason of any contingency.

 

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

 

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

 

“U.S. Government Obligation”
means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the
full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable
or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and
held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal
of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced
by such depositary receipt.

 

“Vice President,” when used
with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title “vice president.”

 

Section 1.2 Compliance Certificates and Opinions.

 

Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates
and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel,
and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

 

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

 

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

 

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

 

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

 

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

 

    		6	 

     

    

 

Section 1.3 Form of Documents Delivered to Trustee.

 

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

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate
or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

 

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

 

Section 1.4 Acts of Holders; Record Dates.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed
in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the Company. The Trustee shall promptly deliver to
the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section.

 

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

 

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

 

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

 

    		7	 

     

    

 

The Company may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, vote, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions
of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred
to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant
series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain
Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing
in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action
by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action
taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of
such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to
each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

The Trustee may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request
to institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to in Section 5.12, in
each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request
or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting
a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record
date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities
of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set
forth in Section 1.6.

 

With respect to any record date set pursuant
to this Section, the party hereto which sets such record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date
is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall
be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date.

 

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

 

Section 1.5 Notices, etc., to Trustee and Company.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with, (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing (or by facsimile transmissions, provided that oral confirmation of receipt shall have been
received) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department, or (2) the Company
by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if
in writing and mailed, first-class postage prepaid, personally delivered or sent via overnight courier to the Company addressed
to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously
furnished in writing to the Trustee by the Company, Attention: Chief Financial Officer.

 

    		8	 

     

    

 

Section 1.6 Notice to Holders; Waiver.

 

Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, or delivered by hand or overnight courier, to each Holder affected by such event, at its address
as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. Neither the failure to mail or deliver by hand or overnight courier any notice, nor any
defect in any notice so mailed or delivered by hand or overnight courier, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver.

 

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

 

Section 1.7 Conflict with Trust Indenture Act.

 

If any provision hereof limits, qualifies
or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern
this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act, which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be.

 

Section 1.8 Effect of Headings and Table of Contents.

 

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

 

Section 1.9 Successors and Assigns.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10 Separability Clause.

 

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

 

Section 1.11 Benefits of Indenture.

 

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

 

Section 1.12 Governing Law.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 1.13 Legal Holidays.

 

In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security or the last date on which a Holder has the right to convert a Security at a
particular conversion price or conversion rate, as the case may be, shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that
such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) or, if applicable to
a particular series of Securities, conversion need not be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption
Date, at the Stated Maturity or on such last day for conversion, as the case may be.

 

    		9	 

     

    

 

 

Section 1.14 Indenture and Securities Solely Corporate
Obligations.

 

No recourse for the payment of the principal
of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any
Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder,
employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue
of the Securities.

 

Section 1.15 Indenture May be Executed in Counterparts.

 

This instrument may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

ARTICLE 2

 

SECURITY FORMS

 

Section 2.1 Forms Generally.

 

The Securities of each series shall be in
substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or
Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by
their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution,
a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication
and delivery of such Securities. Any such Board Resolution or record of such action shall have attached thereto a true and correct
copy of the form of Security referred to therein approved by or pursuant to such Board Resolution.

 

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

 

Section 2.2 Form of Face of Security.

 

[INSERT ANY LEGEND REQUIRED BY THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER.]

 

EKSO BIONICS HOLDINGS, INC.

 

__________________________________________________________________________

	 	 
	NO.                   	$              
	 	CUSIP:               

 

    		10	 

     

    

 

Ekso Bionics Holdings, Inc., a corporation
duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to , or registered assigns, the
principal sum of dollars on [if the Security is to bear interest prior to Maturity, insert — , and to pay interest
thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on and in each year, commencing , at the rate of % per annum, until the principal hereof is paid or made available for payment
[if applicable, insert — , provided that any principal and premium, and any such installment of interest, which is
overdue shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable),
from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand].
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the or (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture].

 

[If the Security is not to bear interest
prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in
payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue
premium shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable),
from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium
shall be payable on demand. Any such interest on overdue principal or premium which is not paid on demand shall bear interest at
the rate of % per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date
of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable
on demand.] Payment of the principal of (and premium, if any) and [if applicable, insert — any such] interest on this
Security will be made at the office or agency of the Company maintained for that purpose in , in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts [if applicable, insert —;
provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register].

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

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

 

	Dated:                     	 	EKSO BIONICS HOLDINGS, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	ATTEST:	 	 	 
	 	 	 	 
	 	 	 	 

 

    		11	 

     

    

 

Section 2.3 Form of Reverse of Security.

 

This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of , 200 (herein called the “Indenture,” which term shall have the meaning assigned to
it in such instrument), between the Company and , as Trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture and all indentures supplemental thereto for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security
is one of the series designated on the face hereof [if applicable, insert — , limited in aggregate principal amount
to $ ].

 

[If applicable, insert — The Securities
of this series are subject to redemption upon not less than [if applicable, insert — 30] days’ notice by mail,
[if applicable, insert — (1) on in any year commencing with the year and ending with the year through operation
of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable,
insert — on or after , 20 ], as a whole or in part, at the election of the Company, at the following Redemption Prices
(expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or before , %, and if
redeemed] during the 12-month period beginning of the years indicated,

 

	Year	 	Redemption Price	 	Year	 	Redemption Price
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

 

and thereafter at a Redemption Price equal to % of the principal
amount, together in the case of any such redemption [if applicable, insert — (whether through operation of the sinking
fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior
to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at
the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — The
Securities of this series are subject to redemption upon not less than [if applicable, insert — 30] days’ notice
by mail, (1) on in any year commencing with the year and ending with the year through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after ], as a whole
or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking
fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
of the years indicated,

 

	Year	 	Redemption Price For

 Redemption Through

 Operation of the Sinking Fund
	 	Year	 	Redemption Price For

 Redemption

 Otherwise Than Through

 Operation of the Sinking Fund

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal to % of the principal
amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest
to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable
to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record
Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — Notwithstanding
the foregoing, the Company may not, prior to , redeem any Securities of this series as contemplated by [if applicable, insert
 — clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application,
directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted
financial practice) of less than % per annum.]

 

    		12	 

     

    

 

[If applicable, insert — The
sinking fund for this series provides for the redemption on , in each year beginning with the year and ending with the year of
[if applicable, insert — not less than $ (“mandatory sinking fund”) and not more than] $ aggregate principal
amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if
applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable, insert —
mandatory] sinking fund payments otherwise required to be made [if applicable, insert —, in the inverse order
in which they become due].]

 

[If the Security is subject to redemption
of any kind, insert — In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

 

[If applicable, insert — The
Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive
covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth
in the Indenture.]

 

[If the Security is convertible into
other securities of the Company, specify the conversion features.]

 

[If the Security is not an Original Issue
Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.]

 

[If the Security is an Original Issue
Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing,
an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture. Such amount shall be equal to — insert formula for determining the amount. Upon payment (i) of
the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in
each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations
in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.]

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the
time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

 

    		13	 

     

    

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $ and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Security that are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Section 2.4 Form of Legend for Global Securities.

 

Unless otherwise specified as contemplated
by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

 

Section 2.5 Form of Trustee’s Certificate
of Authentication.

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

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

 

	 	                         ,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    		14	 

     

    

 

Section 2.6 Form of Conversion Notice.

 

Conversion notices shall be in substantially
the following form:

 

To Ekso Bionics Holdings, Inc.:

 

The undersigned owner of this Security hereby
irrevocably exercises the option to convert this Security, or portion hereof (which is $1,000 or an integral multiple thereof)
below designated, into shares of Common Stock of the Company in accordance with the terms of the Indenture referred to in this
Security, and directs that the shares issuable and deliverable upon the conversion, together with any check in payment for fractional
shares and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered holder
hereof unless a different name has been indicated below. If this Notice is being delivered on a date after the close of business
on a Regular Record Date and prior to the opening of business on the related Interest Payment Date (unless this Security or the
portion thereof being converted has been called for redemption on a Redemption Date during the period beginning at the close of
business on a Regular Record Date and ending at the opening of business on the first Business Day after the next succeeding Interest
Payment Date, or if such Interest Payment Date is not a Business Day, the second such Business Day), this Notice is accompanied
by payment, in funds acceptable to the Company, of an amount equal to the interest payable on such Interest Payment Date of the
principal of this Security to be converted. If shares are to be issued in the name of a person other than the undersigned, the
undersigned will pay all transfer taxes payable with respect hereto. Any amount required to be paid by the undersigned on account
of interest accompanies this Security.

 

 

 

	Principal Amount to be Converted	 	 
	(in an integral multiple of $1,000, if less than all)	 	 
	 	 	 
	U.S. $             	 	 
	 	 	 
	Dated:                     	 	 
	 	 	 
	 	 	Signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad-15.
	 	 	 
	 	 	 
	 	 	Signature Guaranty
	 	 	 
	Fill in for registration of shares of Common Stock and Security if to be issued otherwise than to the registered Holder.
	 	 	 
	 	 	 
	(Name)	 	Social Security or Other Taxpayer Identification
	 	 	Number
	 	 	 
	(Address)	 	 
	 	 	 
	 	 	 
	Please print Name and Address	 	 
	(including zip code)	 	 

 

[The above conversion notice is to be modified, as appropriate,
for conversion into other securities or property of the Company.]

 

    		15	 

     

    

 

ARTICLE 3

 

THE SECURITIES

 

Section 3.1Amount Unlimited; Issuable in Series.

 

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

 

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

 

(2)            any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3,
are deemed never to have been authenticated and delivered hereunder);

 

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

 

(4)            the
date or dates on which the principal of any Securities of the series is payable;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    		16	 

     

    

 

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

 

(13)          if
other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;

 

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

 

(15)          if
applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.2
or Section 13.3 or both such Sections, or any other defeasance provisions applicable to any Securities of the series, and,
if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;

 

(16)          if
applicable, the terms of any right to convert or exchange Securities of the series into shares of Common Stock of the Company or
other securities or property;

 

(17)          if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to
or in lieu of those set forth in Form of clause (2) of the last paragraph of Section 3.5 in which any such Global
Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in
part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(18)          any
addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.2;

 

(19)          any
addition to or change in the covenants set forth in Article 10 which applies to Securities of the series;

 

(20)          any
Authenticating Agents, Paying Agents, Security Registrars or such other agents necessary in connection with the issuance of the
Securities of such series, including, without limitation, exchange rate agents and calculation agents;

 

(21)          if
applicable, the terms of any security that will be provided for a series of Securities, including provisions regarding the circumstances
under which collateral may be released or substituted;

 

(22)          if
applicable, the terms of any guaranties for the Securities and any circumstances under which there may be additional obligors on
the Securities;

 

(23)          any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1(5)).

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or in any such indenture supplemental hereto.

 

    		17	 

     

    

 

If any of the terms of the series are established
by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary
or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate
setting forth the terms of the series.

 

Section 3.2 Denominations.

 

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

 

Section 3.3 Execution, Authentication, Delivery and
Dating.

 

The Securities shall be executed on behalf
of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its principal financial
officer, its President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of its Assistant Treasurers
or Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

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

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have
been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to Section 6.1) shall be fully protected in relying upon, a copy of such Board Resolution, the Officers’
Certificate setting forth the terms of the series and an Opinion of Counsel, with such Opinion of Counsel stating,

 

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

 

(2)            if
the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such
terms have been established in conformity with the provisions of this Indenture; and

 

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

 

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

 

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

 

    		18	 

     

    

 

Each Security shall be dated the date of
its authentication.

 

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

 

Neither the Company nor the Trustee shall
have any responsibility for any defect in the CUSIP number that appears on any Security, check, advice of payment or redemption
notice, and any such document may contain a statement to the effect that CUSIP numbers have been assigned by an independent service
for convenience of reference and that neither the Company nor the Trustee shall be liable for any inaccuracy in such numbers.

 

Section 3.4 Temporary Securities.

 

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

 

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

 

Section 3.5 Registration; Registration of Transfer and
Exchange.

 

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

 

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

 

At the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making
the exchange is entitled to receive. All Securities issued upon any registration of transfer or exchange of Securities shall be
the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or exchange.

 

    		19	 

     

    

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or its attorney duly authorized in writing. No service charge shall be made for any registration of transfer or exchange
of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4,
9.6 or 11.7 not involving any transfer.

 

If the Securities of any series (or of any
series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer
of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for
redemption under Section 11.3 and ending at the close of business on the day of such mailing, or (B) to register the
transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

 

The provisions of clauses (1), (2), (3) and
(4) below shall apply only to Global Securities:

 

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

 

(2)            Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or
unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the
Exchange Act, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security or
(C) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this
purpose as contemplated by Section 3.1.

 

(3)            Subject
to clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

 

(4)            Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
portion thereof, whether pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof.

 

Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost
or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

 

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

 

    		20	 

     

    

 

Every new Security of any series issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series
duly issued hereunder.

 

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

 

Section 3.7 Payment of Interest; Interest Rights Preserved.

 

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

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or
(2) below:

 

(1)            The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in
the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.6, not less
than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such
series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall
no longer be payable pursuant to the following clause (2).

 

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

 

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

 

Subject to the provisions of Section 14.2,
in the case of any Security (or any part thereof) which is converted after any Regular Record Date and on or prior to the next
succeeding Interest Payment Date (other than any Security the principal of (or premium, if any, on) which shall become due and
payable, whether at Stated Maturity or by declaration of acceleration or otherwise prior to such Interest Payment Date), interest
whose Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion
and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Security
(or any one or more Predecessor Securities) is registered at the close of business on such Regular Record Date. Except as otherwise
expressly provided in the immediately preceding sentence or in Section 14.2, in the case of any Security (or any part thereof)
which is converted, interest whose Stated Maturity is after the date of conversion of such Security (or such part thereof) shall
not be payable.

 

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Section 3.8 Persons Deemed Owners.

 

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

 

Section 3.9 Cancellation.

 

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

 

Section 3.10 Computation of Interest.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months.

 

ARTICLE 4

 

SATISFACTION AND DISCHARGE

 

Section 4.1 Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Request
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly
provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

 

(1)            either

 

(A)      all
Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or

 

(B)      all
such Securities not theretofore delivered to the Trustee for cancellation

 

(i) have become due and payable,
or

 

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

 

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

 

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

 

    		22	 

     

    

 

 

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

 

(3)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations of the Trustee to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of
clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3
shall survive.

 

Section 4.2 Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
and any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE 5

 

REMEDIES

 

Section 5.1 Events of Default.

 

“Event of Default,” wherever
used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be occasioned by the provisions of Article 15 or be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body), unless in the Board Resolution, supplemental indenture or Officers’ Certificate establishing such
series, it is provided that such series shall not have the benefit of said Event of Default:

 

(1)           default
in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 60 days; or

 

(2)           default
in the payment of the principal of or any premium on any Security of that series at its Maturity; or

 

(3)           default
in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or

 

(4)           default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such
default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series
a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

    		23	 

     

    

 

(5)           the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(6)           the
commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal
or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case
or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action;
or

 

(7)           any
other Event of Default provided with respect to Securities of that series in the Board Resolution, supplemental indenture or Officers’
Certificate establishing that series.

 

Section 5.2 Acceleration of Maturity; Rescission and
Annulment.

 

(a)           Unless
the Board Resolution, supplemental indenture or Officers’ Certificate establishing such series provides otherwise, if an
Event of Default (other than an Event of Default specified in Section 5.1(5) or 5.1(6)) with respect to Securities of
any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than
25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of
that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount
of such Securities as may be specified by the terms thereof), and premium, if any, together with accrued and unpaid interest, if
any, thereon, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders),
and upon any such declaration such principal amount (or specified amount), and premium, if any, together with accrued and unpaid
interest, if any, thereon, shall become immediately due and payable. If an Event of Default specified in Section 5.1(5) or
5.1(6) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities
of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount
of such Securities as may be specified by the terms thereof), and premium, if any, together with accrued and unpaid interest, if
any, thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become
immediately due and payable.

 

(b)           Notwithstanding
the foregoing, at the election of the Company, the sole remedy with respect to an Event of Default for the failure by the Company
to comply with its obligations under Section 314(a)(1) of the Trust Indenture Act relating to the Company’s failure
to file any documents or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act or of its covenants set forth in Section 7.4 (any such Event of Default, a “Reporting Default”),
shall for the first 180 calendar days after the occurrence of such Reporting Default consist exclusively of the right to receive
additional interest (the “Additional Interest”) on the Securities at an annual rate equal to (i) 0.25% of the
principal amount of the Securities for the first 90 calendar days after the occurrence of such Reporting Default and (ii) 0.50%
of the principal amount of the Securities from the 91st day to, and including, the 180th day after the occurrence of such Reporting
Default. If the Company so elects, the Additional Interest shall accrue on all Outstanding Securities from and including the date
on which such Reporting Default first occurs until such violation is cured or waived and shall be payable as provided in Section 3.7.
On the 181st day after such Reporting Default (if such violation is not cured or waived prior to such 181st calendar day), then
the Trustee or the Holders of not less than 25% in principal amount of the Outstanding securities may declare the principal of,
and premium, if any, together with accrued and unpaid interest, if any, on all such Securities to be due and payable immediately.

 

    		24	 

     

    

 

If the Company elects to pay the Additional
Interest as the sole remedy for the Reporting Default, the Company shall notify in writing, by a certificate, the Holders, the
Paying Agent and the Trustee of such election at any time on or before the close of business on the first Business Day following
the date on which such Event of Default first occurs. Unless and until a Responsible Officer of the Trustee receives at the Corporate
Trust Office such a certificate, the Trustee may assume without inquiry that Additional Interest is not payable. The Company shall
pay the Additional Interest semi-annually in arrears, with the first semi-annual payment due on the first Interest Payment Date
following the date of such Reporting Default, in the same manner as described on the face of the Security.

 

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

 

(1)           the
Company has paid or deposited with the Trustee a sum sufficient to pay

 

(A)   all
overdue interest on all Securities of that series,

 

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

 

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

 

(D)   all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(2)           all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that
series that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

Section 5.3 Collection of Indebtedness and Suits for
Enforcement by Trustee.

 

The Company covenants that if

 

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

 

(2)           default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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

 

    		25	 

     

    

 

Section 5.4 Trustee May File Proofs of Claim.

 

In case of any judicial proceeding relative
to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order
to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the 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 it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7. No provision
of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’
or other similar committee.

 

Section 5.5 Trustee May Enforce Claims Without
Possession of Securities.

 

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

 

Section 5.6 Application of Money Collected.

 

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

 

FIRST: To the payment of all amounts due
the Trustee under Section 6.7;

 

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

 

THIRD: The balance, if any, to the Company
or any other Person or Persons entitled thereto.

 

Section 5.7 Limitation on Suits.

 

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

 

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

 

(2)           the
Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

(4)           the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

    		26	 

     

    

 

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

 

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

 

Section 5.8 Unconditional Right of Holders to Receive
Principal, Premium and Interest and to Convert.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities expressed in
such Security (or, in the case of redemption, on the Redemption Date), to convert such Securities in accordance with Article 14
to the extent that such right to convert is applicable to such Security, and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 5.9 Restoration of Rights and Remedies.

 

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

 

Section 5.10 Rights and Remedies Cumulative.

 

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

 

Section 5.11 Delay or Omission Not Waiver.

 

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

 

Section 5.12 Control by Holders.

 

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

 

(1)            such
direction shall not be in conflict with any rule of law or with this Indenture and the Trustee shall not have determined that
the action so directed would be unjustly prejudicial to Holders of Securities of that series, or any other series, not taking part
in such direction; and

 

(2)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction or this Indenture.

 

    		27	 

     

    

 

Section 5.13 Waiver of Past Defaults.

 

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

 

(1)           a
default in the payment of the principal of or any premium or interest on any Security of such series as and when the same shall
become due and payable by the terms thereof, otherwise than by acceleration (unless such default has been cured and a sum sufficient
to pay all matured installments of interest, principal and premium, if any, has been deposited with the Trustee), or

 

(2)           to
the extent such right is applicable to such Security, a failure by the Company on request to convert any Security into Common Stock;
or

 

(3)           in
respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

 

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

 

Section 5.14 Undertaking for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this
Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such
an assessment in any suit instituted by the Company or in any suit for the enforcement of the right to convert any Security in
accordance with Article 14.

 

Section 5.15 Waiver of Usury, Stay or Extension Laws.

 

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

 

ARTICLE 6

 

THE TRUSTEE

 

Section 6.1 Certain Duties and Responsibilities.

 

The duties and responsibilities of the Trustee
shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section.

 

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Section 6.2 Notice of Defaults.

 

If a default occurs hereunder with respect
to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the
extent provided by the Trust Indenture Act; provided, however, that except in the case of a default in the payment of principal
of (or premium, if any) or interest on any Securities of such series or in the payment of any sinking fund installment or any conversion
right applicable to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as a trust
committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is
in the interests of the holders of Securities of such series; provided, further, however, that in the case of any default of the
character specified in Section 5.1(4) with respect to Securities of such series, no such notice to Holders shall be given
until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any
event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.

 

Except with respect to Section 10.1,
the Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained in Article 10.
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 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on the Securities) or (ii) any Default
or Event of Default of which the Trustee shall have received written notification or obtained actual knowledge.

 

Delivery of reports, information and documents
to the Trustee under Section 7.4 is for informational purposes only and the Trustee’s receipt of the foregoing shall
not constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely conclusively
on Officers’ Certificates).

 

Section 6.3 Certain Rights of Trustee.

 

Subject to the provisions of Section 6.1:

 

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

 

(2)           any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and
any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

(3)           whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) is entitled to
and may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;

 

(4)           the
Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5)           the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

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

 

(7)           the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

 

    		29	 

     

    

 

Section 6.4 Not Responsible for Recitals or Issuance
of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity, sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

Section 6.5 May Hold Securities and Act as Trustee
under Other Indentures.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. Subject to the
limitations imposed by the Trust Indenture Act, nothing in this Indenture shall prohibit the Trustee from becoming and acting as
trustee under other indentures under which other securities, or certificates of interest of participation in other securities,
of the Company are outstanding in the same manner as if it were not Trustee hereunder.

 

Section 6.6 Money Held in Trust.

 

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

 

Section 6.7 Compensation and Reimbursement.

 

The Company agrees:

 

(1)           to
pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)           except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence or bad faith; and

 

(3)           to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any
of its powers or duties hereunder.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any applicable bankruptcy, insolvency, reorganization or similar law.

 

Section 6.8 Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act and there is an Event of Default under the Securities of that series, the
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions
of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed
to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

 

    		30	 

     

    

 

Section 6.9 Corporate Trustee Required; Eligibility.

 

There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more
other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has (or if
the Trustee is a member of a bank holding company system, its bank holding company has) a combined capital and surplus of at least
$50,000,000. If any such Person or bank holding company publishes reports of condition at least annually, pursuant to law or to
the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted
by the Trust Indenture Act, the combined capital and surplus of such Person or bank holding company shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to
the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

 

Section 6.10 Resignation and Removal; Appointment of
Successor.

 

No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment
by the successor Trustee in accordance with the applicable requirements of Section 6.11. The Trustee may resign at any time
with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving
of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

 

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

 

If at any time:

 

(1)           the
Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been
a bona fide Holder of a Security for at least six months, or

 

(2)           the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company
or by any such Holder, or

 

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

 

then, in any such case, (A) the Company by a Board Resolution
may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona
fide Holder of a Security for at least six months may, on behalf of such Holder and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

 

If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to
the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities
of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of
any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the
Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee
with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, the retiring Trustee may petition, or any Holder who has been a bona fide Holder of
a Security of such series for at least six months may petition, on behalf of such Holder and all others similarly situated, any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

    		31	 

     

    

 

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

 

Section 6.11 Acceptance of Appointment by Successor.

 

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

 

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

 

Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. No successor Trustee
shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under
this Article.

 

Section 6.12 Merger, Conversion, Consolidation or Succession
to Business.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. In the event that any Securities shall not have been authenticated by such predecessor Trustee,
any such successor Trustee may authenticate and deliver such Securities in either its own name or that of a predecessor Trustee,
with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

 

    		32	 

     

    

 

Section 6.13 Preferential Collection of Claims Against
Company.

 

If and when the Trustee shall be or become
a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

Section 6.14 Appointment of Authenticating Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any
State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having (or if the Authenticating
Agent is a member of a bank holding company system, its bank holding company has) a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports
of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner
and with the effect specified in this Section.

 

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

 

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

 

The Trustee agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed
for such payments, subject to the provisions of Section 6.7.

 

If an appointment with respect to one or
more series is made pursuant to this Section 6.14, the Securities of such series may have endorsed thereon, in lieu of the
Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

 

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

 

    		33	 

     

    

 

		By:	 
		 	As Authenticating Agent
		 	 
		By:	 
		 	As Authenticating Officer

 

ARTICLE 7

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND COMPANY

 

Section 7.1 Company to Furnish Trustee Names and Addresses
of Holders.

 

The Company will furnish or cause to be
furnished to the Trustee

 

(1)           semi-annually,
not later than 15 days after the Regular Record Date for each respective series of Securities, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders of Securities of each series as of such Regular Record Date,
as the case may be, or if there is no Regular Record Date for such series of Securities, semi-annually, and

 

(2)           at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;

 

provided that no such lists need be furnished by the Company
to the Trustee so long as the Trustee is acting as Security Registrar.

 

Section 7.2 Preservation of Information;
Communications to Holders.

 

The Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee
as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

The rights of Holders to communicate with
other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges
of the Trustee, shall be as provided by the Trust Indenture Act. Every Holder of Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture
Act.

 

Section 7.3 Reports by Trustee.

 

The Trustee shall transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto.

 

Reports so required to be transmitted at
stated intervals of not more than 12 months shall be transmitted no later than July 15 in each calendar year, commencing with
the first July 15 after the first issuance of Securities pursuant to this Indenture.

 

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

 

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Section 7.4 Reports by Company.

 

Any information, documents or other reports
that the Company shall file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with
the Trustee within 15 days after the same is filed with the Commission; provided that any such information, documents or reports
filed or furnished with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system shall
be deemed to be filed with the Trustee as of the time such information, documents or reports are filed or furnished via EDGAR.

 

ARTICLE 8

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER
OR LEASE

 

Section 8.1 Company May Consolidate, etc.,
Only on Certain Terms.

 

The Company shall not consolidate with or
merge into any other Person (other than a Subsidiary of the Company) (in a transaction in which the Company is not the surviving
corporation) or convey, transfer or lease its properties and assets substantially as an entirety to any Person (other than a Subsidiary
of the Company), unless:

 

(1)           in
case the Company shall consolidate with or merge into another Person (in a transaction in which the Company is not the surviving
corporation) or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed
by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases,
the properties and assets of the Company substantially as an entirety shall be a corporation, limited liability company partnership,
trust or other business entity, shall be organized and validly existing under the laws of the United States of America, any State
thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest
on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed
or observed and the conversion rights shall be provided for in accordance with Article 14, if applicable, or as otherwise
specified pursuant to Section 3.1, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to
the Trustee, by the Person (if other than the Company) formed by such consolidation or into which the Company shall have been merged
or by the Person which shall have acquired the Company’s assets;

 

(2)           immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary
as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event
of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and
be continuing; and

 

(3)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have
been complied with.

 

Section 8.2 Successor Substituted.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named
as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.

 

    		35	 

     

    

 

ARTICLE 9

 

SUPPLEMENTAL INDENTURES

 

Section 9.1 Supplemental Indentures Without Consent
of Holders.

 

Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)           to
evidence the succession of another Person to the Company, or successive successions, and the assumption by any such successor of
the covenants of the Company herein and in the Securities in compliance with Article 8; or

 

(2)           to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are
to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

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

 

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

 

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

 

(6)           to
secure the Securities, including provisions regarding the circumstances under which collateral may be released or substituted;
or

 

(7)           to
add or provide for a guaranty of the Securities or additional obligors on the Securities; or

 

(8)           to
establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or

 

(9)           to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or

 

(10)         to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action
pursuant to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in any material
respect; or

 

(11)         to
supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Articles 4 and 13, provided that any such action shall not adversely affect the
interests of the Holders of Securities of such series or any other series of Securities in any material respect.

 

    		36	 

     

    

 

 

Section 9.2 Supplemental Indentures with Consent of
Holders.

 

With the consent of the Holders of a majority
in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may also enter into
an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under
this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding
Security affected thereby,

 

(1)           change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to Section 5.2, or change the place of payment or the coin or currency in which, any Security
or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or modify the provisions
of this Indenture in the case of Securities of any series that are convertible into Securities or other securities of the Company,
adversely affect the right of Holders to convert any of the Securities of such series other than as provided in or pursuant to
this Indenture, or

 

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

 

(3)           modify
any of the provisions of this Section, Section 5.13 or Section 10.8, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect
to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.8, or
the deletion of this proviso, in accordance with the requirements of Sections 6.11 and 9.1(8), or

 

(4)           if
applicable, make any change that adversely affects the right to convert any security as provided in Article 14 or pursuant
to Section 3.1 (except as permitted by Section 9.1(9)).

 

A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of
any other series. It shall not be necessary for any Act of Holders under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

Section 9.3 Execution of Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.4 Effect of Supplemental Indentures.

 

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

 

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Section 9.5 Conformity with Trust Indenture Act.

 

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

 

Section 9.6 Reference in Securities to Supplemental
Indentures.

 

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

 

ARTICLE 10

 

COVENANTS

 

Section 10.1 Payment of Principal, Premium and Interest.

 

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

 

Section 10.2 Maintenance of Office or Agency.

 

The Company will maintain in each Place
of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that
series may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Company will 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 Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental indenture or pursuant to Section 3.1
hereof, the Place of Payment for any series of Securities shall be the Corporate Trust Office of the Trustee.

 

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

 

Section 10.3 Money for Securities Payments to be Held
in Trust.

 

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

 

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

 

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

 

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

 

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

 

Section 10.4 Statement by Officers as to Default.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate,
stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge. The fiscal year of the Company currently ends on December 31; and the Company will give the
Trustee prompt written notice of any change of its fiscal year.

 

Section 10.5 Existence.

 

Subject to Article 8, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

Section 10.6 Maintenance of Properties.

 

The Company will cause all properties used
or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with
all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof,
all as, and to the extent, in the judgment of the Company may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; provided, however, that (i) the Company shall not be required to
do so if the failure to do so would not have a material adverse effect on the assets, business, operations, properties or condition
(financial or otherwise) of the Company and its subsidiaries, taken as a whole and (ii) nothing in this Section shall
prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the
judgment of the Company, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders.

 

    		39	 

     

    

 

Section 10.7 Payment of Taxes and Other Claims.

 

The Company will pay or discharge or cause
to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied
or imposed upon the Company or upon the income, profits or property of the Company, and (2) all lawful claims for labor, materials
and supplies which, if unpaid, might by law become a lien upon the property of the Company; provided, however, that the Company
shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim (i) whose
amount, applicability or validity is being contested in good faith by appropriate proceedings or (ii) if the failure to pay
or discharge would not have a material adverse effect on the assets, business, operations, properties or condition (financial or
otherwise) of the Company and its subsidiaries, taken as a whole.

 

Section 10.8 Waiver of Certain Covenants.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.1(19), 9.1(2),
9.1(7), 10.6 or 10.7 for the benefit of the Holders of such series if before the time for such compliance the Holders of at least
a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance
in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect
such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.

 

ARTICLE 11

 

REDEMPTION OF SECURITIES

 

Section 11.1 Applicability of Article.

 

Securities of any series that are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.1 for such Securities) in accordance with this Article.

 

Section 11.2 Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such
Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any
such redemption affecting only a single Security), the Company shall, at least 45 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal
amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case
of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with such restriction.

 

Section 11.3 Selection by Trustee of Securities to Be
Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption
affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot, or
in the Trustee’s discretion, on a pro-rata basis, provided that the unredeemed portion of the principal amount of any Security
shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If
less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a
single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance
with the preceding sentence.

 

If any Security selected for partial redemption
is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted
portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities that have been
converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.

 

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

 

The provisions of the two preceding paragraphs
shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole
or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

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

 

Section 11.4 Notice of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is
specified in the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address appearing in the Security
Register.

 

All notices of redemption shall state:

 

(1)           the
Redemption Date,

 

(2)           the
Redemption Price (including accrued interest, if any),

 

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

 

(4)           in
case any Security is to be redeemed in part only, that on and after the Redemption Date, upon surrender of such Security, the Holder
of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount
thereof remaining unredeemed,

 

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

 

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

 

(7)           if
applicable, the conversion price or conversion rate, as the case may be, the date on which the right to convert the principal of
the Securities or the portions thereof to be redeemed will terminate, and the place or places where such Securities may be surrendered
for conversion,

 

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

 

(9)           the
CUSIP number or numbers and/or common codes of the Security being redeemed.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company and shall be irrevocable.

 

Section 11.5 Deposit of Redemption Price.

 

On or prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except if
the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that
date.

 

    		41	 

     

    

 

If any Security called for redemption is
converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for the redemption of
such Security shall (subject to the right of any Holder of such Security to receive interest as provided in the last paragraph
of Section 3.7) be paid to the Company on Company Request, or if then held by the Company, shall be discharged from such trust.

 

Section 11.6 Securities Payable on Redemption Date.

 

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

 

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

 

Section 11.7 Securities Redeemed in Part.

 

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

 

ARTICLE 12

 

SINKING FUNDS

 

Section 12.1 Applicability of Article.

 

The provisions of this Article shall
be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated
by Section 3.1 for such Securities.

 

The minimum amount of any sinking fund payment
provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment,” and any payment
in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities as provided
for by the terms of such Securities.

 

Section 12.2 Satisfaction of Sinking Fund Payments with
Securities.

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series
which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any
part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have
not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee
at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly.

 

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Section 12.3 Redemption of Securities for Sinking Fund.

 

Not fewer than 60 days prior to each sinking
fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount
of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if
any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities pursuant to Section 12.2 and will also deliver to the Trustee any Securities to be so delivered. Not fewer than
30 days prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name
of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

ARTICLE 13

 

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 13.1 Company’s Option to Effect Defeasance
or Covenant Defeasance.

 

The Company may elect, at its option at
any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities, as the case may
be, designated pursuant to Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in accordance with
any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this
Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1
for such Securities.

 

Section 13.2 Defeasance and Discharge.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company
shall be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on
and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter called “Defeasance”). For
this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject
to the following which shall survive until otherwise terminated or discharged hereunder:

 

(1)           the
rights of Holders of such Securities to receive, solely from the trust fund described in Section 13.4 and as more fully set
forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are
due,

 

(2)           the
Company’s obligations with respect to such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3, and, if applicable, Article 14,

 

(3)           the
rights, powers, trusts, duties and immunities of the Trustee hereunder, and

 

(4)           this
Article.

 

Subject to compliance with this Article,
the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise
of its option (if any) to have Section 13.3 applied to such Securities.

 

Section 13.3 Covenant Defeasance.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case maybe,

 

(1)           the
Company shall be released from its obligations under Sections 10.6 and 10.7 and any covenants provided pursuant to Sections 3.1(19),
9.1(2) or 9.1(7) for the benefit of the Holders of such Securities,

 

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(2)            the
occurrence of any event specified in Sections 5.1(4) (with respect to any of Sections 10.6 and 10.7 and any such covenants
provided pursuant to Section 3.1(19), 9.1(2) or 9.1(7)) and the occurrence of any Event of Default specified pursuant
to Section 3.1, shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities or
series of Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to
such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such specified Section (to the extent so specified in the case of Section 5.1(4) and the occurrence
of any Event of Default specified pursuant to Section 3. 1), whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or Article or by reason of any reference in any such Section or Article to any other
provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

Section 13.4 Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to
the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case may be:

 

(1)           The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 6.9 and agrees to comply with the provisions of this Article applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits
of the Holders of such Securities,

 

(A)  in
the case of Securities of a series denominated in currency of the United States of America,

 

(i)            cash
in currency of the United States of America in an amount, or

 

(ii)           U.S.
Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, an amount in cash, or

 

(iii)          a
combination thereof, or

 

(B)   in
the case of Securities of a series denominated in currency other than that of the United States of America,

 

(i)            cash
in the currency in which such series of Securities is denominated in an amount, or

 

(ii)           Foreign
Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, an amount in cash, or

 

(iii)          a
combination thereof,

 

in each case sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge,
the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms
of this Indenture and such Securities.

 

(2)           In
the event of an election to have Section 13.2 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that

 

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

 

(B)   since
the date of this instrument, there has been a change in the applicable Federal income tax law, and

 

    		44	 

     

    

 

(C)   in
either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities
will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected
with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same
times as would be the case if such deposit, Defeasance and discharge were not to occur.

 

(3)           In
the event of an election to have Section 13.3 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would
be the case if such deposit and Covenant Defeasance were not to occur.

 

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

 

(5)           No
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified
in Sections 5.1(5) and (6), at any time on or prior to the 90th day after the date of such deposit (it being understood that
this condition shall not be deemed satisfied until after such 90th day).

 

(6)           Such
Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture
Act (assuming all Securities are in default within the meaning of such Act).

 

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

 

(8)           Such
Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.

 

(9)           The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

Section 13.5 Deposited Money, U.S. Government Obligations
and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6, the Trustee
and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.4 in respect
of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required
by law. Money, U.S. Government Obligations and Foreign Government Obligations so held in trust shall not be subject to the provisions
of Article 15.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or Foreign Government
Obligations deposited pursuant to Section 13.4 or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

    		45	 

     

    

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government
Obligations or Foreign Government Obligations held by it as provided in Section 13.4 with respect to any Securities which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 

Section 13.6 Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.2 or 13.3 shall
be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until
such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect
to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or
any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to
the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.

 

ARTICLE 14

 

CONVERSION OF SECURITIES

 

Section 14.1 Applicability of Article.

 

The provisions of this Article shall
be applicable to the Securities of any series which are convertible into shares of Common Stock of the Company, and the issuance
of such shares of Common Stock upon the conversion of such Securities, except as otherwise specified as contemplated by Section 3.1
for the Securities of such series.

 

Section 14.2 Exercise of Conversion Privilege.

 

In order to exercise a conversion privilege,
the Holder of a Security of a series with such a privilege shall surrender such Security to the Company at the office or agency
maintained for that purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice to the Company substantially
in the form set forth in Section 2.6 stating that the Holder elects to convert such Security or a specified portion thereof.
Such notice shall also state, if different from the name and address of such Holder, the name or names (with address) in which
the certificate or certificates for shares of Common Stock, which shall be issuable on such conversion, shall be issued. Securities
surrendered for conversion shall (if so required by the Company or the Trustee) be duly endorsed by or accompanied by instruments
of transfer in forms satisfactory to the Company and the Trustee duly executed by the Holder or its attorney duly authorized in
writing; and Securities so surrendered for conversion (in whole or in part) during the period from the close of business on any
Regular Record Date to the opening of business on the next succeeding Interest Payment Date (excluding Securities or portions thereof
called for redemption during the period beginning at the close of business on a Regular Record Date and ending at the opening of
business on the first Business Day after the next succeeding Interest Payment Date, or if such Interest Payment Date is not a Business
Day, the second such Business Day) shall also be accompanied by payment in funds acceptable to the Company of an amount equal to
the interest payable on such Interest Payment Date on the principal amount of such Security then being converted, and such interest
shall be payable to such Holder notwithstanding the conversion of such Security, subject to the provisions of Section 3.7
relating to the payment of Defaulted Interest by the Company. As promptly as practicable after the receipt of such notice and of
any payment required pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided,
in an Officers’ Certificate, or established in one or more indentures supplemental hereto setting forth the terms of such
series of Security, and the surrender of such Security in accordance with such reasonable regulations as the Company may prescribe,
the Company shall issue and shall deliver, at the office or agency at which such Security is surrendered, to such Holder or on
its written order, a certificate or certificates for the number of full shares of Common Stock issuable upon the conversion of
such Security (or specified portion thereof), in accordance with the provisions of such Board Resolution, Officers’ Certificate
or supplemental indenture, and cash as provided therein in respect of any fractional share of such Common Stock otherwise issuable
upon such conversion. Such conversion shall be deemed to have been effected immediately prior to the close of business on the date
on which such notice and such payment, if required, shall have been received in proper order for conversion by the Company and
such Security shall have been surrendered as aforesaid (unless such Holder shall have so surrendered such Security and shall have
instructed the Company to effect the conversion on a particular date following such surrender and such Holder shall be entitled
to convert such Security on such date, in which case such conversion shall be deemed to be effected immediately prior to the close
of business on such date) and at such time the rights of the Holder of such Security as such Security Holder shall cease and the
Person or Persons in whose name or names any certificate or certificates for shares of Common Stock of the Company shall be issuable
upon such conversion shall be deemed to have become the Holder or Holders of record of the shares represented thereby. Except as
set forth above and subject to the final paragraph of Section 3.7, no payment or adjustment shall be made upon any conversion
on account of any interest accrued on the Securities (or any part thereof) surrendered for conversion or on account of any dividends
on the Common Stock of the Company issued upon such conversion.

 

    		46	 

     

    

 

In the case of any Security which is converted
in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and deliver to or on the order
of the Holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations,
in aggregate principal amount equal to the unconverted portion of such Security.

 

Section 14.3 No Fractional Shares.

 

No fractional share of Common Stock of the
Company shall be issued upon conversions of Securities of any series. If more than one Security shall be surrendered for conversion
at one time by the same Holder, the number of full shares which shall be issuable upon conversion shall be computed on the basis
of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted hereby) so surrendered.
If, except for the provisions of this Section 14.3, any Holder of a Security or Securities would be entitled to a fractional
share of Common Stock of the Company upon the conversion of such Security or Securities, or specified portions thereof, the Company
shall pay to such Holder an amount in cash equal to the current market value of such fractional share computed, (i) if such
Common Stock is listed or admitted to unlisted trading privileges on a national securities exchange or market, on the basis of
the last reported sale price regular way on such exchange or market on the last trading day prior to the date of conversion upon
which such a sale shall have been effected, or (ii) if such Common Stock is not at the time so listed or admitted to unlisted
trading privileges on a national securities exchange or market, on the basis of the average of the bid and asked prices of such
Common Stock in the over-the-counter market, on the last trading day prior to the date of conversion, as reported by the National
Quotation Bureau, Incorporated or similar organization if the National Quotation Bureau, Incorporated is no longer reporting
such information, or if not so available, the fair market price as determined by the Board of Directors. For purposes of this Section,
 “trading day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the Common
Stock is not traded on the Nasdaq Global Market, or if the Common Stock is not traded on the Nasdaq Global Market, on the principal
exchange or market on which the Common Stock is traded or quoted.

 

Section 14.4 Adjustment of Conversion Price or Conversion
Rate.

 

The conversion price or conversion rate,
as the case may be, of Securities of any series that is convertible into Common Stock of the Company shall be adjusted for any
stock dividends, stock splits, reclassifications, combinations or similar transactions in accordance with the terms of the supplemental
indenture or Board Resolutions setting forth the terms of the Securities of such series.

 

Whenever the conversion price or conversion
rate, as the case may be, is adjusted, the Company shall compute the adjusted conversion price or conversion rate, as the case
may be, in accordance with terms of the applicable Board Resolution or supplemental indenture and shall prepare an Officers’
Certificate setting forth the adjusted conversion price or conversion rate, as the case may be, and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee. The Company shall
forthwith cause a notice setting forth the adjusted conversion price or conversion rate, as the case may be, to be mailed, first
class postage prepaid, to each Holder of Securities of such series at its address appearing on the Security Register and to any
conversion agent other than the Trustee.

 

    		47	 

     

    

 

Section 14.5 Notice of Certain Corporate Actions.

 

In case:

 

(1)           the
Company shall declare a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its retained
earnings (other than a dividend for which approval of any shareholders of the Company is required) that would require an adjustment
pursuant to Section 14.4; or

 

(2)           the
Company shall authorize the granting to all or substantially all of the holders of its Common Stock of rights, options or warrants
to subscribe for or purchase any shares of capital stock of any class or of any other rights (other than any such grant for which
approval of any shareholders of the Company is required); or

 

(3)           of
any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common
Stock, or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any shareholders
of the Company is required), or of the sale of all or substantially all of the assets of the Company; or

 

(4)           of
the voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

then the Company shall cause to be filed with the Trustee, and
shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register, at least 20 days
(or 10 days in any case specified in clause (1) or (2) above) prior to the applicable record date hereinafter specified,
a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution, rights, options
or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such
dividend, distribution, rights, options or warrants are to be determined, or (ii) the date on which such reclassification,
consolidation, merger, share exchange, sale, dissolution, liquidation or winding up is expected to become effective, and the date
as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the conversion agent, a copy of such notice shall also forthwith
be filed by the Company with the Trustee.

 

Section 14.6 Reservation of Shares of Common Stock.

 

The Company shall at all times reserve and
keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of effecting the
conversion of Securities, the full number of shares of Common Stock of the Company then issuable upon the conversion of all outstanding
Securities of any series that has conversion rights.

 

Section 14.7 Payment of Certain Taxes upon Conversion.

 

Except as provided in the next sentence,
the Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of its Common Stock on
conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issue and delivery of shares of its Common Stock in a name other than that of the Holder of the
Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such
issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of the Company, that such tax
has been paid.

 

Section 14.8 Nonassessability.

 

The Company covenants that all shares of
its Common Stock that may be issued upon conversion of Securities will upon issue in accordance with the terms hereof be duly and
validly issued and fully paid and nonassessable.

 

    		48	 

     

    

 

Section 14.9 Provision in Case of Consolidation, Merger
or Sale of Assets.

 

In case of any consolidation or merger of
the Company with or into any other Person, any merger of another Person with or into the Company (other than a merger which does
not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the Company)
or any conveyance, sale, transfer or lease of all or substantially all of the assets of the Company, the Person formed by such
consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver to the
Trustee a supplemental indenture providing that the Holder of each Security of a series then Outstanding that is convertible into
Common Stock of the Company shall have the right thereafter (which right shall be the exclusive conversion right thereafter available
to said Holder), during the period such Security shall be convertible, to convert such Security only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by a holder
of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to
such consolidation, merger, conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i) is
not a Person with which the Company consolidated or merged with or into or which merged into or with the Company or to which such
conveyance, sale, transfer or lease was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent
Person and (ii) failed to exercise such holder’s rights of election, if any, as to the kind or amount of securities,
cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided that if the kind
or amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer, or lease
is not the same for each share of Common Stock of the Company held immediately prior to such consolidation, merger, conveyance,
sale, transfer or lease by others than a Constituent Person or an Affiliate thereof and in respect of which such rights of election
shall not have been exercised (“Non-electing Share”), then for the purpose of this Section 14.9 the kind and amount
of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by the holders
of each Non-electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of the Non-electing
Shares). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental
indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article or in accordance
with the terms of the supplemental indenture or Board Resolutions setting forth the terms of such adjustments. The above provisions
of this Section 14.9 shall similarly apply to successive consolidations, mergers, conveyances, sales, transfers or leases.
Notice of the execution of such a supplemental indenture shall be given by the Company to the Holder of each Security of a series
that is convertible into Common Stock of the Company as provided in Section 1.6 promptly upon such execution.

 

Neither the Trustee nor any conversion agent,
if any, shall be under any responsibility to determine the correctness of any provisions contained in any such supplemental indenture
relating either to the kind or amount of shares of stock or other securities or property or cash receivable by Holders of Securities
of a series convertible into Common Stock of the Company upon the conversion of their Securities after any such consolidation,
merger, conveyance, transfer, sale or lease or to any such adjustment, but may accept as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect thereto, which the Company shall
cause to be furnished to the Trustee upon request.

 

Section 14.10 Duties of Trustee Regarding Conversion.

 

Neither the Trustee nor any conversion agent
shall at any time be under any duty or responsibility to any Holder of Securities of any series that is convertible into Common
Stock of the Company to determine whether any facts exist which may require any adjustment of the conversion price or conversion
rate, as the case may be, or with respect to the nature or extent of any such adjustment when made, or with respect to the method
employed, whether herein or in any supplemental indenture, any resolutions of the Board of Directors or written instrument executed
by one or more officers of the Company provided to be employed in making the same. Neither the Trustee nor any conversion agent
shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock of the Company,
or of any securities or property, which may at any time be issued or delivered upon the conversion of any Securities and neither
the Trustee nor any conversion agent makes any representation with respect thereto. Subject to the provisions of Section 6.1,
neither the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer or deliver
any shares of its Common Stock or stock certificates or other securities or property upon the surrender of any Security for the
purpose of conversion or to comply with any of the covenants of the Company contained in this Article 14 or in the applicable
supplemental indenture, resolutions of the Board of Directors or written instrument executed by one or more duly authorized officers
of the Company.

 

Section 14.11 Repayment of Certain Funds upon Conversion.

 

Any funds which at any time shall have been
deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of paying the principal of,
and premium, if any, and interest, if any, on any of the Securities (including, but not limited to, funds deposited for the sinking
fund referred to in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and which shall not be required
for such purposes because of the conversion of such Securities as provided in this Article 14 shall after such conversion
be repaid to the Company by the Trustee upon the Company’s written request.

 

    		49	 

     

    

 

	                         	Ekso Bionics Holdings, Inc.
		 	 
		By:	                    
		Title:	 
		 	 
		______________,
		as Trustee
		 	 
		By:	 
		Title:

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