Document:

Exhibit 4.2

 

 

NABORS INDUSTRIES, INC.

as Issuer

 

and

 

NABORS INDUSTRIES LTD.,

as Guarantor

 

and

 

[_____________]

as Trustee

 

INDENTURE

Dated as of [_____________]

SUBORDINATED DEBT SECURITIES

 

 

     

     

    

 

Reconciliation and tie between certain Sections

of this Indenture, dated as of [_____________] and

Sections 310 through 318, inclusive, of

the Trust Indenture Act of 1939:

 

	Trust Indenture Act Section	 	Indenture Section
	310	(a)(1)	 	6.10
	 	(a)(2)	 	6.10
	 	(a)(3)	 	N/A
	 	(a)(4)	 	N/A
	 	(a)(5)	 	6.10
	 	(b)	 	6.10
	 	(c)	 	N/A
	311	(a)	 	6.11
	 	(b)	 	6.11
	 	(c)	 	N/A
	312	(a)	 	2.06
	 	(b)	 	15.03
	 	(c)	 	15.03
	313	(a)	 	6.06
	 	(b)	 	6.06
	 	(c)	 	6.06
	 	(d)	 	6.06
	314	(a)	 	3.03
	 	(a)(4)	 	3.04
	 	(b)	 	N/A
	 	(c)(1)	 	15.04
	 	(c)(2)	 	15.04
	 	(c)(3)	 	N/A
	 	(d)	 	N/A
	 	(e)	 	15.05
	315	(a)	 	6.01
	 	(b)	 	6.05
	 	(c)	 	6.01
	 	(d)	 	6.01
	 	(e)	 	5.11
	316	(a)(last sentence)	 	2.09
	 	(a)(1)(A)	 	5.05
	 	(a)(1)(B)	 	5.04
	 	(a)(2)	 	N/A
	 	(b)	 	5.07
	 	(c)	 	N/A
	317	(a)(1)	 	5.08
	 	(a)(2)	 	5.09
	 	(b)	 	2.05
	318	(a)	 	15.01

 

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

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE One
 DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	5
	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	5
	SECTION 1.04.	Rules of Construction	6
	 	 	 
	ARTICLE Two
 THE SECURITIES
	 	 	 
	SECTION 2.01.	Form and Dating	6
	SECTION 2.02.	Amount Unlimited; Issuable in Series	6
	SECTION 2.03.	Execution and Authentication	8
	SECTION 2.04.	Registrar and Paying Agent	9
	SECTION 2.05.	Paying Agent to Hold Money in Trust	10
	SECTION 2.06.	Holder Lists	10
	SECTION 2.07.	Transfer and Exchange	10
	SECTION 2.08.	Replacement Securities	13
	SECTION 2.09.	Outstanding Securities	14
	SECTION 2.10.	Temporary Securities	14
	SECTION 2.11.	Cancellation	14
	SECTION 2.12.	Defaulted Interest	15
	SECTION 2.13.	Persons Deemed Owners	15
	SECTION 2.14.	CUSIP Numbers	15
	 	 	 
	ARTICLE Three
 COVENANTS
	 	 	 
	SECTION 3.01.	Payment of Securities	15
	SECTION 3.02.	Maintenance of Office or Agency	15
	SECTION 3.03.	SEC Reports; Financial Statements	16
	SECTION 3.04.	Compliance Certificate	16
	SECTION 3.05.	Corporate Existence	16
	SECTION 3.06.	Waiver of Stay, Extension or Usury Laws	16
	SECTION 3.07.	Payment of Additional Amounts	17
	 	 	 
	ARTICLE Four
 CONSOLIDATION, MERGER AND SALE
	 	 	 
	SECTION 4.01.	Limitation on Mergers and Consolidations of the Company	18
	SECTION 4.02.	Limitation on Mergers and Consolidations of any Guarantor	18
	SECTION 4.03.	Successors Substituted	19
	 	 	 
	ARTICLE Five DEFAULTS AND REMEDIES
	 	 	 
	SECTION 5.01.	Events of Default	19
	SECTION 5.02.	Acceleration	20
	SECTION 5.03.	Other Remedies	21
	SECTION 5.04.	Waiver of Existing Defaults	21
	SECTION 5.05.	Control by Majority	21
	SECTION 5.06.	Limitations on Suits	21
	SECTION 5.07.	Rights of Holders to Receive Payment	22

 

    (i)

     

    

 

	SECTION 5.08.	Collection Suit by Trustee	22
	SECTION 5.09.	Trustee May File Proofs of Claim	22
	SECTION 5.10.	Priorities	22
	SECTION 5.11.	Undertaking for Costs	23
	 	 	 
	ARTICLE Six
 TRUSTEE
	 	 	 
	SECTION 6.01.	Duties of Trustee	23
	SECTION 6.02.	Rights of Trustee	24
	SECTION 6.03.	Individual Rights of Trustee	25
	SECTION 6.04.	Trustee’s Disclaimer	25
	SECTION 6.05.	Notice of Defaults	25
	SECTION 6.06.	Reports by Trustee to Holders	25
	SECTION 6.07.	Compensation and Indemnity	25
	SECTION 6.08.	Replacement of Trustee	26
	SECTION 6.09.	Successor Trustee by Merger, etc.	27
	SECTION 6.10.	Eligibility; Disqualification	27
	SECTION 6.11.	Preferential Collection of Claims Against Company	27
	 	 	 
	ARTICLE Seven
 DISCHARGE OF INDENTURE, DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	SECTION 7.01.	Satisfaction and Discharge of Indenture	27
	SECTION 7.02.	Legal Defeasance	28
	SECTION 7.03.	Covenant Defeasance	29
	SECTION 7.04.	Government Obligations	30
	SECTION 7.05.	Application of Trust Money	30
	SECTION 7.06.	Repayment to Company	30
	SECTION 7.07.	Reinstatement	30
	 	 	 
	ARTICLE Eight
 SUPPLEMENTAL INDENTURES
	 	 	 
	SECTION 8.01.	Without Consent of Holders	31
	SECTION 8.02.	With Consent of Holders	32
	SECTION 8.03.	Compliance with Trust Indenture Act	33
	SECTION 8.04.	Revocation and Effect of Consents	33
	SECTION 8.05.	Notation on or Exchange of Securities	34
	SECTION 8.06.	Trustee to Sign Amendments, etc.	34
	SECTION 8.07.	Subordination Unimpaired	34
	 	 	 
	ARTICLE Nine
 GUARANTEES OF SECURITIES
	 	 	 
	SECTION 9.01.	Guarantees of Securities	34
	 	 	 
	ARTICLE Ten
 REDEMPTION
	 	 	 
	SECTION 10.01.	Applicability of Article	34
	SECTION 10.02.	Notices to Trustee	34
	SECTION 10.03.	Selection of Securities to be Redeemed	35
	SECTION 10.04.	Notices to Holders	35
	SECTION 10.05.	Effect of Notices of Redemption	36

 

     

     

    

 

	SECTION 10.06.	Deposit of Redemption Price	36
	SECTION 10.07.	Redeemed in Part	36
	SECTION 10.08.	Optional Redemption	36
	 	 	 
	ARTICLE Eleven
 CONVERSION OF SECURITIES
	 	 	 
	SECTION 11.01.	Conversion of Securities	36
	 	 	 
	ARTICLE Twelve
 SINKING FUNDS
	 	 	 
	SECTION 12.01.	Sinking Funds	36
	 	 	 
	ARTICLE Thirteen
 REPAYMENT AT OPTION OF HOLDERS
	 	 	 
	SECTION 13.01.	Repayment at Option of Holders	36
	 	 	 
	ARTICLE Fourteen
 SUBORDINATION OF SECURITIES
	 	 	 
	SECTION 14.01.	Securities Subordinated to Senior Debt	37
	SECTION 14.02.	Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities	37
	SECTION 14.03.	Payments on Securities Permitted	38
	SECTION 14.04.	Authorization of Holders to Trustee to Effect Subordination	39
	SECTION 14.05.	Notices to Trustee	39
	SECTION 14.06.	Trustee as a Holder of Senior Debt	39
	SECTION 14.07.	Modification of Terms of Senior Debt	39
	 	 	 
	ARTICLE Fifteen
 MISCELLANEOUS
	 	 	 
	SECTION 15.01.	Trust Indenture Act Controls	40
	SECTION 15.02.	Notices	40
	SECTION 15.03.	Communication by Holders with Other Holders	41
	SECTION 15.04.	Certificate and Opinion as to Conditions Precedent	41
	SECTION 15.05.	Statements Required in Certificate or Opinion	41
	SECTION 15.06.	Rules by Trustee and Agents	41
	SECTION 15.07.	Legal Holidays	41
	SECTION 15.08.	No Recourse Against Others	41
	SECTION 15.09.	Governing Law; Jury Trial Waiver	41
	SECTION 15.10.	Consent to Jurisdiction and Service of Process	42
	SECTION 15.11.	Waiver of Immunity	42
	SECTION 15.12.	Judgment Currency	42
	SECTION 15.13.	No Adverse Interpretation of Other Agreements	42
	SECTION 15.14.	Successors	42
	SECTION 15.15.	Severability	43
	SECTION 15.16.	Counterpart Originals	43
	SECTION 15.17.	U.S.A. Patriot Act	43
	SECTION 15.18.	Force Majeure	43
	SECTION 15.19.	Table of Contents, Headings, etc.	43
	EXHIBIT A
 Face of Security		A-1

 

     

     

    

 

THIS INDENTURE dated as of [_____________],
is among Nabors Industries, Inc., a Delaware corporation (the “Company”), each Guarantor, if any, and [_____________],
as trustee (the “Trustee”).

 

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

 

This Indenture is subject to the provisions
of the Trust Indenture Act that are required to be a part of this Indenture and shall, to the extent applicable, be governed by
such provisions.

 

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

 

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

 

ARTICLE
One

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.                         
Definitions.

 

“Additional Securities”
means any Securities issued under this Indenture in accordance with Section 2.03, as part of the same series as an existing series
to the extent outstanding.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect
common control with, such specified Person. For purposes of this definition, “control” of a 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” shall have meanings correlative
to the foregoing. The Trustee may request and may conclusively rely upon an Officers’ Certificate to determine whether any
Person is an Affiliate of any specified Person.

 

“Agent”
means any Registrar or Paying Agent.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Security, the rules and procedures
of the Depositary, Euroclear or Clearstream that apply to such transfer or exchange.

 

“Authenticating
Agent” has the meaning set forth under Section 2.03 hereof.

 

“Bankruptcy Law”
means Title 11, U.S. Code or any similar U.S. or State law or any similar foreign law for the relief of debtors.

 

“Board of Directors”
of any Person means the board of directors, board of managers (or other comparable governing body) of such Person or any committee
thereof or committee of officers duly authorized, with respect to any particular matter, to act by or on behalf of the board of
directors of such Person.

 

“Business Day”
means any day that is not a Legal Holiday.

 

“Capital Stock”
means (i) in the case of a corporation or a company, corporate stock or shares; (ii) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii)
in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and
(iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person.

 

     

     

    

 

“Clearstream”
means Clearstream Banking, société anonyme or any successor securities clearing agency.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute.

 

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

 

“Corporate Trust
Office” means with respect to the Trustee, the office at which this Indenture shall be principally administered, which office
shall initially be located at the address of the Trustee specified in Section 15.02 and may be located at such other address as
the Trustee may give notice to the Company and the Holders or such other address as a successor Trustee may designate from time
to time by notice to the Company in accordance with Section 15.02 and the Holders.

 

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

 

“Debt”
means any obligation created or assumed by any Person for the repayment of money borrowed and any purchase money obligations created
or assumed by such Person and any guarantee of the foregoing.

 

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

 

“Definitive Security”
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.07, substantially
in the form of Exhibit A hereto, except that such Security shall not bear the Global Security Legend and shall not have
the “Schedule of Exchanges of Securities” attached thereto.

 

“Depositary”
means The Depository Trust Company and its successors.

 

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

 

“Euroclear”
means Euroclear Bank N.V./S.A. or any successor securities clearance agency.

 

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

 

“Floating or
Adjustable Rate Provision” means a formula or provision, specified in or pursuant to a resolution of the Board of Directors
of the Company, provided for in an Officers’ Certificate or Issuer Order or a supplemental Indenture, providing for the determination,
whether pursuant to objective factors or pursuant to the sole discretion of any Person (including the Company or one or more officer
designees thereof), and periodic adjustment of the interest rate borne by a Floating or Adjustable Rate Security.

 

“Floating or
Adjustable Rate Security” means any Security which provides for interest thereon at a periodic rate that may vary from time
to time over the term thereof in accordance with a Floating or Adjustable Rate Provision.

 

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

 

“GAAP”
means generally accepted accounting principles in the United States of America, as in effect from time to time.

 

“Global Security”
means a permanent global security substantially in the form of Exhibit A attached hereto that bears the Global Security
Legend and that has the “Schedule of Exchanges of Securities” attached thereto and that is deposited with or on behalf
of and registered in the name of the Depositary or its nominee.

 

    2

     

    

 

“Global Security
Legend” means the legend set forth in Section 2.07(f) which is required to be placed on all global securities issued under
this Indenture.

 

“Guarantor”
means NIL and/or any other Person to the extent that any of such Persons have guaranteed any of the Securities pursuant to Article
Nine until a successor Person shall have assumed the obligations of NIL and/or such other person pursuant to the applicable provisions
of the Indenture, and thereafter “Guarantor” shall mean such successor Person(s).

 

“Holder”
means a Person in whose name a Security is registered on the Registrar’s books.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more supplemental
indentures entered into pursuant to the applicable provisions of this instrument, 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 2.02.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Security through a Participant.

 

“Interest Payment
Date” has the meaning assigned to such term in the applicable Securities.

 

“Issue Date”
means the first date on which the Securities are issued under this Indenture.

 

“Issuer Order”
means a written request or order signed in the name of the Company by (i) any single Officer of the Company, or (ii) any Person
designated in an Issuer Order of the Company previously delivered to the Trustee for Securities of any series by any Officer of
the Company and delivered to the Trustee for Securities of any series.

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in any of New York, New York, Houston, Texas or a place of payment
are authorized or obligated by law, regulation or executive order to remain closed.

 

“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, by declaration of acceleration, call for redemption
or otherwise.

 

“NIL” means
Nabors Industries Ltd., a Bermuda exempted company.

 

“Officer”
means the Chairman of the Board of Directors, the Chief Executive Officer, the President, any Vice Chairman of the Board of Directors,
any Vice President (including any Vice President, whether or not designated by a number or a word or words added before or after
the title “Vice President”), the Chief Financial Officer, the Chief Accounting Officer, the General Counsel, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person.

 

“Officers’
Certificate” means a certificate signed by two Officers of a Person, one of who must be the principal executive officer,
the principal financial officer, or the principal accounting officer of the Person and that complies with Section 15.04 and Section
15.05 of this Indenture and is delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion from legal counsel which is acceptable to the Trustee and that complies with Section 15.04 and Section
15.05 of this Indenture. Such counsel may be an employee of or counsel to the Company or the Guarantor.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream).

 

    3

     

    

 

“Paying Agent”
has the meaning set forth under Section 2.04 hereof.

 

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

 

“PIK Securities”
means any series of Securities where interest is payable, whether or not at at the election of the Company or a Holder of such
Security, in additional Securities.

 

“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”
means the price at which the Securities may be redeemed, as set forth in the form of Securities.

 

“Registrar”
has the meaning set forth under Section 2.04 hereof.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer assigned by each of the Trustee to administer corporate
trust matters or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“SEC” means
the Securities and Exchange Commission.

 

“Securities”
means debentures, notes or other evidences of indebtedness issued from time to time, in one or more series under this Indenture
and includes Additional Securities.

 

“Securities Act”
means the Securities Act of 1933, as amended, and any successor statute.

 

“Senior Debt”
means (i) all Debt of the Company, whether currently outstanding or hereafter issued, unless by the terms of the instrument creating
or evidencing such Debt, it is provided that such Debt is not superior in right of payment to the Securities, and (ii) any modifications,
refunding, deferrals, renewals or extensions of any such Debt or securities, or other evidence of Debt issued in exchange for such
Debt; provided that in no such event shall “Senior Debt” include (x) Debt of the Company owed or owing to any
Subsidiary of the Company or any officer, director or employee of the Company or any Subsidiary of the Company, (y) Debt to trade
creditors or (z) any liability for taxes owed or owing by the Company.

 

“Stated Maturity”
means, with respect to any Security, the date specified in such Security as the fixed date on which the principal of such Security
is due and payable.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation, association or other business entity (other than a partnership, joint venture
or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such first Person or one or more of the other Subsidiaries of such first Person
or a combination thereof and (ii) any partnership, joint venture or limited liability company of which (x) more than 50% of the
capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable,
are owned or controlled, directly or indirectly, by such first Person or one or more of the other Subsidiaries of such first Person
or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, (y)
such first Person or any of the Subsidiaries of such first Person is a controlling general partner or otherwise controls such entity
and (z) such entity is consolidated in the consolidated financial statements of such first Person in accordance with GAAP.

 

    4

     

    

 

“Taxes”
means any tax, duty, levy, impost, assessment or other governmental charge of whatever nature imposed or levied by or on behalf
of the Government of Bermuda or by an authority or agency therein or thereof having the power to tax, including any interest, penalties
or other charges in respect thereof.

 

“TIA” or
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. Sections 77aaa-77bbbb), as in effect
on the Issue Date, except as provided in Section 8.03.

 

“Trustee”
means the Person named as the “Trustee” 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 “Trustee” shall mean the successor
serving hereunder.

 

“Uniform Commercial
Code” means the Uniform Commercial Code as in effect in the State of New York from time to time.

 

“U.S. Government
Obligations” means nonredeemable direct obligations (or certificates representing an ownership interest in such obligations)
of the United States of America for the payment of which the full faith and credit of the United States of America is pledged.

 

SECTION 1.02.                         
Other Definitions.

 

	Term	 	Defined in Section
	“Additional Amounts”	 	Section 3.07
	“Authorized Agent”	 	Section 15.10
	“Covenant Defeasance”	 	Section 7.03
	“Event of Default”	 	Section 5.01
	“Guaranteed Securities”	 	Section 9.03(a)
	“Guarantees”	 	Section 9.03(a)
	“Indenture Obligations”	 	Section 9.03(a)
	“Judgment Currency”	 	Section 15.12
	“Notice of Default”	 	Section 5.01(iii)
	“Payment Blockage Notice”	 	Section 14.01
	“Payment Blockage Period”	 	Section 14.01
	“Paying Agent”	 	Section 2.04
	“Registrar”	 	Section 2.04
	“Senior Nonmonetary Default”	 	Section 14.01
	“Territory”	 	Section 3.07

 

SECTION 1.03.                         

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

 

“commission” means the SEC;

 

“indenture securities” means
the Securities;

 

“indenture security holder”
means a Holder;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee” or “institutional
trustee” means the Trustee; and

 

“obligor” on the indenture securities
means the Company and any Guarantor (if applicable).

 

    5

     

    

 

All other terms used in this Indenture,
and not otherwise defined herein, that are defined by the TIA, defined by a TIA reference to another statute or defined by an SEC
rule under the TIA have the meanings so assigned to them. All references in this Indenture to “Sections” or “Articles”
are to Sections or Articles, as applicable, of this Indenture, unless otherwise expressly indicated.

 

SECTION 1.04.                         

Rules of Construction. Unless the context otherwise requires: (1) a term has the meaning assigned to it; (2) an accounting
term not otherwise defined has the meaning assigned to it in accordance with GAAP; (3) “or” is not exclusive; (4) words
in the singular include the plural, and in the plural include the singular; (5) words implying any gender shall apply to all genders;
(6) the term “merger” includes a statutory compulsory share exchange and a conversion of a corporation into a limited
liability company, a partnership or other entity and vice versa and (7) provisions apply to successive events and transactions.

 

ARTICLE
Two

THE SECURITIES

 

SECTION 2.01.                         
Form and Dating.

 

(a)                
General. The Securities, any notations thereon relating to the Guarantees and the Trustee’s or the Authenticating
Agent’s certificate of authentication shall be substantially in the form of Exhibit A to this Indenture, the terms
of which are hereby incorporated into this Indenture, or in such other form or forms as shall be established by or pursuant to
one or more resolutions of the Board of Directors of the Company, provided for in an Officers’ Certificate or Issuer Order
or in one or more indentures supplemental to this Indenture, in each case with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture, and may have such notations, legends or endorsements required
by law, securities exchange rule, the Depositary, any Agent, authenticating agent, conversion agent or any other agent with respect
to the Securities of the series, the Company’s certificate of incorporation, bylaws, agreements to which the Company is subject,
if any, or usage, as may be determined by the officers executing such Securities and the Guarantee (if applicable), as evidenced
by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a resolution of
the Board of Directors of the Company, a copy of an appropriate record of such action shall be certified by the Corporate Secretary
or an Assistant Corporate Secretary of the Company and delivered to the Trustee at or prior to the authentication and delivery
of such Securities.

 

(b)               
Global Securities. Securities issued in global form shall include the Global Security Legend contained in Exhibit
A and the Schedule of Exchanges of Interests in the Global Security attached thereto. Securities issued in definitive form
shall not include the Global Security Legend contained in Exhibit A or the Schedule of Exchanges of Interests in the Global
Security attached thereto. Each Global Security shall represent such of the outstanding Securities as shall be specified therein,
and each shall provide that it shall represent the aggregate principal amount of outstanding Securities from time to time endorsed
thereon and that the aggregate principal amount of outstanding Securities represented thereby may from time to time be reduced
or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount
of any increase or decrease in the aggregate principal amount of outstanding Securities represented thereby shall be made by the
Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.07.

 

(c)                
Definitive Securities. Notwithstanding any other provision of this Article Two, any issuance of Definitive Securities
shall be at the Company’s discretion, except in the specific circumstances set forth in Section 2.07(a).

 

SECTION 2.02.                         
Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered
under this Indenture is unlimited. The Securities may be issued in one or more series. Prior to the issuance of Securities of any
series, there shall be established in or pursuant to one or more resolutions of the Board of Directors of the Company, provided
for in an Officers’ Certificate or Issuer Order or established in one or more indentures supplemental hereto:

 

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

 

    6

     

    

 

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

 

(c)                
the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that
Security is registered at the close of business on the record date for such interest;

 

(d)               
the date or dates, or the method or methods (and related procedures) by which such date or dates will be determined or extended,
on which the principal of the Securities of the series is payable;

 

(e)                
whether the series of Securities will be issued in combination with other securities registered under the registration statement
relating to the series of Securities;

 

(f)                 
whether the Securities of the series will be subject to optional redemption or purchase at the option of the holders thereof
or the Company or required to be redeemed or purchased upon the occurrence of certain events, including without limitation a change
of control, and the terms of any such redemption or purchase;

 

(g)               
the rate or rates at which the Securities of the series shall bear interest, if any, or the Floating or Adjustable Rate
Provision pursuant to which such rates shall be determined, the date or dates from which such interest shall accrue, the Interest
Payment Dates on which any such interest shall be payable and the record date for any interest payable on any Interest Payment
Date;

 

(h)               
whether the Securities of the series are to be secured and the extent of such security, if applicable;

 

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

 

(j)                 
if applicable, the period or periods within which, the price or prices at which (including premium, if any) and the terms
and conditions upon which Securities of the series shall be redeemed, in whole or in part, at the option of the Company pursuant
to a sinking fund or otherwise;

 

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

 

(l)                 
if applicable, the terms of any right to convert or exchange Securities of the series into any securities or property of
the Company or other issuers;

 

(m)              
 if other than minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof (or the equivalent
thereof in one or more Foreign Currencies, currency units or composite currencies), the denominations in which Securities of the
series shall be issuable;

 

(n)               
if the amount of payments of principal of (or premium, if any) or interest, if any, on any Securities of the series may
be determined with reference to one or more indices, the manner in which such amounts shall be determined;

 

(o)               
if other than currency of the United States, one or more Foreign Currencies, currency units or composite currencies in which
the Securities of the series are to be denominated;

 

(p)               
if other than the coin or currency in which the Securities of the series are denominated, the coin or currency in which
payment of the principal of (and premium, if any) and interest, if any, on the Securities of the series shall be payable;

 

    7

     

    

 

(q)               
 the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities will be issued
and, if other than the entire principal amount thereof, the portion of the principal amount of Securities of the series which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable under any applicable federal
or state bankruptcy or similar law pursuant to Section 5.03;

 

(r)                 
the Depositary or Depositaries for the Global Security or Global Securities and any circumstance other than those set forth
in Section 2.07 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered
in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer
may be registered or, if the Securities of the series are not to be issued in the form of one or more Global Securities, the terms
of any Securities to be issued in the form of Definitive Securities;

 

(s)                
whether the Securities are to be issued as Discount at Issue Securities;

 

(t)                 
whether the interest, if any, on the Securities is to be payable, at the election of the Company or a holder thereof, in
cash or in PIK Securities and the period or periods within which, and the terms and conditions upon which, such election may be
made;

 

(u)               
any other event or events of default applicable with respect to the Securities of the series in addition to those provided
in Section 5.01;

 

(v)               
any other covenant or warranty included for the benefit of Securities of the series in addition to (and not inconsistent
with) those included in this Indenture for the benefit of Securities of all series, or any other covenant or warranty included
for the benefit of Securities of the series in lieu of any covenant or warranty included in this Indenture for the benefit of Securities
of all series, or any provision that any covenant or warranty included in this Indenture for the benefit of Securities of all series
shall not be for the benefit of Securities of the series, or any combination of such covenants, warranties or provisions;

 

(w)              
any restriction or condition on the transferability of the Securities of the series;

 

(x)               
any Agent, authenticating agent, conversion agent or any other agents with respect to the Securities of the series;

 

(y)               
whether the Securities of the series shall have the benefits of any Guarantee and, if so, whether such Guarantee will be
by NIL only or by one or more of NIL and/or any other Guarantor jointly and severally and the terms and provisions applicable to
any such Guarantee; and

 

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

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to one or more resolutions
of the Board of Directors of the Company, any Officers’ Certificate or Issuer Order referred to above or in any such indenture
supplemental hereto.

 

If any of the terms of the series are established
by action taken pursuant to one or more resolutions of the Board of Directors of the Company, an Officers’ Certificate or
Issuer Order, a copy of such action shall be delivered to the Trustee.

 

SECTION 2.03.                          
Execution and Authentication. One Officer of the Company shall sign the Securities on behalf of the Company by manual
or facsimile signature. The Company’s seal may be (but shall not be required to be) impressed, affixed, imprinted or reproduced
on the Securities and may be in facsimile form.

 

If an Officer of the Company whose signature
is on this Indenture or a Security no longer holds that office at the time the Trustee authenticates such Security or at any time
thereafter, the Security shall be valid nevertheless.

 

    8

     

    

 

A Security shall not be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of an authorized
signatory of the Trustee, which signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

The Trustee or, as the case may be, an Authenticating
Agent, shall authenticate and deliver Securities of any series executed by the Company and delivered to the Trustee or Authenticating
Agent for authentication along with an Issuer Order. Such Issuer Order shall specify the amount of the Securities to be authenticated
and the date on which the issue of Securities is to be authenticated and either detail or attach the information from Section 2.02.
The Company may issue Additional Securities under this Indenture. In authenticating such Securities, the Trustee shall receive,
and shall be entitled to conclusively rely upon, an Opinion of Counsel substantially to the effect that:

 

(a)                
if the form of such Securities has been established by or pursuant to one or more resolutions of the Board of Directors
of the Company, provided for in an Officers’ Certificate or Issuer Order or in one or more indentures supplemental to this
Indenture, that such form has been established in conformity with the provisions of this Indenture; and

 

(b)               
such Securities, when authenticated and delivered by the Trustee or, as the case may be, an Authenticating Agent, 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.

 

The aggregate principal amount of Securities
outstanding at any time for any series of Securities may not exceed the aggregate principal amount of Securities authorized for
issuance by the Company pursuant to the Issuer Order for that series, except for the issuance of additional Securities with respect
to PIK Securities and as provided in Section 2.09. Subject to the foregoing, the aggregate principal amount of Securities that
may be issued under this Indenture shall not be limited.

 

The Trustee may appoint an authenticating
agent (the “Authenticating Agent”) acceptable to the Company to authenticate Securities. Unless limited by the terms
of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with the Company, the Guarantor or any of their respective Affiliates.

 

The Trustee initially appoints [_____________]
as the authenticating agent and the Company hereby accepts such appointment.

 

SECTION 2.04.                         
Registrar and Paying Agent. The Company shall maintain in the continental United States an office or agency where Securities
may be presented for registration of transfer or exchange (“Registrar”) and an office or agency where Securities may
be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer
and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional paying agent.

 

The Company shall enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent not a party
to this Indenture. The Company may change any Paying Agent or Registrar without notice to any Holder. If the Company fails to appoint
or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Guarantor, if any, or any of its Subsidiaries
may act as Paying Agent or Registrar.

 

The Company initially appoints [_____________] as
Registrar and Paying Agent for the Securities at its corporate trust office. The place of payment with respect to the
Securities, in addition to the Corporate Trust Office of the Trustee, shall be The City of New York, and the Company hereby
appoints [_____________] as its Paying Agent in The City of New York, at its corporate trust office in such city, the
intention of the Company being that the Securities shall at all times be payable in The City of New York.

 

    9

     

    

 

The immunities, protections and exculpations
available to the Trustee under this Indenture shall also be available to each Agent and authenticating agent, and the Company’s
obligations under Section 6.07 to compensate and indemnify the Trustee shall extend likewise to each Agent and authenticating agent.

 

The Company initially appoints The Depository
Trust Company to act as Depositary with respect to each Global Security.

 

SECTION 2.05.                         
Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for
the payment of principal of or premium, if any, Additional Amounts, if any, or interest, if any, on the Securities, whether such
money shall have been paid to it by the Company or any Guarantor, and will notify the Trustee in writing of any default by the
Company or any Guarantor in making any such payment. While any such default continues, the Trustee may require a Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a Paying Agent
to pay all money held by it to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting
for any funds disbursed, the Paying Agent (if other than the Company) shall have no further liability for the money. If the Company
or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the
Holders all money held by it as Paying Agent.

 

SECTION 2.06.                         
Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar,
the Company shall furnish to the Trustee at least seven Business Days before each Interest Payment Date, and at such other times
as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names
and addresses of Holders, and the Company shall otherwise comply with TIA Section 312(a).

 

SECTION 2.07.                         
Transfer and Exchange.

 

(a)                
Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Securities also
may be exchanged or replaced, in whole, as provided in Section 2.08. Owners of beneficial interests in Global Securities shall
not be entitled to receive Definitive Securities unless:

 

(i)                 
the Company delivers to the Trustee and the Registrar notice from the Depositary that it is unwilling or unable to continue
to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 120 days; or

 

(ii)               
there has occurred and is continuing an Event of Default and the Depositary notifies the Trustee of its decision to exchange
the Global Securities for Definitive Securities.

 

Upon the occurrence of any of the events
in clause (i) or (ii) above, Definitive Securities shall be issued in such names and authorized denominations as the Depositary
shall instruct the Trustee and the Registrar in accordance with the Applicable Procedures. Neither the Company, any Guarantor,
nor the Trustee or the Registrar will be liable for any delay by the Depositary in identifying the owners of beneficial interests
in a Global Security, and each of the Company, the Guarantor, the Trustee and the Registrar may conclusively rely on, and will
be protected in relying on, instructions from the Depositary for all purposes of this Indenture.

 

    10

     

    

 

(b)                Transfer
and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests in the
Global Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures. Transfers of beneficial interests in the Global Securities also shall require compliance with either
subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following provisions of this Section 2.07,
as applicable:

 

(i)                 
Transfer of Beneficial Interests in the Same Global Security. Beneficial interests in any Global Security may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in such Global Security. No written orders
or instructions shall be required to be delivered to the Registrar to effect such transfers.

 

(ii)               
All Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers
and exchanges of beneficial interests that are not subject to (i) above, the transferor of such beneficial interest must deliver
to the Registrar either:

 

(A)             
(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount
equal to the beneficial interest to be transferred or exchanged; and

 

     (ii) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or

 

(B)              
(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Security in an amount equal to the beneficial interest to
be transferred or exchanged; and

 

(ii) instructions given by the Depositary
to the Registrar containing information regarding the Person in whose name such Definitive Security shall be registered to effect
the transfer or exchange referred to in Section 2.07(b)(ii) (B) (i) above.

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Securities contained in this Indenture, or the Securities or otherwise
applicable under the Securities Act, the principal amount of each relevant Global Security shall be adjusted pursuant to Section
2.07(g).

 

(c)                
If any holder of a beneficial interest in Global Security proposes to exchange such beneficial interest for a Definitive
Security or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Security, then,
upon satisfaction of the conditions set forth in Section 2.07(b)(ii)(B), the Registrar shall cause the aggregate principal amount
of the applicable Global Security to be reduced accordingly pursuant to Section 2.07(g), and the Company shall execute and, upon
receipt of an Issuer Order, the Trustee or, as the case may be, an Authenticating Agent, shall authenticate and deliver to the
Person designated in the instructions a Definitive Security in the appropriate principal amount. Any Definitive Security issued
in exchange for a beneficial interest pursuant to this Section 2.07(c) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Participant or Indirect Participant. The Trustee or, as the case may be, an Authenticating Agent, shall
deliver such Definitive Securities to the Persons in whose names such Securities are so registered.

 

(d)               
A Holder of a Definitive Security may exchange such Security for a beneficial interest in a Global Security or transfer
such Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in a Global Security at any
time, in each case in accordance with the Applicable Procedures. Upon receipt of a request for such an exchange or transfer, the
Registrar shall cancel the applicable Definitive Security and the Registrar shall increase or cause to be increased the aggregate
principal amount of one of the Global Securities.

 

(e)                 A
Holder of Definitive Securities may transfer such Securities to a Person who takes delivery thereof in the form of a
Definitive Security. Upon receipt by the Registrar of a request by a Holder of Definitive Securities to register a transfer
or exchange of Definitive Securities and the presentation or surrender to the Registrar of such Definitive Securities duly
endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such
Holder or by its attorney duly authorized in writing, the Registrar shall register the Definitive Security pursuant to the
instructions from the Holder thereof.

 

    11

     

    

 

(f)            Global
Security Legend. A substantially similar form of the following legend shall appear on the face of all Global Securities issued
under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture:

 

THIS GLOBAL SECURITY IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH

 

NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.07(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE.

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

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

 

(h)          General
Provisions Relating to Transfers and Exchanges.

 

(i)                 
To permit registrations of transfers and exchanges, the Company shall execute and the Trustee or, as the case may be, an
Authenticating Agent, shall authenticate Global Securities and Definitive Securities upon the Company’s order or at the Registrar’s
request.

 

    12

     

    

 

(ii)               
 No service charge shall be made to a holder of a beneficial interest in a Global Security or to a Holder of a Definitive
Security for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge or other fee required by law and payable in connection therewith (other than any such transfer
taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.10, Section 8.05 and Section 10.07).

 

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

 

(iv)              
None of the Company, the Trustee or the Registrar shall be required (A) to issue, to register the transfer of or to exchange
any Securities during a period beginning at the opening of business 15 days before the day of sending of a notice of redemption
under Section 10.04 and ending at the close of business on such day or (B) to register the transfer of or to exchange any Securities
so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

(v)               
Prior to the due presentation for registration of transfer of any Security, the Company, the Guarantor, if any, the Trustee,
the Paying Agent or the Registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of
such Security for the purpose of receiving any payment on such Security and for all other purposes whatsoever, whether or not such
Security is overdue, and none of the Company, the Guarantor, if any, the Trustee, the Paying Agent or the Registrar shall be affected
by notice to the contrary.

 

(vi)              
The Trustee or, as the case may be, an Authenticating Agent, shall authenticate Global Securities and Definitive Securities
upon receipt of an Issuer Order and in accordance with the other provisions of Section 2.03 to the extent applicable.

 

(vii)            
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section
2.07 to effect a registration of transfer or exchange may be submitted by facsimile.

 

(viii)          
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Global Security
and Definitive Security other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to conform with the express requirements hereof.

 

(ix)              
Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

 

SECTION
2.08.                         
 Replacement
Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the
Security has been lost, destroyed or wrongfully taken, the Company shall issue and, upon receipt of an Issuer Order, the
Trustee or, as the case may be, an Authenticating Agent, shall authenticate a replacement Security if the requirements of
Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Company or the Trustee within a
reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register
a transfer prior to receiving such notification, (b) makes such request to the Company or Trustee prior to the Security being
acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected
purchase”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the
Company, such Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any Agent or any authenticating agent from any loss which any of them may suffer if a
Security is replaced. The Company and the Trustee may charge for their expenses in replacing a Security. If, after the
delivery of such replacement Security, a protected purchaser of the original Security in lieu of which such replacement
Security was issued presents for payment or registration such original Security, the Trustee shall be entitled to recover
such replacement Security from the Person to whom it was delivered or any Person taking therefrom, except a protected
purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Trustee or the Company in connection therewith. Every replacement Security is a
contractual obligation of the Company.

 

    13

     

    

 

In case any such mutilated, destroyed, lost
or wrongfully taken 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.

 

The provisions of this Section 2.08 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 wrongfully taken Securities.

 

SECTION 2.09.                         
Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee or,
as the case may be, an Authenticating Agent, except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest in a Global Security effected by the Registrar hereunder and those described in this Section 2.09 as not outstanding;
provided, however, that in determining whether the Holders of the requisite principal amount of outstanding Securities
are present at a meeting of Holders of Securities for quorum purposes or have consented to or voted in favor of any request, demand,
authorization, direction, notice, consent, waiver, amendment or modification hereunder, Securities held for the account of the
Company or any of its Affiliates shall be disregarded and deemed not to be outstanding, except that in determining whether the
Trustee shall be protected in making such a determination or relying upon any such quorum, consent or vote, only Securities which
a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.

 

The principal amount of a Discount at Issue Security that shall
be deemed to be outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination
upon acceleration of the Maturity thereof pursuant to Section 5.02.

 

If a Security is replaced pursuant to Section
2.08, it ceases to be outstanding unless the a Responsible Officer of Trustee receives proof satisfactory to it that the replaced
Security is held by a protected purchaser.

 

If the principal amount of any Security
is considered paid under Section 3.01, it ceases to be outstanding and interest on it, if any, ceases to accrue.

 

SECTION 2.10.                         

Temporary Securities. Until Definitive Securities are ready for delivery, the Company may prepare and, upon receipt
of an Issuer Order, the Trustee or, as the case may be, an Authenticating Agent, shall authenticate temporary Securities. Temporary
Securities shall be substantially in the form of Definitive Securities, but may have variations that the Company considers appropriate
for temporary Securities. Without unreasonable delay, the Company shall prepare and, upon receipt of an Issuer Order, the Trustee
or, as the case may be, an Authenticating Agent, shall authenticate Definitive Securities in exchange for temporary Securities.
Until so exchanged, temporary Securities shall in all respects be entitled to the same benefits under this Indenture as Definitive
Securities.

 

SECTION 2.11.                         
Cancellation. The Company or the Guarantor, if any, at any time may deliver Securities to the Trustee for cancellation.
The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer,
exchange or payment. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement
or cancellation. All canceled Securities held by the Trustee shall be disposed of in accordance with the usual disposal procedures
of the Trustee. The Company may not issue new Securities to replace Securities that have been paid or that have been delivered
to the Trustee for cancellation.

 

    14

     

    

 

SECTION
2.12.                         
 Defaulted Interest. If
the Company defaults in a payment of interest on the Securities, it shall pay the defaulted interest in any lawful manner
plus, to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the Securities and in
the manner provided in Section 3.01. The Company may pay the defaulted interest to the Persons who are Holders on a
subsequent special record date. At least 15 days before any special record date, the Company (or the Paying Agent, in the
name of and at the expense of the Company) shall send to Holders a notice that states the special record date, the related
payment date and the amount of such interest to be paid.

 

SECTION 2.13.                         

Persons Deemed Owners. The Company, the Guarantor, if any, the Trustee, any Agent and any authenticating agent may treat
the Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payments of principal
of or premium, if any, Additional Amounts, if any, or interest, if any, on such Security and for all other purposes. None of the
Company, the Guarantor, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary.

 

No holder of any beneficial interest in
any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security,
and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such
Global Security for all purposes whatsoever. None of the Company, the Guarantor, the Trustee, any Agent or any authenticating agent
will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

SECTION 2.14.                         

CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “ISIN,” “Common
Code” or similar numbers (if then generally in use), and, if so, the Trustee shall use such numbers in notices of redemption
as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only
on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee in writing of any change in any such number.

 

ARTICLE
Three

COVENANTS

 

SECTION 3.01.                         

Payment of Securities. The Company shall pay the principal of and premium, if any, Additional Amounts, if any, and interest,
if any, on the Securities on the dates and in the manner provided in the Securities and this Indenture. Principal, premium, if
any, Additional Amounts, if any, and interest, if any, shall be considered paid on the date due if the Paying Agent, other than
the Company or a Subsidiary of the Company, holds by 11:00 a.m., Eastern time, on that date money deposited by or on behalf of
the Company designated for and sufficient to pay all principal, premium, if any, Additional Amounts, if any, and interest, if any,
then due.

 

Further, to the extent lawful, the Company
shall pay interest on overdue principal, premium, if any, Additional Amounts, if any, and interest (without regard to any applicable
grace period), if any, from time to time on demand at the rate then in effect on the Securities.

 

SECTION
3.02.                          Maintenance of Office or
Agency. So long as any of the Securities shall remain outstanding, the Company will, in accordance with Section 2.04,
maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, or the Registrar) in the
continental United States where the Securities may be surrendered for exchange or registration of transfer as provided in
this Indenture, where notices and demands to or upon the Company in respect to the Securities may be served, and where the
Securities may be presented or surrendered for payment. The Company may also from time to time designate one or more other
offices or agencies in the continental United States where Securities may be presented or surrendered for any and 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 under Section 2.04 to maintain an office or agency in
The City of New York where any Securities may be presented or surrendered for payment. The Company will give to the Trustee
prompt written notice of the location of any such office or agency and of any change of location thereof. In case the Company
shall fail to maintain any such office or agency or shall fail to give such notice of the location or of any change in the
location thereof, such surrenders, presentations and demands may be made and notices may be served at the designated
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its agent to receive at the aforesaid
office all such surrenders, presentations, notices and demands.

 

    15

     

    

 

SECTION 3.03.                         

SEC Reports; Financial Statements. The Company and each Guarantor, if any, covenant and agree, so long as any Securities
are outstanding, to file with the Trustee copies relating to one of either the Company or any Guarantor, within 15 days after the
Company or any Guarantor, as appropriate, files the same with the SEC, of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations
prescribe) which the Company or any Guarantor, as appropriate, is required to file with the SEC pursuant to Section 13 or Section
15(d) of the Exchange Act; or, if the Company or any Guarantor, as appropriate, is not required to file information, documents
or reports pursuant to either of such sections, then to file with the Trustee and the SEC, in accordance with rules and regulations
prescribed from time to time by the SEC (after giving effect to any grace period under SEC rules), such of the supplementary and
periodic information, documents and reports, if any, which may be required pursuant to Section 13 of the Exchange Act, in respect
of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and
regulations. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officers’ Certificates).

 

SECTION 3.04.                         

Compliance Certificate. The Company and any Guarantor shall deliver to the Trustee, within 120 days after the end of
each fiscal year of the Company, a statement signed by two Officers of the Company (one of whom shall be the Chief Executive Officer,
Chief Financial Officer or Chief Accounting Officer of the Company) and two Officers of each Guarantor, if any (one of whom shall
be the Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer of such Guarantor), which statement need not
constitute an Officers’ Certificate, complying with TIA Section 314(a)(4) and stating that in the course of performance by
the signing Officers of the Company and Officers of such Guarantor of their duties as such Officers, they would normally obtain
knowledge of the keeping, observing, performing and fulfilling by the Company and such Guarantor, respectively, of their obligations
under this Indenture, and further stating, as to each such Officer signing such statement, that to the best of his knowledge, each
of the Company and such Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture
and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default
or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge
and what action the Company or such Guarantor, as the case may be, are taking or proposes to take with respect thereto).

 

SECTION 3.05.                         
Corporate Existence. Subject to Article Four, each of the Company and any Guarantor will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, under the laws of its jurisdiction of incorporation
or formation.

 

SECTION 3.06.                         

Waiver of Stay, Extension or Usury Laws. Each of the Company and any Guarantor covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law or any usury law or other law, which would prohibit or forgive the Company or any Guarantor from
paying all or any portion of the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on the Securities
as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance
of this Indenture; and (to the extent that they may lawfully do so) each of the Company and any Guarantor 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.

 

    16

     

    

 

 

SECTION 3.07.                          Payment
of Additional Amounts. Unless otherwise required by Bermuda law, neither the Company nor any Guarantor will deduct or
withhold from payments made with respect to the Securities and the Guarantees, if any, on account of any present or future
Taxes. In the event that either the Company or any Guarantor is required to withhold or deduct on account of any Taxes due
from any payment made under or with respect to the Securities or any Guarantees, as the case may be, the Company or such
Guarantor, as the case may be, will pay such additional amounts (“Additional Amounts”) as may be necessary so
that the net amount received by each Holder of Securities will equal the amount that the Holder would have received if the
Taxes had not been required to be withheld or deducted; provided that no Additional Amounts will be payable with
respect to a payment made to a Holder to the extent: (a) that any Taxes would not have been so imposed but for the existence
of any present or former connection between the Holder and Bermuda, other than the mere receipt of the payment, acquisition,
ownership or disposition of such Securities or the exercise or enforcement of rights under the Securities, the Guarantees, if
any, or this Indenture; (b) of any estate, inheritance, gift, sales, transfer or personal property Taxes imposed with respect
to the Securities or any other Taxes payable other than by withholding or deduction, except as described below or as
otherwise provided in this Indenture; (b) that any such Taxes would not have been imposed but for the presentation of the
Securities, where presentation is required, for payment on a date more than 30 days after the date on which the payment
became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent
that the beneficiary or Holder thereof would have been entitled to Additional Amounts had the Securities been presented for
payment on any date during such 30-day period; (d) that the Holder would not be liable or subject to such withholding or
deduction of Taxes but for the failure to make a valid declaration of non-residence or other similar claim for exemption, if:
(i) the making of the declaration or claim is required or imposed by statute, treaty, regulation, ruling or administrative
practice of the relevant taxing authority as a precondition to an exemption from, or reduction in, the relevant Taxes; and
(ii) at least 60 days prior to the first payment with respect to which the Company or such Guarantor shall apply this clause
(d), the Company or such Guarantor shall have notified all Holders of the Securities in writing that they shall be required
to provide this declaration or claim; (e) any Taxes imposed under Sections 1471 through 1474 of the Code, any successor law
or regulation implementing or complying with, or introduced in order to conform to, such sections or any intergovernmental
agreement or any agreement entered into pursuant to section 1471(b)(1) of the Code; (f) any Taxes imposed on overall net
income or any branch profits Taxes; (g) that a beneficiary or settlor with respect to a fiduciary, a member of a partnership
or the beneficial owner of the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor,
member or beneficial owner been the holder of a Note in the case of a Holder that is a fiduciary or partnership or a person
other than the sole beneficial owner of any such payment; or (h) any combination of the foregoing. The Company and such
Guarantor shall also (w) withhold or deduct such Taxes as required; (x) remit the full amount of Taxes deducted or withheld
to the relevant taxing authority in accordance with all applicable laws; (y) use reasonable efforts to obtain from each
relevant taxing authority imposing the Taxes certified copies of tax receipts evidencing the payment of any Taxes deducted or
withheld; and (z) upon request, make available to the Holders of the Securities, within 60 days after the date the payment of
any Taxes deducted or withheld is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by
the Company or such Guarantor and, notwithstanding the Company’s or such Guarantor’s efforts to obtain the
receipts, if the same are not obtainable, other evidence of such payments.

 

In addition, the Company or any Guarantor
will pay any stamp, issue, registration, documentary or other similar taxes and duties, including interest, penalties and additional
amounts with respect thereto, payable in Bermuda or the United States, or any political subdivision or taxing authority of or in
the foregoing with respect to the creation, issue, offering, enforcement, redemption or retirement of the Securities or Guarantees.

 

At least 30 days prior to each date on which
any payment under or with respect to the Securities is due and payable, if the Company or any Guarantor becomes obligated to pay
Additional Amounts with respect to such payment, the Company (or in respect of the Guarantees, such Guarantor) shall deliver to
the Trustee an Officers’ Certificate stating the fact that such Additional Amounts will be payable, and the amounts so payable
and will set forth such other information as is necessary to enable the Trustee or the Paying Agent to pay such Additional Amounts
to the Holders on the payment date. Whenever in this Indenture there is mentioned, in any context, the payment of principal of
and premium, if any, Additional Amounts, if any, or interest (including defaulted interest), if any, or any other amount payable
on or with respect to any of the Securities, such mention shall be deemed to include mention of the payment of Additional Amounts
provided for in this Section 3.07 to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof pursuant to the provisions of this Section 3.07 and express mention of the payment of Additional Amounts in those provisions
hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made
(if applicable).

 

    17

     

    

 

If payments with respect of the
Securities or any Guarantees become subject generally to the taxing jurisdiction of any Territory or any political
subdivision or taxing authority thereof or therein having power to tax, other than or in addition to Bermuda or the United
States or any political subdivision or taxing authority therein or thereof having power to tax, immediately upon becoming
aware thereof the Company shall notify the Trustee in writing of such event, and thereupon the Company or such Guarantor, as
the case may be, shall be obligated to pay Additional Amounts in respect thereof on terms corresponding to the terms of the
foregoing provisions of this Section 3.07 with the substitution for (or, as the case may be, in addition to) the references
herein to Bermuda or any political subdivision or authority therein or thereof having power to tax of references to that
other or additional Territory or any political subdivision or authority therein or thereof having power to tax to whose
taxing jurisdiction such payments shall have become subject as aforesaid. The term “Territory” means for this
purpose any jurisdiction in which the Company or any Guarantor, as the case may be, is incorporated or in which it has its
place of central management or central control.

 

The obligations of the Company and any Guarantor
under this Section 3.07 shall survive the termination of this Indenture and the payment of all amounts under or with respect to
this Indenture and the Securities.

 

ARTICLE
Four

CONSOLIDATION, MERGER AND SALE

 

SECTION 4.01.                         

Limitation on Mergers and Consolidations of the Company. The Company shall not consolidate or amalgamate with or merge
into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless:

 

(i)                 
the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a Person
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, the European
Union and Bermuda, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
reasonably satisfactory to the Trustee, the due and punctual payment of the principal of and interest, if any, on all the Securities
and the performance of every covenant of this Indenture on the part of the Company to be performed;

 

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

 

(iii)              
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article Four
and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

SECTION 4.02.                         

Limitation on Mergers and Consolidations of any Guarantor. The Guarantor, if any, shall not consolidate or amalgamate
with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any
Person unless:

 

(i)                
the Person formed by such consolidation or amalgamation or into which such Guarantor is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of such Guarantor substantially as an entirety 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 all obligations in respect of the Guarantees and the performance of every covenant of this Indenture on
the part of the Guarantor to be performed;

 

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

 

(iii)              
such Guarantor has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, conveyance, transfer or lease
and such supplemental indenture comply with this Article Four and that all conditions precedent herein provided for relating to
such transaction have been complied with.

 

    18

     

    

 

SECTION 4.03.                         
Successors
Substituted. Upon any consolidation or amalgamation of the Company or any Guarantor with, or merger of the Company or any
Guarantor into, any other Person, or any conveyance, transfer or lease of the properties and assets of the Company or any Guarantor
substantially as an entirety in accordance with Section 4.01 or Section 4.02, the successor Person formed by such consolidation
or amalgamation or into which the Company or such Guarantor 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 or such Guarantor, as the case may
be, under this Indenture with the same effect as if such successor Person had been named as the Company or such Guarantor, as
the case may be, herein, and thereafter, except in the case of a lease to another Person, the predecessor Person shall be relieved
of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
Five

DEFAULTS AND REMEDIES

 

SECTION 5.01.                         
Events of Default. For any series of Securities, “Event of Default” means any one of the following events
with respect to that series (whatever the reason for such Event of Default, whether or not it shall be occasioned by the provisions
of Article Fourteen and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(i)                
default in the payment of the principal of or premium, if any, on any Security of that series at its Maturity, and continuance
of such default for a period of 10 days; or

 

(ii)               
default in the payment of interest, if any, or Additional Amounts, if any, upon any Security of that series when they become
due and payable, and continuance of such default for a period of 30 days; or

 

(iii)              
default in the observance or performance, or breach, of any covenant of the Company or any Guarantor in any Security of
that series or this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section
5.01 specifically dealt with), 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 and any Guarantor by the Trustee or to the Company, any Guarantor and the Trustee
by the Holders of at least 25% in aggregate principal amount of the applicable series of outstanding Securities a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

 

(iv)              
the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or
any Guarantor in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging the Company
or any Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Company or any Guarantor under any applicable Bankruptcy Law, or appointing a custodian,
receiver, receiver and manager, interim receiver, administrator, monitor, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or any Guarantor or of any substantial part of the property of the Company or any Guarantor, or
ordering the winding up or liquidation of the affairs of the Company or any Guarantor, 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

 

(v)                the
commencement by the Company or any Guarantor of a voluntary case or proceeding under any applicable Bankruptcy Law or of any
other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by either of them to the entry of a decree
or order for relief in respect of the Company or any Guarantor in an involuntary case or proceeding under any applicable
Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against any of them, or the filing
by any of them of a petition or answer or consent seeking reorganization or relief under any applicable Bankruptcy Law, or
the consent by any of them to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, receiver and manager, interim receiver, administrator, monitor, liquidator, assignee, trustee, sequestrator or
similar official of the Company or any Guarantor or of any substantial part of the property of the Company or any Guarantor,
or the making by either of them of an assignment for the benefit of creditors, or the admission by either of them in writing
of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any
Guarantor in furtherance of any such action; or

 

    19

     

    

 

(vi)              
the Guarantees applicable to that series, if any, cease to be in full force and effect or become unenforceable or invalid
or are declared null and void (other than in accordance with the terms of such Guarantees) or any Guarantor denies or disaffirms
its obligations under such Guarantees.

 

The Trustee shall not be deemed to know
of a Default or Event of Default unless a Responsible Officer at the Corporate Trust Office of the Trustee has actual knowledge
of such Default or Event of Default or the Trustee receives written notice at the Corporate Trust Office of the Trustee of such
Default or Event of Default with specific reference to such Default, the Securities and this Indenture.

 

When a Default is cured, or when an Event
of Default is deemed cured pursuant to Section 5.04, such Default, or Event of Default, as the case may be, ceases.

 

SECTION 5.02.                         
Acceleration. If an Event of Default with respect to a series of Securities (other than an Event of Default specified
in Section 5.01(iv) or Section 5.01(v)) occurs and is continuing, the Trustee by notice to the Company and any Guarantor, or by
the Holders of at least 25% in aggregate principal amount of the applicable series of then outstanding Securities by written notice
to the Company, any Guarantor and the Trustee, may declare the principal of (or, if any of the Securities of that series are Discount
at Issue Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof), premium,
if any, Additional Amounts, if any, and accrued and unpaid interest, if any, on all then outstanding such Securities to be due
and payable immediately. Upon any such declaration the amounts due and payable on the applicable Securities, as determined in accordance
with the next succeeding paragraph, shall be due and payable immediately. If an Event of Default specified in Section 5.01(iv)
or Section 5.01(v) occurs, the principal of, premium, if any, Additional Amounts, if any, and interest, if any, on all Securities
then outstanding shall ipso facto become and be immediately due and payable without any declaration, notice or other act
on the part of the Trustee or any Holder.

 

At any time after such an acceleration has
occurred and before a judgment for payment of the money due has been obtained by the Trustee as provided hereinafter in this Article
Five, the Holders of a majority in aggregate principal amount of the applicable series of outstanding Securities, by written notice
to the Company, any Guarantor and the Trustee, may rescind and annul such acceleration and its consequences in relation to the
applicable series if:

 

(a)                
the Company or any Guarantor has paid or deposited with the Trustee a sum sufficient to pay:

 

(i)                
the principal of and premium, if any, on the applicable series of Securities which have become due otherwise than by such
declaration of acceleration and Additional Amounts, if any, and interest, if any, thereon at the rate or rates prescribed therefor
in such Securities or in this Indenture,

 

(ii)               
all overdue interest, if any, and Additional Amounts, if any, on the applicable series of Securities,

 

(iii)              
to the extent that payment of such interest is lawful, interest upon overdue interest, if any, and overdue Additional Amounts,
if any, at the rate or rates prescribed therefor in such Securities or in this Indenture, and

 

(iv)               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

 

(b)               
all Events of Default with respect to that series, other than the non-payment of the principal of the applicable series
of Securities which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section
5.04.

 

No such rescission shall affect any subsequent
Event of Default or impair any right consequent thereon.

 

If the Maturity of Securities is accelerated
pursuant to this Section 5.02, 100% of the principal amount thereof and premium, if any, shall become due and payable plus Additional
Amounts in respect thereof, if any, and accrued and unpaid interest in respect thereof, if any, to the date of payment.

 

    20

     

    

 

SECTION 5.03.                         
Other Remedies. If an Event of Default with respect to a series of Securities occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal of, premium, if any, Additional Amounts, if any, or interest,
if any, on the applicable series of Securities or to enforce the performance of any provision of such Securities, the related Guarantees,
if any, or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities in the applicable series or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law.

 

SECTION 5.04.                         
Waiver of Existing Defaults. Subject to Section 5.07 and Section 8.02, the Holders of a majority in aggregate principal
amount of the applicable series of Securities then outstanding may waive an existing Default or Event of Default and its consequences
as it relates to that series of Securities by notice to the Trustee (including waivers obtained in connection with a tender offer
for such series of Securities or a solicitation of consents in respect of such series of Securities, provided that in each
case such offer or solicitation is made to all Holders of such series of Securities on equal terms), except (1) a continuing Default
or Event of Default in the payment of the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on
the applicable series of Securities or (2) a continuing Default in respect of a provision that under Section 8.02 cannot be amended
without the consent of each Holder of the series of Securities affected. Upon any such waiver, such Default shall cease to exist
with respect to the applicable series of Securities, and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Indenture with respect to that series of Securities; but no such waiver shall extend to any subsequent
or other Default or impair any right consequent thereon. For the avoidance of doubt, Holders of each separate series of Securities
will vote separately with respect to all matters related to such series.

 

SECTION 5.05.                         

Control by Majority. The Holders of a majority in aggregate principal amount of the applicable series of Securities
then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on it hereunder with respect to such series of Securities. The Trustee, however, may refuse
to follow any direction that conflicts with applicable law, this Indenture or the applicable supplemental indenture that the Trustee
determines may be unduly prejudicial to the rights of other Holders of such series of Securities, or that may involve the Trustee
in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee
that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall receive indemnification from
such Holders satisfactory to it against all losses and expenses caused by taking or not taking such action subject to the Trustee’s
duty to act with the required standard of care during a default. For the avoidance of doubt, Holders of each separate series of
Securities will vote separately with respect to all matters related to such series.

 

SECTION 5.06.                         

Limitations on Suits. Subject to Section 5.07, a Holder may pursue a remedy with respect to this Indenture (including
the Guarantees, if any) or the Securities only if:

 

(i)                
such Holder gives to the Trustee written notice of a continuing Event of Default;

 

(ii)               
the Holders of at least 25% in aggregate principal amount of the applicable series of Securities then outstanding make a
written request to the Trustee to pursue the remedy;

 

(iii)               such Holder or Holders furnish to the Trustee reasonable indemnity satisfactory to the Trustee against any loss, liability
or expense;

 

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

 

(v)                during
such 60-day period the Holders of a majority in aggregate principal amount of the applicable series of Securities then outstanding
do not give the Trustee a direction inconsistent with the request.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does
not have an affirmative duty to ascertain whether or not such action or forbearances are unduly prejudicial to such Holders).

 

    21

     

    

 

SECTION 5.07.                         

Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
of a Security to receive payment of principal of and premium, if any, Additional Amounts, if any, and interest, if any, on the
Security, on or after any respective due dates expressed in the Security, or to bring suit against the Company or any Guarantor
for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired
or affected without the consent of such Holder.

 

SECTION 5.08.                         

Collection Suit by Trustee. If an Event of Default specified in Section 5.01(i) or Section 5.01(ii) occurs and is continuing
(whether or not such payment is prohibited by the provisions of Article Fourteen), the Trustee is authorized to recover judgment
in its own name and as trustee of an express trust against the Company and the Guarantor for (i) the amount of principal of and
premium, if any, Additional Amounts, if any, and interest, if any, remaining unpaid on the applicable series of Securities and
(ii) interest on overdue principal, if any, premium, if any, Additional Amounts, if any, and, to the extent lawful, interest on
overdue interest, if any, and such further amount as shall be sufficient to cover the reasonable and documented costs and expenses
of collection, including the reasonable and documented compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, all of which as it relates to such Securities.

 

SECTION 5.09.                         

Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents
and to take such actions, including participating as a member, voting or otherwise, of any committee of creditors, as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company
and any Guarantor or their respective creditors or properties and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any Custodian 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 to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. To the extent that
the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 6.07 out of the estate in any such proceeding, shall be denied for any reason, payment of
the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties which the Holders of the Securities may be entitled to receive in such proceeding whether in liquidation or under any
plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting
the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding.

 

SECTION 5.10.                         

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

 

First: to the Trustee for amounts due under
the Indenture;

 

Second: subject to Article Fourteen, to
Holders for amounts due and unpaid on the applicable series of Securities for principal, premium, if any, Additional Amounts, if
any, and interest, if any, ratably and without preference or priority of any kind amongst Holders of the same series of Securities,
according to the amounts due and payable on such Securities for principal, premium, if any, Additional Amounts, if any, and interest,
if any, respectively; and

 

Third: to the Company and any Guarantor.

 

The Trustee, upon prior written notice to
the Company and any Guarantor, may fix a record date and payment date for any payment to Holders pursuant to this Article Five.
At least 15 days before such record date, the Trustee shall send to each Holder and the Company a notice that states the record
date, the payment date and amount to be paid.

 

    22

     

    

 

SECTION 5.11.                         

Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section 5.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant
to Section 5.07, or a suit by a Holder or Holders of more than 10% in aggregate principal amount of the applicable series of Securities
then outstanding.

 

ARTICLE
Six

TRUSTEE

 

SECTION 6.01.                         
Duties of Trustee.

 

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

 

(b)               
Except during the continuance of an Event of Default:

 

(i)                
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)               
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture (but need not confirm or investigate the accuracy of the mathematical calculations or other facts stated therein).
However, the Trustee shall examine such certificates and opinions to determine whether or not, on their face, they appear to conform
to the requirements of this Indenture.

 

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

 

(i)                
this paragraph does not limit the effect of Section 6.01(b) above;

 

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

 

(iii)              
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 5.05.

 

(d)               
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b) and (c) of this Section 6.01.

 

(e)                
No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee
may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss,
liability or expense.

 

    23

     

    

 

(f)                 
 The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All
money received by the Trustee shall, until applied as herein provided, be held in trust for the payment of the principal of and
premium, if any, Additional Amounts, if any, and interest, if any, on the Securities.

 

(g)               
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including, but not limited to, lost off of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action.

 

SECTION 6.02.                         

Rights of Trustee.

 

(a)               
The Trustee may rely conclusively on any resolution, certificate, statement, direction, consent, order, bond, note or other
paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not
investigate any fact or matter stated in any such paper or document.

 

(b)               
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the 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.

 

(c)               
The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent
or attorney appointed with due care.

 

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

 

(e)                
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or any
Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor, as the case may be.

 

(f)                
The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of
its powers under this Indenture.

 

(g)               
In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders
of a series of Securities, each representing less than a majority in aggregate principal amount of the outstanding Securities of
such series, pursuant to the provisions of this Indenture, the Trustee may determine what action, if any, shall be taken.

 

(h)               
The Trustee’s rights, privileges, benefits, immunities and protections from liability and its right to indemnification
in connection with the performance of its duties under this Indenture shall extend and be enforceable by the Trustee in each of
its capacities hereunder and shall extend to the Trustee’s officers, directors, agents, attorneys and employees. Such rights,
privileges, benefits, immunities and protections and right to indemnity, together with the Trustee’s right to compensation,
shall survive the Trustee’s resignation or removal, the discharge of this Indenture and final payment of the Securities.

 

(i)                
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.

 

(j)                
Except for information provided by the Trustee concerning the Trustee, the Trustee shall have no responsibility for any
information in any preliminary prospectus, final prospectus, preliminary offering memorandum, offering memorandum or other disclosure
material distributed with respect to the Securities, and the Trustee shall have no responsibility for compliance with any U.S.
Federal or State securities or employee benefit plan laws in connection with the Securities.

 

(k)               
 The Trustee may request that the Company or any Guarantor, as the case may be, deliver an Officers’ Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Officers’ Certificate may be signed by any Officer, including any person specified as so authorized herein or in any
such certificate previously delivered and not superseded.

 

    24

     

    

 

SECTION 6.03.                         

Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company, any Guarantor or any of their Affiliates with the same rights it would have
if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Section 6.10 and Section
6.11.

 

SECTION 6.04.                         

Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture, the
Securities or the Guarantees, if any, it shall not be accountable for the Company’s use of the proceeds from the Securities
or any money paid to the Company or upon the Company’s direction under any provision hereof, it shall not be responsible
for the use or application of any money received by any Paying Agent other than the Trustee and it shall not be responsible for
any statement or recital herein or any statement in the Securities other than its certificate of authentication.

 

SECTION 6.05.                         

Notice of Defaults. If a Default or Event of Default occurs and is continuing and it is actually known to a Responsible
Officer of the Trustee, the Trustee shall send to Holders of any applicable series of Securities a notice of the Default or Event
of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of or premium,
if any, Additional Amounts, if any, or interest, if any, on any Security, the Trustee may withhold the notice if and so long as
it in good faith determines that withholding the notice is in the interests of Holders of such series of Securities.

 

SECTION 6.06.                         

Reports by Trustee to Holders. By July 15th of each year following the date of issuance of any Securities, the Trustee
shall mail to Holders a brief report dated as of July 15 of such year that complies with TIA Section 313(a); provided, however,
that if no event described in TIA Section 313(a) has occurred within the 12 months preceding the reporting date, no report need
be transmitted. The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports as required
by TIA Sections 313(c) and 313(d).

 

A copy of each report at the time of its
mailing to Holders shall be filed with the SEC and each securities exchange, if any, on which the Securities are listed. The Company
shall notify the Trustee if and when the Securities are listed on any securities exchange.

 

SECTION 6.07.                         
Compensation and Indemnity. The Company and any Guarantor jointly and severally agree to pay to the Trustee from time
to time such compensation as agreed to by the Company, any Guarantor and the Trustee, for its acceptance of this Indenture and
its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Company and any Guarantor jointly and severally agree to reimburse the Trustee upon request for all reasonable and documented
disbursements, advances and expenses incurred by it. Such expenses shall include the reasonable and documented compensation, disbursements
and expenses of the Trustee’s agents and counsel.

 

The Company and any Guarantor jointly and
severally agree to indemnify the Trustee or any predecessor Trustee and their agents, employees, officers and directors for and
to hold them harmless against any and all loss, liability, damage, claim, or expense (including reasonable and documented fees
and expenses of counsel and taxes, other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it arising out of or in connection with this Indenture or the administration of this trust, including the reasonable and documented
costs and expenses of enforcing this Indenture against the Company and of defending itself against any third party claim (whether
asserted by any Holder or any other Person), except as set forth in the next paragraph. The Trustee shall notify the Company and
any Guarantor promptly of any claim for which it may seek indemnity; however, failure to give such notice shall not relieve the
Company or any Guarantor of their obligations. The Company shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have separate counsel, and the Company and any Guarantor shall pay the reasonable fees and expenses of such counsel.
The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.

 

    25

     

    

 

Notwithstanding anything herein to the contrary,
neither the Company nor any Guarantor shall be obligated to reimburse any fee or expense or indemnify against any loss, liability,
damage, claim or expense incurred by the Trustee through negligence or willful misconduct.

 

To secure the payment obligations of the
Company and any Guarantor in this Section 6.07, the Trustee shall have a lien prior to the Securities on all money or property
held or collected by the Trustee, except that held in trust to pay principal of and premium, if any, and Additional Amounts, if
any, and interest, if any, on the Securities. Such lien shall survive the satisfaction and discharge of this Indenture.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.01(iv) or (v) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

 

SECTION 6.08.                         
Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 6.08.

 

The Trustee may resign and be discharged
from the trust hereby created by so notifying the Company and any Guarantor. The Holders of a majority in aggregate principal amount
of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Company. The Company may remove the
Trustee if:

 

(i)                 
the Trustee fails to comply with Section 6.10;

 

(ii)               
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;

 

(iii)              
a Custodian or public officer takes charge of the Trustee or its property; or

 

(iv)              
the Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns or is removed or
if a vacancy exists in the office of Trustee for any reason, the Company or any Guarantor shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the Securities then
outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee does not take office
within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10%
in aggregate principal amount of the Securities then outstanding may petition any court of competent jurisdiction at the expense
of the Company for the appointment of a successor Trustee.

 

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

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company and any Guarantor. Thereupon, the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall send a notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 6.07. Notwithstanding
replacement of the Trustee pursuant to this Section 6.08, the obligations of the Company and any Guarantor under Section 6.07 shall
continue for the benefit of the retiring Trustee.

 

    26

     

    

 

SECTION 6.09.                          Successor
Trustee by Merger, etc. Subject to Section 6.10, if the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation, the successor corporation without any further
act shall be the successor Trustee; provided, however, that in the case of a transfer of all or substantially
all of its corporate trust business to another corporation, the transferee corporation expressly assumes all of the
Trustee’s liabilities hereunder.

 

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; and in case at that time any of the Securities shall
not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which
it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

 

SECTION 6.10.                         
Eligibility; Disqualification. There shall at all times be a Trustee hereunder which shall be a corporation organized
and doing business under the laws of the United States of America, any State thereof or the District of Columbia and authorized
under such laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District
of Columbia) authority and shall have, or be a Subsidiary of a bank or bank holding company having, a combined capital and surplus
of at least $100 million as set forth in its most recent published annual report of condition.

 

This Indenture shall always have a Trustee
that satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310 (a)(5). The Trustee is subject to and shall comply
with the provisions of TIA Section 310(b) during the period of time required by this Indenture. Nothing in this Indenture shall
prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA Section 310(b).

 

SECTION 6.11.                         
Preferential Collection of Claims Against Company. The Trustee is subject to and shall comply with the provisions of
TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed
shall be subject to TIA Section 311(a) to the extent indicated therein.

 

ARTICLE
Seven

DISCHARGE OF INDENTURE, DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 7.01.                         

Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the applicable
series of Securities (except as provided in the last paragraph of this Section 7.01), and the Trustee, on demand of the Company,
shall execute such instruments acknowledging the satisfaction and discharge of this Indenture with respect to such series of Securities,
when:

 

(a)                
either:

 

(i)                 
all outstanding Securities of the applicable series theretofore authenticated and issued (other than destroyed, lost or
wrongfully taken Securities of the applicable series that have been replaced or paid) have been delivered to the Registrar for
cancellation; or

 

(ii)               
all outstanding Securities of the applicable series not theretofore delivered to the Registrar for cancellation:

 

(1)               
have become due and payable,

 

(2)               
will become due and payable at their Stated Maturity within one year, or

 

(3)                will
be scheduled for redemption within one year in the case of clause (1) or (2) above or this clause (3), has deposited or
caused to be deposited with the Trustee (or such other entity directed, designated or appointed by the Company and reasonably
acceptable to the Trustee acting for the Trustee for this purpose) as funds (immediately available to the Holders of the
applicable series of Securities in the case of clause (1)) in trust for such purpose an amount of cash or, in the case of
clause (2) or this clause (3), U.S. Government Obligations or a combination thereof which, together with earnings thereon,
will be sufficient, in the case of clause (2) or this clause (3), in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (or such other entity
directed, designated or appointed by the Company and reasonably acceptable to the Trustee acting for the Trustee for this
purpose), to pay and discharge the entire indebtedness on such Securities for principal, premium, if any, Additional Amounts,
if any, and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the
Stated Maturity or Redemption Date, as the case may be;

 

    27

     

    

 

(b)               
the Company has paid all other sums payable by it hereunder; and

 

(c)                
the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to satisfaction
and discharge of this Indenture have been complied with, together with an Opinion of Counsel to the same effect.

 

However, the obligations of the Company
in Section 2.04, Section 2.07, Section 2.08, Section 3.02 and this Section 7.01, the obligations of the Company and any Guarantor
in Section 6.07, Section 6.08, and Section 7.07 and the obligations of the Trustee and the Paying Agent in Section 7.06 shall survive
the satisfaction and discharge of this Indenture until the Securities of the applicable series are no longer outstanding. Thereafter,
only the obligations of the Company and any Guarantor in Section 6.07 and the obligations of the Trustee and the Paying Agent in
Section 7.06 shall survive with respect to such series of Securities.

 

SECTION 7.02.                         
Legal Defeasance. The Company and any Guarantor may, subject as provided herein, terminate by legal defeasance all of
their obligations with respect to any series of Securities if:

 

(a)                
the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee (or such other entity directed,
designated or appointed by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose) as trust
funds in trust for the purpose of making the following payments dedicated solely to the benefit of the Holders of such series of
Securities (A) cash in an amount, or (B) U.S. Government Obligations, or (C) a combination thereof, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable to the Trustee acting
for the Trustee for this purpose), to pay, without consideration of the reinvestment of any such amounts and after payment of all
taxes or other charges or assessments in respect thereof payable by the Trustee (or such other entity directed, designated or appointed
by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose), the principal of and premium,
if any, Additional Amounts, if any and interest, if any, on all Securities of that series on each date that such principal, premium,
if any, Additional Amounts, if any, or interest, if any, is due and payable and to pay all other sums payable by it hereunder;
provided that the Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable
to the Trustee acting for the Trustee for this purpose) shall have been irrevocably instructed to apply such money or the proceeds
of such U.S. Government Obligations to the payment of said principal, premium, if any, Additional Amounts, if any, and interest,
if any, with respect to the Securities of that series as the same shall become due;

 

(b)               
the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to such legal
defeasance have been complied with, and an Opinion of Counsel to the same effect;

 

(c)                
no Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as Section
5.01(iv) and Section 5.01(v) are concerned, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such period) with respect to such
series of Securities;

 

(d)               
the Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to the
Trustee to the effect that, based on a Revenue Ruling of the Internal Revenue Service or a private letter ruling of the Internal
Revenue Service issued to the Company or the relevant Guarantor or a change in U.S. Federal income tax law occurring after the
date of this Indenture, the Holders of such series of Securities will not recognize income, gain or loss for U.S. Federal income
tax purposes as a result of the Company’s exercise of its option under this Section 7.02 and will be subject to U.S. Federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such option had not been
exercised;

 

    28

     

    

 

(e)                
 such deposit and legal defeasance will not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company or any Guarantor is a party or by which it is bound; and

 

(f)                 
such deposit and legal defeasance shall not cause the Trustee to have a conflicting interest as defined in TIA Section 310(b).

 

In such event, payment of the series of
Securities may not be accelerated because of an Event of Default, Article Nine, Article Fourteen and the other provisions of this
Indenture shall cease to be of further effect with respect to that series of Securities (except as provided in the next succeeding
paragraph), and the Trustee, on demand of the Company, shall execute proper instruments acknowledging such legal defeasance.

 

However, the obligations of the Company
in Section 2.04, Section 2.07, Section 2.08, Section 3.02 and this Section 7.02, the obligations of the Company and any Guarantor
in Section 6.07, Section 6.08 and Section 7.07 and the obligations of the Trustee and the Paying Agent in Section 7.06 shall survive
such legal defeasance until the Securities of the applicable series are no longer outstanding. Thereafter, only the obligations
of the Company and any Guarantor in Section 6.07 and the obligations of the Trustee and the Paying Agent in Section 7.06 shall
survive with respect to such series of Securities.

 

The Company may exercise its option under
this Section 7.02 notwithstanding its prior exercise of its Covenant Defeasance option under Section 7.03.

 

SECTION 7.03.  
Covenant Defeasance. The Company and the Guarantor, if any, may, subject as provided herein and with respect to any
series of Securities, be released from their respective obligations to comply with, and shall have no liability in respect of any
term, condition or limitation with respect to such series of Securities, set forth in Section 3.03, Section 3.07 and Section 4.01
Article Nine and Article Fourteen, and such omission to comply with any of Section 3.03, Section 3.07, Section 4.01, Article Nine
and Article Fourteen shall not constitute an Event of Default under Section 5.01 (“Covenant Defeasance”), with the
remainder of this Indenture and such series of Securities unaffected thereby if:

 

(a)                
the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee (or such other entity directed,
designated or appointed by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose) as trust
funds in trust for the purpose of making the following payments dedicated solely to the benefit of the Holders of such series of
Securities (A) cash in an amount, or (B) U.S. Government Obligations, or (C) a combination thereof, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable to the Trustee acting
for the Trustee for this purpose), to pay, without consideration of the reinvestment of any such amounts and after payment of all
taxes or other charges or assessments in respect thereof payable by the Trustee (or such other entity directed, designated or appointed
by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose), the principal of and premium,
if any, Additional Amounts, if any and interest, if any, on all Securities of that series on each date that such principal, premium,
if any, Additional Amounts, if any, or interest, if any, is due and payable and to pay all other sums payable by it hereunder;
provided that the Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable
to the Trustee acting for the Trustee for this purpose) shall have been irrevocably instructed to apply such money and/or the proceeds
of such U.S. Government Obligations to the payment of said principal, premium, if any, Additional Amounts, if any, and interest,
if any, with respect to the Securities as the same shall become due;

 

(b)               
the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to the Covenant
Defeasance contemplated by this provision have been complied with, and an Opinion of Counsel to the same effect;

 

(c)                
no Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as Section
5.01(iv) and Section 5.01(v) are concerned, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such period) with respect to such
series of Securities;

 

    29

     

    

 

(d)               
 the Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to
the Trustee to the effect that the Holders of such series of Securities will not recognize income, gain or loss for U.S. Federal
income tax purposes as a result of the Company’s exercise of its option under this Section 7.02 and will be subject to U.S.
Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such option had
not been exercised;

 

(e)                
such Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any other agreement
or instrument to which the Company or any Guarantor is a party or by which it is bound;

 

(f)                 
such Covenant Defeasance shall not cause the Trustee to have a conflicting interest as defined in TIA Section 310(b); and

 

(g)               
at the time of the deposit in Section 7.03(a) above, (A) no default in the payment of principal, premium or interest on
any Senior Debt shall have occurred and be continuing or (B) no other event of default with respect to any Senior Debt shall have
occurred and be continuing and shall have resulted in such Senior Debt becoming or being declared due and payable prior to the
date on which it would otherwise have become due and payable, or, in the case of either (A) or (B) above, each such default or
event of default shall have been cured or waived or shall have ceased to exist.

 

SECTION 7.04.                         
Government Obligations. In order to have money available on a payment date under Section 7.01, Section 7.02 and Section
7.03 to pay principal of or premium, if any, Additional Amounts, if any, or interest, if any, on the applicable series of Securities,
the U.S. Government Obligations shall be payable as to principal or interest, if any, on or before such payment date in such amounts
as will provide the necessary money. U.S. Government Obligations shall not be callable at the issuer’s option.

 

SECTION 7.05.                         
Application of Trust Money. The Trustee (or such other entity directed, designated or appointed by the Company and reasonably
acceptable to the Trustee acting for the Trustee for this purpose) or the Company shall hold in trust money or U.S. Government
Obligations deposited with it pursuant to Section 7.01, Section 7.02 and Section 7.03. Such money or U.S. Government Obligations
so held in trust shall not be subject to the provisions of Article Fourteen. It shall apply the deposited money and the money from
U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and premium,
if any, Additional Amounts, if any, and interest, if any, on Securities of the applicable series with respect to which the deposit
was made.

 

SECTION 7.06.                         
Repayment to Company. The Trustee and the Paying Agent shall promptly pay to the Company upon written request any excess
money or securities held by them at any time. Subject to the requirements of any applicable abandoned property laws, the Trustee
and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal of, premium,
if any, Additional Amounts, if any, or interest, if any, that remains unclaimed for two years after the date upon which such payment
shall have become due; provided, however, that the Company shall have either caused notice of such payment to be
sent to each Holder entitled thereto no less than 30 days prior to such repayment or within such period shall have published such
notice in a financial newspaper of widespread circulation published in The City of New York. After payment to the Company, Holders
entitled to the money must look to the Company for payment as unsecured general creditors unless an applicable abandoned property
law designates another Person, and all liability of the Trustee and the Paying Agent with respect to such money shall cease.

 

SECTION 7.07.                          Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section
7.01, Section 7.02 or Section 7.03 by reason of any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company and
any Guarantor under this Indenture as it relates to the applicable series of Securities and the Securities shall be revived
and reinstated as though no deposit had occurred pursuant to Section 7.01, Section 7.02 or Section 7.03, as the case may be,
until such time as the Trustee or the Paying Agent is permitted to apply all such money or U.S. Government Obligations in
accordance with Section 7.01, Section 7.02 or Section 7.03; provided, however, that if the Company or any
Guarantor has made any payment of principal of or interest, if any, on any Securities of the applicable series because of the
reinstatement of its obligations, the Company or such Guarantor, as the case may be, shall be subrogated to the rights of the
Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or the
Paying Agent.

 

    30

     

    

 

ARTICLE
Eight

SUPPLEMENTAL INDENTURES

 

SECTION 8.01.                         
Without Consent of Holders. The Company, each Guarantor, if any, the Trustee may amend or supplement this Indenture
or any of the Securities or waive any provision hereof or thereof without the consent of any Holder:

 

(i)                 
to convey, transfer, assign, mortgage or pledge to the Trustee
as security for any or all series of Securities any property or assets;

 

(ii)               
to evidence the succession of another Person to the Company or any Guarantor, or successive successions, and the assumption
by the successor Person of the covenants, agreements and obligations of the Company or any Guarantor pursuant to Section 4.01 or
Section 4.03;

 

(iii)             
to add to the covenants of the Company or any Guarantor such further covenants, restrictions, conditions or provisions as
the Company or any Guarantor and the Trustee shall consider to be for the protection of the Holders of any or all series of Securities,
to surrender any right or power herein conferred upon the Company or any Guarantor, and to make the occurrence, or the occurrence
and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting
the enforcement of all or any of the several remedies provided in this Indenture, provided that in respect of any such additional
covenant, restriction, condition or provision such amendment or supplement may provide for a particular period of grace after default
(which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement
upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the
right of the Holders of a majority in aggregate principal amount of each series of affected Securities to waive such an Event of
Default;

 

(iv)              
to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, including,
without limitation, with respect to any of the provisions of Article Fourteen; provided that any such addition, change or
elimination (i) shall neither (A) 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 (B) modify the rights of the Holder of any such Security with respect to such
provision or (ii) shall become effective only when there is no such Security outstanding;

 

(v)               
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);

 

(vi)              
to establish the form or terms of Securities of any series as permitted by Article Two;

 

(vii)            
to cure any ambiguity or omission or to correct or supplement any provision contained herein or in any supplemental indenture
which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, provided
that no such action shall adversely affect the interests of the Holders of the Securities;

 

(viii)          
to provide for uncertificated Securities in addition to or in place of certificated Securities, if any, provided
that such uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such
that uncertificated notes are described in Section 163(f)(2)(B) of the Code;

 

    31

     

    

 

(ix)              
 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 of any series denominated in one or more Foreign Currencies, currency units or composite currencies;

 

(x)               
to provide for the issuance of Additional Securities and related Guarantees, if any, in accordance with this Indenture;

 

(xi)              
to secure the Securities of any series;

 

(xii)             
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 6.08 or provide additional
roles to any Trustee such as any Agent, authenticating agent, conversion agent or any other agent role specific to a particular
series of Securities;

 

(xiii)            
to effect or maintain, or otherwise comply with the requirements of the SEC in connection with, the qualification of this
Indenture under the TIA;

 

(xiv)            
to give effect to any provision of this Indenture; or

 

(xv)             
to make any other change that does not adversely affect the rights of any Holder.

 

Upon the request of the Company and each
Guarantor, if any, accompanied by a resolution of the Board of Directors of each of the Company and each Guarantor, if any, authorizing
the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver, and upon receipt by
the Trustee and the Securities

 

Administrator of the documents described
in Section 8.06, the Trustee shall join with the Company and each Guarantor, if any, in the execution of such supplemental indenture.
After an amendment, supplement or waiver under this Section 8.01 becomes effective, the Company shall send to the Holders of each
Security affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or
waiver.

 

SECTION 8.02.                         
With Consent of Holders. Except as provided below in this Section 8.02, the Company, each Guarantor, if any, the Trustee
may amend or supplement this Indenture with the consent (including consents obtained in connection with a tender offer for the
Securities or a series of Securities or a solicitation of consents in respect of the Securities or a series of Securities, provided
that such offer or solicitation is made to all Holders of the applicable series of Securities then outstanding on equal terms)
of the Holders of at least a majority in aggregate principal amount of the series of Securities affected by such supplemental
indenture then outstanding affected thereby.

 

The Holders of a majority in aggregate principal
amount of the Securities of a series then outstanding may waive compliance in a particular instance by the Company or any Guarantor
with any provision of this Indenture or the applicable Securities (including waivers obtained in connection with a tender offer
for such Securities or a solicitation of consents in respect of such Securities.

 

Upon the request of the Company and
each Guarantor, if any, accompanied by a resolution of the Board of Directors of each of the Company and each Guarantor, if
any, authorizing the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver,
and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee
of the documents described in Section 8.06, the Trustee shall join with the Company and each Guarantor, if any, in the
execution of such supplemental indenture. After an amendment, supplement or waiver under this Section 8.02 becomes effective,
the Company shall send to the Holders of each Security affected thereby a notice briefly describing the amendment, supplement
or waiver. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such amendment, supplement or waiver.

 

    32

     

    

 

It shall not be necessary for the consent
of the Holders under this Section 8.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall
be sufficient if such consent approves the substance thereof.

 

Without the consent of each Holder affected,
an amendment, supplement or waiver under this Section 8.02 may not:

 

(i)                
extend the final maturity of the principal of any of the Securities;

 

(ii)               
reduce the principal amount of any of the Securities (including reducing the amount of the principal of a Discount at Issue
Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02);

 

(iii)              
reduce the rate or extend the time of payment of interest, including default interest, Additional Amounts or any change
in the Floating or Adjustable Rate Provision pursuant to which such rate is determined that would reduce such rate for any period,
if any, on any of the Securities;

 

(iv)              
reduce any amount payable on redemption of any of the Securities;

 

(v)               
change the currency in which the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on any
of the Securities is payable;

 

(vi)              
impair the right to institute suit for the enforcement of any payment of principal of or premium, if any, Additional Amounts,
if any, or interest, if any, on any Security pursuant to Section 5.07 and Section 5.08, except as limited by Section 5.06;

 

(vii)             
make any change in the percentage of principal amount of the Securities necessary to waive compliance with or to modify
certain provisions of this Indenture pursuant to Section 5.04 or Section 5.07 or this clause of this Section 8.02;

 

(viii)            
 waive a continuing Default or Event of Default in the payment of principal of or premium, if any, Additional Amounts, if
any, or interest, including default interest, if any, on the Securities; or

 

(ix)              
make any change in the subordination provisions of this Indenture that would adversely affect the Holders.

 

The right of any Holder to participate in
any consent required or sought pursuant to any provision of this Indenture (and the obligation of the Company to obtain any such
consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record
of the Securities as of a record date fixed by the Company in accordance with Section 8.04 of this Indenture.

 

SECTION 8.03.                         
Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture or the Securities shall comply
in form and substance with the TIA as then in effect.

 

SECTION 8.04.                         
Revocation and Effect of Consents. A consent to an amendment, a supplement or a waiver by a Holder is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder
may revoke the consent as to its Security or portion of a Security if the Trustee receives written notice of revocation at any
time prior to (but not after) the date the Trustee receives an Officers’ Certificate certifying that the Holders of the
requisite principal amount of Securities have consented (and not theretofore revoked such consent) to the amendment, supplement
or waiver. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder,
and a consent thereto given in connection with a tender of a Holder’s Securities shall not be rendered invalid by such tender.

 

    33

     

    

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver or
to take any other action with respect to the Securities under this Indenture. If a record date is fixed, then notwithstanding the
provisions of the immediately preceding paragraph, those Persons who were Holders at the close of business on such record date
(or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment, supplement or waiver
or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date, and for this
purpose the Securities then outstanding shall be computed as of such record date. No consent shall be valid or effective for more
than 90 days after such record date unless consents from Holders of the principal amount of the Securities required hereunder for
such amendment, supplement or waiver to be effective shall have also been given and not revoked within such 90-day period.

 

After an amendment, supplement or waiver
becomes effective, it shall bind every Holder of the series of Securities unless it is of the type described in any of Section
8.02(i) through Section 8.02(viii). In such case, the amendment, supplement or waiver shall bind each Holder who has consented
to it and every subsequent Holder that evidences the same debt as the consenting Holder’s Security.

 

SECTION 8.05.                         
Notation on or Exchange of Securities. If an amendment or supplement changes the terms of a Security, the Trustee may
require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security
regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure
to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment or supplement.

 

SECTION 8.06.                         
Trustee to Sign Amendments, etc. The Trustee shall sign any supplemental indenture authorized pursuant to this Article
Eight if the supplemental indenture does not adversely affect the applicable rights, duties, liabilities or immunities of the Trustee.
If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such supplemental indenture, the Trustee shall
receive, and subject to Section 6.01, shall be fully protected in conclusively relying upon, an Opinion of Counsel and an Officers’
Certificate, as conclusive evidence that all conditions precedent to such supplemental indenture have been complied with, that
such supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will
be valid and binding upon the Company and each Guarantor, if any, in accordance with its terms.

 

SECTION 8.07.                         
Subordination Unimpaired. No provisions in any supplemental Indenture that affect the superior position of the holders
of Senior Debt shall be effective against holders of Senior Debt.

 

ARTICLE
Nine

GUARANTEES OF SECURITIES

 

SECTION 9.01.                         
Guarantees of Securities. Any series of Securities may be guaranteed by one or more of the Guarantor and any other Guarantor.
The terms and the form of any such Guarantee will be established in the manner contemplated by Section 2.02 for that particular
series of Securities.

 

ARTICLE
Ten

REDEMPTION

 

SECTION 10.01.                       
Applicability of Article. The provisions of this Article Ten shall be applicable to each series of Securities except
as otherwise specified as contemplated by Section 2.02 for such series of Securities.

 

SECTION 10.02.                        Notices
to Trustee. If the Company elects to redeem the Securities of a series pursuant to the redemption provisions of Section
10.08, it shall furnish to the Trustee, at least five days before notice of such redemption is to be given pursuant to
Section 10.04 (unless a shorter period is acceptable to the Trustee), an Officers’ Certificate setting forth the
Redemption Date, the principal amount of such Securities to be redeemed and the Redemption Price (or the method of
calculating the Redemption Price).

 

    34

     

    

 

SECTION 10.03.                       
Selection of Securities to be Redeemed. If less than all of the Securities of a series are to be redeemed, the Registrar
shall select the Securities to be redeemed by such method as the Registrar in its sole discretion shall deem fair and appropriate.
The particular Securities to be redeemed shall be selected by the Registrar from the outstanding Securities of the applicable series
not previously called for redemption.

 

The Registrar shall promptly notify the
Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption,
the principal amount thereof to be redeemed. Securities and portions of them selected shall be in minimum amounts of $2,000 and
integral multiples of $1,000 in excess thereof. Except as provided in the preceding sentence, provisions of this Indenture that
apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

SECTION 10.04.                       
Notices to Holders.

 

(a)               
At least 20 days but not more than 75 days before a Redemption Date (unless a different notice period is specified in the
applicable Securities), the Company shall give in conformity with Section 15.02 a notice of redemption to each Holder whose Securities
are to be redeemed. The notice shall identify the Securities to be redeemed (including CUSIP, ISIN or similar numbers, if any)
and shall state:

 

(i)               
the Redemption Date;

 

(ii)              
the Redemption Price (or the method of calculating the Redemption Price);

 

(iii)             
if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that,
after the Redemption Date, upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed
portion will be issued;

 

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

 

(v)             
that Securities called for redemption must be surrendered to the Paying Agent at the address specified in such notice to
collect the Redemption Price;

 

(vi)             
that unless the Company defaults in making the redemption payment, interest, if any, on Securities called for redemption
ceases to accrue on and after the Redemption Date and the only remaining right of the Holders is to receive payment of the Redemption
Price upon surrender to the Paying Agent of the Securities; and

 

(vii)            
the aggregate principal amount of Securities being redeemed.

 

(viii)          
If any of the Securities to be redeemed is in the form of a Global Security, then the Company shall modify such notice to
the extent necessary to accord with the procedures of the Depositary applicable to redemptions.

 

(b)               
At the Company’s request, the Paying Agent or Registrar shall give the notice required in Section 10.04(a) in the
Company’s name; provided, however, that the Company shall deliver to the Trustee, at least 15 days prior to
the requested delivery date (unless the Trustee consents in writing to a shorter period), an Officers’ Certificate requesting
that the Paying Agent or Registrar give such notice and setting forth the information to be stated in such notice as provided in
Section 10.04(a).

 

    35

     

    

 

SECTION 10.05.                        Effect
of Notices of Redemption. Once notice of redemption is given pursuant to Section 10.04, Securities called for redemption
become due and payable on the Redemption Date at the Redemption Price. Upon surrender to the Paying Agent, such Securities
shall be paid out at the Redemption Price, plus accrued and unpaid interest, if any, up to, but not including, the Redemption
Date; provided, however, that if the Redemption Date is after the taking of a record of the Holders on a record
date and on or prior to the related Interest Payment Date, if any, any accrued and unpaid interest shall be payable to the
Person in whose name the redeemed Securities are registered on such record date. Failure to give notice or any defect in the
notice to any Holder shall not affect the validity of the notice to any other Holder.

 

SECTION 10.06.                       
Deposit of Redemption Price. At or prior to 11:00 a.m. New York City time on the Redemption Date, the Company shall
deposit with the Trustee or with the Paying Agent immediately available funds sufficient to pay the Redemption Price of all Securities
to be redeemed on that date, plus accrued and unpaid interest thereon, if any, up to, but not including, the Redemption Date. The
Trustee or the Paying Agent shall return to the Company any money not required for that purpose less the expenses of the Trustee
as provided herein.

 

If the Company complies with the preceding
paragraph, interest on the Securities, if any, or portions thereof to be redeemed (whether or not such Securities are presented
for payment) will cease to accrue on the applicable Redemption Date. If any Security called for redemption shall not be so paid
upon surrender because of the failure of the Company to comply with the preceding paragraph, then interest, if any, will be paid
on the unpaid principal, premium, if any, and Additional Amounts, if any, from the Redemption Date until such principal, premium,
if any, and Additional Amounts, if any, are paid and, to the extent lawful, on interest, if any, not paid on such unpaid principal,
in each case at the rate provided in the Securities and in Section 3.01.

 

SECTION 10.07.                       
Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall issue and, upon receipt of
an Issuer Order, the Trustee or, as the case may be, an Authenticating Agent, shall authenticate for the Holder, at the expense
of the Company, a new Security equal in principal amount to the unredeemed portion of the Security surrendered.

 

SECTION 10.08.                       
Optional Redemption. The Securities may be redeemed at any time on such terms and subject to such conditions as are
specified in such Securities or supplemental Indenture.

 

Any redemption pursuant to this Section
10.08 shall be made, to the extent applicable, pursuant to the provisions of Section 10.02 through Section 10.07.

 

ARTICLE
Eleven

CONVERSION OF SECURITIES

 

SECTION 11.01.                       
Conversion of Securities. Any series of Securities may, if so specified in accordance with Section 2.02, be convertible
or exchangeable into any securities or property of the Company or an Affiliate of the Company. The terms and the form of any such
conversion right will be established in the manner contemplated by Section 2.02 for that particular series of Securities.

 

ARTICLE
Twelve

SINKING FUNDS

 

SECTION 12.01.                       
Sinking Funds. Any series of Securities may, if so specified in accordance with Section 2.02, have a requirement for
a sinking fund for the retirement of Securities of such series. The terms and requirements of any such sinking fund and the related
payments will be established in the manner contemplated by Section 2.02 for that particular series of Securities.

 

ARTICLE
Thirteen

REPAYMENT AT OPTION OF HOLDERS

 

SECTION 13.01.                       
Repayment at Option of Holders. Any series of Securities may, if so specified in accordance with Section 2.02, have
provisions for the repayment of such Securities before their Maturity at the option of Holders of Securities of such series. The
terms and requirements of any such repayment and option will be established in the manner contemplated by Section 2.02 for that
particular series of Securities.

 

    36

     

    

 

ARTICLE
Fourteen

SUBORDINATION OF SECURITIES

 

SECTION 14.01.                       
Securities Subordinated to Senior Debt. (a) The Company, for itself, its successors and assigns, covenants and agrees,
and each Holder, by his acceptance of any securities hereunder, likewise covenants and agrees, that the payment of the principal
of and premium, if any, Additional Amounts, if any, and interest, if any, on each and all of the Securities is hereby expressly
subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior
Debt.

 

(a)                
If:

 

(i)                 
the Company shall default in the payment of any principal of, premium, if any, or interest, if any, on any Senior Debt when
the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or otherwise,
or

 

(ii)               
any other default shall occur with respect to Senior Debt and the maturity of such Senior Debt has been accelerated in accordance
with its terms, then, upon written notice of such default to the Company and the Trustee by the holders of Senior Debt or any trustee
therefor, unless and until, in either case, the default has been cured or waived or has ceased to exist, or, any such acceleration
has been rescinded or such Senior Debt has been paid in full, no direct or indirect payment (in cash, property, securities, by
set-off or otherwise) shall be made or agreed to be made on account of the principal of, premium, if any, Additional Amounts, if
any, or interest, if any, on any of the Securities, or in respect of any redemption, retirement, purchase or other acquisition
of any of the Securities other than those made in capital stock of the Company (or cash in lieu of fractional shares thereof).

 

(b)               
If any default occurs (other than a default described in Section 14.01(b)) under the Senior Debt, pursuant to which the
maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration)
or at the expiration of any applicable grace periods (a “Senior Nonmonetary Default”), then, upon the receipt by the
Company and the Trustee of written notice thereof (a “Payment Blockage Notice”) from or on behalf of holders of such
Senior Debt of the Company specifying an election to prohibit such payment and other action by the Company in accordance with the
following provisions of this Section 14.01(c), the Company may not make any payment or take any other action that would be prohibited
by Section 14.01(b) during the period (the “Payment Blockage Period”) commencing on the date of receipt of such Payment
Blockage Notice and ending on the earlier of (i) the date, if any, on which the holders of such Senior Debt or their representative
notifies the Trustee that such Senior Nonmonetary Default is cured or waived or ceases to exist or the Senior Debt to which such
Senior Nonmonetary Default relates is discharged or (ii) the 179th day after the date of receipt of such Payment Blockage Notice.
Notwithstanding the provisions described in the immediately preceding sentence, the Company may resume payments on the Securities
following such Payment Blockage Period.

 

SECTION 14.02.                       
Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities. Upon any distribution of assets
of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency,
reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets
and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable
provision reflecting the rights conferred in this Indenture upon the Senior Debt and the holders thereof with respect to the Securities
and the Holders by a lawful plan or reorganization under applicable bankruptcy law):

 

(a)                
the holders of all Senior Debt shall be entitled to receive payment in full of the principal thereof, premium, if any, interest,
and any interest thereon, due thereon before the Holders are entitled to receive any payment upon the principal, premium, Additional
Amounts, interest of or on the Securities or interest on overdue amounts thereof;

 

    37

     

    

 

(b)                any
payment or distribution of assets of the Company, any Guarantor or any other obligor upon the Securities of any kind or
character, whether in cash, property or securities, to which the Holders or the Trustee (on behalf of the Holders) would be
entitled except for the provisions of this Article Fourteen shall be paid by the liquidating trustee or agent or other person
making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise,
directly to the holders of Senior Debt or their representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Debt may have been issued, ratably according to the
aggregate amounts remaining unpaid on account of the principal of, premium, if any, interest, if any, and any interest
thereon, on the Senior Debt of the Company held or represented by each, to the extent necessary to make payment in full of
all Senior Debt remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior
Debt; and

 

(c)                
in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company, any Guarantor (if
applicable) or any other obligor upon the Securities of any kind or character, whether in cash, property or securities, shall be
received by the Trustee (on behalf of the Holders) or the Holders before all Senior Debt is paid in full, such payment or distribution
shall be paid over to the holders of such Senior Debt or their representative or representatives or to the trustee or trustees
under any indenture under which any instruments evidencing any of such Senior Debt may have been issued, ratably as aforesaid,
for application to the payment of all Senior Debt remaining unpaid until all such Senior Debt shall have been paid in full, after
giving effect to any concurrent payment or distribution to the holders of such Senior Debt.

 

Subject to the payment in full of all Senior
Debt, the Holders shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of
cash, property or securities of the Company applicable to Senior Debt until the principal, premium, interest, and any interest
thereon, of or on the Securities shall be paid in full and no such payments or distributions to the Holders of cash, property or
securities otherwise distributable to the Senior Debt shall, as between the Company, its creditors other than the holders of Senior
Debt, and the Holders, be deemed to be a payment by the Company to or on account of the Securities. It is understood that the provisions
of this Article Fourteen are and are intended solely for the purpose of defining the relative rights of the Holders, on the one
hand, and the holders of Senior Debt, on the other hand. Nothing contained in this Article Fourteen or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt,
and the Holders, the obligation of the Company, which is unconditional and absolute, to pay to the Holders the principal of and
premium, if any, Additional Amounts, if any, and interest, if any, on the Securities as and when the same shall become due and
payable in accordance with their terms, or to affect the relative rights of the Holders and creditors of the Company other than
the holders of Senior Debt, nor shall anything herein or in the Securities prevent the Trustee or any Holder from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article
Fourteen of the holders of such Senior Debt in respect of cash, property or securities of the Company received upon the exercise
of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article Fourteen, the Trustee
shall be entitled to conclusively rely upon a certificate of the liquidating trustee or agent or other person making any distribution
to the Trustee for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of Senior
Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon,
and all other facts pertinent thereto or to this Article Fourteen.

 

The Trustee, however, shall not be deemed
to owe any fiduciary duty to the holders of Senior Debt. The Trustee shall not be liable to any such holder if it shall pay over
or distribute to or on behalf of Holders or the Company moneys or assets to which any holder of Senior Debt shall be entitled by
virtue of this Article Fourteen. The rights and claims of the Trustee under Section 6.07 shall not be subject to the provisions
of this Article Fourteen.

 

If the Trustee or any Holder does not file
a proper claim or proof of debt in the form required in any proceeding referred to above prior to 30 days before the expiration
of the time to file such claim in such proceeding, then the holder of any Senior Debt is hereby authorized, and has the right,
to file an appropriate claim or claims for or on behalf of such Holder.

 

SECTION 14.03.                        Payments
on Securities Permitted. Nothing contained in this Indenture or in any of the Securities shall (i) affect the obligation
of the Company to make, or prevent the Company from making, at any time except as provided in Section 14.01 and Section
14.02, payments of principal of and premium, if any, Additional Amounts, if any, and interest, if any, on the Securities or
(ii) prevent the application by the Trustee of any moneys deposited with it hereunder to the payment of or on account of the
principal of and premium, if any, Additional Amounts, if any, and interest, if any, on the Securities unless the Trustee
shall have received at the Corporate Trust Office of the Trustee written notice of any event prohibiting the making of such
payment two Business Days (A) prior to the date fixed for such payment, (B) prior to the execution of an instrument to
satisfy and discharge this Indenture based upon the deposit of funds, (C) prior to the execution of an instrument
acknowledging the defeasance of such Securities pursuant to Section 7.02 or (D) prior to any deposit pursuant to Section
7.03(a) with respect to such Securities.

 

    38

     

    

 

SECTION 14.04.                       
Authorization of Holders to Trustee to Effect Subordination. Each Holder by his acceptance thereof, whether upon original
issue or upon transfer or assignment, authorizes and directs the Trustee on his behalf to take such action as may be necessary
or appropriate to effectuate the subordination as provided in this Article Fourteen and appoints the Trustee his attorney-in-fact
for any and all such purposes.

 

SECTION 14.05.                       
Notices to Trustee. The Company shall give prompt written notice to a Responsible Officer of the Trustee located at
the Corporate Trust Office of the Trustee of any fact known to the Company which would prevent the making of any payment to or
by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article Fourteen or any other provisions of
this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged with knowledge of the existence
of any Senior Debt or of any event which would prohibit the making of any payment of moneys to or by the Trustee or such Paying
Agent, unless and until the Trustee or such Paying Agent shall have received (in the case of the Trustee, at the Corporate Trust
Office of the Trustee) written notice thereof from the Company or from the holder of any Senior Debt or from the trustee for or
representative of any Senior Debt together with proof satisfactory to the Trustee of such holding of such Senior Debt or of the
authority of such trustee or representative; provided, however, that if at least two Business Days prior to the date upon which
by the terms hereof any such moneys may become payable for any purpose (including, without limitation, the payment of principal
and premium, if any, Additional Amounts, if any, and interest, if any, on any Security) or the date on which the Trustee shall
execute an instrument acknowledging satisfaction and discharge of this Indenture or the defeasance of Securities pursuant to Section
7.02 or the date on which a deposit pursuant to Section 7.03(a) is made, the Trustee shall not have received with respect to such
moneys or the moneys deposited with it as a condition to such satisfaction and discharge or defeasance the notice provided for
in this Section 14.05, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority
to receive such moneys and to apply the same to the purpose for which they were received, and shall not be affected by any notice
to the contrary, which may be received by it on or after such two Business Days prior to such date. The Trustee shall be entitled
to conclusively rely on the delivery to it of a written notice by a person representing himself to be a holder of Senior Debt (or
a trustee or representative on behalf of such holder) to establish that such a notice has been given by a holder of Senior Debt
or a trustee or representative on behalf of any such holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution
pursuant to this Article Fourteen, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such Person under this Article Fourteen and, if such evidence
is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person
to receive such payment.

 

SECTION 14.06.                       
Trustee as a Holder of Senior Debt. The Trustee shall be entitled to all the rights set forth in this Article Fourteen
in respect of any Senior Debt at any time held by it to the same extent as any other holder of Senior Debt and nothing in this
Indenture shall be construed to deprive the Trustee of any of its rights as such holder.

 

SECTION 14.07.                       
Modification of Terms of Senior Debt. Any renewal or extension of the time of payment of any Senior Debt or the exercise
by the holders of Senior Debt of any of their rights under any instrument creating or evidencing such Senior Debt, including without
limitation the waiver of default thereunder, may be made or done all without notice to or assent from Holders or the Trustee.

 

No compromise, alteration, amendment,
modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or
obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under
which any Senior Debt is outstanding or of such Senior Debt, whether or not such release is in accordance with the provisions
of any applicable document, shall in any way alter or affect any of the provisions of this Article Fourteen or of the
Securities relating to the subordination thereof

 

    39

     

    

 

ARTICLE
Fifteen

MISCELLANEOUS

 

SECTION 15.01.                       
Trust Indenture Act Controls. Any reference to a requirement under the TIA shall apply to this Indenture irrespective
of whether or not this Indenture is then qualified thereunder. If any provision of this Indenture limits, qualifies or conflicts
with another provision which is required to be included in this Indenture by the TIA (or in any other indenture qualified thereunder),
the provision required by the TIA shall control.

 

SECTION 15.02.                       
Notices. Any notice or communication by the Company, the Guarantor, if any, the Trustee to the others is duly given
if in writing and delivered in person, by facsimile or by overnight air courier guaranteeing next day delivery or if mailed by
first-class mail (registered or certified, return receipt requested), in each case to the other’s address:

 

If to either the Company or the Guarantor,
if any, to it at:

 

Nabors Industries, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067

Attention: General Counsel

Facsimile: (281) 775-8431

 

If to the Trustee:

 

[_____________]

 

Each of the Company, the Guarantor, if any,
and the Trustee by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications shall be
deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited
in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery. Notwithstanding the foregoing, notices to the
Trustee shall be effective only upon receipt.

 

Any notice or communication to a Holder
shall be mailed by first-class mail, postage prepaid, to the Holder’s address shown on the register kept by the Registrar;
provided, however, if the Holder is the Depositary (or its nominee) any notice or communication to such Holder shall
be given in accordance with the Depositary’s rules and procedures. Failure to give a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other Holders.

 

If a notice or communication is delivered
or mailed or otherwise sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it.

 

If the Company or any Guarantor sends a
notice or communication to Holders, it shall send a copy to the Trustee at the same time.

 

All notices or communications, including,
without limitation, notices to the Trustee or the Company or any Guarantor by Holders, shall be in writing, except as set forth
below, and in the English language.

 

    40

     

    

 

In case by reason of the suspension of regular
mail service, or by reason of any other cause, it shall be impossible to mail any notice or communication required by this Indenture,
then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such
notice.

 

SECTION 15.03.                       
Communication by Holders with Other Holders. Holders may communicate pursuant to TIA Section 312(b) with other Holders
with respect to their rights under this Indenture, the Securities or the Guarantees. The Company, the Guarantor, if any, the Trustee,
each Agent and anyone else shall have the protection of TIA Section 312(c).

 

SECTION 15.04.                       
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company or any Guarantor
to the Trustee to take any action under this Indenture, the Company or any Guarantor shall furnish to the Trustee:

 

(i)               
an Officers’ Certificate (which shall include the statements set forth in Section 15.05) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action
have been complied with; and

 

(ii)              
an Opinion of Counsel (which shall include the statements set forth in Section 15.05) stating that, in the opinion of such
counsel, all such conditions precedent and covenants have been complied with.

 

SECTION 15.05.                       
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include:

 

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

 

(ii)              
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;

 

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

 

(iv)             
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

SECTION 15.06.                       
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or the Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

SECTION 15.07.                       
Legal Holidays. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record date is a
Legal Holiday, the record date shall not be affected.

 

SECTION 15.08.                       
No Recourse Against Others. A director, officer, employee or stockholder of the Company or any Guarantor, as such, shall
not have any liability for any obligations of the Company or any Guarantor under the Securities, the Guarantees or this Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security
waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of the Securities.

 

SECTION 15.09.                        Governing
Law; Jury Trial Waiver. This Indenture, the Securities and the Guarantees shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to applicable principles of conflicts of law. EACH
OF THE COMPANY, THE GUARANTOR, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    41

     

    

 

SECTION 15.10.                       
Consent to Jurisdiction and Service of Process. Where a Guarantor, if any, is not organized under the laws of the United
States (including the States thereof and the District of Columbia), such Guarantor hereby or immediately upon becoming a Guarantor
appoints the Company as the authorized agent thereof (the “Authorized Agent”) upon whom process may be served in any
action, suit or proceeding arising out of or based on this Indenture or the Securities which may be instituted in the Supreme Court
of the State of New York or the United States District Court for the Southern District of New York, in either case in the Borough
of Manhattan, The City of New York, by the Holder of any Security, and to the fullest extent permitted by applicable law, such
Guarantor hereby waives any objection which it may now or hereafter have to the laying of venue of any such proceeding and expressly
and irrevocably accepts and submits, for the benefit of the Holders from time to time of the Securities, to the nonexclusive jurisdiction
of any such court in respect of any such action, suit or proceeding, for itself and with respect to its properties, revenues and
assets. Such appointment shall be irrevocable unless and until the appointment of a successor authorized agent for such purpose,
and such successor’s acceptance of such appointment, shall have occurred. Such Guarantor agrees to take any and all actions,
including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force
and effect as aforesaid. Service of process upon the Authorized Agent with respect to any such action shall be deemed, in every
respect, effective service of process upon such Guarantor. Notwithstanding the foregoing, any action against such Guarantor arising
out of or based on any Security or the Guarantees may also be instituted by the Holder of such Security in any court in the jurisdiction
of organization of such Guarantor, and such Guarantor expressly accepts the jurisdiction of any such court in any such action.
The Company hereby accepts the foregoing appointment, as applicable, as agent for service of process.

 

SECTION 15.11.                       
Waiver of Immunity. To the extent that the Guarantor, if any, or any of its properties, assets or revenues may have
or may hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise,
from any legal action, suit or proceeding, from the giving of any relief in any thereof, from set-off or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution
of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement
of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities
or any other matter under or arising out of or in connection with this Indenture or the Securities, the Guarantor, to the maximum
extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and
consents to such relief and enforcement.

 

SECTION 15.12.                       
Judgment Currency. The Guarantor, if any, agrees to indemnify the Trustee and each Holder against any loss incurred
by it as a result of any judgment or order being given or made and expressed and paid in a currency (the “Judgment Currency”)
other than U.S. dollars and as a result of any variation as between (a) the rate of exchange at which the U.S. dollar amount is
converted into the Judgment Currency for the purpose of such judgment or order and (b) the spot rate of exchange in The City of
New York at which the Trustee or such Holder on the date of payment of such judgment or order is able to purchase U.S. dollars
with the amount of the Judgment Currency actually received by the Trustee or such Holder. The foregoing indemnity shall constitute
a separate and independent obligation of the Guarantor and shall continue in full force and effect notwithstanding any such judgment
or order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, U.S. dollars.

 

SECTION 15.13.                       
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company, the Guarantor, if any, or any other Subsidiary of the Guarantor. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

 

SECTION 15.14.                       
Successors. All agreements of the Company and the Guarantor, if any, in this Indenture and the Securities shall bind
their respective successors. All agreements of the Trustee in this Indenture shall bind its successor.

 

    42

     

    

 

SECTION 15.15.                       
Severability. 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 15.16.                       
Counterpart Originals. The parties may sign any number of copies of this Indenture by manual or facsimile signature.
Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

 

SECTION 15.17.                       
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the
Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it
may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

SECTION 15.18.                       
Force Majeure. In no event shall the Trustee be liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it beyond
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

SECTION 15.19.                       
Table of Contents, Headings, etc. The Table of Contents and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict
any of the terms or provisions hereof.

 

* * * * * *

 

    43

     

    

 

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

 

	 	Company:
	 	 
		NABORS INDUSTRIES, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Trustee:
	 	 
	 	[_____________]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
		Guarantor, if any:
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
		Guarantor, if any:
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

EXHIBIT
A

 

Face
of Security

 

GLOBAL SECURITY LEGEND

 

THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY
(AS DEFINED TN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE TN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (T) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED TN WHOLE BUT NOT TN PART PURSUANT
TO SECTION 2.07(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT
TO SECTION 2.10 OF THE INDENTURE.

 

UNLESS AND UNTIL IT IS EXCHANGED TN
WHOLE OR TN PART FOR SECURITIES TN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE COMPANY OR TTS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED TN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.*

 

 

*       This paragraph should
be included only if the Security is a Global Security.

 

    Exhibit A-1

     

    

 

NABORS INDUSTRIES, INC.

SUBORDINATED NOTE DUE

 

No.

CUSIP No. [$]

[ISIN:].

[Common Code:]

 

Nabors Industries, Inc., a Delaware corporation
(the “Company”), for value received promises to pay to or registered assigns, the principal sum of [Dollars] [if
applicable, insert one or more foreign currencies, currency units or composite currencies] [or such greater or lesser
amount as is indicated on the Schedule of Exchanges of Interests in the Global Securities on the other side of this Security*]
on .

 

[if applicable, insert —
Interest Payment Dates:

 

Record Dates: ]

 

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.

 

IN WITNESS WHEREOF, the Company has
caused this Security to be signed manually or by facsimile by one of its duly authorized officers.

 

Dated:

 

	 	NABORS INDUSTRIES, INC.
	 	 
	 	By:	 

 

Certificate of Authentication:

[_____________]

 

as Authenticating Agent, certifies that this is one of the Securities
referred to in the within-mentioned Indenture.

 

	By:		
		Authorized Signatory	 

 

 

*       This
phrase should be included only if the Security is a Global Security.

 

    Exhibit A-2

     

    

 

REVERSE OF SECURITY

NABORS INDUSTRIES, INC.

SUBORDINATED NOTE DUE

 

This Security is one of a duly authorized
issue of Subordinated Notes due (the “Securities”) of Nabors Industries, Inc., a Delaware corporation (the “Company”).

 

[if applicable, insert —
1. Interest. The Company promises to pay interest on the principal amount of this Security at [a rate of % per annum][if
the Security is a Floating or Adjustable Rate Security, insert — a rate per annum [computed/determined] in accordance
with the [insert defined name of Floating or Adjustable Rate Provision] set forth below], [if the Security is to bear interest
at a rate determined with reference to an index, refer to description of index below] until the principal hereof is paid or made
available for payment. The Company will pay interest on (each an “Interest Payment Date”), beginning , or if any such
day is not a Business Day, on the next succeeding Business Day. Interest on this Security will accrue from the most recent Interest
Payment Date on which interest has been paid or, if no interest has been paid, from ; provided that if there is no existing Default
in the payment of interest, and if this Security is authenticated between a record date referred to on the face hereof and the
next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date. Further, to the extent
lawful, the Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal, premium, if any, Additional Amounts, if any, and interest (without regard to any applicable grace period), from time
to time on demand at the rate [if applicable, insert — then in effect on the Securities][if applicable,
insert — of % per annum (to the extent that the payment of such interest shall be legally enforceable)]. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.]

 

[if applicable, insert —
2. Method of Payment. The Company will pay interest on this Security (except defaulted interest) to the Persons who are
registered Holders of this Security at the close of business on the record date next preceding the Interest Payment Date, even
if this Security is canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this
Security to a Paying Agent to collect payments of principal and premium, if any. The Company will pay the principal of and premium,
if any, and Additional Amounts, if any, and interest on this Security in money of the [United States of America] that at the time
of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global
Security (including principal, premium, if any, Additional Amounts, if any, and interest) will be made by wire transfer of immediately
available funds to the accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated
Security (including principal, premium, if any, Additional Amounts, if any, and interest) at the Corporate Trust Office of the
Trustee or at the office or agency of the Paying Agent maintained for such purpose in The City of New York or, at its option, by
mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated
Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the [United States] if such
Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept
in its discretion).]

 

[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 Maturity and in such case the overdue principal of this Security
shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable),
which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided
for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid
on demand shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable),
which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided
for, and such interest shall also be payable on demand.]

 

    Exhibit A-3

     

    

 

3.                   Ranking
[if applicable, insert — and Guarantees.] This Security is subordinated in right of payment to
Senior Debt as set forth in the Indenture hereinafter referred to, is an unsecured obligation of the Company [if
applicable, insert — and is guaranteed pursuant to guarantees (the “Guarantees”) by [Nabors
Industries Ltd., a Bermuda exempted company/ ] (the “Guarantor”). The Guarantees are unsecured obligations of the
Guarantor. References herein to the Indenture or the Securities shall be deemed also to refer to the Guarantees set forth in
the Indenture except where the context otherwise requires.]

 

[if applicable, insert — and is guaranteed
pursuant to guarantees (the “Guarantees “) by Nabors Industries Ltd., a Bermuda exempted company, and (jointly,
the “Guarantor” unless the context implies otherwise). The Guarantees are unsecured obligations of each Guarantor
for which each is jointly and severally liable. References herein to the Indenture or the Securities shall be deemed also to
refer to the Guarantees set forth in the Indenture except where the context otherwise requires.]

 

[if the Security is a Floating or Adjustable
Rate Security with respect to which the principal, premium, if any, or interest, if any, may be determined with reference to
an index, insert the text of the Floating or Adjustable Rate Provision.]

 

[if applicable, insert —
4. Optional Redemption.

 

(a) This Security is redeemable, in whole
or in part, at any time, at the Company’s option, at a Redemption Price equal to [the greater of (1) 100% of the principal
amount of this Security then outstanding to be redeemed, or (2) the sum of the present values of the remaining scheduled payments
of principal and interest thereon (exclusive of interest accrued to the Redemption Date), if any, computed by discounting such
payments to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal
to the sum of basis points plus the Adjusted Treasury Rate on the third Business Day prior to the Redemption Date, as calculated
by an Independent Investment Banker, plus accrued and unpaid interest hereon, if any, up to, but not including, the Redemption
Date (subject to the right of the holder of record of this Security on the relevant record date to receive interest on the relevant
Interest Payment Date as provided in Section 10.05 of the Indenture).]

 

“Adjusted Treasury Rate” means,
with respect to any Redemption Date, the yield (as compiled and published in the most recent Federal Reserve Statistical Release
H.15 (or is obtainable from the Federal Reserve System’s Data Download Program as of the date of such H.15) that has become
publicly available at least two Business Days prior to such date (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) (if no maturity is within three months before or after the remaining term of this Security,
yields for the two published maturities most closely corresponding to the Optional Redemption Comparable Treasury Issue will be
determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding
to the nearest month); or if such release (or any successor release) is not published during the week preceding the calculation
date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Optional Redemption
Comparable Treasury Issue, calculated using a price for the Optional Redemption Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Optional Redemption Comparable Treasury Price for such redemption date.

 

“Independent Investment Banker”
means , or if such firm is unwilling or unable to serve as such, and independent investment and banking institution of national
standing appointed by the Trustee.

 

“Optional Redemption Reference Treasury
Dealer” means each of up to five dealers to be selected by the Company [if applicable, insert — and the
Guarantor], and [its/their] respective successors; provided that if any of the foregoing ceases to be, and has no affiliate
that is, a primary U.S. governmental securities dealer (a “Primary Treasury Dealer”), the Company [and the Guarantor]
will substitute for it another Primary Treasury Dealer.

 

“Optional Redemption Comparable Treasury
Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Security,
or, if, in the reasonable judgment of the Independent Investment Banker, there is no such security, then the Optional Redemption
Comparable Treasury Issue will mean the U.S. Treasury security or securities selected by the Independent Investment Banker as having
an actual or interpolated maturity or maturities comparable to the remaining term of this Security.

 

“Optional Redemption Comparable
Treasury Price” means (1) the average of five Optional Redemption Reference Treasury Dealer Quotations for the
applicable redemption date, after excluding the highest and lowest Optional Redemption Reference Treasury Dealer Quotations,
or (2) if the Independent Investment Banker obtains fewer than five such Optional Redemption Reference Treasury Dealer
Quotations, the average of all such quotations.

 

    Exhibit A-4

     

    

 

“Optional Redemption Reference Treasury
Dealer Quotations” means, with respect to each Optional Redemption Reference Treasury Dealer and any Redemption Date for
this Security, the average, as determined by the Independent Investment Banker of the bid and asked prices for the Optional Redemption
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker and the Trustee at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.]

 

[if applicable, insert —
The sinking fund for Securities of this series provides for the redemption on in each year beginning with the year and ending with
the year of [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 [mandatory] sinking fund payments
may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made [in the inverse order in which
they become due).]

 

[If the Security is convertible into
or exchangeable for other securities or property, specify the conversion or exchange features and the form of conversion notice
pursuant to the Indenture.]

 

[If the Security is not a Discount at
Issue Security, insert — If an Event of Default shall occur and be continuing, the principal of the Securities
may be declared due and payable in the manner and with the effect provided in the Indenture.]

 

[If the Security is a Discount at Issue
Security, insert — If an Event of Default with respect to the Securities shall occur and be continuing, an amount
of principal of the Securities 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, if any, on any overdue principal and overdue interest (in each case to the extent that the payment
of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal
of and interest, if any, on the Securities shall terminate.]

 

5.                  
Paying Agent and Registrar. Initially, [_____________], will act as Paying Agent and Registrar. The Company
may change any Paying Agent, Registrar, co-registrar or additional paying agent without notice to any Holder. [if applicable,
insert — The Guarantor or any of its Subsidiaries may act in any such capacity.]

 

6.                  
 Indenture. The Company issued this Security under an Indenture dated as of [_____________] (as amended, supplemented
or otherwise modified from time to time, the “Indenture”) among the Company [if applicable, insert —,
the Guarantor] and the Trustee. The terms of this Security include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). This Security [if applicable,
insert — and the Guarantees] [is/are] subject to all such terms, and Holders are referred to the Indenture and the
Trust Indenture Act for a statement of such terms. To the extent any provision of this Security conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling (to the extent permitted by law). The Securities
are [secured/unsecured] obligations of the Company. The Company initially has issued [$] aggregate principal amount of Securities.

 

The Company may issue Additional Securities
under the Indenture. Capitalized terms used but not defined in this Security have the respective meanings given to such terms in
the Indenture.

 

7.                  
Denominations, Transfer, Exchange. The Securities are issuable only in registered form without coupons in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of this Security may be registered
and this Security may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture. The Registrar need not exchange or register the transfer of this Security during the period between a record date
and the corresponding Interest Payment Date.

 

    Exhibit A-5

     

    

 

8.                  
 Persons Deemed Owners. The registered Holder of a Security shall be treated as its owner for all purposes.

 

9.                  
 Amendments and Waivers. Subject to certain exceptions and limitations, the Indenture or this Security may be amended
or supplemented to the extent they effect the Securities or their Holders with the consent of the Holders of at least a majority
in aggregate principal amount of the then outstanding Securities, and compliance in a particular instance by the Company [and the
Guarantor] with any provision of the Indenture with respect to the Securities may be waived (other than certain provisions, including
any continuing Default or Event of Default in the payment of the principal of or premium, if any, Additional Amounts, if any, or
interest, if any, on the Securities) by the Holders of at least a majority in aggregate principal amount of the Securities then
outstanding in accordance with the terms of the Indenture. Without the consent of any Holder, the Company[, the Guarantor] and
the Trustee may amend or supplement the Indenture or this Security to: (i) convey, transfer, assign, mortgage or pledge to the
Trustee as security for this Security any property or assets; (ii) to evidence the succession of another entity to the Company
[or the Guarantor], or successive successions, and the assumption by the successor entity of the covenants, agreements and obligations
of the Company [or the Guarantor] pursuant to Section 4.01 or Section 4.03 of the Indenture; (iii) to add to the covenants of the
Company [or the Guarantor] such further covenants, restrictions, conditions or provisions as the Company [or the Guarantor] and
the Trustee shall consider to be for the protection of the Holders of Securities, to surrender any right or power conferred upon
the Company [or the Guarantor], and to make the occurrence, or the occurrence and continuance, of a default in any such additional
covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies
provided in the Indenture, provided that in respect of any such additional covenant, restriction, condition or provision
such amendment or supplement may provide for a particular period of grace after default (which period may be shorter or longer
than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may
limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in
aggregate principal amount of the Securities to waive such an Event of Default; (iv) to add to, change or eliminate any of the
provisions of the Indenture in respect of the Securities including without limitation, with respect to any of the provisions of
Article Fourteen of the Indenture; provided that any such addition, change or elimination (1) shall neither (A) apply to
Securities created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B)
modify the rights of the Holder of any such Security with respect to such provision or (2) shall become effective only when there
is no such Security outstanding; (v) to add any additional Events of Default for the benefit of the Holders of the Securities;
(vi) to establish the form or terms of Securities of any series as permitted by Article Two of the Indenture; (vii) to cure any
ambiguity or omission or to correct or supplement any provision contained in the Indenture or in any supplemental indenture which
may be defective or inconsistent with any other provision contained in the Indenture or in any supplemental indenture, provided
that no such action shall adversely affect the interests of the Holders of this Security; (viii) to provide for uncertificated
Securities in addition to or in place of certificated Securities, subject to any restrictions contained in the Indenture; (ix)
to add to or change any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the issuance
of Securities denominated in one or more Foreign Currencies, currency units or composite currencies; (x) to provide for the issuance
of Additional Securities and related Guarantees, if any, in accordance with the Indenture; (xi) to secure the Securities; (xii)
to evidence and provide for the acceptance of appointment by a successor Trustee with respect to the Securities and to add to or
change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts
under Indenture by more than one Trustee pursuant to the requirements of the Indenture or provide additional roles to any Trustee
such as any Agent, authenticating agent, conversion agent or any other agent role to the Securities; (xiii) to effect or maintain,
or otherwise comply with the requirements of the SEC in connection with, the qualification of the Indenture under the TIA; (xiv)
to effect any provision of the Indenture; or (xv) to make any other change that does not adversely affect the rights of any Holder.

 

The right of any Holder to participate in
any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Company to obtain any such
consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record
of this Security as of a record date fixed by the Company in accordance with the terms of the Indenture.

 

    Exhibit A-6

     

    

 

10.                Defaults
and Remedies. Events of Default include: (i) default in the payment of the principal of or premium, if any, on any
Security at its Maturity, and continuance of such default for a period of 10 days; or (ii) default in the payment of
interest, if any, or Additional Amounts, if any, upon any of the Securities when they become due and payable, and continuance
of such default for a period of 30 days; or (iii) default in the performance or observance, or breach, of any covenant of the
Company [or any Guarantor] in any Security or the Indenture (other than a covenant a default in whose performance or whose
breach is elsewhere in Section 5.01 of the Indenture as it relates to this series of Securities specifically dealt with), 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 [and the Guarantor] by the Trustee or to the Company[, the Guarantor] and the Trustee by the Holders of at least
25% in aggregate principal amount of the outstanding Securities a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture; or (iv)
certain events specified in the Indenture relating to the bankruptcy, insolvency or reorganization of the Company [or any
Guarantor]; or (v) the Guarantees cease to be in full force and effect or become unenforceable or invalid or are declared
null and void (other than in accordance with the terms of such Guarantees) or any Guarantor denies or disaffirms its
obligations under such Guarantees.]

 

If an Event of Default (other than an Event
of Default referred to in clause (iv) of the preceding paragraph) with respect to this Security occurs and is continuing, the Trustee
by notice to the Company [and the Guarantor], or by the Holders of at least 25% in aggregate principal amount of the then outstanding
Securities by written notice to the Company[, the Guarantor] and the Trustee, may declare all of the then outstanding Securities
to be due and payable immediately. If an Event of Default referred to in such clause (iv) occurs, acceleration of all amounts payable
on the Securities shall be automatic. The amount due and payable upon the acceleration of any Security is equal to 100% of the
principal amount thereof plus premium, if any, Additional Amounts, if any, and accrued and unpaid interest, if any, to the date
of payment. Holders may not enforce the Indenture or this Security except as provided in the Indenture. The Trustee does require
indemnity reasonably satisfactory to it before it enforces the Indenture or this Security. Subject to certain limitations, Holders
of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium,
if any, Additional Amounts, if any, or interest, if any) if it determines that withholding notice is in their interests. Each of
the Company [and the Guarantor] must furnish an annual compliance certificate to the Trustee.

 

11.               
Additional Amounts. If the Company [or the Guarantor] is required to withhold or deduct any amount for or on account
of any Taxes for any payment made under or with respect to this Security, it will pay any Additional Amounts.

 

12.               
Discharge or Defeasance Prior to Maturity. The Indenture shall be satisfied and discharged upon the payment of all
of the Securities, and it may be satisfied and discharged (except for certain obligations) upon the irrevocable deposit with the
Trustee of cash, or U.S. Government Obligations or a combination thereof sufficient for such payment. The Indenture also contains
provisions for defeasance of (i) the entire indebtedness of the Company on the Securities and (ii) certain restrictive covenants
and the related Events of Default, subject to compliance by the Company with certain conditions set forth in the Indenture.

 

13.               
Trustee Dealings with the Company [and the Guarantor]. The Trustee in its individual or any other capacity may become
the owner or pledgee of this Security and may otherwise deal with the Company[, the Guarantor] or any of [its/their] Affiliates
with the same rights it would have if it were not the Trustee.

 

14.               
No Recourse Against Others. A director, officer, employee or stockholder of the Company [or the Guarantor], as such,
shall not have any liability for any obligations of the Company [or the Guarantor] under this Security[, the Guarantees] or the
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting
this Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of
this Security.

 

15.               
Authentication. This Security shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose until authenticated by the manual signature of an authorized signatory of the Trustee, which signature shall be
conclusive evidence that this Security has been authenticated under the Indenture.

 

16.                CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused a CUSIP number to be printed on this Security as a convenience to the Holders of this Security. No
representation is made as to the correctness of such number either as printed on this Security or as contained in any notice
of a redemption and that reliance may be placed only on the other identification numbers printed on this Security.

 

    Exhibit A-7

     

    

 

17.               
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

18.               
Governing Law. The Indenture[, the Guarantees] and this Security shall be governed by and construed in accordance
with, the laws of the State of New York, without regard to conflicts of law principles.

 

The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture. Request may be made to it at:

 

Nabors Industries, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281) 874-0035

Telecopier No.: (281) 775-8431

 

    Exhibit A-8

     

    

 

[if applicable, insert — FORM OF
NOTATION ON SECURITY

RELATING TO GUARANTEES

 

The Guarantor (which term includes any successor
Person in such capacity under the Indenture), has fully, unconditionally and absolutely guaranteed, to the extent set forth in
the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of and premium, if
any, Additional Amounts, if any, and interest, if any, on these Securities and all other amounts due and payable under the Indenture
and these Securities by the Company.

 

The obligations of the Guarantor to the
Holders of Securities and to the Trustee pursuant to the Guarantees and the Indenture are expressly set forth in Article Nine of
the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees.

 

	 	Guarantor
	 	 
	 	NABORS INDUSTRIES LTD.
	 	 
	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	 
	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 

 

    Exhibit A-9

     

    

 

ASSIGNMENT FORM

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to:

 

	(Insert assignee’s social security or tax I.D. number)
	(Print or type assignee’s name, address and zip code)

and irrevocably appoint as agent to transfer this Security on the books of the Company. The agent may substitute another to act
for him.

 

	Date:	 

 

	Your Signature:	 

(Sign
exactly as your name appears on the face of this Security)

 

	Signature Guarantee:
	 

(Participant in a Recognized Signature Guaranty Medallion Program)

 

    Exhibit A-10

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL SECURITY**

 

The following increases or decreases in
the principal amount of this Global Security have been made:

 

	Date of

Transaction	 	Amount of

Decrease in

Principal Amount

of Global Security	 	Amount of

Increase in

Principal Amount

of Global Security	 	Principal Amount

of Global Security

Following Such

Decrease

(or Increase)	 	Signature of

Authorized

Signatory, Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

**       This Schedule should
be included only if the Security is a Global Security.

 

    Exhibit A-11

     

    

 

[FORM OF CONVERSION NOTICE]

 

To Nabors Industries, Inc.:

 

The undersigned owner of this Security hereby irrevocably exercises
the option to convert this Security, or portion hereof (which is $2,000 or an integral multiple of $1,000 in excess thereof) below
designated, into shares of [describe the “Exchange Securities,” which are the securities into which this Security is
convertible or for which this Security is exchangeable], in accordance with the terms of the Indenture, and directs that the [Exchange
Securities] issuable and deliverable upon the conversion, together with any check in payment for fractional [Exchange Securities]
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
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 within such period), this Notice is accompanied by payment
of an amount equal to the interest payable on such Interest Payment Date, if any, of the principal of this Security to be converted.
If [Exchange Securities] 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 (which is $1,000 or an integral
multiple of $1,000 in excess thereof, if less than all [if applicable, insert the equivalent thereof in one or more
Foreign Currencies, currency units or composite currencies]):

 

	[$] Dated	 
	 	Signature

 

[If applicable, Signature(s) must be guaranteed by an
institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent
Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program
(SEMP); or (iv) another guarantee program acceptable to the Trustee.

 

	 	 
	 	Signature Guarantee]

 

    Exhibit A-12

     

    

 

Fill in for registration of Exchange Securities and Security
if to be issued otherwise than to the registered holder.

 

	 	 
	 	(Name)
	 	 
	 	(Address)
	 	Please print Name and Address

(including zip code)

 

Social Security or other Taxpayer Identifying Number:

 

    Exhibit A-13EX-4.1

 Exhibit 4.1 

REGISTRATION RIGHTS AND RESALE COOPERATION AGREEMENT 

This Registration Rights and Resale Cooperation Agreement (including all exhibits hereto and as may be amended, supplemented or amended and
restated from time to time in accordance with the terms hereof, this “Agreement”) is made and entered into as of January 30, 2021, by and between Copper Property CTL Pass Through Trust (the
“Trust”) and Copper Bidco LLC (“Bidco”) on behalf of the Certificateholders from time to time (as defined below). 

WHEREAS, the Amended and Restated Pass Through Trust Agreement, dated as of January 30, 2021, by and between GLAS Trust Company LLC, as
trustee (the “Trustee”), and Bidco (the “Trust Agreement”) provides that the Trust will enter into a registration rights and resale cooperation agreement with the Trustee and Bidco for the benefit of
Certificateholders and any Affiliates or Related Funds thereof that receive Trust Certificates; 
 NOW, THEREFORE, IN CONSIDERATION of the
mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Trust and each of the Certificateholders agree as follows: 

1. 
 (a) Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Trust Agreement have the meanings given such terms in the Trust Agreement. As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with, such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made (including any Related Funds of such Person). For purposes of this definition, the term
“control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 promulgated under the Securities Act, as such definition may be amended from time to time. 
 “beneficially
own” (and related terms such as “beneficial ownership” and “beneficial owner”) shall have the meaning given to such term in Rule 13d-3 under the Exchange Act, and any Person’s beneficial ownership of securities
shall be calculated in accordance with the provisions of such Rule. 
 “Business Day” means any day other than a Saturday,
a Sunday or a day on which commercial banks are required or authorized to close in New York, New York, or, so long as any Trust Certificate is outstanding, the city and state in which the Trustee maintains its Corporate Trust Office or receives and
disburses funds. 
  

 “Certificateholder” or “Certificateholders” means any
holder of Trust Certificates. 
 “Commission” means the Securities and Exchange Commission. 

“Counsel to the Majority Participating Certificateholders” means with respect to any (i) Demand Registration, the
counsel selected by the Demanding Certificateholder, (ii) Underwritten Takedown, the counsel selected by the Majority Participating Eligible Certificateholders and (iii) any cooperation in third party sales pursuant to
Section 13, the counsel selected by the Majority Participating Eligible Certificateholders. 
 “Demanding
Certificateholder” means, with respect to any Demand Registration, the Eligible Certificateholder initially requesting such Demand Registration. 

“Disallowed Transferee” means any of (i) the Debtors, (ii) Simon Property Group, Brookfield Asset Management,
Penney Intermediate Holdings LLC or any tenant of a Retail Property or DC Property, (iii) the Trustee, the Manager, the Financial Advisor, any Real Estate Broker or any other advisor engaged by or on behalf of the Trust at any time during the
term of this Trust Agreement (including without limitation, any Leasing Agents or Property Managers) or (iv) any Affiliate of or any successors in interest to the foregoing Persons. 

“Effective Date” means the date that a Registration Statement filed pursuant to this Agreement is first declared effective by
the Commission. 
 “Eligible Certificateholder” means any Certificateholder that, together with its Affiliates, holds at
least 9% of the Registrable Certificates. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 “Form S-3” means Form S-3 under
the Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage as Form S-3. 

“Form S-4” means Form S-4 under the
Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage as Form S-4. 

“Form S-8” means Form S-8 under the
Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage as Form S-8. 

“Form S-11” means Form S-11 under the Securities Act, or any other form hereafter
adopted by the Commission for the general registration of securities under the Securities Act. 
 “Fractional Undivided
Interests” means the fractional undivided interest in the Trust that is evidenced by a Certificate relating to the Trust. 

“Majority Participating Eligible Certificateholders” means, with respect to any Underwritten Offering, Eligible
Certificateholders representing a majority of the Registrable Certificates to be included in such Underwritten Offering held by all Eligible Certificateholders that have made the request requiring the Trust to conduct such Underwritten Offering.

  
 2 

 “Manager” has the meaning given thereto in the Trust Agreement. 

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

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus included
in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Certificates covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Registrable Certificates” means, collectively, (a) as of the date of this Agreement, all Trust Certificates
issued, and any additional Trust Certificates issued or issuable after the date of this Agreement and (b) any additional Trust Certificates paid, issued or distributed in respect of any such securities by way of a stock dividend, stock split or
distribution, or in connection with a combination of securities, and any security into which such Trust Certificates shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger,
consolidation, exchange, distribution or otherwise; provided, however, that as to any Registrable Certificates, such securities shall cease to constitute Registrable Certificates upon the date on which such securities are disposed of pursuant
to an effective Registration Statement. 
 “Registration Statement” means any one or more registration statements of the
Trust filed under the Securities Act that covers the resale of any of the Registrable Certificates pursuant to the provisions of this Agreement (including, without limitation, any Shelf Registration Statement), amendments and supplements to such
registration statements, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements. 

“Related Fund” means, with respect to any Certificateholder and its Affiliates (i) any investment funds or other
entities who are advised by the same investment advisor, (ii) any investment funds or other entities who are managed by the same manager, (iii) their respective accounts, funds and investment vehicles advised or managed by such
Certificateholder or its Affiliates. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities
Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule. 

  
 3 

 “Rule 144A” means Rule 144A promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule. 

“Rule 158” means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Selling Certificateholder Questionnaire” means a questionnaire reasonably adopted by the Trust from time to time. 

“Shelf Registration Statement” means a Registration Statement filed with the Commission in accordance with the
Securities Act for the offer and sale of Registrable Certificates by Certificateholders on a continuous or delayed basis pursuant to Rule 415. 

“Trading Day” means a day during which trading in the Trust Certificates occurs in the Trading Market, or if the Trust
Certificates are not listed on a Trading Market, a Business Day. 
 “Trading Market” means whichever of the New York Stock
Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, or one of the markets operated by OTC Markets Group on which the Trust Certificates are listed or quoted for trading on the date in
question. 
 “Trust” has the meaning set forth in the Preamble and includes the Trust’s successors under the Trust
Agreement. 
 “Trust Certificates” means the pass-through certificates of the Trust to be issued pursuant to the Trust
Agreement. 
 “Underwritten Offering” means an offering of Registrable Certificates under a Registration Statement in which
the Registrable Certificates are sold to an Underwriter for reoffering to the public. 

  
 4 

 (b) Other Definitions. 

 

			
	 Term
	  	 Defined in Section

	“Advice”	  	Section 17(c)
	“Agreement”	  	Recitals
	“Cooperation Grace Period”	  	Section 14(a)(B)
	“Demand Registration”	  	Section 2(a)
	“Demand Registration Request”	  	Section 2(a)
	“FINRA”	  	Section 7
	“Indemnified Party”	  	Section 8(c)
	“Indemnifying Party”	  	Section 8(c)
	“Initial Shelf Expiration Date”	  	Section 2(e)
	“Initial Shelf Registration Statement”	  	Section 2(a)
	“Losses”	  	Section 8(a)
	“Registration Grace Period”	  	Section 5(a)(B)
	“Transfer”	  	Section 10
	“Trust Agreement”	  	Recitals
	“Underwriters”	  	Section 4(a)
	“Underwritten Takedown”	  	Section 2(i)

 2. Demand Registration; Initial Shelf Registration. 

(a) At any time and from time to time beginning one hundred twenty (120) days after the date of this Agreement, any Eligible
Certificateholder or group of Eligible Certificateholders may request in writing (“Demand Registration Request”) that the Trust effect the registration of all or part of such Eligible Certificateholder’s or Eligible
Certificateholders’ Registrable Certificates with the Commission under and in accordance with the provisions of the Securities Act (a “Demand Registration”). Upon the occurrence of the first such Demand Registration
Request, the Trust shall, with the cooperation of the Manager, prepare a Shelf Registration Statement (as may be amended from time to time, the “Initial Shelf Registration Statement”), on or prior to the 60th day following a
Demand Registration Request, and shall use its reasonable best efforts to cause such Registration Statement to be declared effective, as promptly as practicable after receipt of such request. The Trust shall include in the Initial Shelf Registration
Statement the Registrable Certificates of each Certificateholder holding at least 0.5% of the outstanding Registrable Certificates who shall request inclusion therein of some or all of their Registrable Certificates by written notice to the Trust so
long as such Certificateholders otherwise timely comply with the requirements of this Agreement with respect to the inclusion of such Registrable Certificates in the Initial Shelf Registration Statement; provided, however, that the
Trust will not be required to file a Registration Statement pursuant to this Section 2(a): 

  
 5 

 (A) unless (i) the number of Registrable Certificates requested to be
registered on such Registration Statement equals at least (x) 15% of all Registrable Certificates at such time (if no Initial Shelf Registration Statement has been filed and declared effective) or (y) 10% of all Registrable Certificates at such time
(if an Initial Shelf Registration Statement has been filed and declared effective) and (ii) the Registrable Certificates requested to be sold by the Certificateholders pursuant to such Registration Statement have an anticipated aggregate gross
offering price (before deducting underwriting discounts and commission) of at least $50 million; 
 (B) if the
Registrable Certificates requested to be registered are already covered by an existing and effective Registration Statement and such Registration Statement may be utilized for the offer and sale of the Registrable Certificates requested to be
registered; 
 (C) if a registration statement filed by the Trust shall have previously been declared effective by the
Commission within: (i) the one hundred twenty (120) days preceding the date such Demand Registration Request is made, in the case of the first such Demand Registration Request and (ii) the ninety (90) days preceding the date such
Demand Registration Request is made, in the case of all subsequent Demand Registration Requests; and 
 (D) if the number of
Demand Registration Requests previously made pursuant to this Section 2(a) shall exceed ten (10). 
 (b) A Demand
Registration Request shall specify (i) the then-current name and address of such Eligible Certificateholder or Eligible Certificateholders, (ii) the aggregate number of Registrable Certificates requested to be registered, (iii) the
total number of Registrable Certificates then beneficially owned by such Eligible Certificateholder or Eligible Certificateholders, and (iv) the intended means of distribution. If at the time the Demand Registration Request is made the Trust
appears, based on public information available to such Eligible Certificateholder or Eligible Certificateholders, eligible to use Form S-3 for the offer and sale of the Registrable Certificates, the Eligible Certificateholder or Eligible
Certificateholders making such request may request that the registration be in the form of a Shelf Registration Statement (for the avoidance of doubt, the Trust shall not be under the obligation to file a Shelf Registration on Form S-3 if, upon the reasonable opinion of its counsel, it is not eligible to make such a filing). 
 (c) The
Trust may satisfy its obligations under Section 2(a) hereof by amending (to the extent permitted by applicable law) any registration statement previously filed by the Trust under the Securities Act, so that such amended
registration statement will permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all of the Registrable Certificates for which a Demand Registration Request has been properly made under
Section 2(a)(A) hereof. If the Trust so amends a previously filed registration statement, it will be deemed to have effected a registration for purposes of Section 2(a) hereof; provided,
however, that the Effective Date of the amended registration statement, as amended pursuant to this Section 2(c), shall be the “the first day of effectiveness” of such Registration Statement for purposes of
determining the period during which the Registration Statement is required to be maintained effective in accordance with Section 2(e) hereof. 

  
 6 

 (d) Within seven (7) days after receiving a Demand Registration Request, the Trust
shall give written notice of such request to all other Certificateholders of Registrable Certificates and shall, subject to the provisions of Section 4(c) in the case of an Underwritten Offering, include in such
registration all such Registrable Certificates held by Certificateholders holding at least 0.5% of the outstanding Registrable Certificates with respect to which the Trust has received written requests for inclusion therein within twenty
(20) days after the giving of such notice, provided that such Registrable Certificates are not already covered by an existing and effective Registration Statement that may be utilized for the offer and sale of the Registrable
Certificates requested to be registered in the manner so requested. 
 (e) The Trust will use its reasonable best efforts to cause the
Initial Shelf Registration Statement to be declared effective by the Commission as promptly as practicable, and shall use its reasonable best efforts to keep a Registration Statement that has become effective as contemplated by this
Section 2 continuously effective, and not subject to any stop order, injunction or other similar order or requirement of the Commission: 

(A) in the case of a Registration Statement other than a Shelf Registration Statement, until all Registrable Certificates
registered thereunder have been sold pursuant to such Registration Statement, but in no event later than two hundred seventy (270) days from the Effective Date of such Registration Statement; and 

(B) in the case of a Shelf Registration Statement, until the earlier of: (x) three (3) years following the Effective Date
of such Shelf Registration Statement; and (y) the date that all Registrable Certificates covered by such Shelf Registration Statement shall cease to be Registrable Certificates (such earlier date, the “Initial Shelf Expiration
Date”); 
 provided, however, that in the event of any stop order, injunction or other similar order or requirement of the
Commission relating to any Shelf Registration Statement, if any Registrable Certificates covered by such Shelf Registration Statement remain unsold, the period during which such Shelf Registration Statement shall be required to remain effective will
be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect; provided further, however, that if any Shelf Registration Statement was initially declared effective on Form S-3 and, prior to the date determined pursuant to Section 2(e)(B), the Trust becomes ineligible to use Form S-3, the period during which such Shelf
Registration Statement shall be required to remain effective will be extended by the number of days during which the Trust did not have an effective Registration Statement covering unsold Registrable Certificates initially registered on such Shelf
Registration Statement. 

  
 7 

 (f) The Initial Shelf Registration Statement shall be on Form S-11; provided,
however, that, if the Trust becomes eligible to register the Registrable Certificates for resale by the Certificateholders on Form S-3 (including without limitation a Form S-3 filed as an Automatic
Shelf Registration Statement), the Trust shall be entitled to amend the Initial Shelf Registration Statement to a Shelf Registration Statement on Form S-3 or file a Shelf Registration Statement on Form S-3 in substitution of the Initial Shelf
Registration Statement as initially filed. 
 (g) If the Initial Shelf Registration Statement is on Form
S-11, then for so long as any Registrable Certificates covered by the Initial Shelf Registration Statement remain unsold, the Trust will, with the cooperation of the Manager, file any supplements to the
Prospectus or post-effective amendments required to be filed by applicable law in order to incorporate into such Prospectus any Current Reports on Form 8-K necessary or required to be filed by applicable law,
any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by the Trust with the Commission, or any other information necessary so that (i) the
Initial Shelf Registration Statement shall not include any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and (ii) the Trust
complies with its obligations under Item 512(a)(1) of Regulation S-K; provided, however, that these obligations remain subject to the Trust’s rights under Section 6
of this Agreement. 
 (h) The Eligible Certificateholder or Eligible Certificateholders making a Demand Registration Request may, at any time
prior to the Effective Date of the Registration Statement relating to such registration, revoke their request for the Trust to effect the registration of all or part of such Eligible Certificateholder’s or Eligible Certificateholders’
Registrable Certificates by providing a written notice to the Trust. If, pursuant to the preceding sentence, either (i) the entire Demand Registration Request is revoked or (ii) all Eligible Certificateholders have revoked their Demand
Registration Request, then, at the option of the Eligible Certificateholder or Eligible Certificateholders who revoke such request, either (x) such Eligible Certificateholder or Eligible Certificateholders shall reimburse the Trust for all
reasonable and documented out-of-pocket expenses incurred by each of the Trust and the Manager in the preparation, filing and processing of the Registration Statement,
which out-of-pocket expenses, for the avoidance of doubt, shall not include overhead expenses and which requested registration shall not count as one of the permitted
Demand Registration Requests hereunder or (y) the requested registration that has been revoked will be deemed to have been effected for purposes of Section 3. 

(i) Upon the demand of one or more Eligible Certificateholders, the Trust shall, with the cooperation of the Manager, facilitate a
“takedown” of Registrable Certificates in the form of an Underwritten Offering (each, an “Underwritten Takedown”), in the manner and subject to the conditions described in
Section 4 of this Agreement, provided that (i) the number of securities included in such “takedown” shall equal at least 25% of all Registrable Certificates at such time and (ii) the Registrable
Certificates requested to be sold by the Certificateholders in such “takedown” shall have an anticipated aggregate gross offering price (before deducting underwriting discounts and commission) of at least $75 million. 

3. Subsequent Shelf Registration Statements. After the Initial Shelf Expiration Date and for so long as any Registrable Certificates
remain outstanding, if there is not an effective Registration Statement which includes the Registrable Certificates that are currently outstanding, following a Demand Registration Request the Trust shall, with the cooperation of the Manager,

  
 8 

 
(i) if the Trust is eligible to register the Registrable Certificates on Form S-3, promptly file a Shelf Registration Statement on Form S-3 and use reasonable best efforts to cause such Registration Statement to be declared effective or (ii) promptly file a Shelf Registration Statement on Form S-11 and
use reasonable best efforts to cause such Registration Statement to be declared effective and for so long as any Registrable Certificates covered by such Shelf Registration on Form S-11 remain unsold, the
Trust will, with the cooperation of the Manager, file any supplements to the Prospectus or post-effective amendments required to be filed by applicable law in order to incorporate into such Prospectus any Current Reports on Form 8-K necessary or required to be filed by applicable law, any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by
the Trust with the Commission, or any other information necessary so that (x) such Shelf Registration Statement shall not include any untrue statement of material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and (y) the Trust complies with its obligations under Item 512(a)(1) of Regulation S-K; provided, however, that these
obligations remain subject to the Trust’s rights under Section 6 of this Agreement. 
 4. Procedures for
Underwritten Offerings. The following procedures shall govern Underwritten Offerings pursuant to Section 2(h), whether in the case of an Underwritten Takedown or otherwise. 

(a) (i) The Majority Participating Eligible Certificateholders shall select, engage and negotiate the terms of engagement (including any
underwriting discounts and similar commissions or fees) of one or more investment banking firm(s) of national standing to be the underwriters and/or bookrunning managers (including the lead underwriter and/or bookrunning manager)(collectively, the
“Underwriters”) for any Underwritten Offering pursuant to a Demand Registration Request or an Underwritten Takedown with the consent of the Trust, which consent shall not be unreasonably withheld, conditioned or delayed and
(ii) the Trust shall engage the Underwriters selected by the Majority Participating Eligible Certificateholders pursuant to the foregoing clause (i). 

(b) All Certificateholders proposing to distribute their securities through an Underwritten Offering, as a condition for inclusion of their
Registrable Certificates therein, shall agree to concurrently enter into (i) an underwriting agreement with the Underwriters and (ii) if proposed in good faith by the Underwriters, a lockup agreement for a customary period not to exceed
one hundred eighty (180) days in the case of the initial Underwritten Offering (so long as there has not been a proposed Transfer that Eligible Certificateholders have elected to participate in pursuant to
Section 13(f), in which case the lock up period shall be ninety (90) days) or ninety (90) days in the case of any other Underwritten Offering; provided, however, that the underwriting agreement and each
lockup agreement are in customary form and reasonably acceptable to the Majority Participating Eligible Certificateholders and, in the case of each lockup agreement, substantially identical for all of the Certificateholders participating in such
Underwritten Offering; provided further, however, that no Certificateholder of Registrable Certificates included in any Underwritten Offering shall be required to make any representations or warranties to the Trust or the Underwriters
(other than representations and warranties regarding (x) such Certificateholder’s ownership of its Registrable Certificates to be sold or transferred, (y) such Certificateholder’s power and authority to effect such transfer and
(z) such matters pertaining to compliance with securities laws as may be reasonably requested) and provided further, that any indemnity obligation shall be several and not joint for each Certificateholder. 

  
 9 

 (c) If the Underwriters for an Underwritten Offering pursuant to a Demand Registration or an
Underwritten Takedown advises the Majority Participating Eligible Certificateholders that the total amount of Registrable Certificates or other Trust Certificates permitted to be registered is such as to materially adversely affect the success of
such Underwritten Offering, the number of Registrable Certificates or other Trust Certificates to be registered on such Registration Statement will be reduced as follows: first, the Trust shall reduce or eliminate the securities of the Trust
to be included by any Person other than the Demanding Certificateholder; second, the Trust shall reduce the number of Registrable Certificates to be included by Eligible Certificateholders on a pro rata basis based on the total number of
Registrable Certificates requested by such Eligible Certificateholders to be included in the Underwritten Offering; and third, the Trust shall reduce the number of Registrable Certificates to be included by all other Certificateholders on a
pro rata basis based on the total number of Registrable Certificates requested by such Certificateholders to be included in the Underwritten Offering. 

(d) Within three (3) Business Days after receiving a request for an Underwritten Offering constituting a “takedown” from a Shelf
Registration Statement, the Trust shall give written notice of such request to all other Certificateholders, and subject to the provisions of Section 4(c) hereof, include in such Underwritten Offering all such Registrable
Certificates held by Certificateholders holding at least 0.5% of the outstanding Registrable Certificates with respect to which the Trust has received written requests for inclusion therein within five (5) days after the giving of such notice;
provided, however, that such Registrable Certificates are covered by an existing and effective Shelf Registration Statement that may be utilized for the offering and sale of the Registrable Certificates requested to be registered. 

(e) The Trust will not be required to undertake an Underwritten Offering pursuant to Section 2(h): 

(A) If the Trust has undertaken an Underwritten Offering within (i) the one hundred eighty (180) days preceding the
date of the request to the Trust for such Underwritten Offering, in the case of the first such request, (ii) the one hundred twenty (120) days preceding the date of the request to the Trust for such Underwritten Offering, in the case of
the second such request and (iii) the ninety (90) days preceding the date of the request to the Trust for such Underwritten Offering, in the case of any subsequent such request; and 

(B) if the number of Underwritten Offerings previously made pursuant to Section 2(h) in the
immediately preceding 12-month period shall exceed three (3); provided that an Underwritten Offering shall not be considered made for purposes of this clause (B) unless the offering has resulted in
the disposition by the Certificateholders of at least 75% of the amount of Registrable Certificates requested to be included. 

  
 10 

 (f) at any time prior to the execution of an underwriting agreement in connection with an
Underwritten Offering, the Majority Participating Eligible Certificateholders can terminate any Underwritten Offering with written notice to the lead Underwriter provided however that any termination shall not remove any obligation of such revoking
Certificateholders to reimburse the Trust, the Manager and Underwriters for all reasonable and documented out-of-pocket expenses incurred by each of the Trust, the
Manager and the Underwriters in the preparation, filing and processing of the Registration Statement and incurred in connection with the underwritten offering. 

5. Grace Periods - Registration. 

(a) Notwithstanding anything to the contrary herein— 

(A) the Trust shall be entitled to postpone the filing or effectiveness of, or, at any time after a Registration Statement has
been declared effective by the Commission, suspend the use of, a Registration Statement (including the Prospectus included therein) if in the good faith judgment of the Trustee, such registration, offering or use would reasonably be expected to
materially affect in an adverse manner or materially interfere with any material transaction under consideration by the Trust or would require the disclosure of information that has not been, and is not otherwise required to be, disclosed to the
public and the premature disclosure of which would materially affect the Trust in an adverse manner, in the reasonable judgment of the Trustee; provided however, that in the event such Registration Statement relates to a Demand Registration
Request or an Underwritten Offering pursuant to Section 2(h), then the Certificateholders initiating such Demand Registration Request or such Underwritten Offering shall be entitled to withdraw the Demand Registration
Request or request for the Underwritten Offering and, if such request is withdrawn, it shall not count against the limits imposed pursuant to Section 2(a)(D) and the Trust shall pay all registration expenses in connection
with such registration; and 
 (B) at any time after a Registration Statement has been declared effective by the Commission
and there is no duty to disclose under applicable law, the Trust may delay the disclosure of material non-public information concerning the Trust if the disclosure of such information at the time would, in the
good faith judgment of the Trustee, adversely affect the Trust (the period of a postponement or suspension as described in clause (A) and/or a delay described in this clause (B), a “Registration Grace Period”). 

(b) The Trust shall promptly (i) notify the Certificateholders of Registrable Certificates proposed to be included in any Underwritten
Offering in writing of the existence of the event or material non-public information giving rise to a Registration Grace Period (provided that the Trust shall not, and shall direct the Manager to not,
disclose the content of such material non-public information to any Certificateholder, without the express consent of such Certificateholder) or the need to file a post-effective amendment, as applicable, and
the date on which such Registration Grace Period will begin, (ii) use reasonable best efforts to terminate a Registration Grace Period as promptly as practicable and (iii) notify the Certificateholders in writing of the date on which the
Registration Grace Period ends. 

  
 11 

 (c) The duration of any one Registration Grace Period shall not exceed thirty
(30) days, and the aggregate of all Registration Grace Periods in total during any 365-day period shall not exceed forty-five (45) days. For purposes of determining the length of a Registration Grace Period, the Registration Grace Period
shall be deemed to begin on and include the date the Certificateholders receive the notice referred to in clause (i) of Section 5(b) and shall end on and include the later of the date the Certificateholders receive the
notice referred to in clause (iii) of Section 5(b) and the date referred to in such notice. In the event the Trust declares a Registration Grace Period, the period during which the Trust is required to maintain the
effectiveness of an Initial Shelf Registration Statement or a Registration Statement filed pursuant to a Demand Registration Request shall be extended by the number of days during which such Registration Grace Period is in effect. 

6. Registration Procedures. If and when the Trust is required to effect any registration under the Securities Act as provided in
Sections 2(a), 4(a), or 5 of this Agreement, the Trust shall, with the cooperation of the Manager: 

(a) prepare and file with the Commission the requisite Registration Statement to effect such registration and thereafter use
its reasonable best efforts to cause such Registration Statement to become and remain effective, subject to the limitations contained herein; 

(b) prepare and file with the Commission such amendments and supplements to such Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Certificates covered by such
Registration Statement until such time as all of such Registrable Certificates have been disposed of in accordance with the method of disposition set forth in such Registration Statement, subject to the limitations contained herein; 

(c) (i) before filing a Registration Statement or Prospectus or any amendments or supplements thereto, at the Trust’s
expense, furnish to the Certificateholders whose securities are covered by the Registration Statement copies of all such documents, other than documents that are incorporated by reference into such Registration Statement or Prospectus, proposed to
be filed and such other documents reasonably requested by such Certificateholders (which may be furnished by email), and afford legal counsel or any accountant or other agent retained by any such Certificateholders a reasonable opportunity to review
and comment on such documents; and (ii) in connection with the preparation and filing of each such Registration Statement pursuant to this Agreement, (A) upon reasonable advance notice to the Trust, give each of the foregoing such
reasonable access to all financial and other records, corporate documents and properties of the Trust as shall be necessary, in the reasonable opinion of Counsel to the Majority Participating Certificateholders and such Underwriters, to verify the
accuracy of the information in the Registration Statement and to conduct a reasonable due diligence investigation for purposes of the Securities Act and Exchange Act, and (B) upon reasonable advance notice to the Trust and during normal
business hours, provide such reasonable opportunities to discuss the business of the Trust with its officers and employees, representatives of the Manager and the independent public accountants who have certified its financial statements as shall be
necessary, in the reasonable opinion of Counsel to the Majority Participating Certificateholders and such Underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities Act and the Exchange Act; 

  
 12 

 (d) (i) notify each selling Certificateholder of Registrable
Certificates, promptly after the Trust receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed and
(ii) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus; 

(e) with respect to any offering of Registrable Certificates, furnish to each selling Certificateholder of Registrable
Certificates, and the managing Underwriters for such Underwritten Offering, if any, without charge, such number of copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration
Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any “issuer free
writing prospectus” as such term is defined under Rule 433 promulgated under the Securities Act)), all exhibits and other documents filed therewith and such other documents as such seller or such managing Underwriters may reasonably
request including in order to facilitate the disposition of the Registrable Certificates owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the Commission or any other
governmental authority relating to such offer; 
 (f) cause all Registrable Certificates included in such Registration
Statement to be registered with or approved by such other federal or state governmental agencies or authorities as necessary upon the opinion of legal counsel to the Trust or Counsel to the Majority Participating Certificateholders of Registrable
Certificates included in such Registration Statement to enable such Certificateholder or Certificateholders thereof to consummate the disposition of such Registrable Certificates in accordance with their intended method of distribution thereof; 

(g) with respect to any Underwritten Offering, obtain and, if obtained, furnish to each Certificateholder that is named as an
Underwriter in such Underwritten Offering and each other Underwriter thereof, a signed 
 (A) opinion of outside legal
counsel for the Trust (including a customary 10b-5 statement), dated the date of the closing under the underwriting agreement and addressed to the Underwriters, reasonably satisfactory (based on the customary
form and substance of opinions of issuers’ counsel customarily given in such an offering) in form and substance to such Underwriters, if any, and 

  
 13 

 (B) “comfort” letter, dated the date of the underwriting agreement
and another dated the date of the closing under the underwriting agreement and addressed to the Underwriters and signed by the independent public accountants who have certified the Trust’s financial statements included or incorporated by
reference in such registration statement, reasonably satisfactory (based on the customary form and substance of “cold comfort” letters of issuers’ independent public accountant customarily given in such an offering) in form and
substance to such Certificateholder and such Underwriters, if any, 
 in each case, covering substantially the same matters with respect to
such Registration Statement (and the Prospectus included therein) and, in the case of the accountants’ comfort letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of
issuer’s counsel and in accountants’ comfort letters delivered to Underwriters in such types of offerings of securities; 

(h) notify each Certificateholder of Registrable Certificates included in such Registration Statement at any time when a
Prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the Prospectus included in such Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and for which the Trust chooses to suspend the use
of the Registration Statement and Prospectus in accordance with the terms of this Agreement, and, at the written request of any such Certificateholder, promptly prepare and furnish to it a reasonable number of copies of a supplement to or an
amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus, as supplemented or amended, shall not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(i) notify the Certificateholders of Registrable Certificates included in such Registration Statement promptly of any request
by the Commission for the amending or supplementing of such Registration Statement or Prospectus or for additional information; 

(j) advise the Certificateholders of Registrable Certificates included in such Registration Statement promptly after the Trust
receives notice or obtains knowledge of any order suspending the effectiveness of a registration statement relating to the Registrable Certificates at the earliest practicable moment and promptly use its reasonable best efforts to obtain the
withdrawal; 

  
 14 

 (k) otherwise comply with all applicable rules and regulations of the
Commission and any other governmental agency or authority having jurisdiction over the offering of Registrable Certificates, and make available to its Certificateholders (as defined in the Trust Agreement), as soon as reasonably practicable, an
earnings statement covering the period of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first (1st) full calendar month after the Effective Date of such Registration Statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 and which requirement will be deemed satisfied if the Trust timely files complete and accurate information on Quarterly Report on Form 10-Q and Annual Report on Form 10-K and Current Reports on Form 8-K under the Exchange Act and otherwise complies with Rule 158; 

(l) provide and cause to be maintained a transfer agent and registrar for the Registrable Certificates included in a
Registration Statement pursuant to this Agreement and provide a CUSIP number for all such Registrable Certificates no later than the Effective Date thereof; 

(m) enter into such agreements (including an underwriting agreement in customary form) and take such other actions as the
Certificateholders beneficially owning a majority of the Registrable Certificates included in a Registration Statement or the Underwriters, if any, shall reasonably request in order to expedite or facilitate the disposition of such Registrable
Certificates, including customary indemnification; and provide reasonable cooperation, including causing (x) representatives of the Manager and (y) at least one (1) executive officer and a senior financial officer of the Trust to
attend and participate in “road shows”, investor presentations and other informational meetings organized by the Underwriters, if any, as reasonably requested and necessary to expedite or facilitate the sale of the Registrable
Certificates, subject to availability and at the Trust’s expense. Notwithstanding the foregoing, the Trust shall have no obligation to participate in more than three (3) “road shows” in any twelve (12)-month period and such
participation shall not unreasonably interfere with the business operations of the Trust; 
 (n) if requested by the managing
Underwriter(s) or the Majority Participating Eligible Certificateholders being sold in connection with an Underwritten Offering, promptly incorporate in a prospectus supplement or post-effective amendment such information relating to the plan of
distribution for such Registrable Certificates provided to the Trust in writing by the managing Underwriters and Eligible Certificateholders representing a majority of the Registrable Certificates being sold and that is required to be included
therein relating to the plan of distribution with respect to such Registrable Certificates, including without limitation, information with respect to the number of Registrable Certificates being sold to such Underwriters, the purchase price being
paid therefor by such Underwriters and with respect to any other terms of the Underwritten Offering of the Registrable Certificates to be sold in such offering, and make any required filings with respect to such information relating to the plan of
distribution as soon as practicable after notified of the information; 
 (o) cooperate with the Certificateholders of
Registrable Certificates included in a Registration Statement and the managing Underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Registrable Certificates to be sold, and enable such Registrable
Certificates to be in such share amounts and registered in such names as the managing Underwriters, or, if none, the Majority Participating Eligible Certificateholders, may reasonably request at least three (3) Business Days prior to any sale
of Registrable Certificates to the Underwriters; 

  
 15 

 (p) cause all Registrable Certificates included in a Registration Statement
to be listed on a national securities exchange on which similar securities issued by the Trust are then listed, if at all; 

(q) in connection with any sale or transfer of Registrable Certificates (whether or not pursuant to a Registration Statement)
that will result in the securities being delivered no longer constituting Registrable Certificates, cooperate with the Certificateholders to enable such Registrable Certificates to be in such denominations and registered in such names as the
Certificateholders may request at least five (5) Business Days prior to any sale of the Registrable Certificates; and 

(r) otherwise use its reasonable best efforts to take all other steps necessary to effect the registration of such Registrable
Certificates contemplated hereby. 
 In addition, at least fifteen (15) Trading Days prior to the first anticipated filing date of a Registration
Statement for any registration under this Agreement, the Trust will notify each Certificateholder of the information the Trust requires from that Certificateholder, including any update to or confirmation of the information contained in the Selling
Certificateholder Questionnaire, if any, which shall be completed and delivered to the Trust promptly upon request and, in any event, within five (5) Trading Days prior to the applicable anticipated filing date. Each Certificateholder further
agrees that it shall not be entitled to be named as a selling security-Certificateholder in the Registration Statement or use the Prospectus for offers and resales of Registrable Certificates at any time, unless such Certificateholder has returned
to the Trust a completed and signed Selling Certificateholder Questionnaire and a response to any requests for further information as described in the previous sentence and, if an Underwritten Offering, entered into an underwriting agreement with
the Underwriters in accordance with Section 4(a). If a Certificateholder of Registrable Certificates returns a Selling Certificateholder Questionnaire or a request for further information, in either case, after its
respective deadline, the Trust shall be permitted to exclude such Certificateholder from being a selling security Certificateholder in the Registration Statement or any pre-effective or post-effective
amendment thereto. Each Certificateholder acknowledges and agrees that the information in the Selling Certificateholder Questionnaire or request for further information as described in this Section 6 will be used by the
Trust in the preparation of the Registration Statement and hereby consents to the inclusion of such information in the Registration Statement. 

7. Registration and Cooperation Expenses. All fees and expenses incident to the Trust’s performance of or compliance with its
obligations under this Agreement (excluding any underwriting discounts, fees or selling commissions or broker or similar commissions or fees (which shall be borne by participating Certificateholders on a pro rata basis), or transfer taxes of any
Certificateholder but including, for avoidance of doubt, any fees or expenses in connection with the preparation of a customary offering document or definitive documents in connection with the Trust’s cooperation in third party sales pursuant
to Section 13 hereof) shall be borne by the Trust whether or not any Registrable Certificates are sold pursuant to a Registration Statement or in connection with a proposed sale pursuant to
Section 13. The fees and expenses 

  
 16 

 
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees and expenses (including, without limitation, fees and expenses with respect to
(A) filings required to be made with any Trading Market on which the Trust Certificates are then listed for trading, if any, (B) compliance with applicable state securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel for the Trust, any Underwriters or Certificateholders in connection with Blue Sky qualifications or exemptions of the Registrable Certificates and determination of the eligibility of the Registrable Certificates for
investment under the laws of such jurisdictions as requested by the Certificateholders) and (C) if not previously paid by the Trust in connection with an issuer filing, any filing that may be required to be made by any broker through which a
Certificateholder intends to make sales of Registrable Certificates with the Financial Industry Regulatory Authority (“FINRA”) pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage
commission in connection with such sale), (ii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any free writing prospectus and any amendments
or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement (including, without limitation, expenses of
printing certificates for Registrable Certificates and of printing prospectuses if the printing of prospectuses is reasonably requested by the Eligible Certificateholders representing a majority of the Registrable Certificates included in the
Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) reasonable fees and disbursements of counsel for the Trust, (v) the reasonable fees and expenses incurred in connection with any road show for Underwritten
Offerings, (vi) Securities Act liability insurance, if the Trust so desires such insurance, (vii) all rating agency fees, if any, and any fees associated with making the Registrable Certificates eligible for trading through The Depository
Trust Company, and (viii) fees and expenses of all other Persons retained by the Trust, including the Manager (and including reasonable fees and disbursements of legal counsel to the Manager), in connection with the consummation of the
transactions contemplated by this Agreement. In addition, the Trust will pay the reasonable fees and disbursements of the Counsel to the Majority Participating Eligible Certificateholders, in connection with the filing or amendment of any
Registration Statement, Prospectus or free writing prospectus hereunder or any Underwritten Offering. 
 8. Indemnification. 

(a) Indemnification by the Trust. The Trust shall, notwithstanding any termination of this Agreement, indemnify, defend and hold
harmless each Certificateholder, the officers, directors, agents, partners, members, investment manager, managers, Certificateholders, Affiliates and employees of each of them, each Person who controls any such Certificateholder (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, investment manager, managers, Certificateholders, agents and employees of each such controlling Person, to the fullest
extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses
(collectively, “Losses”), to which any of them may become subject, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus
or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus or (ii) any omission or alleged omission to 

  
 17 

 
state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the
circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information regarding such
Certificateholder furnished in writing to the Trust by such Certificateholder expressly for use therein, or to the extent that such information relates to such Certificateholder or such Certificateholder’s proposed method of distribution of
Registrable Certificates and was provided by such Certificateholder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (B) in the case of an occurrence of an
event of the type specified in Section 6(h), related to the use by a Certificateholder of an outdated or defective Prospectus after the Trust has notified such Certificateholder in writing that the Prospectus is outdated or
defective and prior to the receipt by such Certificateholder of the Advice contemplated and defined in Section 17(c) below, but only if and to the extent that following the receipt of the Advice, the misstatement or
omission giving rise to such Loss would have been corrected. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 8(c)),
shall survive the transfer of the Registrable Certificates by the Certificateholders, and shall be in addition to any liability which the Trust may otherwise have. 

(b) Indemnification by Certificateholders. Each Certificateholder shall, severally and not jointly, indemnify and hold harmless the
Trust, its respective directors, officers, agents and employees, each Person who controls the Trust (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent,
that such untrue statements or omissions are based upon information regarding such Certificateholder furnished in writing to the Trust by such Certificateholder expressly for use therein or (ii) to the extent, but only to the extent, that such
information relates to such Certificateholder or such Certificateholder’s proposed method of distribution of Registrable Certificates and was provided by such Certificateholder expressly for use in a Registration Statement, such Prospectus or
such form of Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence of an event of the type specified in Section 6(h), to the extent, but only to the extent, related to the use by
such Certificateholder of an outdated or defective Prospectus after the Trust has notified such Certificateholder in writing that the Prospectus is outdated or defective and prior to the receipt by such Certificateholder of the Advice contemplated
in Section 17(c), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling
Certificateholder hereunder be greater in amount than the dollar amount of the net proceeds received by such Certificateholder upon the sale of the Registrable Certificates giving rise to such indemnification obligation. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 8(c)), shall survive the transfer of the Registrable Certificates by the Certificateholders, and
shall be in addition to any liability which the Certificateholder may otherwise have. 

  
 18 

 (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or
asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in
writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of legal counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in
connection with the defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that such failure shall have materially and adversely prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right
to employ separate legal counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such legal counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ legal counsel reasonably satisfactory to such Indemnified Party in any such
Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by legal counsel that in the
reasonable judgment of such legal counsel a conflict of interest exists if the same legal counsel were to represent such Indemnified Party and the Indemnifying Party; provided, that the Indemnifying Party shall not be liable for the
reasonable and documented fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written
consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 

Subject to the terms of this Agreement, all reasonable and documented fees and expenses of the Indemnified Party (including reasonable and
documented fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 8(c)) shall be paid to the Indemnified Party, as
incurred, with reasonable promptness after receipt of written notice thereof to the Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable
to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder. The failure to deliver written notice to the Indemnifying Party within a reasonable time of the commencement of any
such action shall not relieve such Indemnifying Party of any liability to the Indemnified Party under this Section 10, except to the extent that the Indemnifying Party is materially and adversely prejudiced in its ability
to defend such action. 

  
 19 

 (d) Contribution. If a claim for indemnification under
Section 8(a) or (b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault, if any, of the Indemnifying Party and Indemnified Party in connection with the
actions, statements or omissions that resulted in such Losses. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were
determined by pro rata allocation or by any other method of allocation that does not take into account the relative fault considerations referred to in the immediately preceding paragraph (it being understood that, as between Certificateholder
Indemnifying Parties with no or the same level of relative fault, contribution pro rata based on holdings of Registrable Certificates will be presumed to be just and equitable). Notwithstanding the provisions of this
Section 8(d), no Certificateholder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Certificateholder from the sale of the Registrable
Certificates subject to the Proceeding exceeds the amount of any Losses that such Certificateholder has otherwise been required to pay under this Section 8 or otherwise by reason of such untrue or alleged untrue statement
or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
 9. Section 4(a)(7), Rule 144 and Rule 144A; Other
Exemptions. With a view to making available to the Certificateholders of Registrable Certificates the benefits of Rule 144 and Rule 144A and other rules and regulations of the Commission that may at any time permit a Certificateholder
of Registrable Certificates to sell Registrable Certificates without registration, until such time as when no Registrable Certificates remain outstanding, the Trust covenants that it will (i) if it is subject to the reporting requirement of
Section 13 or 15(d) of the Exchange Act, file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder, or (ii) if
it is not subject to the reporting requirement of Section 13 or 15(d) of the Exchange Act, make available information necessary to comply with Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A, if available with
respect to resales of the Registrable Certificates under the Securities Act, at all times, all to the extent required, and to take such further action as any Certificateholder may reasonably request, from time to time to enable such
Certificateholder to sell Registrable Certificates without registration under the Securities Act within the limitation of the exemptions provided by (x) Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A (if available
with respect to resales of the Registrable Certificates), as such rules may be amended from time to time, or (y) any other rules or regulations now existing or hereafter adopted by the Commission. Upon the reasonable request of any
Certificateholder of Registrable Certificates, the Trust will deliver to such Certificateholder a written statement as to whether it has complied with such information requirements, and, if not, the specific reasons for non-compliance. 

  
 20 

 10. Transfer of Registration Rights. Any Certificateholder may freely assign its
rights hereunder on a pro rata basis in connection with any sale, transfer, assignment, or other conveyance (any of the foregoing, a “Transfer”) of Registrable Certificates to any transferee or assignee; provided, that
all of the following additional conditions are satisfied: (a) such Transfer is effected in accordance with applicable securities laws; (b) such transferee or assignee agrees in writing to become subject to the terms of this Agreement;
(c) the Trust is given written notice by such Certificateholder of such Transfer, stating the name and address of the transferee or assignee and identifying the Registrable Certificates with respect to which such rights are being transferred or
assigned and provide the amount of any other Trust Certificates of the Trust beneficially owned by such transferee or assignee; and (d) such transferee or assignee shall have previously submitted the certification required pursuant to
Section 4.05(a) of the Trust Agreement and in connection therewith the Trust shall have determined in good faith that such transferee is not a Disallowed Transferee; provided further, that (i) any rights assigned hereunder shall
apply only in respect of the Registrable Certificates that are transferred and not in respect of any other securities that the transferee or assignee may hold and (ii) any Registrable Certificates that are transferred may cease to constitute
Registrable Certificates following such Transfer in accordance with Section 2(e)(B). 
 11. Earnings Report;
Conference Call. No later than forty-five (45) days following the end of each fiscal quarter or seventy-five (75) days following the end of each fiscal year of the Trust, the Trust shall hold a conference call for Certificateholders,
to discuss such reports (including a customary Q&A session). No later than one (1) Business Day prior to such conference call, the Trust shall issue a customary press release announcing the Trust’s financial and operating results for
the relevant period and announcing the time and date and either including information necessary to access the conference call or directing Certificateholders, prospective investors, broker-dealers and securities analysts to contact the appropriate
person at the Trust to obtain such information. 
 12. Cooperation in OTC Quotation. Until and unless the Trust Certificates are
listed on a national securities exchange, the Trust shall use its reasonable best efforts to cause the Trust Certificates to be quoted on the OTCQB market as promptly as practicable and shall thereafter use its reasonable best efforts to maintain
such quotation. Upon the written request of one or more Eligible Certificateholders, the Trust shall use commercially reasonable best efforts to cause the Trust Certificates to be quoted on the OTCQX market and shall thereafter use commercially
reasonable best efforts to maintain such quotation. 
 13. Cooperation in Third Party Sales. 

(a) At any time and from time to time on or following the date that is thirty (30) days following the date hereof, each Eligible
Certificateholder may, by a notice sent to the Trust pursuant to Section 16(g) (a “Cooperation Request Notice”), inform the Trust regarding a proposed Transfer by such Eligible Certificateholder and
requesting the assistance described in this Section 13. Each Cooperation Request Notice shall specify the amount of Certificates proposed to be transferred; provided, however, that the Trust will not be
required to provide the 

  
 21 

 
assistance described in this Section 13 unless (i) the number of Trust Certificates requested to be transferred equals at least (x) 9% of all Trust Certificates at
such time and (ii) the Trust Certificates requested to be transferred have an anticipated aggregate gross offering price (before deducting underwriting discounts and commission) of at least $50 million. The Trust agrees, following receipt
of a Cooperation Request Notice, subject to applicable law, and further subject to the demonstration to the Trust’s reasonable satisfaction that such Eligible Certificateholder seeks to Transfer Certificates evidencing Fractional Undivided
Interests aggregating not less than 9% in interest in the Trust, to provide such Eligible Certificateholder, the potential transferee and their respective legal counsel, financial advisors, auditors, brokers and other authorized representatives
(i) reasonable access upon reasonable notice and request and during normal business hours to (A) the books and records, financial and operating data and such other information of the Trust as may reasonably be requested in connection with
such Transfer in order to allow the Eligible Certificateholder, the potential transferee and their respective representatives (each as engaged for the purposes of the relevant transaction) to conduct a reasonable and customary due diligence review;
and (B) appropriate representatives of the Trust, including the executive officer and a senior financial officer and the Manager for the purpose of such potential transferee participating in due diligence sessions, business update presentations
and other similar undertakings with such third party potential transferee, including participating in any roadshow or other investor presentation sales force presentation or other customary marketing effort, necessary to expedite or facilitate the
sale of such Trust Certificates, so long as such access does not interfere unreasonably with the business or operations of the Trust, the Manager or their subsidiaries, and (ii) such other cooperation as is reasonably necessary or advisable to
such Eligible Certificateholder in either (A) the preparation of a customary offering document with respect to the Trust and (B) the preparation of any definitive documents including, if proposed in good faith by any underwriter assisting
such Eligible Certificateholder in connection with a proposed Transfer, a lockup agreement for each participating Eligible Certificate for a customary period not to exceed one hundred eighty (180) days in the case of the initial Transfer (so
long as there has not been an Underwritten Offering pursuant to Section 4(b), in which case the lock up period shall be ninety (90) days) or ninety (90) days in the case of any other Transfer pursuant to this
Section 13, provided that such definitive documents are in customary form and reasonably acceptable to the Majority Participating Eligible Certificateholders (if any) and, in the case of each lockup agreement,
substantially identical for all of the Certificateholders participating in such Transfer pursuant to Section 13(f), in each case to facilitate the proposed Transfer and provided further, that any indemnity obligation
shall be several and not joint for each Eligible Certificateholder. As a condition to receiving any information pursuant to this Section 13, any such potential Transferee shall execute an appropriate confidentiality
agreement on terms satisfactory to the Trust, which terms shall include an obligation for the Trust to cleanse any material non-public information that may be provided to such potential Transferee. For the
avoidance of doubt, such material non-public information shall consist solely of the information to which existing Certficateholders are otherwise entitled under the Trust Agreement. For the further avoidance
of doubt, the rights of the Eligible Certificateholders set forth in this Section 13 are personal to them. Notwithstanding anything to the contrary contained herein, this Agreement shall not require the Trust (i) to
take any action which would unreasonably disrupt the conduct of its business in the ordinary course or (ii) to extend any such cooperation or any confidential information to any potential transferee that is a Disallowed Transferee. 

  
 22 

 (b) A Cooperation Request Notice shall specify (i) the then-current name and address of
such Eligible Certificateholder or Eligible Certificateholders, (ii) the aggregate number of Registrable Certificates requested to be included in a proposed Transfer, (iii) the total number of Registrable Certificates then beneficially
owned by such Eligible Certificateholder or Eligible Certificateholders, and (iv) the intended means of Transfer. 
 (c) Notwithstanding
the receipt of a Cooperation Request Notice, the Trust shall have no obligation to provide the cooperation with third party sales described in the foregoing Section 13(a) if the Trust shall have provided such cooperation to
one or more Eligible Certificateholders on two (2) occasions in the ninety (90) day period or six (6) occasions in the three hundred sixty (360) day period preceding the receipt of such Cooperation Request Notice. 

(d) The Eligible Certificateholder delivering the Cooperating Request Notice, or the Majority Participating Eligible Certificateholders if
additional Eligible Certficateholders request the Trust’s cooperation pursuant to Section 13(e) below, shall select, engage and negotiate the terms of engagement (including any underwriting discounts and similar
commissions or fees) of one or more Underwriters, if any, that may be engaged to assist the Trust in complying with its obligations under this Section 13 with the consent of the Trust, which consent shall not be
unreasonably withheld, conditioned or delayed. 
 (e) Except as otherwise provided in Section 7 hereof, each Eligible
Certificateholder shall pay any material expenses incurred by the Trust in connection with its cooperation pursuant to the foregoing Section 13(a). 

(f) Within seven (7) days after receiving a Cooperation Request Notice, unless otherwise directed by the Eligible Certificateholder or
Eligible Certificateholders who delivered the Cooperation Request Notice to utilize a longer period, the Trust shall give written notice of such request to all other Certificateholders of Registrable Certificates holding at least 0.5% of the
outstanding Registrable Certificates and shall include in such cooperation assistance all such Registrable Certificates held by such holders with respect to which the Trust has received written requests for inclusion therein within fifteen
(15) days after the giving of such notice. 
 (g) If the investment bank, if any, facilitating the Transfer contemplated by the
Cooperation Request Notice provided pursuant to Section 13(a) advises the Certificateholders that the total amount of Registrable Certificates permitted to be included in such cooperation assistance is such as to materially
adversely affect the success of the proposed Transfer, the number of Registrable Certificates to be included in the transaction effectuating such Transfer will be reduced as follows: first, the Trust shall reduce or eliminate the securities
of the Trust to be included by any Person other than the Eligible Certificateholder or Eligible Certificateholders that delivered the initial Cooperation Request Notice; second, the Trust shall reduce the number of Registrable Certificates to
be included by Eligible Certificateholders on a pro rata basis based on the total number of Registrable Certificates requested by such Eligible Certificateholders to be included in the transaction effectuating such Transfer; and third, the
Trust shall reduce the number of Registrable Certificates to be included by all other Certificateholders on a pro rata basis based on the total number of Registrable Certificates requested by such Certificateholders to be included in the transaction
effectuating such Transfer. 

  
 23 

 (h) The Eligible Certificateholder or Eligible Certificateholders delivering a Cooperation
Request Notice may, at any time prior to the settlement of the bona fide sale transaction contemplated in such notice, revoke their request for the Trust’s cooperation. If, pursuant to the preceding sentence, either (i) the Cooperation
Request Notice in respect of the entire number of Certificates requested to be transferred is revoked or (ii) all Eligible Certificateholders have revoked their Cooperation Request Notice, then the Eligible Certificateholder or Eligible
Certificateholders who revoke such request shall reimburse the Trust for all reasonable and documented out-of-pocket expenses incurred by each of the Trust and the
Manager in providing the cooperation described in Sections 13(a)(i) and (ii). 
 (i) Trust will pay the reasonable fees and
disbursements of Counsel to the Majority Participating Eligible Certificateholders in connection with the preparation, filing or amendment of a customary offering document or definitive documents in connection with any third-party sale pursuant to
this Section 13. 
 14. Grace Periods—Cooperation. 

(a) Notwithstanding anything to the contrary herein— 

(A) the Trust shall be entitled to refrain from providing the cooperation assistance requested by an Eligible Certificateholder
or Eligible Certificateholders pursuant to Section 13 if in the good faith judgment of the Trustee, such cooperation would reasonably be expected to materially affect in an adverse manner or materially interfere with any
material transaction under consideration by the Trust or would require the disclosure of information that has not been, and is not otherwise required to be, disclosed to the public and the premature disclosure of which would materially affect the
Trust in an adverse manner, in the reasonable judgment of the Trustee; and 
 (B) so long as there is no duty to disclose
under applicable law, the Trust may delay the disclosure of material non-public information concerning the Trust if the disclosure of such information at the time would, in the good faith judgment of the
Trustee, adversely affect the Trust (the period of a postponement or suspension as described in clause (A) and/or a delay described in this clause (B), a “Cooperation Grace Period”). 

(b) The Trust shall promptly (i) notify the Eligible Certificateholder or Eligible Certificateholder proposing to transfer Registrable
Certificates in writing of the existence of the event or material non-public information giving rise to a Cooperation Grace Period (provided that the Trust shall not, and shall direct the Manager to
not, disclose the content of such material non-public information to any Certificateholder, without the express consent of such Certificateholder), and the date on which such Cooperation Grace Period will
begin, (ii) use reasonable best efforts to terminate a Cooperation Grace Period as promptly as practicable and (iii) notify the Eligible Certificateholder in writing of the date on which the Cooperation Grace Period ends. 

  
 24 

 (c) The duration of any one Cooperation Grace Period shall not exceed thirty (30) days,
and the aggregate of all Cooperation Grace Periods in total during any 365-day period shall not exceed forty-five (45) days. For purposes of determining the length of a Cooperation Grace Period, the
Cooperation Grace Period shall be deemed to begin on and include the date the Certificateholders receive the notice referred to in clause (i) of Section 14(b) and shall end on and include the later of the date the
Certificateholders receive the notice referred to in clause (iii) of Section 14(b) and the date referred to in such notice. 

15. Cooperation in Blue Sky Registration. Trust shall, with the cooperation of the Manager, (i) register or qualify all Trust
Certificates under such other securities or Blue Sky laws of such states or other jurisdictions of the United States of America as any Eligible Certificateholder (where an exemption is not available) covered by such offering document shall
reasonably request in writing, (ii) keep such registration or qualification in effect for so long as such Trust Certificates remain outstanding and (iii) take any other action that may be necessary or reasonably advisable to enable such
Eligible Certificateholder to consummate the disposition in such jurisdictions of the securities to be sold by such Eligible Certificateholder, except that the Trust shall not for any such purpose be required to qualify generally to do business as a
foreign corporation in any jurisdiction wherein it would not but for the requirements of this Section 14 be obligated to be so qualified, to subject itself to taxation in such jurisdiction where it would not otherwise be
subject to taxation or to consent to general service of process in any such jurisdiction where it is not then so subject 
 16. Further
Assurances. The Trust shall execute all such further instruments and documents and take all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 

17. Miscellaneous. 
 (a)
Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other
rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. 

(b) Compliance. Each Certificateholder covenants and agrees that it will comply with the prospectus delivery requirements of the
Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Certificates pursuant to any Registration Statement and shall sell the Registrable Certificates only in accordance with a method
of distribution described in each Registration Statement. 
 (c) Discontinued Disposition. By its acquisition of Registrable
Certificates, each Certificateholder agrees that, upon receipt of a notice from the Trust of the occurrence of a Grace Period or any event of the kind described in Section 6(h), such Certificateholder will forthwith
discontinue disposition of such Registrable Certificates under a Registration Statement until it is advised in writing (the “Advice”) by the Trust that the use of the applicable Prospectus (as it may have been supplemented or
amended) may be resumed. The Trust may provide appropriate stop orders to enforce the provisions of this paragraph. 

  
 25 

 (d) Preservation of Rights. The Trust shall not grant any registration rights to
third parties which are more favorable than or inconsistent with the rights granted hereunder unless any such more favorable rights are concurrently added to the rights granted hereunder. 

(e) No Inconsistent Agreements. The Trust shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the Certificateholders in this Agreement. 
 (f) Amendments and Waivers. The
provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by the Trust and Certificateholders holding at least a majority of the
then outstanding Registrable Certificates; provided, however, that any party may give a waiver as to itself; provided further, however, that no amendment, modification, supplement, or waiver that (i) disproportionately and
adversely affects, alters, or changes the interests of any Certificateholder or its Affiliates under this Agreement shall be effective against such Certificateholder without the prior written consent of such Certificateholder and (ii) alters or
changes the definition of “Eligible Certificateholder”, the definition of “Majority Participating Eligible Certificateholders”, or the threshold number of Certificateholders required to participate in any action or provide any
direction pursuant to Sections 4(a), 4(b), 4(f), 6(n), 6(g), 13(a) or 13(d) of this Agreement may be effected without the prior written consent of any Certificateholder adversely affected by such
change; provided further, however, that the definition of “Certificateholders” in Section 1 may not be amended, modified or supplemented, or waived unless in writing and signed by all the signatories to
this Agreement; and provided further, that the waiver of any provision with respect to any Registration Statement or offering may be given by Certificateholders holding at least a majority of the then outstanding Registrable
Certificates entitled to participate in such offering or, if such offering shall have been commenced, having elected to participate in such offering. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other
breach of such terms and conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms
explicitly provides to the contrary, shall be construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of
the party against whom such waiver is claimed in all other instances or for all other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of
such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 

(g) Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be sent by
certified or regular mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery, by electronic mail or by facsimile transmission. Such notice or communication shall be deemed given (i) if mailed,
two (2) days after the date of mailing, (ii) if sent by national courier service, one 

  
 26 

 
Business Day after being sent, (iii) if delivered personally, when so delivered, (iv) if sent by electronic mail, on the Business Day such electronic mail is transmitted, or (v) if
sent by facsimile transmission, on the Business Day such facsimile is transmitted, in each case as follows: 
  

	 	(A)	 If to the Trust: 

GLAS Trust Company LLC, as trustee 

3 Second Street, Suite 206 

Jersey City, NJ 07311 
 Fax: 212-202-6246 
 Email: ClientServices.Americas@glas.agency

 with a copy (which shall not constitute notice) to: 

Milbank LLP 
 2029 Century Park
East, 33rd Floor 
 Los Angeles, CA 90067-3019 

Attn:             Casey Fleck 

                     Jonathon Jackson

 E-mail:         cfleck@milbank.com 

                     
jjackson@milbank.com 
  

	 	(B)	 If to the Manager: 

Hilco JCP LLC 
 5 Revere Drive,
Suite 410 
 Northbrook, Illinois 60062 

Attn:              Neil Aaronson 

                      Larry
Finger 
 E-mail:          naaronson@hilcoglobal.com

                      
lfinger@hilcoglobal.com 
 (C) If to the Certificateholders (or to any of them), at their addresses as they appear in the
records of the Trust or the records of the transfer agent or registrar, if any, for the Trust Certificates. 
 If any time period for giving
notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in which the Trust’s principal office is located, the time period shall automatically be extended to
the Business Day immediately following such Saturday, Sunday or legal holiday. 
 (h) Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any trustee in bankruptcy). In addition, and whether or not any express assignment shall have been made, the
provisions of this Agreement which are for the benefit of the 

  
 27 

 
Certificateholders of Registrable Certificates (or any portion thereof) as such shall be for the benefit of and enforceable by any subsequent Certificateholder of any Registrable Certificates (or
of such portion thereof); provided, that such subsequent Certificateholder of Registrable Certificates shall be required to execute a joinder to this Agreement in form and substance reasonably satisfactory to the Trust attached as Exhibit
A hereto, agreeing to be bound by its terms. No assignment or delegation of this Agreement by the Trust, or any of the Trust’s rights, interests or obligations hereunder, shall be effective against any Certificateholder without the prior
written consent of such Certificateholder. 
 (i) Execution and Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 

(j) Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in all manner and respects as an
original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each
other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or
other electronic means to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability
of a contract and each such party forever waives any such defense. 
 (k) Governing Law; Venue. This Agreement shall be governed by,
and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or
provisions would cause the application of the laws of any jurisdiction other than the State of New York. Each of the parties to this Agreement consents and agrees that any action to enforce this Agreement or any dispute, whether such dispute arises
in law or equity, arising out of or relating to this Agreement, shall be brought exclusively in the United States District Court for the Southern District of New York or any New York State Court sitting in New York City. The parties hereto consent
and agree to submit to the exclusive jurisdiction of such courts. Each of the parties to this Agreement waives and agrees not to assert in any such dispute, to the fullest extent permitted by applicable law, any claim that (i) such party and
such party’s property is immune from any legal process issued by such courts or (ii) any litigation or other proceeding commenced in such courts is brought in an inconvenient forum. The parties hereby agree that mailing of process or other
papers in connection with any such action or proceeding to an address provided in writing by the recipient of such mailing, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof and hereby waive any
objections to service in the manner herein provided. 

  
 28 

 (l) Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to
waive its respective rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that
may be filed in any court and that relate to the subject matter of this Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to
enter into this Agreement, that each has already relied on this waiver in entering into this Agreement, and that each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it
has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING
(OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 17(l) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
 (m)
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(n) Selling Certificateholders Become Party to this Agreement. By asserting or participating in the benefits of registration of
Registrable Certificates pursuant to this Agreement, each Certificateholder agrees that it will be deemed a party to this Agreement and be bound by each of its terms. 

(o) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns,
pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof,
and, if applicable, hereof. The words “include”, “includes” or “including” in this Agreement shall be deemed to be followed by “without limitation”. The use of the words “or,” “either” or
“any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references to laws, rules, regulations and forms in this
Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All references to agencies, self-regulatory
organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successors thereto from time to time. 

  
 29 

 (p) Entire Agreement. This Agreement and any certificates, documents, instruments and
writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the parties,
written or oral, to the extent they relate in any way to the subject matter hereof. 
 (q) Termination. The obligations of the Trust
and of any Certificateholder, other than those obligations contained in Section 8 and this Section 17, shall terminate with respect to the Trust and such Certificateholder as soon as such
Certificateholder no longer beneficially owns any Registrable Certificates. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 30 

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

			
	COPPER PROPERTY CTL PASS THROUGH TRUST
	
	by GLAS Trust Company LLC, solely in its capacity as trustee

 
			
		
	By:	 	
             

 
			
	Name:	 	
	Title:	 	

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

			
	COPPER BIDCO LLC,
	on behalf of the Certificateholders
	
	By its sole member, GLAS AMERICAS LLC
		
	By:	 	
                     
                

	Name:	 	
	Title:	 	

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

[•], 202[•] 
 COPPER PROPERTY CTL
PASS-THOUGH TRUST 
 c/o GLAS Trust Company LLC, as trustee 
 3
Second Street, Suite 206 
 Jersey City, NJ 07311 

Reference is hereby made to that certain registration rights and resale cooperation agreement (the “Agreement”), dated
January 30, 2021, by and between Copper Property CTL Pass Through Trust, a New York common law trust (the “Trust”) and Copper Bidco LLC, a Delaware limited liability company (“Bidco”) on behalf of
the Certificateholders from time to time. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

1. Joinder. Each of the undersigned hereby acknowledges that it has received a copy of the Agreement and acknowledges and agrees with
the Trust that by its execution and delivery hereof it shall (i) join and become a party to the Agreement; (ii) be bound by all covenants, agreements, representations, warranties and acknowledgements applicable to such party as set forth
in and in accordance with the terms of the Agreement; and (iii) perform all obligations and duties as required of it in accordance with the Agreement. 

2. Counterparts. This Agreement may be signed in one or more counterparts (which may be delivered in original form or facsimile or
“pdf” file thereof), each of which shall constitute an original when so executed and all of which together shall constitute one and the same agreement. Delivery of an executed joinder agreement by one party to any other party may be made
by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or
other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

3. Amendments. No amendment or waiver of any provision of this Joinder Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties thereto. 
 4. Headings. The
section headings used herein are for convenience only and shall not affect the construction hereof. 
 5. APPLICABLE LAW. THIS JOINDER
AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS JOINDER AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 33 

 IN WITNESS WHEREOF, the undersigned has caused this joinder agreement to be duly executed and delivered as
of the date set forth above. 
  

			
	[JOINING PARTY]
		
	By:	 	
                     
        

	Name:	 	
	Title	 	

  

			
	Acknowledged and accepted as of the date first above written:
	
	COPPER PROPERTY CTL PASS THROUGH TRUST
	
	by GLAS Trust Company LLC, solely in its capacity as trustee
		
	By:	 	
                     
                

	Name:	 	
	Title:	 	

  
 34

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]