Document:

Exhibit 4.1

 

 

 

 

 

INDENTURE

Dated as of September 2, 2020

Among

ROYALTY PHARMA PLC,

ROYALTY PHARMA HOLDINGS LTD.

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

TABLE
OF CONTENTS

 

 

Page

 

	Article I 

    Definitions and Other Provisions of General Application
	 
	Section 101.   Definitions.	1
	Section 102.   Compliance
    Certificates and Opinions.	7
	Section 103.   Form of
    Documents Delivered to Trustee.	8
	Section 104.   Acts of
    Holders; Record Dates.	8
	Section 105.   Notices,
    Etc., to Trustee, Company and Guarantors.	10
	Section 106.   Notice
    to Holders; Waiver.	11
	Section 107.   Reserved.	11
	Section 108.   Effect
    of Headings and Table of Contents.	11
	Section 109.   Successors
    and Assigns.	11
	Section 110.   Separability
    Clause.	11
	Section 111.   Benefits
    of Indenture.	11
	Section 112.   Governing
    Law, Jurisdiction, Venue.	12
	Section 113.   Legal Holidays.	12
	Section 114.   No Recourse
    Against Others.	12
	Section 115.   Waiver
    of Jury Trial.	12
	Section 116.   Compliance
    with Applicable Law.	13
	Section 117.   Submission
    to Jurisdiction.	13
	Section 118.   Waiver
    of Immunity.	13
	Article II
	Security Forms
	 
	Section 201.   Forms Generally.	14
	Section 202.   Form of
    Legend for Global Securities.	14
	Section 203.   Form of
    Trustee’s Certificate of Authentication.	15
	Article III
	The Securities
	 
	Section 301.   Amount
    Unlimited; Issuable in Series.	15
	Section 302.   Denominations.	18
	Section 303.   Execution,
    Authentication, Delivery and Dating.	18
	Section 304.   Temporary
    Securities.	19
	Section 305.   Registration,
    Registration of Transfer and Exchange.	19
	Section 306.   Mutilated,
    Destroyed, Lost and Stolen Securities.	21
	Section 307.   Payment
    of Interest; Interest Rights Preserved.	22
	Section 308.   Persons
    Deemed Owners.	23
	Section 309.   Cancellation.	23
	Section 310.   Computation
    of Interest.	24
	Section 311.   CUSIP Numbers.	24
	Section 312.   Original
    Issue Discount.	24
	Section 313.   General
    Provisions Relating to Global Securities.	24
	 	 

 

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	Article IV
	Satisfaction and Discharge
	 
	Section 401.   Satisfaction
    and Discharge of Indenture.	25
	Section 402.   Application
    of Trust Money.	26
	 	 
	Article V
	Remedies
	 
	Section 501.   Events
    of Default.	26
	Section 502.   Acceleration
    of Maturity; Rescission and Annulment.	28
	Section 503.   Collection
    of Indebtedness and Suits for Enforcement by Trustee.	29
	Section 504.   Trustee
    May File Proofs of Claim.	29
	Section 505.   Trustee
    May Enforce Claims Without Possession of Securities.	30
	Section 506.   Application
    of Money Collected.	30
	Section 507.   Limitation
    on Suits.	31
	Section 508.   Unconditional
    Right of Holders to Receive Principal, Premium and Interest and to Convert Securities.	31
	Section 509.   Rights
    and Remedies Cumulative.	31
	Section 510.   Delay or
    Omission Not Waiver.	32
	Section 511.   Control
    by Holders.	32
	Section 512.   Waiver
    of Past Defaults.	32
	Section 513.   Undertaking
    for Costs.	33
	Section 514.   Waiver
    of Usury, Stay or Extension Laws.	33
	Section 515.   Restoration
    of Rights and Remedies.	33
	 	 
	Article VI
	The Trustee
	 
	Section 601.   Certain
    Duties and Responsibilities of Trustee.	33
	Section 602.   Notice
    of Defaults.	34
	Section 603.   Certain
    Rights of Trustee.	34
	Section 604.   Not Responsible
    for Recitals or Issuance of Securities.	36
	Section 605.   May Hold
    Securities.	36
	Section 606.   Money Held
    in Trust.	37
	Section 607.   Compensation
    and Reimbursement.	37
	Section 608.   Conflicting
    Interests.	38
	Section 609.   Corporate
    Trustee Required; Eligibility.	38
	Section 610.   Resignation
    and Removal; Appointment of Successor.	38
	Section 611.   Acceptance
    of Appointment by Successor.	39
	Section 612.   Merger,
    Conversion, Consolidation or Succession to Business.	40
	Section 613.   Preferential
    Collection of Claims Against Company.	41
	Section 614.   Trustee’s
    Application for Instructions from the Company.	41
	 	 
	Article VII
	Holders’ Lists and Reports by the Trustee, the
    Company and the Guarantors
	 
	Section 701.   Company
    to Furnish Trustee Names and Addresses of Holders.	41
	Section 702.   Preservation
    of Information; Communications to Holders.	41
	Section 703.   Reports
    by Trustee.	42
	Section 704.   Reports
    by the Company and the Guarantors.	42
	 	 

 

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	Article VIII
	Consolidation, Merger, Sale of Assets and Other Transactions
	 
	Section 801.   Company
    and Guarantors May Merge or Transfer Assets on Certain Terms.	42
	Section 802.   Successor
    Person Substituted.	43
	 	 
	Article IX
	Supplemental Indentures
	 
	Section 901.   Supplemental
    Indentures Without Consent of Holders.	43
	Section 902.   Supplemental
    Indentures With Consent of Holders.	44
	Section 903.   Execution
    of Supplemental Indentures.	45
	Section 904.   Effect
    of Supplemental Indentures.	46
	Section 905.   Notice
    of Supplemental Indenture; Reference in Securities to Supplemental Indentures.	46
	 	 
	Article X
	Covenants
	 
	Section 1001.   Payment
    of Principal, Premium, if any, and Interest.	46
	Section 1002.   Maintenance
    of Office or Agency.	47
	Section 1003.   Money
    for Securities Payments to Be Held in Trust.	47
	Section 1004.   Statement
    by Officers as to Default.	48
	Section 1005.   Waiver
    of Certain Covenants.	48
	 	 
	Article XI
	REDEMPTION OF SECURITIES
	 
	Section 1101.   Applicability
    of Article.	49
	Section 1102.   Election
    to Redeem; Notice to Trustee.	49
	Section 1103.   Selection
    by Trustee of Securities to Be Redeemed.	49
	Section 1104.   Notice
    of Redemption.	50
	Section 1105.   Deposit
    of Redemption Price.	51
	Section 1106.   Securities
    Payable on Redemption Date.	51
	Section 1107.   Securities
    Redeemed in Part.	51
	 	 
	Article XII
	SINKING FUNDS
	 
	Section 1201.   Applicability
    of Article.	52
	Section 1202.   Satisfaction
    of Sinking Fund Payments with Securities.	52
	Section 1203.   Redemption
    of Securities for Sinking Fund.	52
	 	 
	Article XIII
	DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 1301.   Company’s
    Option to Effect Defeasance or Covenant Defeasance.	52
	Section 1302.   Defeasance.	53
	Section 1303.   Covenant
    Defeasance.	53
	Section 1304.   Conditions
    to Defeasance or Covenant Defeasance.	54

 

 

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	Section 1305.   Deposited
    Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.	55
	Section 1306.   Reinstatement.	55
	 	 
	Article XIV
	GUARANTEE OF SECURITIES
	 
	Section 1401.   Guarantee.	56
	Section 1402.   Additional
    Guarantors.	56
	Section 1403.   Waiver.	56
	Section 1404.   Guarantee
    of Payment.	57
	Section 1405.   No Discharge
    or Diminishment of Guarantee.	57
	Section 1406.   Defenses
    of Company Waived.	57
	Section 1407.   Continued
    Effectiveness.	57
	Section 1408.   Subrogation.	58
	Section 1409.   Subordination.	58
	Section 1410.   Release
    of Guarantor and Termination of Guarantee.	58
	Section 1411.   Limitation
    of Guarantors’ Liability.	59
	Section 1412.   No Obligation
    to Take Action Against the Company.	59
	Section 1413.   Execution
    and Delivery .	59

 

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CROSS-REFERENCE
TABLE*

 

	Section of Trust Indenture Act of 1939, as amended	 	Section of  Indenture 
	 	 	 
	 	 	 
	310(a)	 	609
	310(b)	 	608
	 	 	610
	311(a)	 	613
	311(b)	 	613
	312(a)	 	701
	 	 	702
	312(b)	 	702
	312(c)	 	702
	313(a)	 	703
	313(b)	 	703
	313(c)	 	703
	 	 	703
	313(d)	 	703
	314(a)	 	704
	314(b)	 	Inapplicable
	314(c)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	Inapplicable
	314(f)	 	Inapplicable
	315(a)	 	601(2)
	 	 	603
	315(b)	 	501
	315(c)	 	601
	315(d)	 	601(3)
	315(e)	 	Inapplicable
	316(a)	 	511
	316(b)	 	507
	316(c)	 	Inapplicable
	317(a)	 	503
	317(b)	 	1003
	318(a)	 	102

 

 

 

 

 

		*	This
                                         Cross-Reference Table does not constitute part of the Indenture and shall not have any
                                         bearing on the interpretation of any of its terms or provisions.

 

 

 

 

 

    

    

    

INDENTURE,
dated as of September 2, 2020, among Royalty Pharma plc, an English public limited company incorporated under the laws of England
and Wales (herein called the “Company”), Royalty Pharma Holdings Ltd. , an English limited liability company
incorporated under the laws of England and Wales (the “Initial Guarantor”) and Wilmington Trust, National Association,
as Trustee (herein called the “Trustee”).

 

RECITALS

 

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

 

The Initial
Guarantor has duly authorized its guarantee of the Company’s obligations under this Indenture and the Securities (a “Guarantee”)
and to provide therefor the Initial Guarantor has duly authorized the execution and delivery of this Indenture.

 

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

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

Article
I

Definitions and Other Provisions of General Application

 

Section 101.           
Definitions.

 

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

 

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

 

(2)            
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

(3)            
unless the context otherwise requires, any reference to an “Article,” a “Section” or a “Schedule”
refers to an Article, a Section or a Schedule, as the case may be, of this Indenture;

 

(4)            
the words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or other subdivision;

 

(5)            
“including” means including without limitation;

 

(6)            
when used with respect to any Security, the words “convert,” “converted” and “conversion”
are intended to refer to the right of the Holder, the Company or the Guarantors to convert or exchange such Security into or for
securities or other property in accordance with such terms, if any, as may hereafter be specified for such Security as contemplated
by Section 301, and these words are not

 

    

    

    

intended
to refer to any right of the Holder, the Company or the Guarantors to exchange such Security for other Securities of the same
series and of like tenor pursuant to Section 304, 305, 306, 905 or 1107 or another similar provisions of this Indenture, unless
the context otherwise requires; and references herein to the terms of any Security that may be converted mean such terms as may
be specified for such Security as contemplated in Section 301;

 

(7)            
unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not
prohibited by the terms of this Indenture; and

 

(8)            
unless otherwise provided in this Indenture or in any Security, the words “execute,” “execution,”
“signed” and “signature” and words of similar import used in or related to any document to be signed in
connection with this Indenture, any Security or any of the transactions contemplated hereby (including amendments, waivers, consents
and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a
paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and
any other similar state laws based on the Uniform Electronic Transactions Act; provided that, notwithstanding anything herein
to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee.

 

“Act,”
when used with respect to any Holder, has the meaning specified in Section 104.

 

“Affiliate”
means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For the purposes of this definition, “control” when used with
respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. “Applicable Law” has the meaning specified in Section 116.

 

“Additional
Guarantors” means any Subsidiary of a Credit Party that becomes a guarantor or an obligor in respect of Triggering Indebtedness,
within 20 Business Days of such event and provides a Guarantee pursuant to this Indenture.

 

“Applicable
Procedures” means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary,
if any, that are applicable to such matter at such time.

 

“Authorized
Agent” has the meaning specified in Section 112.

 

“Bankruptcy
Law” has the meaning specified in Section 501.

 

“Business
Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions or trust companies
in New York, New York are authorized or obligated by law, regulation or executive order to close.

 

“Commission”
means the U.S. Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

    2

    

    

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

 

“Company
Request” or “Company Order” means a written request or order signed by or on behalf of the Company
by any Officer, manager, member or partner thereof (or any Person designated in writing as authorized to execute and deliver Company
Requests and Company Orders), and delivered to the Trustee.

 

“Company
Resolution” means a copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the member or members of the Company or board of directors of the Company, as the case may be, and
to be in full force and effect on the date of such certification and delivered to the Trustee.

 

“Corporate
Trust Office” means the principal office of the Trustee at which, at any particular time, its corporate trust business
shall be conducted, which office is located as of the date of this Indenture at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Royalty Pharma Notes Administrator, or at any other time at such other address as the Trustee
may designate from time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the Company).

 

“Covenant
Defeasance” has the meaning specified in Section 1303.

 

“Code”
shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“Credit
Parties” means the Company and the Guarantors.

 

“Custodian”
has the meaning specified in Section 501.

 

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

 

“Defaulted
Interest” has the meaning specified in Section 307.

 

“Defeasance”
has the meaning specified in Section 1302.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section
301.

 

“Event
of Default” has the meaning specified in Section 501.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from
time to time.

 

“Expiration
Date” has the meaning specified in Section 104.

 

“FATCA
Withholding Tax” shall mean any withholding or deduction required pursuant to an agreement described in Section 1471(b)
of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder
or official interpretations thereof)

 

    3

    

    

or any intergovernmental
agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing
such an intergovernmental agreement).

 

“GAAP”
means generally accepted accounting principles in the United States (including, if applicable, International Financial Reporting
Standards) as in effect from time to time.

 

“Global
Security” means a Security that evidences all or part of the Securities of any series registered in the name of a Depositary
or its nominee and that bears the legend set forth in Section 202 (or such legend as may be specified as contemplated by Section
301 for such Securities).

 

“Guarantees”
has the meaning specified in the second recital of this Indenture and more particularly means any Guarantee made by each of the
Guarantors as set forth in Article XIV hereof.

 

“Guarantors”
means the Initial Guarantor and any Additional Guarantors, but in each case excluding Persons
who cease to be Guarantors in accordance with this Indenture.

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indebtedness”
means with respect to any Person on any date of determination, obligations of such Person for borrowed money or evidenced by bonds,
debentures, notes or similar instruments.

 

“Indenture”
means this Indenture as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof. The term “Indenture” shall also include
the terms of particular series of Securities established as contemplated by Section 301.

 

“interest”
means, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, interest
payable after Maturity.

 

“Interest
Payment Date” means, when used with respect to any Security, the Stated Maturity of an installment of interest on such
Security.

 

“Maturity”
means, when used with respect to any Security, the date on which the principal of such Security or an installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call
for redemption or otherwise.

 

“Notice
of Default” means a written notice of the kind specified in Section 501.

 

“Obligations”
has the meaning specified in Section 1401.

 

“Obligor”
has the meaning given to such term in the Trust Indenture Act.

 

“Officer”
means any Chairman, any Vice Chairman, any Chief Executive Officer, the President, the Chief Operating Officer, the Treasurer,
any Vice President, any Assistant Treasurer, the Principal Accounting Officer, the Chief Financial Officer, the Chief Accounting
Officer, the General Counsel, the Secretary or any Assistant Secretary of the Company or any Guarantor (or any sole or managing
member or general partner of the Company or any Guarantor), as the case may be, or, in the case of the Company or the Guarantors’
general partners, any Person designated as an officer pursuant to the organizational documents of the Company or the Guarantors
and identified in writing to the Trustee.

 

    4

    

    

“Officers’
Certificate” means a certificate signed by two Officers of the Company or any Guarantor (or any sole or managing member
or general partner of the Company or any Guarantor), as the case may be, and delivered to the Trustee.

 

“Opinion
of Counsel” means a written opinion of counsel (who may be counsel for, including an employee of, the Company or for
any Guarantor) and who shall be reasonably acceptable to the Trustee.

 

“Original
Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

“Outstanding”
means, when used with respect to Securities, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

 

(1)       Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(2)       Securities
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as Paying Agent)
for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3)       Securities
as to which Defeasance has been effected pursuant to Section 1302;

 

(4)       Securities
which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid
obligations of the Company; and

 

(5)       Securities
as to which any property deliverable upon conversion thereof has been delivered (or such delivery has been made available), or
as to which any other particular conditions have been satisfied, in each case as may be provided for such Securities as contemplated
in Section 301;

 

provided, however,
that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken
any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal
amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof
which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502,
(B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal
amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated
by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies, composite currencies or
currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the
manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described
in clause (A) or (B) above, of the amount determined as provided in such clause), and (D) Securities owned by the Company, any
Guarantor or any other obligor upon the Securities or any Affiliate of the Company, any Guarantor or such other obligor shall
be disregarded and deemed not to be Outstanding (except in the case where the 100% of the applicable Securities are owned by the
Company or any Guarantor or any Affiliate of the Company or a Guarantor),

 

    5

    

    

except that, in determining whether
the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or
other action, only Securities which a Responsible Officer actually knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company, any Guarantor
or any other obligor upon the Securities or any Affiliate of the Company, any Guarantor or such other obligor.

 

“Paying
Agent” means any Person authorized by the Company to pay the principal of or premium, if any, or interest on any Securities
on behalf of the Company or any Guarantor.

 

“Permitted
Jurisdictions” has the meaning specified in Section 801(a)(1).

 

“Person”
means an individual, a corporation, a partnership, a limited liability company, an association, a trust, or any other entity including
government or political subdivision or an agency or instrumentality thereof.

 

“Place
of Payment” means, when used with respect to the Securities of any series, the place or places where the principal of
and premium, if any, and interest on the Securities of such series are payable as specified as contemplated by Section 301.

 

“Predecessor
Security” means, with respect to any particular Security, every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated
and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed
to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

 

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

 

“Redemption
Price” means, when used with respect to any Security to be redeemed, the price at which it is to be redeemed pursuant
to this Indenture.

 

“Regular
Record Date” means, for the interest payable on any Interest Payment Date on the Securities of any series, the date
specified for that purpose as contemplated by Section 301.

 

“Repayment
Date” means, with used with respect to a Security to be repaid at the option of a Holder, the date fixed for such repayment
by or pursuant to this Indenture.

 

“Responsible
Officer” means with respect to the Trustee, any officer assigned to the corporate finance group (or any successor division
or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration
of this Indenture and, for the purposes of Section 601(3)(B) and the second sentence of Section 602, shall also include any other
officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity
with the particular subject.

 

“Securities”
has the meaning specified in the first recital of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture.

 

“Securities
Act” means the U.S. Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

    6

    

    

“Security
Register” and “Security Registrar” have the respective meanings specified in Section 305.

 

“Significant
Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article
1, Rule 1-02(w) of Regulation S-X under the Exchange Act (or any successor provision).

 

“Special
Record Date” means, for the payment of any Defaulted Interest, a date fixed by the Trustee pursuant to Section 307.

 

“Stated
Maturity” means, when used with respect to any Security or any installment of principal thereof or interest thereon,
the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal
or interest is due and payable.

 

“Subsidiary”
means any subsidiary of a Person that is or would be consolidated with such Person in the preparation of segment information (or,
in the absence of segment information, comparable non-GAAP information) with respect to the combined financial statements of such
Person.

 

“Triggering
Indebtedness” means Indebtedness of a Credit Party (or Indebtedness guaranteed by a Credit Party) owed to one or more
Persons, other than a Credit Party or any Subsidiary of a Credit Party, that has an aggregate principal amount and/or committed
amount at any one time outstanding and/or committed in excess of $1.0 billion.

 

“Trust
Indenture Act” means the U.S. Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture
Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used
with respect to the Securities of any series shall mean the Trustee with respect to Securities of such series.

 

“U.S.
Government Obligation” has the meaning specified in Section 1304(1).

 

“Vice
President” means, when used with respect to the Company or any Guarantor (or any sole or managing member or general
partner of the Company or any Guarantor) or the Trustee, any vice president, whether or not designated by a number or a word or
words added before or after the title “vice president.”

 

Section 102.           
Compliance Certificates and Opinions.

 

Upon any
application or request by the Company or any Guarantor to the Trustee to take any action under any provision of this Indenture,
the Company or such Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

    7

    

    

Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided
for in Section 1004) shall include:

 

(1)            
a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions
herein relating thereto;

 

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

 

(3)            
a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary
to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)            
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 103.           
Form of Documents Delivered to Trustee.

 

In any case
where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate
or opinion of an Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such Officer’s certificate or opinion is based are erroneous. Any
such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an Officer or Officers stating that the information with respect to such factual matters is in the possession
of the Company or a Guarantor, as the case may be, unless such counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 104.           
Acts of Holders; Record Dates.

 

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

 

    8

    

    

conclusive
in favor of the Trustee, the Company and the Guarantors, if made in the manner provided in this Section 104.

 

The fact
and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
Person acting in a capacity other than such Person’s individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such Person’s authority. The fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

 

The ownership
of Securities shall be proved by the Security Register.

 

Any request,
demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder
of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent, the Company, any Guarantor or any of their respective agents in reliance thereon, whether or not notation of such action
is made upon such Security.

 

The Company
or any Guarantor may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any
series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided
or permitted by this Indenture to be given, made or taken by Holders of Securities of such series; provided that none of
the Company or any Guarantor may set a record date for, and the provisions of this paragraph shall not apply with respect to,
the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is
set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other
Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided
that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of
the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be
construed to prevent the Company or any Guarantor from setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person
be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company or any Guarantor, at its own expense, shall cause notice
of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and
to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

The Trustee
may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii)
any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 511, in each case
with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities
of such series on

 

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such record
date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which
a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company
and the Guarantors in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

With respect
to any record date set pursuant to this Section 104, the party hereto which sets such record dates may designate any day as the
“Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided
that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto
in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the
existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section
104, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record
date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph.

 

Without limiting
the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do
so pursuant to such appointment with regard to all or any part of such principal amount.

 

Section 105.           
Notices, Etc., to Trustee, Company and Guarantors.

 

Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with,

 

(1)            
the Trustee by any Holder or by the Company or a Guarantor shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing (which may be by facsimile) to or with the Trustee at its Corporate Trust Office at the location
specified in Section 101; or

 

(2)            
the Company or a Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid or delivered via electronic transmission, to
the Company or any Guarantor addressed to the attention of the Secretary of the Company or such Guarantor at 110 East 59th Street,
New York, NY 10022, fax number: (212) 883-2260, Attention: General Counsel or at such other address as may be specified in writing
to the Trustee by the Company.

 

The Trustee
shall have the right, but shall not be required, to rely upon and comply with instructions and directions sent by e-mail, facsimile
and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions
on behalf of the Company or a Guarantor. The Trustee shall have no duty or obligation to verify or confirm that the person who
sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of the Company
or such Guarantor; and the Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained
by the Company or such Guarantor as a result of such reliance upon or compliance with such instructions or directions. The Company
and each Guarantor agrees to assume all risks arising out of the use of such electronic methods to submit instructions and

 

    10

    

    

directions
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

Section 106.           
Notice to Holders; Waiver.

 

Where this
Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at such Holder’s
address as it appears in the Security Register, not later than the latest date, if any, and not earlier than the earliest date,
if any, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by
the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

 

In case by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder.

 

Where this
Indenture provides for notice of any event to a Holder of a Global Security, such notice shall be sufficiently given if given
to the Depositary for such Security (or its designee), pursuant to the Applicable Procedures of the Depositary, not later than
the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice.

 

Section 107.           
Reserved.

 

Section 108.           
Effect of Headings and Table of Contents.

 

The Article
and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 109.           
Successors and Assigns.

 

All covenants
and agreements in this Indenture by the Company and the Guarantors shall bind their respective successors and assigns, whether
so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors and assigns, whether so expressed
or not.

 

Section 110.           
Separability Clause.

 

In case any
provision in this Indenture, any Guarantee 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 111.           
Benefits of Indenture.

 

Nothing in
this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

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Section 112.           
Governing Law, Jurisdiction, Venue.

 

This Indenture,
the Securities and the Guarantees shall be governed by, and construed in accordance with, the law of the State of New York. The
Company, the Guarantors and the Trustee agree that any legal suit, action or proceeding arising out of or relating to this Indenture,
and the Company and the Guarantors agree that any legal suit, action or proceeding arising out of or relating to the Securities,
may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, in respect of actions brought
against each such party as a defendant, and each waives any objection which it may now or hereafter have to the laying of the
venue of any such legal suit, action or proceeding, waives any immunity, to the extent permitted by law, from jurisdiction or
to service of process in respect of any such suit, action or proceeding, waives any right to which it may be entitled on account
of place of residence or domicile and irrevocably submits to the jurisdiction of any such court in any such suit, action or proceeding.

 

Section 113.           
Legal Holidays.

 

In any case
where any Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity of any Security, or any date on which a Holder
has the right to convert such Holder’s Security, shall not be a Business Day, then (notwithstanding any other provision
of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall
apply in lieu of this Section 113)) payment of principal and premium, if any, or interest, or the Redemption Price or conversion
of such Security, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the Interest Payment Date, Redemption Date or Repayment Date or at the Stated Maturity, or on such conversion date.
In the case, however, of Securities of a series bearing interest at a floating rate, if any Interest Payment Date (other than
the Redemption Date, Repayment Date or Stated Maturity) would otherwise be a date that is not a Business Day, then the Interest
Payment Date shall be postponed to the following date which is a Business Day, unless that Business Day falls in the next succeeding
calendar month, in which case the Interest Payment Date will be the immediately preceding Business Day. No interest shall accrue
for the period from and after any such Interest Payment Date, Redemption Date, Repayment Date, Stated Maturity or conversion date,
as the case may be, to the date of such payment.

 

Section 114.           
No Recourse Against Others.

 

A director,
partner, officer, employee, member, manager or stockholder as such of the Company or any Guarantor shall not have any liability
for any obligations of the Company 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. By accepting a Security, each Holder shall waive and release all such liability.
The waiver and release shall be part of the consideration for the issue of the Securities.

 

Section 115.           
Waiver of Jury Trial.

 

EACH OF THE
COMPANY, THE GUARANTORS, THE TRUSTEE AND THE HOLDERS, BY THEIR ACCEPTANCE OF THE SECURITIES, 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 GUARANTEES.

 

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Section 116.           
Compliance with Applicable Law.

 

In order
to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated
by competent authorities) in effect from time to time (“Applicable Law”), the Trustee shall be entitled to
make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law (and
shall timely pay the amounts so withheld or deducted to the applicable governmental authority) for which Wilmington Trust, National
Association shall not have any liability, except in cases of gross negligence or willful misconduct. Each of the Company, the
Guarantor and the Trustee agrees to reasonably cooperate and, at the reasonable request of the others, to provide the others with
such information as each may have in its possession that is necessary to enable the determination of whether any payments hereunder
are subject to FATCA Withholding Tax.

 

Section 117.           
Submission to Jurisdiction.

 

The Company
and the Guarantors hereby submit to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of
Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Indenture, the Securities, the
Guarantees or the transactions contemplated hereby. The Company and the Guarantors waive any objection which it may now or hereafter
have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and the Guarantors agrees that
final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and
each Guarantor, as applicable, and may be enforced in any court to the jurisdiction of which Company or the Guarantor is subject
by a suit upon such judgment. The Company and the Guarantors irrevocably appoint CSC North America, with its principal office
as of the date of this Indenture located at 251 Little Falls Drive, Wilmington, DE 19808, as its authorized agent in the Borough
of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service
of process upon such authorized agent, and written notice of such service to the Company or any such Guarantor, as the case may
be, by the person serving the same to the address provided in Section 105, shall be deemed in every respect effective service
of process upon the Company and such Guarantor in any such suit or proceeding. The Company and the Guarantors hereby represent
and warrant that such authorized agent has accepted such appointment and has agreed to act as such authorized agent for service
of process. The Company and the Guarantors further agree to take any and all action as may be necessary to maintain such designation
and appointment of such authorized agent in full force and effect until at least one year after all of the Securities are no longer
Outstanding.

 

Section 118.           
Waiver of Immunity.

 

To the extent
that the Company and the Guarantors may acquire any immunity (sovereign or otherwise) from jurisdiction of any court of (i) England
and Wales, (ii) the United States or the State of New York, (iii) any jurisdiction in which it owns or leases property or assets
or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution,
set-off or otherwise) with respect to themselves or their respective property and assets or this Indenture, the Securities or
the Guarantees, each of the Company and the Guarantors hereby irrevocably waives such immunity in respect of its obligations under
this Indenture, the Securities and the Guarantees to the fullest extent permitted by applicable law.

 

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Article
II

Security Forms

Section 201.           
Forms Generally.

 

The Securities
of each series shall be in substantially such form or forms as shall be established by or pursuant to a Company Resolution or,
subject to Section 303, set forth in, or determined in the manner provided in, an Officers’ Certificate of the Company pursuant
to a Company Resolution, or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws
or the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the Officer
executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Company Resolution, a copy of an appropriate record of such action shall be certified by the Secretary
or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated
by Section 303 for the authentication and delivery of such Securities. If all of the Securities of any series established by action
taken pursuant to a Company Resolution are not to be issued at one time, it shall not be necessary to deliver a record of such
action at the time of issuance of each Security of such series, but an appropriate record of such action shall be delivered at
or before the time of issuance of the first Security of such series.

 

The definitive
Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the Officers of the Company executing such Securities, as evidenced by their execution of such Securities.

 

Section 202.           
Form of Legend for Global Securities.

 

Unless otherwise
specified as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:

 

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

 

THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

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Section 203.           
Form of Trustee’s Certificate of Authentication.

 

The Trustee’s
certificates of authentication shall be in substantially the following form:

 

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

 

Dated:

 

	 	Wilmington
    Trust, National Association, as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Article
III

The Securities

 

Section 301.           
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. There shall be established in or pursuant to (a) a Company Resolution or pursuant to authority
granted by a Company Resolution and, subject to Section 303, set forth, or determined in the manner provided, in an Officers’
Certificate of the Company, or (b) one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

(1)            
the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any
other series);

 

(2)            
the limit, if any, on the aggregate principal amount of the Securities of the series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for,
or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 905 or 1107 and except for any Securities which,
pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder);

 

(3)            
the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4)            
the date or dates on which the principal of any Securities of the series is payable or the method used to determine or
extend those dates;

 

(5)            
the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such
interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for
any such interest payable on any Interest Payment Date;

 

(6)            
the place or places where the principal of and premium, if any, and interest on any Securities of the series shall be payable
and the manner in which any payment may be made;

 

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(7)            
the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities
of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Company Resolution, the
manner in which any election by the Company to redeem the Securities shall be evidenced;

 

(8)            
the obligation or the right, if any, of the Company to redeem or purchase any Securities of the series pursuant to any
sinking fund or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the
terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to
such obligation;

 

(9)            
if other than minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations
in which any Securities of the series shall be issuable;

 

(10)           if
the amount of principal of or premium, if any, or interest on any Securities of the series may be determined with reference to
a financial or economic measure or index or pursuant to a formula, the manner in which such amounts shall be determined;

 

(11)           if other than the currency of the United States of America, the currency, currencies or currency units in which the principal
of or premium, if any, or interest on any Securities of the series shall be payable and the manner of determining the equivalent
thereof in the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding”
in Section 101;

 

(12)           if the principal of or premium, if any, or interest on any Securities of the series is to be payable, at the election of
the Company or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities
are stated to be payable, the currency, currencies or currency units in which the principal of or premium, if any, or interest
on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon
which such election is to be made and the amount so payable (or the manner in which such amount shall be determined);

 

(13)           if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series
which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)           if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any
one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities
as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable
upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated
Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined);

 

(15)           if other than by a Company Resolution, the manner in which any election by the Company to defease any Securities of the
series pursuant to Section 1302 or Section 1303 shall be evidenced; whether any Securities of the series other than Securities
denominated in U.S. dollars and bearing interest at a fixed rate are to be subject to Section 1302 or Section 1303; or, in the
case of Securities denominated in U.S. dollars and bearing interest at a fixed rate, if applicable, that the Securities of the
series, in whole or any specified part, shall not be defeasible pursuant to Section 1302 or Section 1303 or both such Sections;

 

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(16)           if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 202 and any circumstances in addition to or
in lieu of those set forth in clause (2) of the penultimate paragraph of Section 305 in which any such Global Security may be
exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof and any other provisions
governing exchanges or transfers of such Global Security;

 

(17)           any addition to, deletion from or change in the Events of Default which applies to any Securities of the series and any
change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 502;

 

(18)           any addition to, deletion from or change in the covenants set forth in Article X which applies to Securities of the series;

 

(19)           if the Securities of the series are to be convertible into or exchangeable for cash and/or any securities or other property
of any Person (including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable;

 

(20)           whether
the Securities of the series will be guaranteed by any Person or Persons other than the Guarantors and, if so, the identity of
such Person or Persons, the terms and conditions upon which such Securities shall be guaranteed and, if applicable, the terms
and conditions upon which such guarantees may be subordinated to other indebtedness of the respective guarantors;

 

(21)           whether the Securities of the series will be secured by any collateral and, if so, the terms and conditions upon which
such Securities shall be secured and, if applicable, upon which such liens may be subordinated to other liens securing other indebtedness
of the Company or any Guarantor;

 

(22)           if applicable, any interest rate calculation agents, exchange rate calculation agents or other agents with respect to the
Securities of such series, if the trustee, paying agent or security registrar of that series is other than the Trustee initially
named in this Indenture or any successor thereto, the trustee, paying agent or security registrar of that series; and

 

(23)           any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted
by Section 901(12)).

 

All Securities
of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant
to the Company Resolution referred to above or pursuant to authority granted by one or more Company Resolutions and, subject to
Section 303, set forth, or determined in the manner provided, in the Officers’ Certificate of the Company referred to above
or in any such indenture supplemental hereto.

 

All Securities
of any one series need not be issued at one time and, unless otherwise provided in or pursuant to the Company Resolution referred
to above and, subject to Section 303, set forth, or determined in the manner provided, in the Officers’ Certificate of the
Company referred to above or pursuant to authority granted by one or more Company Resolutions or in any such indenture supplemental
hereto with respect to a series of Securities, additional Securities of a series may be issued, at the option of the Company,
without the consent of any Holder, at any time and from time to time.

 

    17

    

    

If any of
the terms of the series are established by action taken pursuant to a Company Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Officers’ Certificate of the Company setting forth the terms of the series.

 

Section 302.           
Denominations.

 

The Securities
of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified
as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any series,
the Securities of such series shall be issuable in minimum denominations of $2,000 and any integral multiple of $1,000 in excess
thereof.

 

Section 303.           
Execution, Authentication, Delivery and Dating.

 

The Securities
shall be executed on behalf of the Company by one of its Officers. The signature on the Securities may be manual, facsimile or
electronic.

 

Securities
bearing the manual or facsimile signatures of individuals who were at any time the proper Officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities.

 

At any time
and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed
by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. In accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and, subject to
Section 601, shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(1)            
that such form has been established in conformity with the provisions of this Indenture;

 

(2)            
that such terms have been established in conformity with the provisions of this Indenture; and

 

(3)            
that such Securities and the related Guarantees, when the Securities are authenticated by the Trustee and issued and delivered
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 and each Guarantor, respectively, enforceable against the Company and each Guarantor, respectively,
in accordance with their terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles and (iii)
an implied covenant of good faith and fair dealing.

 

If such form
or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture
or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Notwithstanding
the provisions of Section 301 and of the preceding paragraph of this Section 303, if all Securities of a series are not to be
originally issued at one time, except in the event that the

 

    18

    

    

aggregate
principal amount of a series of Outstanding Securities is increased as contemplated by Section 301, it shall not be necessary
to deliver the Opinion of Counsel of the Company otherwise required pursuant to the preceding paragraph at or prior to the authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued.

 

Each Security
shall be dated the date of its authentication.

 

No Security
shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security
a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and
such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided
in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.

 

Section 304.           
Temporary Securities.

 

Pending the
preparation of definitive Securities of any series, the Company may execute, and, upon Company Order, the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities of such series in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the Officer or Officers executing such Securities
may determine, as evidenced by their execution thereof.

 

If temporary
Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable
for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of
the Company in a Place of Payment for such series, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities of any series, the Company shall execute, and, upon Company Order the Trustee shall authenticate and
deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like
tenor and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in all respects be entitled
to the same benefits under this Indenture as definitive Securities of such series and tenor.

 

Section 305.           
Registration, Registration of Transfer and Exchange.

 

The Company
shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office or in any
other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose
of maintaining the Security Register and registering Securities and transfers of Securities as herein provided.

 

Upon surrender
for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for such
series, the Company shall execute, and, upon Company Order, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one

 

    19

    

    

or more new
Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

At the option
of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations
and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and, upon Company Order, the Trustee shall authenticate
and deliver, the Securities, which the Holder making the exchange is entitled to receive.

 

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

 

Every Security
presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be
duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing.

 

No service
charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
or exchange of Securities, other than exchanges pursuant to Section 304, 905 or 1107 not involving any transfer.

 

If the Securities
of any series (or of any series and specified tenor) are to be redeemed in whole or in part, the Company shall not be required
(A) to issue, register the transfer of or exchange any Securities of such series (or of such series and specified tenor, as the
case may be) during a period beginning at the opening of business 15 days before the day of a notice of redemption of any such
Securities under Section 1103 and ending at the close of business on the day of such notice, or (B) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

Notwithstanding
the foregoing, neither the Trustee nor any other agent appointed pursuant to this Indenture shall have any 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 Security (including any transfers between or among Depositary participants
or beneficial owners of interests in any Global 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 form with the express requirements hereof.

 

The provisions
of clauses (1), (2), (3) and (4) of this paragraph shall apply only to Global Securities:

 

(1)            
Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for
such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each
such Global Security shall constitute a single Security for all purposes of this Indenture.

 

(2)            
Notwithstanding any other provision in this Indenture, and subject to such applicable provisions, if any, as may be specified
as contemplated by Section 301, no Global Security may be

 

    20

    

    

exchanged
in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in
the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary has
notified the Company that it is unwilling or unable or no longer permitted under applicable law to continue as Depositary for
such Global Security and a successor Depositary is not appointed within 90 days, (B) there shall have occurred and be continuing
an Event of Default with respect to such Global Security, (C) subject to the Applicable Procedures, the Company so directs the
Trustee by a Company Order or (D) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as
have been specified for this purpose as contemplated by Section 301.

 

(3)            
Subject to clause (2) above and to such applicable provisions, if any, as may be specified as contemplated by Section 301,
any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange
for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall
direct.

 

(4)            
Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global
Security or any portion thereof, whether pursuant to this Section 305, Section 304, 306, 905 or 1107 or otherwise, shall be authenticated
and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other
than the Depositary for such Global Security or a nominee thereof.

 

Every Person who takes or holds
any beneficial interest in a Global Security agrees that:

 

(1)            
the Company and the Trustee may deal with the Depositary as sole owner of the Global Security and as the authorized representative
of such Person;

 

(2)            
such Person’s rights in the Global Security shall be exercised only through the Depositary and shall be limited to
those established by law and agreement between such Person and the Depositary and/or direct and indirect participants of the Depositary;
and

 

(3)            
the Depositary and its participants make book entry transfers of beneficial ownership among, and receive and transmit distributions
of principal and interest on the Global Securities to, such Persons in accordance with the Applicable Procedures of the Depositary.

 

Section 306.           
Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated
Security is surrendered to the Trustee, the Company shall execute, and, upon Company Order the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

 

If there
shall be delivered to the Company and the Trustee (1) evidence to their satisfaction of the destruction, loss or theft of any
Security and (2) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the
Company shall execute and the Trustee shall, upon Company Order, authenticate and deliver, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same series and of like tenor and principal amount, and bearing a number not contemporaneously
outstanding.

 

In case any
such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security.

 

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Upon the
issuance of any new Security under this Section 306, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
counsel to the Company and the fees and expenses of the Trustee and its counsel) connected therewith.

 

Every new
Security of any series issued pursuant to this Section 306 in lieu of any mutilated, destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company and the respective Guarantors, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of such series and Guarantees duly issued hereunder.

 

The provisions
of this Section 306 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 307.           
Payment of Interest; Interest Rights Preserved.

 

Except as
otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest
on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (1) or (2) below:

 

(1)            
The Company may elect to make payment of any Defaulted Interest payable on Securities of a series to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the
date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date
for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of
the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities
of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted Interest
shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). The
Trustee shall have no responsibility for the calculation of the Defaulted Interest.

 

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(2)            
The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Subject to
the foregoing provisions of this Section 307, each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.

 

In the case
of any Security which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date
(other than any Security whose Maturity is prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest
Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion, and such interest (whether or not
punctually paid or made available for payment) shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on such Regular Record Date. Except as otherwise expressly provided in the
immediately preceding sentence, in the case of any Security which is converted, interest whose Stated Maturity is after the date
of conversion of such Security shall not be payable. Notwithstanding the foregoing, the terms of any Security that may be converted
may provide that the provisions of this paragraph do not apply, or apply with such additions, changes or omissions as may be provided
thereby, to such Security.

 

Section 308.           
Persons Deemed Owners.

 

Prior to
due presentment of a Security for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company,
a Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and premium, if any, and, subject to Section 307, any interest on such Security and
for all other purposes whatsoever, whether or not such Security be overdue, and none of the Company, the Guarantors, the Trustee
nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary.

 

Section 309.           
Cancellation.

 

All Securities
surrendered for payment, redemption, registration of transfer or exchange or conversion or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled
by it. The Company or any Guarantor may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company or such Guarantor may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder
which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 309, except as expressly
permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with its customary
procedures. The Trustee shall provide the Company or any Guarantor a list of all Securities that have been cancelled from time
to time as requested, in writing, by the Company or such Guarantor.

 

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Section 310.           
Computation of Interest.

 

Except as
otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 311.           
CUSIP Numbers.

 

The Company
in issuing any series of the Securities may use “CUSIP” or “ISIN” numbers and/or other similar numbers,
if then generally in use, and thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption
with respect to such series; 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 of such series 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 of such series, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Company will promptly give the Trustee written notice of any
changes to the “CUSIP” or “ISIN” numbers.

 

Section 312.           
Original Issue Discount.

 

If any of
the Securities is an Original Issue Discount Security, the Company shall deliver an Officers’ Certificate to the Trustee
promptly at the end of each calendar year (1) specifying the amount of original issue discount (including daily rates and accrual
periods) accrued on such Outstanding Original Issue Discount Securities as of the end of such year and (2) including such other
specific information relating to such original issue discount as may then be relevant under the Code.

 

Section 313.           
General Provisions Relating to Global Securities.

 

Owners of
beneficial interests in the Securities evidenced by a Global Security will not be entitled to any rights under this Indenture
with respect to such Global Security, and the Depositary or its nominee may be treated by the Company, the Guarantors, and the
Trustee and any agent of the Company, the Guarantors or the Trustee, including any Security Registrar or Paying Agent as the owner
and Holder of such Global Security for all purposes whatsoever. None of the Company, the Guarantors, the Trustee, the Security
Registrar, the Paying Agent or any other agent of the Company, the Guarantors or of the Trustee shall 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. None of the
Company, the Guarantors, the Trustee, the Security Registrar, the Paying Agent or any other agent of the Company, the Guarantors
or of the Trustee shall have any responsibility or liability to any person for any acts or omissions of the Depositary or its
nominee in respect of a Global Security, for the records of any such Depositary, including records in respect of beneficial ownership
interests in respect of such Global Security, for any transactions between such Depositary and any participant or indirect participant
in such Depositary or between or among such Depositary, any participant or indirect participant in such Depositary and/or any
Holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global
Security. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, the Security Registrar or the
Paying Agent or such agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary
or its nominee or impair, as between the Depositary or its nominee and such owners of beneficial interests, the operation of customary
practices governing the exercise of the rights of the Depositary or its nominee as Holder of any Global Security.

    24

    

    

 

Article
IV

Satisfaction and Discharge

 

Section 401.           
Satisfaction and Discharge of Indenture.

 

This Indenture
shall, upon Company Request, cease to be of further effect with respect to any series of Securities specified in such Company
Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided
for herein or in the terms of such Security), and the Trustee, at the expense of the Company, shall execute such instruments acknowledging
satisfaction and discharge of this Indenture as to such series, when:

 

(1)            
either

 

(A)              
all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been mutilated,
destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(B)           all
such Securities of such series not theretofore delivered to the Trustee for cancellation

 

(i)         have become due and payable, or

 

(ii)        will become due and payable at their Stated Maturity within one year of the date of deposit, or

 

(iii)       are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the
case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose
an amount of money or U.S. Government Obligations, or a combination thereof (such amount to be certified pursuant to an Officers’
Certificate in the case of U.S. Government Obligations) in an amount sufficient to pay and discharge the entire Indebtedness on
such Securities not theretofore delivered to the Trustee for cancellation, for principal and premium, if any, and interest to
the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;

 

(2)            
the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(3)            
the Company has delivered to the Trustee an Officers’ Certificate of the Company and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such
series have been complied with.

 

In the event
there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction
and discharge of this Indenture only if requested to do

 

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so with respect
to Securities of such series as to which it is Trustee and if the other conditions thereto are met.

 

Notwithstanding
the satisfaction and discharge of this Indenture with respect to Securities of any series, the obligations of the Company and
the Guarantors to the Trustee under Section 607 and, if money shall have been deposited with the Trustee pursuant to subclause
(B) of clause (1) of this Section 401 with respect to such Securities, the obligations of the Company with respect to such series
of Securities under Section 1002 and the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall
survive such satisfaction and discharge.

 

Section 402.           
Application of Trust Money.

 

Subject to
the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held
in trust and applied by it, in accordance with the provisions of the applicable series of Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and premium, if any, and interest for whose payment such money has been deposited
with the Trustee. All money deposited with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the payment
of Securities subsequently converted into other property shall be returned to the Company upon Company Request.

 

Article
V

Remedies

 

Section 501.           
Events of Default.

 

Except as
may be otherwise provided pursuant to Section 301 for Securities of any series, an “Event of Default” means, whenever
used herein or in a Security issued hereunder with respect to Securities of any series, any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)            
the Company defaults in the payment of any installment of interest on any Security of such series, and such default continues
for a period of 30 consecutive days after such payment becomes due and payable;

 

(2)            
the Company defaults in the payment of the principal of or premium, if any, on any Security of such series when the same
becomes due and payable, regardless of whether such payment became due and payable at its Stated Maturity, upon redemption, upon
declaration of acceleration or otherwise;

 

(3)            
the Company defaults in the deposit of any sinking fund payment, when and as due by the terms of a Security of such series;

 

(4)            
any Credit Party defaults in the performance of, or breaches, any of its covenants and agreements in respect of any Security
of such series contained in this Indenture or in the Securities of such series (other than those referred to in (1), (2) or (3)
above), and such default or breach continues for a period of 90 days after the notice specified below;

 

(5)            
the Company or any Guarantor, pursuant to or within the meaning of the Bankruptcy Law:

 

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(A)              commences
a voluntary case or proceeding;

 

(B)              
consents to the entry of an order for relief against it in an involuntary case or proceeding;

 

(C)              
consents to the appointment of a Custodian (as defined below) of it or for all or substantially all of its property;

 

(D)              
makes a general assignment for the benefit of its creditors;

 

(E)              
files a petition in bankruptcy or answer or consent seeking reorganization or relief;

 

(F)              
consents to the filing of such petition or the appointment of or taking possession by a Custodian; or

 

(G)              
takes any comparable action under any foreign laws relating to insolvency;

 

(6)            
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)              
is for relief against the Company or any Guarantor in an involuntary case, or adjudicates the Company or any Guarantor
insolvent or bankrupt;

 

(B)              
appoints a Custodian of the Company or any Guarantor or for all or substantially all of the property of the Company or
any Guarantor; or

 

(C)              
orders the winding-up or liquidation of the Company or any Guarantor (or any similar relief is granted under any foreign
laws),

 

and the order
or decree remains unstayed and in effect for 90 days;

 

(7)            
except as otherwise provided herein, a Guarantee of any Guarantor ceases to be in full force and effect or is declared
to be null and void and unenforceable or such Guarantee is found to be invalid or a Guarantor denies its liability under its Guarantee
(other than by reason of release of such Guarantee in accordance with the terms of this Indenture);

 

(8)            
one or more defaults shall have occurred under any of the agreements, indentures or instruments under which the Company
or any of its Significant Subsidiaries has outstanding Indebtedness in excess of $250.0 million, individually or in the aggregate,
and either (a) such default results from the failure to pay such Indebtedness at its stated final maturity and such default has
not been cured or the Indebtedness repaid in full within 20 days of the default or (b) such default or defaults have resulted
in the acceleration of the maturity of such indebtedness and such acceleration has not been rescinded or such Indebtedness repaid
in full within 20 days of the acceleration;

 

(9)            
one or more judgments or orders that exceed $250.0 million in the aggregate (net of amounts covered by insurance or bonded)
for the payment of money have been entered by a court or courts of competent jurisdiction against the Company or any of its Significant
Subsidiaries and such judgment or judgments have not been satisfied, stayed, annulled or rescinded within 60 days after such judgment
or judgments become final and nonappealable; or

 

(10)            
any other Event of Default provided with respect to Securities of such series occurs.

 

    27

    

    

The term
“Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state or foreign law for the
relief of debtors. The term “Custodian” means any custodian, receiver, trustee, assignee, liquidator or other
similar official under any Bankruptcy Law.

 

A Default
with respect to Securities of any series under clause (4) of this Section 501 shall not be an Event of Default until the Trustee
(by written notice to the Company and the Guarantors) or the Holders of not less than 25% in aggregate principal amount of all
series of Outstanding Securities affected thereby (by written notice to the Company and the Guarantors and the Trustee) gives
notice of the Default and the Company and the Guarantors do not cure such Default within the time specified in clause (4) after
receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice
of Default.”

 

The Trustee
is not to be charged with knowledge of any Default or Event of Default or knowledge of any cure of any Default or Event of Default
unless either (i) a Responsible Officer of the Trustee has actual knowledge of such Default or Event of Default or (ii) written
notice of such Default or Event of Default has been given to a Responsible Officer of the Trustee by the Company or any Holder.

 

Section 502.           
Acceleration of Maturity; Rescission and Annulment.

 

Except as
may otherwise be provided pursuant to Section 301 for all or any specific Securities of any series, if an Event of Default with
respect to Securities of any series at the time Outstanding (other than an Event of Default specified in Section 501(5) or (6)
with respect to the Company) occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in aggregate principal amount of the Outstanding Securities of such series may declare the principal amount of all the Securities
of such series (or, if any Securities of such series are Original Issue Discount Securities, such portion of the principal amount
of such Securities as may be specified by the terms thereof), together with any accrued and unpaid interest thereon, to be due
and payable immediately, by a notice in writing to the Company and the Guarantors (and to the Trustee if given by Holders), and
upon any such declaration, such principal amount (or specified amount), together with any accrued and unpaid interest thereon,
shall become immediately due and payable. Except as may otherwise be provided pursuant to Section 301 for all or any specific
Securities of any series, if an Event of Default specified in Section 501(5) or (6) with respect to the Company occurs, the principal
amount of all the Securities of such series (or, in the case of any Security of such series which specifies an amount to be due
and payable thereon upon acceleration of the Maturity thereof, such amount as may be specified by the terms thereof), together
with any accrued and unpaid interest thereon, shall automatically, and without any declaration or other action on the part of
the Trustee or any Holder, become immediately due and payable. Upon payment of such amounts, all obligations of the Company in
respect of the payment of principal and interest of the Securities of such series shall terminate.

 

Except as
may otherwise be provided pursuant to Section 301 for all or any specific Securities of any series, at any time after such a declaration
of acceleration with respect to the Securities of any series has been made and before a judgment or decree for payment of the
money due based on such acceleration has been obtained by the Trustee as hereinafter in this Article V provided, the Holders of
a majority in aggregate principal amount of the Outstanding Securities of such series, by written notice to the Company, the Guarantors
and the Trustee, may rescind and annul such declaration and its consequences if:

 

(1)            
the Company or any Guarantor has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)              all
overdue interest on all Securities of such series,

 

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

 

(C)              
to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Securities, and

 

(D)              
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

 

(2)            
all Events of Default with respect to Securities of such series, other than the nonpayment of the principal of Securities
of such series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section
512.

 

No such rescission
shall affect any subsequent default or impair any right consequent thereon.

 

Section 503.           
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company
covenants that if (1) default is made in the payment of any interest on any Security when such interest becomes due and payable
and such default continues for a period of 30 days, or (2) default is made in the payment of the principal of or premium, if any,
on any Security at the Maturity thereof, it will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders
of such Securities, the whole amount then due and payable on such Securities for principal and premium, if any, and interest and,
to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on
any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

If an Event
of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as
the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 504.           
Trustee May File Proofs of Claim.

 

In case of
the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company, any Guarantor or any other obligor upon the Securities or the property of the
Company, any Guarantor or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the
Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company or any Guarantor for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise

 

(1)            
to file and prove a claim for the whole amount of principal and premium, if any, and interest owing and unpaid in respect
of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the

 

    29

    

    

reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such
judicial proceeding, and

 

(2)            
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding
is hereby authorized by the 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 for any other amounts due the Trustee under Section 607.

 

No provision
of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that
the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member
of a creditors’ or other similar committee.

 

Section 505.           
Trustee May Enforce Claims Without Possession of Securities.

 

All rights
of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for
the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, any predecessor Trustee under
Section 607, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment
has been recovered.

 

Section 506.           
Application of Money Collected.

 

Any money
or property collected by the Trustee pursuant to this Article V, and any money or other property distributable in respect of the
Company’s obligations under this Indenture after the occurrence of an Event of Default, shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or premium,
if any, or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid:

 

FIRST:
To the payment of all amounts due the Trustee (including any predecessor Trustee) under Section 607;

 

SECOND:
To the payment of the amounts then due and unpaid for principal of and premium, if any, and interest on the Securities in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal and premium, if any, and interest, respectively; and

 

THIRD:
To the payment of the remainder, if any, to the Company or the Guarantors or to whomsoever may be lawfully entitled to receive
the same as a court of competent jurisdiction may direct.

 

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Section 507.           
Limitation on Suits.

 

Except as
otherwise provided in Section 508, no Holder of any Security of any series shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator
(or similar official) or for any other remedy hereunder, unless:

 

(1)            
such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of
Default with respect to the Securities of such series;

 

(2)            
the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)            
such Holder or Holders have offered, and if requested, provided to the Trustee indemnity satisfactory to it against the
costs, expenses and liabilities to be incurred in compliance with such request;

 

(4)            
the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer
of indemnity; and

 

(5)            
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in aggregate principal amount of the Outstanding Securities of such series;

 

it being understood and intended
that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of such Holders (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not such actions or forbearances are prejudicial to any other Holders),
or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

 

Section 508.           
Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Securities.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and premium, if any, and, subject to Section 307, interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or Repayment
Date, as the case may be, and, if the terms of such Security so provide, to convert such Security in accordance with its terms)
and to institute suit for the enforcement of any such payment and, if applicable, any such right to convert, and such rights shall
not be impaired without the consent of such Holder.

 

Section 509.           
Rights and Remedies Cumulative.

 

Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph
of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The

 

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assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.

 

Section 510.           
Delay or Omission Not Waiver.

 

No delay
or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article V or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 511.           
Control by Holders.

 

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

 

(1)            
such direction shall not be in conflict with any rule of law or with this Indenture and shall not involve the Trustee in
any personal liability,

 

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

 

Before proceeding
to exercise any right or power hereunder at the direction of the Holders, the Trustee shall be entitled to receive from such Holders
security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction.

 

Section 512.           
Waiver of Past Defaults.

 

The Holders
of not less than a majority in aggregate principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series by notice to the Trustee waive any past Default hereunder with respect to such series and
its consequences, except a Default

 

(1)            
in the payment of the principal of or premium, if any, or interest on any Security of such series, or

 

(2)            
in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series affected,

 

provided that there had
been paid or deposited with the Trustee a sum sufficient to pay all amounts due to the Trustee and to reimburse the Trustee for
any and all fees, expenses and disbursements advanced by the Trustee, its agents and its counsel incurred in connection with such
Default or Event of Default.

 

Upon any
such waiver with respect to any series, such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured with respect to such series, for every purpose of this Indenture, but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereon.

 

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Section 513.           
Undertaking for Costs.

 

In any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such
suit, and may assess reasonable attorneys’ fees and expenses and costs against any such party litigant, in the manner and
to the extent provided in the Trust Indenture Act; provided that neither this Section 513 nor the Trust Indenture Act shall
be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company,
any Guarantor or the Trustee, a suit by a Holder under Section 508, or a suit by Holders of more than 10% in aggregate principal
amount of the Outstanding Securities of a series.

 

Section 514.           
Waiver of Usury, Stay or Extension Laws.

 

Each of the
Company and the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead,
or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company
and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted.

 

Section 515.           
Restoration of Rights and Remedies.

 

If the Trustee
or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders shall be restored severally
and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted.

 

Article
VI

The Trustee

 

Section 601.           
Certain Duties and Responsibilities of Trustee.

 

(1)            
     Except during the continuance of an Event of Default with respect to any series of Securities,

 

(A)              
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with
respect to the Securities of such series, and no implied covenants or obligations shall be read into this Indenture against the
Trustee with respect to such series; and

 

(B)              
in the absence of negligence or willful misconduct on its part, the Trustee may conclusively rely with respect to the Securities
of such series, 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 in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not

 

    33

    

    

they
conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts, statements, opinions or conclusions stated therein).

 

(2)            
In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture with respect to the Securities of such series, and use the
same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs.

 

(3)            
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that:

 

(A)              
this Section 601(3) shall not be construed to limit the effect of Section 601(1) or Section 601(4);

 

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

 

(C)              
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, determined
as provided in Sections 101, 104 and 511, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities
of such series.

 

(4)            
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

 

(5)            
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section 601.

 

Section 602.           
Notice of Defaults.

 

If a Default
occurs with respect to Securities of any series and is continuing and written notice of such Default has been received by a Responsible
Officer of the Trustee at the Corporate Trust Office of the Trustee, the Trustee shall give to each Holder of Securities of such
series notice of Default within 90 days after such written notice is received by such Responsible Officer. Except in the case
of a Default in payment of principal of or interest on any Security, the Trustee may withhold notice if and so long as a committee
of Responsible Officers in good faith determines that withholding such notice is in the interests of Holders of Securities of
such series.

 

Section 603.           
Certain Rights of Trustee.

 

Subject to
the provisions of Section 601:

 

(1)            
the Trustee may conclusively rely and shall fully be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction,

 

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consent,
judgment, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;

 

(2)            
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order, and any resolution of the member or members of the Company or board of managers of the Company, as the case may be, shall
be sufficiently evidenced by a Company Resolution thereof;

 

(3)            
whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
shall be entitled to receive and may, in the absence of negligence or willful misconduct on its part, conclusively rely upon an
Officers’ Certificate of the Company or the Guarantors;

 

(4)            
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;

 

(5)            
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;

 

(6)            
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered and if requested,
provided to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction;

 

(7)            
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, judgment, order, bond, debenture, note, other evidence
of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation,
it shall be entitled to examine the books, records and premises of the Company or the Guarantors, personally or by agent or attorney
at the sole cost of the Company or the Guarantors and shall incur no liability or additional liability of any kind by reason of
such inquiry or investigation;

 

(8)            
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent
or attorney appointed with due care by it hereunder;

 

(9)            
the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and each agent
employed to act hereunder;

 

(10)           the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

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(11)           anything in this Indenture notwithstanding, 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, loss 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;

 

(12)           in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, by circumstances beyond its control, including, without limitation, any act
or provision of any present or future law or regulation or governmental authority; strikes, work stoppages, accidents, labor disputes,
acts of war or terrorism, civil or military disturbances, acts of civil or military authority or governmental actions, nuclear
or natural catastrophes or acts of God, earthquakes, fires, floods, sabotage, epidemics, pandemics, riots, interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services or the unavailability of the Federal
Reserve Bank wire or telex or other wire or communication facility; it being understood that the Trustee shall use reasonable
efforts that are consistent with accepted practices to resume performance as soon as practicable under the circumstances;

 

(13)           the Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of such Default
or Event of Default, as the case may be, has been actually received by a Responsible Officer of the Trustee at the Corporate Trust
Office of the Trustee from the Company or any Holder, and such notice references the Securities, this Indenture and states that
it is a “Notice of Default”;

 

(14)           the Trustee may request that the Company and/or any Guarantor 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 person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded;

 

(15)           the Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under
this Indenture; and

 

(16)           the permissive right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty.

 

Section 604.           
Not Responsible for Recitals or Issuance of Securities.

 

The recitals
contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representation as to, the validity or adequacy of this Indenture or the Securities. The Trustee is not (1) 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 of this Indenture; (2) responsible for the use or application of any money received by any Paying
Agent other than the Trustee; and (3) responsible for any statement or recital in this Indenture, the Securities or any other
document relating to the sale of the Securities or this Indenture, other than its certificate of authentication.

 

Section 605.           
May Hold Securities.

 

The Trustee,
any Paying Agent, any Security Registrar or any other agent of the Company or the Guarantors, in its individual or any other capacity,
may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company and the
Guarantors with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar or such other agent.

 

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Section 606.           
Money Held in Trust.

 

Money held
by the Trustee in trust hereunder shall, until used or applied as herein provided, be held in trust for the purposes for which
they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under
no liability for interest on or the investment of any money received by it hereunder except as otherwise agreed with the Company
in writing.

 

Section 607.           
Compensation and Reimbursement.

 

The Company
and each Guarantor jointly and severally agrees:

 

(1)            
to pay to the Trustee from time to time such reasonable compensation as shall be agreed to in writing by the Company and
the Trustee for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust);

 

(2)            
except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel and all Persons not regularly in its employ), except any
such expense, disbursement or advance as may be attributable to its negligence or willful misconduct, as determined by a final
order of a court of competent jurisdiction; and

 

(3)            
to indemnify each of the Trustee or any predecessor Trustee and its officers, agents, directors and employees for, and
to hold each of them harmless against, any and all losses, damages, claims, liabilities, expenses (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel and all Persons not regularly in its employ) and costs
(including taxes) incurred without negligence or willful misconduct on its part as determined by a final order of a court of competent
jurisdiction, arising out of or in connection with this Indenture, the Securities, the Guarantees and the transactions contemplated
hereby and thereby, including the acceptance or administration of the trust or trusts hereunder, including the reasonable costs
and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability
in connection with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions
of this Section.

 

In addition
to, but without prejudice to its other rights under this Indenture, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 501(5) or (6), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal
or state bankruptcy, insolvency or other similar law.

 

“Trustee”
for purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence or willful misconduct
of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

As security
for the performance of the obligations of the Company and the Guarantor under this Section, the Trustee shall have a lien prior
to the Securities upon all property and funds held or collected by it hereunder for any amount owing it or any predecessor Trustee
pursuant to this Section 607, except with respect to funds held in trust for the benefit of the Holders of particular Securities
for the payment of principal of and premium, if any, or interest.

 

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The provisions
of this Section 607 shall survive the satisfaction and discharge of the Securities, the termination for any reason of this Indenture
and the resignation or removal of the Trustee.

 

Section 608.           
Conflicting Interests.

 

If the Trustee
has or shall acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall
either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture.

 

Section 609.           
Corporate Trustee Required; Eligibility.

 

There shall
at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder
for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act
to act as such, has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust Office in the Borough of
Manhattan, The City of New York or any other city in the United States that is acceptable to the Company. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then
for the purposes of this Section 609 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus
of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent annual report of condition
so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance
with the provisions of this Section 609, it shall resign immediately in the manner and with the effect hereinafter specified in
this Article VI.

 

Section 610.           
Resignation and Removal; Appointment of Successor.

 

No resignation
or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

 

The Trustee
or any successor hereafter appointed may resign at any time with respect to the Securities of one or more series by giving written
notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at
the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

 

The Trustee
may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate principal
amount of the Outstanding Securities of such series, upon written notice delivered to the Trustee and to the Company. If the instrument
of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

If at any
time:

 

(1)            
the Trustee shall fail to comply with Section 608 after written request therefor by the Company, the Guarantors or any
Holder who has been a bona fide Holder of a Security for at least six months, or

 

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(2)            
the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the
Company, the Guarantors or any such Holder, or

 

(3)            
the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (A) the Company or the Guarantors may remove the Trustee with respect to all Securities or (B) subject
to Section 513, Holders of 10% in aggregate principal amount of Securities of any series who have been bona fide Holders
of such Securities for at least six months may, on behalf of themselves and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee
or Trustees.

 

If the Trustee
shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Securities of one or more series, the Company or the Guarantors shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If an instrument
of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice
of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series delivered
to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor Trustee appointed by the Company or the Guarantors. If no successor Trustee
with respect to the Securities of any series shall have been so appointed by the Company, the Guarantors or the Holders and accepted
appointment in the manner required by Section 611, Holders of 10% in aggregate principal amount of Securities of any series who
have been bona fide Holders of Securities of such series for at least six months may, on behalf of themselves and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series.

 

The Company
or the Guarantors shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any
series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of
such series in the manner provided in Section 106. Each notice shall include the name of the successor Trustee with respect to
the Securities of such series and the address of its Corporate Trust Office.

 

Section 611.           
Acceptance of Appointment by Successor.

 

In case of
the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company, the Guarantors and the retiring Trustee a written instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, but,
on the request of the Company, the Guarantors or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver a written instrument transferring

 

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to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder subject nonetheless to the lien provided for in Section
607.

 

In case of
the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the Guarantors, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute
and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust
and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request
of the Company, the Guarantors or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates subject nonetheless to the lien provided for in Section 607.

 

Upon request
of any such successor Trustee, the Company and the Guarantors shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding
paragraph, as the case may be.

 

No successor
Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article VI.

 

Upon acceptance
of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such
trustee hereunder to the Holders in accordance with Section 106. If the Company fails to transmit such notice within ten days
after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the
expense of the Company.

 

Section 612.           
Merger, Conversion, Consolidation or Succession to Business.

 

Any Person
into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder; provided that such Person shall be otherwise qualified
and eligible under this Article VI, without the execution or filing of any paper or any further act on the part of any of the
parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the

 

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same effect
as if such successor Trustee had itself authenticated such Securities; 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 613.           
Preferential Collection of Claims Against Company.

 

If and when
the Trustee shall be or become a creditor of the Company or any Guarantor (or any other obligor upon the Securities), the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any Guarantor
(or any such other obligor).

 

Section 614.           
Trustee’s Application for Instructions from the Company.

 

Any application
by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed
to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such
omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance
with a proposal included in such application on or after the date specified in such application (which date shall not be less
than 10 Business Days after the date any Officer of the Company actually receives such application, unless any such Officer shall
have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an
omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken
or omitted.

 

Article
VII

Holders’ Lists and Reports by the Trustee, the Company and the Guarantors

 

Section 701.           
Company to Furnish Trustee Names and Addresses of Holders.

 

If the Trustee
is not the Security Registrar, the Company shall cause the Security Registrar to furnish to the Trustee, in writing at least five
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 of Securities of each series.

 

Section 702.           
Preservation of Information; Communications to Holders.

 

The Trustee
shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its
capacity as Security Registrar. The Trustee may dispose of any list furnished to it as provided in Section 701 upon receipt of
a new list so furnished.

 

The rights
of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every Holder
of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses
of Holders made pursuant to the Trust Indenture Act, as if the Trust Indenture Act were applicable.

 

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Section 703.           
Reports by Trustee.

 

If and to
the extent this Indenture is subject to the Trust Indenture Act with respect to the Securities of any series as contemplated by
Section 301 for Securities of such series, the Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.
If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each September 1 beginning with
September 1, 2021 following the date of this Indenture, deliver to Holders a brief report, dated as of such September 1, which
complies with the provisions of such Section 313(a).

 

A copy of
each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange and automated
quotation system, if any, upon which any Securities are listed, with the Commission (if accepted for filing by the Commission)
and the Company. The Company will notify the Trustee in writing when any Securities are listed on any stock exchange or automated
quotation system or delisted therefrom.

 

Section 704.           
Reports by the Company and the Guarantors.

 

Delivery
of reports, information and documents to the Trustee is for informational purposes only and shall not constitute a representation
or warranty as to the accuracy or completeness of the reports, information and documents. The Trustee’s receipt of such
shall not actual or constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s or the Guarantors’ compliance with any of their covenants under this Indenture or
with respect to any Securities (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates of the
Company and the Guarantors).

 

Article
VIII

Consolidation, Merger, Sale of Assets and Other Transactions

 

Section 801.           
Company and Guarantors May Merge or Transfer Assets on Certain Terms.

 

(a)              None of the Credit Parties may consolidate with or merge into any other Person, or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, unless:

 

(1)               
such Credit Party is the surviving Person, or the Person formed by such consolidation or into which such Credit Party is
merged or the Person which acquires by conveyance or transfer, or which leases, such Credit Party’s properties and assets
substantially as an entirety (if not such Credit Party) (a “Successor Party”) is a corporation, limited liability
company, partnership or other entity that is organized and validly existing under the laws of the United States or any state thereof,
Bermuda, Cayman Islands, Gibraltar or British Crown Dependencies, a member country of the Organisation for Economic Co-operation
and Development, or any political subdivision of any of the foregoing (together with the United States or any state thereof, the
“Permitted Jurisdictions”), and has expressly assumed by supplemental indenture all of the obligations of such
Credit Party under this Indenture;

 

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

 

(3)               
the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction
and any supplemental indenture

 

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relating
thereto comply with this Indenture and that all conditions precedent provided for in this Indenture relating to such transaction
have been complied with.

 

(b)              
For as long as any Securities of any series under this Indenture remain Outstanding, each of the Credit Parties must be
organized under the laws of a Permitted Jurisdiction.

 

Section 802.           
Successor Person Substituted.

 

Upon the
consummation of a transaction contemplated by and consummated in accordance with Section 801, the Successor Person shall succeed
to, and be substituted for, and may exercise every right and power of, the applicable Credit Party under this Indenture and the
Securities (including the Guarantees) with the same effect as if such Successor Person had been an original party to this Indenture,
and, except in the case of a lease, the applicable Credit Party shall be released from all of its liabilities and obligations
under this Indenture and the Securities (if the applicable Credit Party was the Company (or a successor thereto)) and the Guarantee
(if the applicable Credit Party was a Guarantor).

 

Article
IX

Supplemental Indentures

 

Section 901.           
Supplemental Indentures Without Consent of Holders.

 

Without the
consent of any Holders, the Company, the Guarantors and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)            
to add to the covenants for the benefit of the Holders of all or any series of Securities (and if such covenants are to
be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power conferred upon the Company or any Guarantor hereunder, under any
indenture supplemental hereto or under any series of Securities;

 

(2)            
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 such Guarantor pursuant to Article VIII;

 

(3)            
to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such
additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events
of Default are expressly being included solely for the benefit of such series);

 

(4)            
to add new Guarantors;

 

(5)            
to provide for the release of any Guarantor in accordance with this Indenture;

 

(6)            
to secure the Securities of any series;

 

(7)            
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 611; or

 

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(8)            
to provide for the issuance of additional Securities of any series;

 

(9)            
to establish the form or terms of Securities of any series as permitted by Sections 201 and 301;

 

(10)           to comply with the rules of any applicable Depositary;

 

(11)           to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities in uncertificated form;

 

(12)           to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities;
provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created
prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights
of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no Security
described in clause (i) Outstanding;

 

(13)           to cure any ambiguity, to correct or supplement any provision of this Indenture which may be defective or inconsistent with any
other provision herein; and

 

(14)           to change any other provision contained in the Securities of any series or under this Indenture; provided that such
action pursuant to this clause (14) shall not adversely affect the interests of the Holders of Securities of any series in any
material respect.

 

Section 902.           
Supplemental Indentures With Consent of Holders.

 

With the
consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each series
affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for Securities),
by Act of said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of
such series under this Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder
of each Outstanding Security of such series affected thereby:

 

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

 

(2)            
reduce the principal amount of any Security or reduce the amount of the principal of an Original Issue Discount Security
or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section
502, or reduce the rate of or extend the time of payment of interest on any Security;

 

(3)            
reduce any premium payable upon the redemption of or change the date on which any Security may or must be redeemed;

 

(4)            
change the coin or currency in which the principal of or premium, if any, or interest on any Security is payable;

 

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(5)            
impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date, as applicable);

 

(6)            
reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture;

 

(7)            
modify any of the provisions of this Section 902, Section 512 or Section 1005, except to increase any such percentage or
to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent
of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 902
and Section 1005, or the deletion of this proviso, in accordance with the requirements of Section 611 and Section 901(7);

 

(8)            
if the Securities of any series are convertible into or for any other securities or property of the Company, make any change
that adversely affects in any material respect the right to convert any Security of such series (except as permitted by Section
901) or decrease the conversion rate or increase the conversion price of any such Security of such series, unless such decrease
or increase is permitted by the terms of such Security;

 

(9)            
subordinate the Securities of any series or any Guarantee of a Guarantor in respect thereof to any other obligation of
the Company or such Guarantor;

 

(10)           modify
the terms of any Guarantee in a manner adverse to the Holders of Securities of a series; or

 

(11)           modify clauses (1) through (10) above.

 

A supplemental
indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely
for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series.

 

It shall
not be necessary for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

 

Section 903.           
Execution of Supplemental Indentures.

 

In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents provided by Section
102, and, subject to Section 601, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent in this Indenture to
the execution of such supplemental indenture, if any, have been complied with; provided, however, that no such Opinion
of Counsel shall be required in the case of any supplemental indenture executed and delivered concurrently with the original execution
and delivery of this Indenture.

 

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The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise.

 

Section 904.           
Effect of Supplemental Indentures.

 

Upon the
execution of any supplemental indenture under this Article IX, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

 

Section 905.           
Notice of Supplemental Indenture; Reference in Securities to Supplemental Indentures.

 

After a supplemental
indenture under Section 901 (other than Section 901(9)) and 902 becomes effective, the Company shall give to the Holders affected
thereby a notice briefly describing such supplemental indenture or a copy of such supplemental indenture. Any failure of the Company
to give such notice, or any defect therein, or any failure of the Company to give such notice or a copy of such supplemental indenture,
shall not in any way impair or affect the validity of any such supplemental indenture.

 

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

 

Article
X

Covenants

 

Section 1001.       
Payment of Principal, Premium, if any, and Interest.

 

The Company
covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and premium,
if any, and interest on the Securities of such series in accordance with the terms of the Securities and this Indenture. Principal
and interest shall be considered paid on the date due if, on or before 10:00 a.m. (New York City time) on such date, the Trustee
or the Paying Agent (or, if the Company or any Subsidiary of the Company is the Paying Agent, the segregated account or separate
trust fund maintained by the Company or such Subsidiary pursuant to Section 1003) holds in accordance with this Indenture money
sufficient to pay all principal, premium and interest then due.

 

The Company
shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful as provided in Section 307.

 

Notwithstanding
anything to the contrary contained in this Indenture, each of the Company, the Guarantors or the Paying Agent may, to the extent
it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America or other
domestic or foreign taxing authorities from principal, premium or interest payments hereunder.

 

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Section 1002.       
Maintenance of Office or Agency.

 

The Company
will maintain in each Place of Payment for any series of Securities an office or agency where Securities of such series may be
presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange,
and where notices and demands to or upon the Company in respect of this Indenture and the Securities of such series and this Indenture
may be served (other than the type contemplated by Section 112). The Company will give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee. The Company hereby appoints the Trustee
as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company
may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that
no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in
each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency.

 

With respect
to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 301, the
Corporate Trust Office of the Trustee shall be the Place of Payment where such Global Security may be presented or surrendered
for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor;
provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures
of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security
in accordance with the provisions of this Indenture.

 

Section 1003.       
Money for Securities Payments to Be Held in Trust.

 

If the Company
shall at any time act as Paying Agent with respect to any series of Securities, it will, on or before each due date for the principal
of or premium, if any, or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the
Holders of such Securities a sum sufficient to pay the principal and premium, if any, and interest so becoming due until such
sums shall be paid to such Holders or otherwise disposed of as herein provided and will promptly notify the Trustee of its action
or failure so to act.

 

Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, no later than 10:00 a.m. (New York City
time) on each due date for the principal of or premium, if any, or interest on any Securities of such series, deposit with a Paying
Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders of such Securities entitled to the same,
and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company
will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 1003, that such Paying Agent
shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal
of, premium, if any, or interest on the Securities and shall notify the Trustee in writing of any default by the Company in

 

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making any
such payment and that it shall any time during the continuance of such default, upon the written request of the Trustee, forthwith
pay to the Trustee all sums so held by such Paying Agent.

 

The Company
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such money.

 

Subject to
any applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of or premium, if any, or interest on any Security of any series and remaining unclaimed
for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request,
or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an
unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

Section 1004.       
Statement by Officers as to Default.

 

The Company
shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (ending, as of the date of this
Indenture, December 31) ending after the date hereof an Officers’ Certificate of the Company and one of the two Officers
signing must be the Company’s principal executive officer, principal financial officer or principal accounting officer,
stating whether or not, to the best knowledge of such Officer, the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture applicable to it (without regard to any period of grace or requirement
of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status
thereof of which such Officer may have knowledge and the steps the Company is taking to cure such Default.

 

The Company
shall deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence
of any Default or Event of Default an Officers’ Certificate setting forth the details of such Default or Event of Default,
its status and the actions which the Company is taking or proposes to take with respect thereto.

 

Section 1005.       
Waiver of Certain Covenants.

 

Except as
otherwise specified as contemplated by Section 301 for Securities of such series, the Company or the Guarantors, as the case may
be, may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition
set forth in any covenant provided pursuant to Section 301(18), Section 901(1) or Section 901(12) for the benefit of the Holders
of such series or in Article VIII, if before the time for such compliance the Holders of at least a majority in aggregate principal
amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations
of the Company or the Guarantors, as the case may be, and the duties of the Trustee in respect of any such term, provision or
condition shall remain in full force and effect.

 

 

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Article
XI

REDEMPTION OF SECURITIES

 

Section 1101.       
Applicability of Article.

 

Securities
of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article XI.

 

Section 1102.       
Election to Redeem; Notice to Trustee.

 

The election
of the Company to redeem any Securities shall be evidenced by a Company Resolution or an Officers’ Certificate of the Company
or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of
the Company of the Securities of any series (including any such redemption affecting only a single Security), the Company shall,
at least 15 days prior to the date any notice of a redemption is to be given to the Holders pursuant to Section 1104 (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities
of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere
in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate of the Company evidencing compliance
with such restriction.

 

Section 1103.       
Selection by Trustee of Securities to Be Redeemed.

 

If less than
all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to
be redeemed or unless such redemption affects only a single Security), the particular certificated Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem fair and appropriate, including by lot or pro rata,
and which may provide for the selection for redemption of a portion of the principal amount of any Security of such series; provided
that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not
be less than the minimum authorized denomination) for such Security. If less than all the certificated Securities of such series
and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities
to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities
of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. Notwithstanding
the foregoing, as long as the Securities of any series are represented by one or more Global Securities, beneficial interests
in such Securities shall be selected for redemption by the Depositary therefor in accordance with the Applicable Procedures.

 

If any Security
selected for partial redemption is converted in part before termination of the conversion right with respect to the portion of
the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected
for redemption. Securities which have been converted during a selection of securities to be redeemed shall be treated by the Trustee
as Outstanding for the purpose of such selection.

 

The Trustee
shall promptly notify the Company in writing of any certificated Securities selected for redemption as aforesaid and, in case
of any certificated Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed.

 

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The provisions
of the three preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal
amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination)
for such Security.

 

For all purposes
of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities
which has been or is to be redeemed.

 

Section 1104.       
Notice of Redemption.

 

Notice of
redemption shall be transmitted not less than 10 nor more than 60 days prior to the Redemption Date (or within such period as
otherwise specified as contemplated by Section 301 for Securities of a series), to each Holder of Securities to be redeemed in
accordance with Section 106.

 

All notices
of redemption shall identify the Securities to be redeemed and shall state:

 

(1)            
the Redemption Date;

 

(2)            
the Redemption Price (or the method of calculating such price);

 

(3)            
if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed,
the identification (and, in the case of partial redemption of any such Securities, the respective principal amounts) of the particular
Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to
be redeemed, the principal amount of the particular Security to be redeemed;

 

(4)            
that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and,
if applicable, that interest thereon will cease to accrue on and after said date unless the Company defaults in the payment of
the Redemption Price;

 

(5)            
the place or places where each such Security is to be surrendered for payment of the Redemption Price;

 

(6)            
for any Securities that by their terms may be converted, the terms of conversion, the date on which the right to convert
the Security to be redeemed will terminate and the place or places where such Securities may be surrendered for conversion;

 

(7)            
that the redemption is for a sinking fund, if such is the case; and

 

(8)            
if applicable, the CUSIP, ISIN or any similar numbers of the Securities of such series; provided, however, that
no representation will be made as to the correctness or accuracy of the CUSIP, ISIN or any similar number, if any, listed in such
notice or printed on the Securities.

 

Notice of
redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request (which may be rescinded or revoked at any time prior to the time at which the Trustee shall have given such notice to
the Holders), by the Trustee in the name and at the expense of the Company at the Company’s written request; provided,
that the Company has delivered to the Trustee the form of the notice of redemption which shall be prepared by the Company
and such written request at least 5 days (or such shorter time as shall be acceptable to the Trustee) prior to

 

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

 

Section 1105.       
Deposit of Redemption Price.

 

By no later
than 10:00 a.m. (New York City time) on any Redemption Date, the Company shall deposit or cause to be deposited with the Trustee
or with a Paying Agent (or, if any of the Credit Parties is acting as Paying Agent, such Credit Party will segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date or the Securities of the series provide otherwise) accrued interest to but excluding the
Redemption Date on, all the Securities which are to be redeemed on that date. All money, if any, earned on funds held by the Paying
Agent shall be remitted to the Company. In addition, the Paying Agent shall upon written request of the Company, promptly return
to the Company any money deposited with the Paying Agent by the Company in excess of the amounts necessary to pay the Redemption
Price of, and accrued interest, if any, on, all Securities to be redeemed.

 

If any Security
called for redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in
trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security
to receive interest as provided in the last paragraph of Section 307 or in the terms of such Security) be paid to the Company
upon Company Request or, if then held by the Company, shall be discharged from such trust.

 

Section 1106.       
Securities Payable on Redemption Date.

 

Notice of
redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption
in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together, if applicable, with
accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section
301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record
Dates according to their terms and the provisions of Section 307.

 

If any Security
called for redemption shall not be so paid upon surrender thereof for redemption, the principal and premium, if any, shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

Section 1107.       
Securities Redeemed in Part.

 

Any certificated
Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee
duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute,
and the Trustee, upon Company Order, shall authenticate and deliver to the Holder of such Security without service charge, a new
certificated Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such
Holder, in principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

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Article
XII

SINKING FUNDS

 

Section 1201.       
Applicability of Article.

 

The provisions
of this Article XII shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 301 for such Securities.

 

The minimum
amount of any sinking fund payment provided for by the terms of any series of Securities is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of such Securities is
herein referred to as an “optional sinking fund payment.” If provided for by the terms of any series of Securities,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment
shall be applied to the redemption of Securities of the series as provided for by the terms of such Securities.

 

Section 1202.       
Satisfaction of Sinking Fund Payments with Securities.

 

The Company
(1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit
Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case
in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made
pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities; provided that
the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and
credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section 1203.       
Redemption of Securities for Sinking Fund.

 

Not less
than 60 days (or such shorter period as shall be satisfactory to the Trustee) prior to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee an Officers’ Certificate of the Company specifying the amount of the
next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which
is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities
pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days prior to
each such sinking fund payment date, the Securities to be redeemed upon such sinking fund payment date shall be selected in the
manner specified in Section 1103 and the Company shall give or cause notice of the redemption thereof to be given in the name
of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107.

 

Article
XIII

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 1301.       
Company’s Option to Effect Defeasance or Covenant Defeasance.

 

Unless otherwise
provided as contemplated by Section 301, Sections 1302 and 1303 shall apply to all Securities and each series of Securities, denominated
in U.S. dollars and bearing interest at a fixed

 

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rate, in
accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth
below in this Article XIII; and the Company may elect, at its option at any time, to have Section 1302 and Section 1303 applied
to any Securities or any series of Securities, designated pursuant to Section 301 as being defeasible pursuant to such Section
1302 or Section 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with
the conditions set forth below in this Article XIII. Any such election shall be evidenced by a Company Resolution, Officers’
Certificate of the Company or in another manner specified as contemplated by Section 301 for such Securities.

 

Section 1302.       
Defeasance.

 

Upon the
Company’s exercise of its option, if any, to have this Section 1302 applied to any Securities or any series of Securities,
or if this Section 1302 shall otherwise apply to any Securities or any series of Securities, the Company and the Guarantors shall
be deemed to have been discharged from their respective obligations with respect to such Securities and related Guarantees as
provided in this Section 1302 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called
“Defeasance”). For this purpose, such Defeasance means that each of the Company and the Guarantors shall be
deemed to have paid and discharged the entire indebtedness represented by such Securities and Guarantees and to have satisfied
all its other obligations under such Securities and Guarantees and this Indenture insofar as such Securities and Guarantees are
concerned (and the Trustee, at the expense of the Company or the Guarantors, as the case may be, shall execute such instruments
acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (1)
the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1304 and as more fully set
forth in such Section 1305, payments in respect of the principal of and premium, if any, and interest on such Securities when
payments are due, (2) the Company’s obligations with respect to such Securities and the Guarantors’ obligations with
respect to such Guarantees under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities
of the Trustee hereunder and the obligations of the Company and the Guarantors in respect thereof and (4) this Article XIII. Subject
to compliance with this Article XIII, the Company or the Guarantors may exercise their option, if any, to have this Section 1302
applied to the Securities of any series and the related Guarantees notwithstanding the prior exercise of its option, if any, to
have Section 1303 applied to such Securities and Guarantees.

 

Section 1303.       
Covenant Defeasance.

 

Upon the
Company’s exercise of its option, if any, to have this Section 1303 applied to any Securities or any series of Securities,
or if this Section 1303 shall otherwise apply to any Securities or any series of Securities, (1) the Company and the Guarantors
shall be released from their respective obligations under Section 801 and any covenants provided pursuant to Section 301(18),
Section 901(1) or Section 901(12) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified
in Section 501(4) and Section 501(8) with respect to Section 801 and any such covenants provided pursuant to Section 301(18),
Section 901(1) or Section 901(12) shall be deemed not to be or result in an Event of Default, in each case with respect to such
Securities and Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are
satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that,
with respect to such Securities and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have
no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly
by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other
provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees shall be unaffected
thereby.

 

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Section 1304.       
Conditions to Defeasance or Covenant Defeasance.

 

The following
shall be the conditions to the application of Section 1302 or 1303 to any Securities or any series of Securities:

 

(1)            
The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies
the requirements contemplated by Section 609 and agrees to comply with the provisions of this Article XIII applicable to it) as
trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely
to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the
scheduled payment of principal and interest in respect thereof in accordance with their terms will provide money in an amount,
or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the
Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and premium, if any, and interest on such
Securities to the respective Stated Maturities or Redemption Dates, in accordance with the terms of this Indenture and such Securities.
As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the
United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii)
an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which,
in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation
which is specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with
respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation
or the specific payment of principal or interest evidenced by such depositary receipt.

 

(2)            
In the event of an election to have Section 1302 apply to any Securities or any series of Securities, the Company shall
have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the applicable Federal
income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the beneficial
owners of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance
and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in
the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.

 

(3)            
In the event of an election to have Section 1303 apply to any Securities or any series of Securities, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would
be the case if such deposit and Covenant Defeasance were not to occur.

 

(4)            
The Company shall have delivered to the Trustee an Officers’ Certificate of the Company to the effect that neither
such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a
result of such deposit.

 

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(5)            
No Default or Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing
at the time of such deposit or, insofar as Section 501(5) or Section 501(6) are concerned, at any time on or prior to the 90th
day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th
day).

 

(6)            
Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any
other material agreement or instrument to which the Company is a party or by which it is bound.

 

(7)            
The Company shall have delivered to the Trustee an Officers’ Certificate of the Company and an Opinion of Counsel,
each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with (in
each case, subject to the satisfaction of the condition in clause (5)).

 

Before or
after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date
in accordance with Article XI.

 

Section 1305.       
Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject to
the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of this Section 1305 and Section 1306, the Trustee
and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304 in respect
of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and
this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as Paying Agent)
as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal
and premium, if any, and interest, but money so held in trust need not be segregated from other funds except to the extent required
by law.

 

Each of the
Company and each Guarantor jointly and severally agrees to pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1304 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding
Securities; provided that the Trustee shall be entitled to charge any such tax, fee or other charge to such Holder’s
account.

 

Anything
in this Article XIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities which are
in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance,
as the case may be, with respect to such Securities.

 

Section 1306.       
Reinstatement.

 

If the Trustee
or the Paying Agent is unable to apply any money in accordance with this Article XIII with respect to any Securities by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the obligations under this Indenture and such Securities and Guarantees from which the Company and the Guarantors have been
discharged or released pursuant to Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant
to this Article XIII with respect to such Securities and Guarantees, until

 

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such time
as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305 with respect to such Securities
and Guarantees in accordance with this Article XIII; provided, however, that (a) if the Company or the Guarantors makes
any payment of principal of or premium, if any, or interest on any such Security following such reinstatement of its obligations,
the Company or the Guarantors, as the case may be, shall be subrogated to the rights, if any, of the Holders of such Securities
to receive such payment from the money so held in trust and (b) unless otherwise required by any legal proceeding or any order
or judgment of any court or governmental authority, the Trustee or Paying Agent shall return all such money and U.S. Government
Obligations to the Company or the Guarantors, as the case may be, promptly after receiving a written request therefor at any time,
if such reinstatement of the obligations of the Company or the Guarantors, as the case may be, has occurred and continues to be
in effect.

 

Article
XIV

GUARANTEE OF SECURITIES

 

Section 1401.       
Guarantee.

 

Each Guarantor
hereby jointly and severally and fully and unconditionally guarantees to the Trustee each Holder of a Security authenticated and
delivered by the Trustee hereunder, and to the Trustee on behalf of each such Holder, the due and punctual payment in full of
the principal of and premium, if any, and interest on such Security and all other amounts payable by the Company under this Indenture
when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption
or otherwise, and interest on the overdue principal and (to the extent permitted by law) interest, if any, on such Security (collectively,
the “Obligations”), in accordance with the terms of such Security and this Indenture. If the Company shall
fail to pay when due any Obligations, for whatever reason, each Guarantor shall be jointly and severally obligated to pay in cash
the same promptly. An Event of Default under this Indenture or the Security of any series shall entitle the Holders of such Securities
to accelerate the Obligations of the Guarantors hereunder in the same manner and to the same extent as the Obligations of the
Company.

 

Section 1402.       
Additional Guarantors.

 

If any Subsidiary
of a Credit Party becomes a guarantor or an obligor in respect of Triggering Indebtedness, within 20 Business Days of such event,
such Credit Party shall cause such Subsidiary to enter into a supplemental indenture pursuant to which such Subsidiary shall agree
to provide a Guarantee; provided, that in no event shall a Subsidiary of a Credit Party (other than the Initial Guarantor)
be required to provide a Guarantee if the Company reasonably determines that such Guarantee is prohibited by, or would be unduly
burdensome under applicable laws or would result in adverse tax consequences to the Company or any of its Subsidiaries.

 

Section 1403.       
Waiver.

 

To the fullest
extent permitted by applicable law, each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, any
requirement that the Trustee or any of the Holders exhaust any right or take any action against the Company or any other Person,
filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first
against the Company, protest or notice with respect to any Security or the indebtedness evidenced thereby or this Indenture and
all demands whatsoever, and covenants that no Guarantee will be discharged except by complete performance of the Obligations.

 

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Section 1404.       
Guarantee of Payment.

 

Each Guarantee
shall constitute a guarantee of payment when due and not a guarantee of collection. Each of the Guarantors hereby agrees that,
in the event of a Default in payment of principal of or premium, if any, or interest on any Security, whether at its Stated Maturity,
by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf
of, or by, the Holder of such Security, subject to the terms and conditions set forth in this Indenture, directly against such
Guarantor to enforce its Guarantee without first proceeding against the Company.

 

Section 1405.       
No Discharge or Diminishment of Guarantee.

 

Subject to
Section 1410, the obligations of each of the Guarantors hereunder shall be absolute and unconditional and not be subject to any
reduction, limitation, termination or impairment for any reason (other than the payment in full in cash of the Obligations), including
any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense
or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the
Securities, this Indenture or the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations
of each of the Guarantors hereunder shall not be discharged or impaired or otherwise affected by the failure of the Trustee or
any Holder of the Securities to assert any claim or demand or to enforce any remedy under this Indenture or any Security, any
other guarantee or any other agreement, by any waiver, modification or indulgence of any provision thereof, by any default, failure
or delay, willful or otherwise, in the performance of the Obligations, by any release of any other Guarantor pursuant to Section
1410 or by any other act or omission or delay to do any other act that may or might in any manner or to any extent vary the risk
of any Guarantor or that would otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the
payment in full in cash of all the Obligations); provided, however, that notwithstanding the foregoing, no such
waiver, modification or indulgence shall, without the consent of the Guarantors, increase the principal amount of such Security,
or increase the interest rate thereon, change any redemption provisions thereof (including any change to increase any premium
payable upon redemption thereof) or change the Stated Maturity of any payment thereon, or increase the principal amount of any
Original Issue Discount Security that would be due and payable upon a declaration of acceleration or the maturity thereof pursuant
to Section 502 of this Indenture.

 

Section 1406.       
Defenses of Company Waived.

 

To the extent
permitted by applicable law, each of the Guarantors waives any defense based on or arising out of any defense of the Company or
any other Guarantor or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause
of the liability of the Company, other than final payment in full in cash of the Obligations. Each of the Guarantors waives any
defense arising out of any such election even though such election operates to impair or to extinguish any right of reimbursement
or subrogation or other right or remedy of each of the Guarantors against the Company or any security.

 

Section 1407.       
Continued Effectiveness.

 

Subject to
Section 1410, each of the Guarantors further agrees that its Guarantee shall remain in full force and effect and continue to be
irrevocable notwithstanding any petition filed by or against the Company for liquidation or reorganization, the Company becoming
insolvent or making an assignment for the benefit of creditors or a receiver or trustee being appointed for all or any significant
part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be

 

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reinstated,
as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Obligation is rescinded or
must otherwise be restored or returned by the Trustee or any Holder of any Security, whether as a “voidable preference,”
“fraudulent transfer” upon bankruptcy or reorganization of the Company or otherwise, all as though such payment or
performance had not been made, until the date upon which the entire Obligation, if any, and interest thereon has been, or has
been deemed pursuant to the provisions of this Indenture to have been paid in full. In the event that any payment, or any part
thereof, is rescinded, reduced, restored or returned on any Obligation, such Obligation shall, to the fullest extent permitted
by law, be reinstated and deemed paid only by such amount paid and not so rescinded, reduced, restored or returned.

 

Section 1408.       
Subrogation.

 

In furtherance
of the foregoing and not in limitation of any other right of each of the Guarantors by virtue hereof, upon the failure of the
Company to pay any Obligation when and as the same shall become due, each of the Guarantors hereby promises to and will, upon
receipt of written demand by the Trustee or any Holder of the Securities of any series, forthwith pay, or cause to be paid, to
the Trustee and/or the Holders in cash the amount of such unpaid Obligations, and thereupon the Holders shall, assign (except
to the extent that such assignment would render a Guarantor a “creditor” of the Company within the meaning of Section
547 of Title 11 of the United States Code as now in effect or hereafter amended or any comparable provision of any successor statute)
the amount of the Obligations owed to it and paid by such Guarantor pursuant to its Guarantee to such Guarantor, such assignment
to be pro rata to the extent the Obligations in question were discharged by such Guarantor, or make such other disposition thereof
as such Guarantor shall direct (all without recourse to the Trustee or such Holders, and without any representation or warranty
by the Trustee or the Holders). If (a) a Guarantor shall make payment to the Holders of all or any part of the Obligations and
(b) all the Obligations and all other amounts payable under this Indenture shall be paid in full, the Trustee will, at such Guarantor’s
request, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty,
necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Obligations resulting from such payment
by such Guarantor.

 

Section 1409.       
Subordination.

 

Upon payment
by any Guarantor of any sums to the Holders or the Trustee, as provided above, all rights of such Guarantor against the Company,
arising as a result thereof by way of right of subrogation or otherwise, shall in all respects be subordinated and junior in right
of payment to the prior payment in full in cash of all the Obligations to the Holders and/or the Trustee; provided, however,
that any right of subrogation that such Guarantor may have pursuant to this Indenture is subject to Section 1408.

 

Section 1410.       
Release of Guarantor and Termination of Guarantee.

 

A Guarantor
shall, upon the occurrence of any of the following events, be automatically and unconditionally released and discharged from all
obligations under this Indenture and its Guarantee without any action required on the part of the Trustee or any Holder; provided
that such Guarantor would not, immediately after such release and discharge, be required to become a Guarantor pursuant to
Section 1402:

 

(1)            
upon a sale or disposition of such Guarantor such that such Guarantor ceases to be a Subsidiary of the Company;

 

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(2)            
if the Company exercises its Defeasance or Covenant Defeasance options or the Company’s obligations under this Indenture
are discharged in accordance with the terms of this Indenture; or

 

(3)            
other than with respect to the Initial Guarantor, upon the request of the Company and the receipt by the Trustee of an
Officers’ Certificate certifying that such Guarantor is not a guarantor or obligor in respect of Triggering Indebtedness.

 

The Trustee
shall deliver an instrument in a form reasonably requested by the Company evidencing such release upon receipt of a request of
the Company accompanied by an Officers’ Certificate and an Opinion of Counsel certifying as to the compliance with this
Section.

 

Section 1411.       
Limitation of Guarantors’ Liability.

 

Each Guarantor,
and by its acceptance of a Security each Holder, hereby confirms that it is the intention of all such parties that the Guarantee
by such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Title 11 of the United States Code, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or non-U.S. law to the extent applicable
to any Guarantor. To effectuate the foregoing intention, the Trustee, the Holders and such Guarantor hereby irrevocably agree
that the obligations of such Guarantor under this Indenture and its Guarantee shall be limited to the maximum aggregate amount
which, after giving effect to all other contingent and fixed liabilities of such Guarantor, and after giving effect to any collections
from or payments made by or on behalf of, any other Guarantor in respect of the obligations of such Guarantor under its Guarantee
or pursuant to its contribution obligations under this Indenture, will result in the obligations of such Guarantor under its Guarantee
not constituting such fraudulent transfer or conveyance.

 

Each Guarantee
is expressly limited so that in no event, including the acceleration of the Maturity of the Securities, shall the amount paid
or agreed to be paid in respect of interest on the Securities (or fees or other amounts deemed payment for the use of funds) exceed
the maximum permissible amount under applicable law, as in effect on the date hereof and as subsequently amended or modified to
allow a greater amount of interest (or fees or other amounts deemed payment for the use of funds) to be paid under such Guarantee.
If for any reason the amount in respect of interest (or fees or other amounts deemed payment for the use of funds) required by
a Guarantee exceeds such maximum permissible amount, the obligation to pay interest under such Guarantee (or fees or other amounts
deemed payment for the use of funds) shall be automatically reduced to such maximum permissible amount and any amounts collected
by any Holder of any Security or the Trustee, as applicable, in excess of the permissible amount shall be automatically applied
to reduce the outstanding principal on such Security or amounts due and owing under this Indenture, as applicable.

 

Section 1412.       
No Obligation to Take Action Against the Company.

 

Neither the
Trustee, any Holder nor any other Person shall have any obligation to enforce or exhaust any rights or remedies or take any other
steps under any security for the Obligations or against the Company or any other Person or any property of the Company or any
other Person before the Trustee, such Holder or such other Person is entitled to demand payment and performance by any or all
Guarantors of their liabilities and obligations under their Guarantees.

 

Section 1413.       
Execution and Delivery.

 

To evidence
its Guarantee set forth in this Article XIV, the Initial Guarantor hereby agrees that this Indenture shall be executed on behalf
of such Guarantor by an Officer of such Guarantor, and in the

 

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case of any
Additional Guarantor that becomes a Guarantor in accordance with this Indenture, such Additional Guarantor’s Guarantee shall
be evidenced by the execution and delivery on behalf of such Additional Guarantor of a supplemental indenture hereto by an Officer
of such Additional Guarantor.

 

Each Guarantor
hereby agrees that its Guarantee set forth in this Article XIV shall remain in full force and effect notwithstanding the absence
of the endorsement of any notation of such Guarantee on any Securities.

 

If an Officer
whose signature is on this Indenture or any supplemental indenture no longer holds that office at the time the Trustee authenticates
any Security, the Guarantee shall be valid nevertheless.

 

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

 

*         *          *

 

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This Indenture
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

[Signature
pages follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

	 	ROYALTY
    PHARMA PLC,

    as Issuer
	 	 
	 	By:	/s/ Pablo Legorreta
	 	 	Name:Pablo Legorreta
	 	 	Title:Director
	 	 	 
	 	Royalty Pharma Holdings Ltd., as Initial Guarantor
	 	 
	 	By:	/s/ Pablo Legorreta
	 	 	Name: Pablo Legorreta
	 	 	Title:Director

 

 

     

    

    

	 	Wilmington
    Trust, National Association, as Trustee
	 	 
	 	By:	 /s/ Quinton M. DePompolo
	 	 	Name:Quinton M. DePompolo
	 	 	Title:Banking Officer

 

 

 

    2Exhibit 4.2

FIRST SUPPLEMENTAL
INDENTURE

 

Dated as
of September 2, 2020

 

Supplementing
that Certain

 

INDENTURE

 

Dated as
of September 2, 2020

 

 

 

Among

 

ROYALTY PHARMA
PLC,

 

ROYALTY PHARMA
HOLDINGS LTD.

 

and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

 

as Trustee

 

 

 

0.750% Senior
Notes due 2023 

1.200% Senior
Notes due 2025

1.750% Senior
Notes due 2027

2.200% Senior
Notes due 2030

3.300% Senior
Notes due 2040

3.550% Senior
Notes due 2050

 

    

    

    

TABLE
OF CONTENTS

 

 

Page

 

	Article 1 
	Issuance of Securities
	 
	Section 1.01.   Issuance of Notes;
    Principal Amount; Maturity; Title.	2
	Section 1.02.   Interest	3
	Section 1.03.   Payment.	4
	Section 1.04.   Relationship with Base Indenture.	4
	 	 
	Article 2 

	
	Definitions and Other Provisions of General Application
	 
	Section 2.01.   Definitions.	4
	 	 
	Article 3 
	Security Forms
	 
	Section 3.01.   Form Generally.	12
	Section 3.02.   Form of Note	13
	Section 3.03.   Transfer and Exchange of Global
    Securities.	35
	 	 
	Article 4 
	Remedies
	 
	Section 4.01.   Events of Default	36
	 	 
	Article 5 
	Redemption of Securities
	 
	Section 5.01.   Optional Redemption	36
	Section 5.02.   Optional Tax Redemption	37
	 	 
	Article 6 
	Particular Covenants
	 
	Section 6.01.   Liens	38
	Section 6.02.   Obligation to Offer to Repurchase
    Upon a Change of Control Triggering Event	38
	Section 6.03.   Financial Reports.	40
	Section 6.04.   Sale Leaseback Transactions	41
	Section 6.05.   Additional Amounts	41
	Section 6.06.   International Stock Exchange	44

 

 

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	Article 7 
	Supplemental Indentures
	 
	Section 7.01.   Supplemental Indentures without
    Consent of Holders of Notes	44
	Section 7.02.   Supplemental Indentures with
    Consent of Holders of Notes.	44
	 	 
	Article 8 
	Defeasance
	 
	Section 8.01.   Covenant Defeasance.	46
	Article 9 
	Miscellaneous
	 
	Section 9.01.   Execution as Supplemental Indenture	47
	Section 9.02.   Not Responsible for Recitals
    or Issuance of Notes.	47
	Section 9.03.   Separability Clause.	47
	Section 9.04.   Successors and Assigns.	47
	Section 9.05.   Execution and Counterparts	47
	Section 9.06.   Governing Law.	48
	Section 9.07.   Submission to Jurisdiction.	48
	Section 9.08.   Waiver of Immunity	48
	Section 9.09.   Jury Trial Waiver.	48

 

 

    ii

    

    

This First
Supplemental Indenture, dated as of September 2, 2020 (this “First Supplemental Indenture”), among Royalty
Pharma plc, an English public limited company incorporated under the laws of England and Wales, having its principal office at
110 East 59th Street, New York, NY 10022 (the “Company”), Royalty Pharma Holdings Ltd. (the “Initial
Guarantor”) and Wilmington Trust, National Association, as Trustee under the Base Indenture (as hereinafter defined)
and hereunder (the “Trustee”), supplements that certain Indenture, dated as of September 2, 2020, among the
Company, the Initial Guarantor and the Trustee (the “Base Indenture” and subject to ‎Section 1.04 hereof,
together with this First Supplemental Indenture, the “Indenture”) with respect to the Notes (as hereinafter
defined).

 

RECITALS
OF THE COMPANY

 

The Company
and the Initial Guarantor have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance
from time to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture
called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and
301 of the Base Indenture, and the Guarantees thereof by the Initial Guarantor.

 

Section 901
of the Base Indenture provides, among other things, that the Company, the Guarantors and the Trustee may enter into indentures
supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of
any series as permitted by Sections 201 and 301 of the Base Indenture and (b) adding to or changing any of the provisions to the
Base Indenture in certain circumstances.

 

The Company
desires to create six series of Securities designated as its 0.750% Senior Notes due 2023 (the “2023 Notes”),
1.200% Senior Notes due 2025 (the “2025 Notes”), 1.750% Senior Notes due 2027 (the “2027 Notes”),
2.200% Senior Notes due 2030 (the “2030 Notes”), 3.300% Senior Notes due 2040 (the “2040 Notes”)
and the 3.550% Senior Notes due 2050 (the “2050 Notes”) pursuant to the terms of this First Supplemental Indenture.

 

The Company
has duly authorized the execution and delivery of this First Supplemental Indenture and the Notes to be issued from time to time,
as provided for in the Indenture.

 

The Initial
Guarantor has duly authorized its Guarantee of the Notes and to provide therefor the Initial Guarantor has duly authorized the
execution and delivery of this First Supplemental Indenture.

 

All things
necessary have been done to make this First Supplemental Indenture a valid and legally binding agreement of the Company, in accordance
with its terms and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee under the Indenture
and duly issued by the Company, the valid and legally binding obligations of the Company.

 

All things
necessary have been done to make the Guarantees, upon execution and delivery of this First Supplemental Indenture, the valid and
legally binding obligations of each Guarantor and to make this First Supplemental Indenture a valid and legally binding agreement
of each Guarantor, in accordance with its terms.

 

    1

    

    

 

Article
1

Issuance of Securities

 

Section 1.01.     
Issuance of Notes; Principal Amount; Maturity; Title.

 

(a)              
On September 2, 2020, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial
Notes substantially in the form set forth in ‎Section 3.02 below, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by the Base Indenture and this First Supplemental Indenture, and
with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistently herewith,
be determined by the Officer executing such Notes, as evidenced by the execution of such Notes.

 

(b)              
Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates six series of Securities
designated as the “0.750% Senior Notes due 2023,” “1.200% Senior Notes due 2025,” “1.750% Senior
Notes due 2027,” “2.200% Senior Notes due 2030,” “3.300% Senior Notes due 2040” and “3.550%
Senior Notes due 2050” of the Company (the 2023 Notes, the 2025 Notes, the 2027 Notes, the 2030 Notes, the 2030 Notes, the
2040 Notes and the 2050 Notes are collectively referred to herein as the “Notes” and include both the Initial
Notes of such series and the Additional Notes of such series), which Notes shall be deemed “Securities” for all purposes
under the Base Indenture.

 

(c)              
The Initial Notes to be issued pursuant to the Indenture shall be issued on the date hereof and initially limited in aggregate
principal amount to $1,000,000,000 of the 2023 Notes, $1,000,000,000 of the 2025 Notes, $1,000,000,000 of the 2027 Notes, $1,000,000,000
of the 2030 Notes, $1,000,000,000 of the 2040 Notes and $1,000,000,000 of the 2050 Notes and shall mature on the applicable Stated
Maturity, unless the Notes are redeemed prior to that date as described in Article 5 or repurchased prior to that date as described
in Section 6.02 of this First Supplemental Indenture or otherwise. The aggregate principal amount of Initial Notes Outstanding
at any time may not exceed $1,000,000,000 for the 2023 Notes, $1,000,000,000 for the 2025 Notes, $1,000,000,000 for the 2027 Notes,
$1,000,000,000 for the 2030 Notes, $1,000,000,000 for the 2040 Notes and $1,000,000,000 for the 2050 Notes, except for Notes issued,
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant
to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base
Indenture, are deemed never to have been authenticated and delivered.

 

(d)              
The Company may without the consent of the Holders, issue additional Notes hereunder as part of the same applicable series
and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP, ISIN and Common Code numbers as
the Initial Notes of such series initially issued, but may be offered at a different offering price or have a different issue
date, initial interest accrual date or initial Interest Payment Date (“Additional Notes”); provided that if
any such Additional Notes are not fungible with the previously outstanding Notes of the relevant series for U.S. federal income
tax purposes or U.S. securities law, such Additional Notes will not have the same CUSIP, ISIN or other identifying number as the
outstanding Notes of that series. With respect to any Additional Notes issued subsequent to

 

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the
date of this First Supplemental Indenture notwithstanding anything else herein, (1) all references in the Additional Notes and
the Indenture to a Registration Rights Agreement shall be to the registration rights agreement entered into with respect to such
Additional Notes, (2) any references in the Notes and in the Indenture to the Exchange Offer and Exchange Notes, and any other
term related thereto shall be to such term as they are defined in such registration rights agreement entered into with respect
to such Additional Notes, (3) all time periods described in the Notes with respect to the registration of such Additional Notes
shall be as provided in such Registration Rights Agreement entered into with respect to such Additional Notes and (4) any Additional
Interest may, if set forth in the Registration Rights Agreement, be paid to the Holders of the Additional Notes immediately prior
to the making or the consummation of the Exchange Offer regardless of any other provisions regarding record dates herein.

 

(e)              
The Notes shall be issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof.

 

Section 1.02.     
Interest.

 

(a)              
Interest on a Note will accrue at the per annum rate of 0.750% for the 2023 Notes, 1.200% for the 2025 Notes, 1.750% for
the 2027 Notes, 2.200% for the 2030 Notes, 3.300% for the 2040 Notes and 3.550% for the 2050 Notes, from and including the date
specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available
for payment and, in each case, will be paid on the basis of a 360-day year of twelve 30-day months. As more fully set forth therein,
the Registration Rights Agreement provides that Company will pay Additional Interest to each Holder under certain circumstances.
All accrued Additional Interest shall be paid to Holders in the same manner as interest payments on the Notes on semi-annual payment
dates that correspond to Interest Payment Dates for the Notes. All references in the Indenture to interest shall be deemed to
include any Additional Interest payable pursuant to the Registration Rights Agreement.

 

(b)              
The Company shall pay interest on the Notes semi-annually in arrears on March 2 and September 2 of each year (each, an
“Interest Payment Date”), commencing March 2, 2021.

 

(c)              
Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes as of the close of business
on the Regular Record Date.

 

(d)              
Amounts due on the Stated Maturity or earlier Redemption Date or repurchase date (pursuant to Section 6.02 of this First
Supplemental Indenture) of the Notes will be payable at the corporate trust office of the Trustee, initially at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Royalty Pharma Notes Administrator, except as otherwise
provided in the Notes. The Company shall make payments of principal, premium, interest, Redemption Price or Repurchase Price in
respect of the Notes in book-entry form to DTC in immediately available funds, while disbursement of such payments to owners of
beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in
effect from time to time. The Trustee will initially act as Paying Agent for payments with respect to the Notes. The Company may
at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office
through which any Paying Agent acts, except that the Company shall be required to

 

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maintain
a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for
any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental
charges in connection with a transfer or exchange of Notes. All moneys paid by the Company to a Paying Agent for the payment of
principal, premium, interest, Redemption Price or Repurchase Price on Notes which remain unclaimed at the end of two years after
such principal, premium, interest, Redemption Price or Redemption Price has become due and payable will be repaid to the Company
upon request, and the Holder of such Notes thereafter may look only to the Company for payment thereof.

 

(e)              
If any Interest Payment Date, Stated Maturity, earlier Redemption Date or repurchase date falls on a day that is not a
Business Day in The City of New York, the Company shall make the required payment of principal, premium, interest or Redemption
Price with respect to the Notes on the next succeeding Business Day as if it were made on the date payment was due, and no interest
will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity, earlier redemption
or repurchase date, as the case may be, to such next succeeding Business Day.

 

(f)               
The Company will send notice to the Holder of each Note of the commencement and termination of any period in which Additional
Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business
Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officers’ Certificate
to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on such
date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have
no duty to determine whether any Additional Interest is payable or the amount thereof.

 

Section 1.03.     
Payment.

 

All payments
of principal of, the Redemption Price and the Repurchase Price (if any) for and interest on the Notes will be payable in U.S.
dollars.

 

Section 1.04.     
Relationship with Base Indenture.

 

The terms
and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this First Supplemental
Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this First Supplemental
Indenture, the provisions of this First Supplemental Indenture will govern and be controlling.

 

Article
2

Definitions and Other Provisions of General Application

 

Section 2.01.     
Definitions.

 

For all purposes
of this First Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this First Supplemental
Indenture otherwise requires):

 

    4

    

    

(a)              
any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may
be, of this First Supplemental Indenture;

 

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

 

(c)              
“including” means including without limitation;

 

(d)              
“dollars” and “$” refer to U.S. dollars

 

(e)              
unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not
prohibited by the terms of the Indenture;

 

(f)               
whenever in the Indenture there is mentioned, in any context, principal, interest or any other amount payable under or
with respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent
that, in such context, Additional Interest is, was or would be payable in respect thereof pursuant to the terms of the Note; and

 

(g)              
unless otherwise provided in this First Supplemental Indenture or in any Note, the words “execute,” “execution,”
“signed” and “signature” and words of similar import used in or related to any document to be signed in
connection with this First Supplemental Indenture, any Note or any of the transactions contemplated hereby (including amendments,
waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the
use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act
and any other similar state laws based on the Uniform Electronic Transactions Act; provided that, notwithstanding anything herein
to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee.

 

The terms
defined in this ‎Section 2.01 (except as herein otherwise expressly provided or unless the context of this First Supplemental
Indenture otherwise requires) for all purposes of this First Supplemental Indenture and of any indenture supplemental hereto have
the respective meanings specified in this ‎Section 2.01. All other terms used in this First Supplemental Indenture that are
defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless
the context of this First Supplemental Indenture otherwise requires), have the respective meanings assigned to such terms in the
Base Indenture, as in force at the date of this First Supplemental Indenture as originally executed; provided that any
term that is defined in both the Base Indenture and this First Supplemental Indenture shall have the meaning assigned to such
term in this First Supplemental Indenture.

 

    5

    

    

“144A
Global Note” means a Note substantially in the form in Section 3.02 hereto and deposited with or on behalf of, and registered
in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount
of the Notes of the relevant series sold in reliance on Rule 144A.

 

“Additional
Notes” has the meaning specified in ‎Section 1.01(d).

 

“Additional
Amounts” has the meaning specified in Section 6.05.

 

“Additional
Interest” means any additional interest, if any, payable on the Notes pursuant to the terms of the Registration Rights
Agreement.

 

“Attributable
Debt” means the present value (discounted at the rate of 8.0% per annum compounded monthly) of the obligations for rental
payments required to be paid during the remaining term of any lease of more than 12 months.

 

“Below
Investment Grade Rating Event” means the rating on the Notes of a series is lowered in respect of a Change of Control
and the Notes of such series are rated below Investment Grade by two of the three Rating Agencies on any date from the date of
the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public
notice of the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during the
period beginning on the date of such public notice and ending on the 60th day following public notice of a Change of Control the
rating of the Notes of such series is under publicly announced consideration for possible downgrade by any of the Rating Agencies);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not
be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade
Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies making the
reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in
writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising
as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have
occurred at the time of the Below Investment Grade Rating Event). The Company will request the Rating Agencies to make such confirmation
in connection with any Change of Control and shall promptly deliver an Officers’ Certificate to the Trustee certifying as
to whether or not such confirmation has been received or denied.

 

“Board
of Directors” means:

 

		·	with
                                         respect to a corporation, the board of directors of the corporation or a duly authorized
                                         committee thereof;

 

		·	with
                                         respect to a partnership, the board of directors of the general partner of the partnership;

 

		·	with
                                         respect to a limited liability company managed by the member or members, the managing
                                         member or members or any controlling committee of managing members thereof;

 

    6

    

    

		·	with
                                         respect to a limited liability company managed by a manager or managers, the manager
                                         or managers and any controlling committee of managers; and

 

		·	with
                                         respect to any other Person, the board or committee of such Person serving a similar
                                         function.

 

“Capital
Stock” of any Person means any and all shares, interests (including general or limited partnership interests, limited
liability company or membership interests or limited liability partnership interests), participations or other equivalents of
or interests in (however designated) equity of such Person, including any preferred stock, but in no event will Capital Stock
include any debt securities convertible or exchangeable into equity.

 

“Change
of Control” means the occurrence of the following:

 

		·	the
                                         direct or indirect sale, transfer, conveyance or other disposition (other than by way
                                         of merger or consolidation), in one or a series of related transactions, of all or substantially
                                         all of the combined assets of the Company and its Subsidiaries taken as a whole to any
                                         “person” (as that term is used in Section 13(d)(3) of the Exchange Act or
                                         any successor provision); or

 

		·	the
                                         consummation of any transaction (including, without limitation, any merger or consolidation)
                                         the result of which is that any “person” (as that term is used in Section
                                         13(d)(3) of the Exchange Act or any successor provision) (other than the Company or one
                                         of its Subsidiaries), becomes the beneficial owner (within the meaning of Rule 13d-3
                                         under the Exchange Act or any successor provision) of a majority of the Voting Stock
                                         in the Company or other Voting Stock into which the Company’s Voting Stock is reclassified,
                                         consolidated, exchanged or changed, measured by voting power rather than number of shares;
                                         or

 

		·	the
                                         Company consolidates with, or merges with or into, any “person” (as that
                                         term is used in Section 13(d) of the Exchange Act or any successor provision) or any
                                         such person consolidates with, or merges with or into, the Company, in either case, pursuant
                                         to a transaction in which any of the Company’s outstanding Voting Stock or the
                                         Voting Stock of such other person is converted into or exchanged for cash, securities
                                         or other property, other than pursuant to a transaction in which shares of the Company’s
                                         Voting Stock outstanding immediately prior to the transaction constitute, or are converted
                                         into or exchanged for, a majority of the Voting Stock of the surviving person immediately
                                         after giving effect to such transaction, in each case, measured by voting power rather
                                         than number of shares; or

 

		·	the
                                         adoption of a plan relating to the Company’s liquidation or dissolution.

 

“Change
of Control Offer” has the meaning specified in 6.02(a).

 

“Change
of Control Triggering Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

    7

    

    

“Comparable
Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker
as having an actual or interpolated maturity comparable to the remaining term of the series of Notes to be redeemed (assuming
that such Notes (other than the 2023 Notes) matured on the applicable Par Call Date) 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 a comparable maturity
to the remaining term of such series of Notes.

 

“Comparable
Treasury Price” means, with respect to any Redemption Date for a series of Notes, the average of the Reference Treasury
Dealer Quotations for such Redemption Date or, if the Independent Investment Banker obtains only one Reference Treasury Dealer
Quotation, such Reference Treasury Dealer Quotation.

 

“Consolidated
Total Assets” means, with respect to any person as of any date, the amount of total assets as shown on the latest consolidated
balance sheet of such person for the most recent fiscal quarter for which financial statements are available prepared in accordance
with generally accepted accounting principles.

 

“Covenant
Defeasance” has the meaning specified in ‎Section 8.01.

 

“Credit
Party Jurisdiction” means a jurisdiction where a Credit Party is incorporated or considered to be a resident for tax
purposes, if other than the United States.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 3.03
hereof. Definitive Notes shall be substantially in the form of Section 3.02 hereto except that such Note shall not bear the Global
Legend and shall not have the “Schedule of Increases and Decreases in Note” attached thereto.

 

“DTC”
means The Depository Trust Company, a New York corporation.

 

“Event
of Default” has the meaning specified in ‎Section 4.01.

 

“Exchange
Offer” means the offer that may be made by the Company pursuant to the Registration Rights Agreement to exchange Notes
of a series bearing the Private Placement Legend for the Exchange Notes of such series.

 

“Exchange
Notes” means the senior notes anticipated to be issued by the Company under the Indenture containing terms identical
to the Notes of the same series (except that the Exchange Notes will not be subject to restrictions on transfer or to any increase
in annual interest rate for failure to comply with the Registration Rights Agreement) and to be offered to Holders in exchange
for Notes pursuant to the Exchange Offer.

 

“Fitch”
means Fitch Inc., or any successor thereto.

 

“Funded
Debt” has the meaning specified in Section 6.04.

 

“Global
Legend” has the meaning specified in Section 3.02.

 

    8

    

    

“IAI
Global Note” means a Global Note substantially in the form in Section 3.02 hereto bearing (or required to bear) the
Global Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary
or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional
Accredited Investors.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Initial
Notes” means Notes in an aggregate principal amount of up to $1,000,000,000 of the 2023 Notes, $1,000,000,000 of the
2025 Notes, $1,000,000,000 of the 2027 Notes, $1,000,000,000 of the 2030 Notes, $1,000,000,000 of the 2040 Notes and $1,000,000,000
of the 2050 Notes initially issued on September 2, 2020 under this First Supplemental Indenture in accordance with ‎Section
1.01(c).

 

“Initial
Purchasers” means BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities
LLC, Morgan Stanley & Co. LLC, Truist Securities, Inc., BBVA Securities Inc., DNB Markets, Inc., Scotia Capital (USA) Inc.
and TD Securities (USA) LLC with respect to the Initial Notes and any other entity designated as such with respect to any Additional
Notes issued after the date of this First Supplemental Indenture.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act that is not also a “qualified institutional buyer” as defined in Rule 144A.

 

“Interest
Payment Date” has the meaning specified in ‎Section 1.02(b).

 

“Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or Fitch (or
its equivalent under any successor rating categories of Fitch) (or, in each case, if such Rating Agency ceases to rate the Notes
for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected
by the Company as a replacement Rating Agency).

 

“Make
Whole Amount” means, with respect to (i) the 2023 Notes, 15 basis points, (ii) the 2025 Notes, 20 basis points, (iii)
the 2027 Notes, 25 basis points, (iv) the 2030 Notes, 30 basis points, (v) the 2040 Notes, 35 basis points and (vi) the 2050 Notes,
40 basis points.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto.

 

“Notes”
has the meaning specified in ‎Section 1.01(b).

 

“Par
Call Date” means, with respect to (i) the 2025 Notes, August 2, 2025, (ii) the 2027 Notes, July 2, 2027, (iii) the 2030
Notes, June 2, 2030, (iv) the 2040 Notes, March 2, 2040 and (v) the 2050 Notes, March 2, 2050.

 

“Payor”
has the meaning specified in Section 5.02.

 

    9

    

    

“Permitted
Liens” means (a) liens on any Principal Property or Voting Stock or profit participating equity interests of any Subsidiary
existing at the time such entity becomes a direct or indirect Subsidiary of the Company or is merged into a direct or indirect
Subsidiary of the Company (provided that such lien was not incurred in anticipation of such transaction and was in existence prior
to such transaction) so long as such lien does not extend to any other property and the debt so secured is not increased, and
purchase money mortgages and construction cost mortgages existing at or incurred within 360 days of the time of acquisition thereof,
(b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without
penalty or are being contested in good faith, (c) liens in favor of a Credit Party, (d) liens existing on the first date on which
any Notes issued under the Indenture are authenticated by the Trustee and (e) liens to secure any extension, renewal or replacement
of any indebtedness for money borrowed (“Refinanced Debt”) secured by any pledge, mortgage, lien or other encumbrance
referred to in the foregoing clauses (a) through (d), so long as (i) any such lien does not extend to any Principal Property,
Voting Stock or profit participating equity interests that did not secure the indebtedness for money borrowed that is to be extended,
renewed or replaced (the “Original Debt”) and (ii) the principal amount of the Refinanced Debt does not exceed
the principal amount of the Original Debt, plus accrued and unpaid interest thereon together with any fees, premiums (including
tender premiums) and expenses relating to such extension, renewal or replacement.

 

“Principal
Property” means any building, structure or other facility (together with the land on which it is erected and fixtures
comprising a part thereof) used primarily for manufacturing or research, owned or leased by the Company or any of its Subsidiaries
and having a net book value which, on the date of the determination as to whether a property is a Principal Property is being
made, exceeds 1% of Consolidated Total Assets, other than any such building, structure or other facility or portion thereof that
the Board of Directors of the Company determines in good faith is not of material importance to the total business conducted or
assets owned by the Company and its Subsidiaries as an entirety.

 

“Private
Placement Legend” has the meaning specified in Section 3.02.

 

“Rating
Agency” means:

 

		·	each
                                         of Moody’s, S&P and Fitch; and

 

		·	if
                                         any of Moody’s, S&P or Fitch ceases to rate the Notes or fails to make a rating
                                         of the Notes publicly available for reasons outside of the Company’s control, a
                                         “nationally recognized statistical rating organization” within the meaning
                                         of Section 3(a)(62) the Exchange Act selected by the Company as a replacement agency
                                         for Moody’s, S&P or Fitch, as the case may be.

 

“Reference
Treasury Dealer” means each of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P.
Morgan Securities LLC or Morgan Stanley & Co. LLC, or their respective affiliates which are primary U.S. Government securities
dealers, and their respective successors; provided that if any of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman
Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC or such respective affiliates shall cease to be
a primary U.S. Government securities dealer

 

    10

    

    

in The City
of New York (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

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

 

“Registration
Rights Agreement” means that certain registration rights agreement related to the Notes dated September 2, 2020 among
the Company, the Initial Guarantor and the initial purchasers of the Notes.

 

“Regular
Record Date” with respect to any Interest Payment Date, means the February 15 and August 18 (whether or not a Business
Day) immediately preceding the applicable March 2 and September 2 Interest Payment Date, respectively.

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Note” means a Note substantially in the form of Section 3.02 hereto bearing the Global Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Notes of the relevant series sold in reliance on Rule 903 of Regulation S.

 

“Relevant
Taxing Jurisdiction” has the meaning specified in Section 6.05.

 

“Repurchase
Price” has the meaning specified in Section 6.02(a).

 

“Repurchase
Price Payment Date” has the meaning specified in Section 6.02(c).

 

“Restricted
Definitive Note” means a Definitive Note bearing (or required to bear) the Private Placement Legend.

 

“Restricted
Global Note” means a Global Security bearing (or required to bear) the Private Placement Legend.

 

“Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S.

 

“Rule
144” means Rule 144 promulgated under the Securities Act.

 

“Rule
144A” means Rule 144A promulgated under the Securities Act.

 

“Rule
903” means Rule 903 promulgated under the Securities Act.

 

“Rule
904” means Rule 904 promulgated under the Securities Act.

 

    11

    

    

“Sale
and leaseback transaction” is an arrangement between a Credit Party and any Person in which the Credit Party leases
back for a term of more than three years a Principal Property that the Credit Party has sold or transferred to that Person.

 

“S&P”
means S&P Global Ratings, a division of S&P Global, Inc., or any successor thereto.

 

“Stated
Maturity” means September 2, 2023 for the 2023 Notes, September 2, 2025 for the 2025 Notes, September 2, 2027 for the
2027 Notes, September 2, 2030 for the 2030 Notes, September 2, 2040 for the 2040 Notes and September 2, 2050 for the 2050 Notes.

 

“Taxes”
has the meaning specified in Section 6.05.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity
or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 

“Voting
Stock” of any person as of any date means the Capital Stock of such person that is ordinarily entitled to vote in the
election of the Board of Directors of such person.

 

Article
3

Security Forms

 

Section 3.01.     
Form Generally.

 

(a)              
The Notes of each series shall be in substantially the form set forth in ‎Section 3.02 of this ‎Article 3, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith,
be determined by the Officer executing such Notes, as evidenced by the execution thereof. All Notes shall be in fully registered
form.

 

(b)              
The Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes.

 

(c)              
Upon their original issuance, the Notes of each series shall be issued in the form of one or more Global Securities in
definitive, fully registered form without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated
and delivered by the Trustee and shall be registered in the name of DTC as Depositary, or its nominees, and deposited with the
Trustee, as custodian for DTC. Beneficial interests in the Global Securities

 

    12

    

    

will
be shown on, and transfers will only be made through, the records maintained by DTC and its participants.

 

Section 3.02.     
Form of Note.

 

[FORM OF
FACE OF NOTE]

 

[THE FOLLOWING
LEGEND (the “Private Placement Legend”) SHALL APPEAR ON THE FACE OF EACH SECURITY SOLD PURSUANT TO RULE
144A OR REGULATION S UNDER THE SECURITIES ACT OR TO AN INSTITUTIONAL ACCREDITED INVESTOR:

 

THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE.

 

BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

 

		(1)	REPRESENTS THAT

 

		(A)	IT AND ANY ACCOUNT FOR WHICH
                                         IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF
                                         RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION
                                         WITH RESPECT TO EACH SUCH ACCOUNT,

 

		(B)	IT ACQUIRED THIS NOTE OR SUCH
                                         BENEFICIAL INTEREST IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES
                                         ACT OR

 

		(C)	IT IS NOT A U.S. PERSON (WITHIN
                                         THE MEANING OF REGULATIONS UNDER THE SECURITIES ACT) AND

 

		(2)	AGREES FOR THE BENEFIT OF THE
                                         COMPANY THAT IT WILL NOT WITHIN [IN THE CASE OF EACH SECURITY SOLD PURSUANT TO RULE 144A
                                         OR TO AN INSTITUTIONAL ACCREDITED INVESTOR. ONE YEAR OR SUCH SHORTER TIME UNDER APPLICABLE
                                         LAW] [IN THE CASE OF EACH SECURITY SOLD PURSUANT TO REGULATION S: 40 DAYS] OFFER, SELL,
                                         PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE
                                         WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
                                         STATES AND ONLY

 

		(A)	TO THE COMPANY,

 

		(B)	PURSUANT TO A REGISTRATION
                                         STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT,

 

    13

    

    

		(C)	TO A QUALIFIED INSTITUTIONAL
                                         BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,

 

		(D)	IN AN OFFSHORE TRANSACTION
                                         IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR

 

		(E)	PURSUANT TO AN EXEMPTION FROM
                                         REGISTRATION (OTHER THAN AS PROVIDED BY RULE 144 UNDER THE SECURITIES ACT) OR ANY OTHER
                                         AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO
THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH
LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER
IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING ANYTHING TO THE CONTRARY,
NO TRANSFERS WILL BE PERMITTED IN RELIANCE ON RULE 144, REGARDLESS OF ITS AVAILABILITY AS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.]

 

[THE FOLLOWING
LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY (the “Global Legend”):

 

THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE
OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

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

 

    14

    

    

[FORM
OF [--]% SENIOR NOTE DUE 20[--]]

 

ROYALTY PHARMA
PLC

 

[--]% SENIOR
NOTE DUE 20[--]

 

	No. ___[S][R]____	Principal Amount $_______
	CUSIP NO. 	 
	ISIN NO. _______	 

Royalty Pharma
plc, a limited liability company duly organized and existing under the laws of England and Wales (herein called the “Company”,
which term includes any Successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of _______ U.S. dollars ($_______), or such other principal
amount as shall be set forth in the Schedule of Increases and Decreases in Note attached hereto, on [--] (the “Maturity
Date”) and to pay interest thereon, from September [--], 2020, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be [--] and [--] of each
year, commencing [--], 2021 (each an “Interest Payment Date”), at the per annum rate of [--]% (the “Note
Interest Rate”), until the principal hereof is paid or made available for payment. [As more fully set forth therein,
the Registration Rights Agreement provides that Company will pay Additional Interest to each Holder under certain circumstances.
All accrued Additional Interest shall be paid to Holders in the same manner as interest payments on the Notes on semi-annual payment
dates that correspond to Interest Payment Dates for the Notes. All references in this Note to interest shall be deemed to include
any Additional Interest payable pursuant to the Registration Rights Agreement.]1

 

For the purposes
of this Note, the term “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking
institutions or trust companies are authorized or obligated by law, regulation or executive order to close in the place where
the principal of and premium, if any, and interest on, or any Redemption Price or Repurchase Price of, the Notes are payable.

 

The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid
to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which
shall be the February 15 and August 18 (whether or not a Business Day) immediately preceding the applicable March 2 and September
2 Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to the Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on

 

 

 

1
To be removed from the Exchange Notes. 

 

 

    15

    

    

which such
Notes may be listed, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

 

Payment of
principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control Triggering
Event will be made at the Trustee, in such coin or currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts. With respect to Global Securities, the Company will make such payments
by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect
to Definitive Notes, the Company will make such payments, subject to surrender of such Note at the Trustee, except in the case
of installments of interest, by wire transfer of immediately available funds to a United States Dollar account maintained in New
York, New York to each Holder of an aggregate principal amount of Notes in excess of $5,000,000 that has furnished wire instructions
in writing to the Trustee no later than 15 days prior to the relevant payment date. If a Holder of a Definitive Note (i) does
not furnish such wire instructions as provided in the preceding sentence or (ii) holds $5,000,000 or less aggregate principal
amount of Notes, the Company will make such payments by mailing or causing to be mailed a check to such Holder’s registered
address.

 

The Notes
constitute the direct, unconditional, unsecured and unsubordinated general obligations of the Company and shall at all times rank
pari passu without any preference among themselves and with all other unsecured obligations of the Company, other than
subordinated obligations of the Company and except for statutorily preferred obligations. The Notes are not redeemable prior to
the Maturity Date, except as set forth on the reverse of this Note and will not be subject to any sinking fund.

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    16

    

    

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

 

	 	Royalty Pharma plc
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

	Attest:	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

    17

    

    

CERTIFICATE
OF AUTHENTICATION

 

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

 

Dated: _______

 

	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

 

 

    18

    

    

[FORM OF
REVERSE OF NOTE]

 

1.       Indenture.
This Note is one of a duly authorized issue of securities of the Company designated as its “[--]% Senior Notes due 20[--]”
(herein called the “Notes”), issued under a First Supplemental Indenture, dated as of September [--], 2020
(the “First Supplemental Indenture”), to an indenture, dated as of September [--], 2020 (as it may be amended
or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with
the First Supplemental Indenture, collectively, the “Indenture”), among the Company, Royalty Pharma Holdings
Ltd. and Wilmington Trust, National Association, as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the
terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of the Initial Notes
Outstanding of this series at any time may not exceed $[--] in aggregate principal amount, except for, or in lieu of, other Notes
of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to
Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The First Supplemental Indenture
pursuant to which this Note is issued provides that Additional Notes of this series may be issued thereunder.

 

All terms
used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event of
a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern.

 

2.       Optional
Redemption. Prior to [--], the Company may at its option redeem all or a part of the Notes upon not more than 60 days nor
less than 10 days prior notice, at any time and from time to time, at a Redemption Price in cash equal to the greater of (i) 100%
of the aggregate principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on any Notes being redeemed (exclusive of interest accrued to the date of redemption) from
the date of redemption to [--], in each case discounted to the Redemption Date on a semi- annual basis (assuming a 360-day year
of twelve 30-day months) at the Treasury Rate plus [--] basis points, plus in each case accrued and unpaid interest thereon to,
but excluding, the date of redemption.

 

  The Company
shall give the Trustee and the Holders notice of the Redemption Price with respect to any redemption pursuant to the preceding
paragraph as soon as practicable after the calculation thereof and the Trustee shall have no responsibility for such calculation.

 

  On or after
[--], the Company may at its option redeem all or a part of the Notes upon not more than 60 days nor less than 10 days prior notice,
at a Redemption Price in cash equal to 100% of the aggregate principal amount of any Notes to be redeemed plus accrued and unpaid
interest thereon to, but excluding, the date of redemption. Any notice of any redemption may, at the Company’s discretion,
be subject to one or more conditions precedent, including, but not limited to, completion of a securities offering or other corporate
transaction.

 

    19

    

    

3.       Optional
Tax Redemption. If, as a result of any amendment to, or change in, the laws (or any rulings, rules or regulations thereunder)
of a Relevant Taxing Jurisdiction or any amendment to or change in an official interpretation or application of such laws, rulings,
rules or regulations (including by virtue of a holding, judgment, order by a court or change in published administrative practice),
which amendment or change becomes effective (or, in the case of an amendment or change in official interpretation or application,
is announced) on or after August 24, 2020 (or in the case where a jurisdiction becomes a Relevant Taxing Jurisdiction after August
24, 2020, on or after the date such jurisdiction becomes a Relevant Taxing Jurisdiction under the Indenture) the relevant Payor
would be obligated, after taking all reasonable measures available to it to avoid the requirement to pay Additional Amounts with
respect to any series of Notes then, at the Company’s option, all, but not less than all, of this series of Notes may be
redeemed at any time on giving not less than 10 nor more than 60 days’ notice to the Holders of such Notes, at a Redemption
Price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and any Additional Amounts due thereon
up to, but excluding, the date of redemption (subject to the right of Holders of record on the Regular Record Date to receive
interest due on the relevant Interest Payment Date); provided, however, that (1) no notice of redemption for tax reasons may be
given earlier than 90 days prior to the earliest date on which the relevant Payor would be obligated to pay these Additional Amounts
if a payment on Notes of such series were then due, and (2) at the time such notice of redemption is given such obligation to
pay such Additional Amounts remains in effect.

 

4.       Change
of Control Triggering Event. In the event of a Change of Control Triggering Event, unless the Company has exercised its option
to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s
Notes at a Repurchase Price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and
unpaid interest, if any, to but excluding the Repurchase Price Payment Date, pursuant to ‎Section 6.02 of the First Supplemental
Indenture.

 

5.       Global
Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note, including
an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary,
shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the Applicable Procedures.

 

6.       Defaults
and Remedies. If an Event of Default shall occur and be continuing, the specified aggregate principal of all the Notes of
a series outstanding may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment
of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal
of and interest on the Notes shall terminate.

 

No Holder
of Notes of a series shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or
for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy
hereunder (except actions for payment of overdue principal of, and premium, if any, or interest on such Notes in accordance with
its terms), unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect
to such series, specifying an Event of Default, as required under the Indenture; (ii) the Holders of not less than 25% in aggregate

 

    20

    

    

principal
amount of the Outstanding Notes of such series shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default in its own name as Trustee under the Indenture; (iii) such Holder or Holders have offered to the Trustee
indemnity or security satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;
(iv) the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and provision
of indemnity or security (if so required); and (v) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes of such series,
it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of,
or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or
to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture,
except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders.

 

The foregoing
shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and premium,
if any, or interest hereon, on or after the respective due dates expressed or provided for herein.

 

7.       Amendment,
Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Notes of a series under the Indenture at any
time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal amount
of the Outstanding Notes of such series. The Indenture also contains provisions permitting the Holders of specified percentages
in aggregate principal amount of the Outstanding Notes of a series, on behalf of the Holders of all the Notes of a series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. Certain modifications or amendments
to the Indenture require the consent of the Holder of each Outstanding Note affected.

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the Holder
hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest
on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

 

8.       Registration
and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note
is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of
the Company in a Place of Payment, the Company shall execute, and, upon Company Order, the Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Notes of the same series of any authorized denominations
and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at
the option of the Holder, this Note may be exchanged for one or more new Notes of the same series of any

 

    21

    

    

authorized
denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender
by the Holder, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of the same series of any authorized denominations and of like tenor and principal amount.
Every Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed (if so required by the
Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing. No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection therewith.

 

Prior to
due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company,
a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes (except
as otherwise provided in the Indenture), whether or not such Note be overdue, and neither the Company, the Guarantors, the Trustee
nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary.

 

9.       Additional
Rights of Holders. In addition to the rights provided to Holders of Notes under the Indenture, Holders will have the
rights set forth in the Registration Rights Agreement dated as of September 2, 2020, among the Company, the Initial Guarantor
and the other parties named on the signature pages thereof or, in the case of Additional Notes (if applicable), Holders of
such Additional Notes will have the rights set forth in one or more registration rights agreements, if any, among the
Company, the Initial Guarantor and the other parties thereto, relating to rights given by the Company and the Guarantors to
the purchasers of such Additional Notes. The Holders shall be entitled to receive certain Additional Interest in the event
such Exchange Offer provided for therein is not consummated or the Notes are not offered for resale and upon certain other
conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement.2

 

10.       Guarantee.
As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally guaranteed
by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their
obligations under the Indenture and their Guarantees under the circumstances specified in the Base Indenture.

 

11.       Governing
Law. THE INDENTURE, THIS NOTE AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

 

 

 

 

2
This Section will not to appear on Exchange Notes or Additional Notes, unless required
by the terms of such Additional Notes.

 

    22

    

    

ABBREVIATIONS

 

The following
abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

TEN COM (= tenant in common)

TEN ENT (= tenants by the entireties (Cust))

JT TEN (= joint tenants with right of survivorship and not as tenants in common)

UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

 

Additional
abbreviations may also be used though not in the above list.

 

    23

    

    

ASSIGNMENT
FORM

 

To assign
this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)
	 
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint
	,	  as agent, to transfer

this Note on the books of the Company. The agent may substitute another to act for him.

 

In connection with the assignment
of the Notes evidenced by this certificate occurring prior to the date that is one year or six months, as the case may be (as
specified in Rule 144(d) under the Securities Act), after the later of the date of original issuance of such Notes and the last
date, if any, on which such Notes were owned by the Company or any affiliate of the Company, the undersigned confirms that such
Notes are being:

 

	CHECK ONE BOX BELOW:	 
	 	 
	1	☐	acquired for the undersigned’s own account, without
    transfer; or
	2	☐	transferred to the Company; or
	3	☐	transferred pursuant to and in compliance with Rule
    144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”); or
	4	☐	transferred pursuant to an effective registration statement
    under the Securities Act; or
	5	☐	transferred pursuance to and in compliance with Regulation
    S promulgated under the Securities Act; or
	 	 	 	 

    24

    

    

	6	☐	transferred to an institutional “accredited investor”
    (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act) that, prior to such transfer, furnished the Trustee
    with a signed letter containing certain representations and agreements relating to the transfer; or
	7	☐	transferred pursuant to another available exemption from the registration
    requirements of the Securities Act.

 

Unless one
of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any
Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the
Company may require, prior to registering any such transfer of the Notes, in its sole discretion, such legal opinions, certifications
and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act, such as the exemption provided
by Rule 144A promulgated under the Securities Act.

 

	Dated:	 	 	Signature:	 
	 	 	 
	Signature Guarantee:	 	 
	 	 	 

 

 

	 	 	 
	(Signature must be guaranteed)	 	Signature

 

The signature(s)
should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions
with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act.

 

TO BE COMPLETED BY PURCHASER
IF (1) OR (3) ABOVE IS CHECKED.

 

The undersigned
represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of
Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A promulgated under
the Securities Act and acknowledges that it has received such information regarding the Company as the undersigned has requested
pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon
the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

	Dated:		 	Signature:	

 

 

    25

    

    

[SCHEDULE
OF INCREASES AND DECREASES IN NOTE

 

ROYALTY PHARMA
PLC

 

[--]% Senior
Note due 20[--]

 

The initial
principal amount of this Note is $___________. The following increases or decreases in this Note have been made:

 

	Date
	Amount
of decrease in Principal Amount of this Note
	Amount
of increase in Principal Amount of this Note
	Principal
Amount of this Note following such decrease or increase
	Signature
of authorized officer of Trustee]3

	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3
Insert for Global Securities only.

 

    26

    

    

FORM OF
CERTIFICATE OF TRANSFER

 

Reference
is hereby made to the indenture dated September 2, 2020 among Royalty Pharma plc (the “Company”), Royalty Pharma
Holdings Ltd. and Wilmington Trust, National Association, as trustee (the “Trustee”) (the “Base Indenture”),
as supplemented by the First Supplemental Indenture dated as of September 2, 2020 among the Company, Royalty Pharma Holdings Ltd.
and the Trustee (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

, (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto,
in the principal amount of $ in such Note[s] or interests (the “Transfer”), to (the “Transferee”),
as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL
THAT APPLY]

 

1.       □
Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant
to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933,
as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and
the Securities Act.

 

2.       □
Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive
Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under
the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person
in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y)
the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed
selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities
Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv)
if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer
in

 

    27

    

    

accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note
and in the Indenture and the Securities Act.

 

3.       □
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive
Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected
in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the
United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)     □ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or

 

(b)     □ such Transfer is being effected to the Company or a subsidiary thereof;

 

or

 

(c)     □ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance
with the prospectus delivery requirements of the Securities Act;

 

or

 

(d)     □ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration
requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies
that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive
Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee
in the form in the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of
less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached
to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted
Definitive Notes and in the Indenture and the Securities Act.

 

4.       □
Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

 

(a)     □ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule
144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue
sky securities laws of any

 

    28

    

    

state
of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes
and in the Indenture.

 

(b)     □ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule
903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no
longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

 

(c)     
□ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with
an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

    29

    

    

This certificate
and the statements contained herein are made for your benefit and the benefit of the Company.

 

 

 

 

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	 
	 	 	 

 

 

	Dated:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 

 

 
 

 

    30

    

    

ANNEX A TO
CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE
OF (a) OR (b)]

 

		(a)	□ a beneficial interest
in the:

 

		(i)	□ 144A Global Note
(CUSIP ), or

 

		(ii)	□ Regulation S Global
Note (CUSIP ), or

 

		(iii)	□ IAI Global Note
(CUSIP ); or

 

		(b)	□ a Restricted Definitive
Note.

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

		(a)	□ a beneficial interest
in the:

 

		(i)	□ 144A Global Note
(CUSIP ), or

 

		(ii)	□ Regulation S Global
Note (CUSIP ), or

 

		(iii)	□ IAI Global Note
(CUSIP ); or

 

		(iv)	□ Unrestricted Global
Note (CUSIP ); or

 

		(b)	□ a Restricted Definitive
Note; or

 

		(c)	□ an Unrestricted
Definitive Note,

 

in accordance with the terms
of the Indenture.

 

    31

    

    

FORM OF
CERTIFICATE OF EXCHANGE

 

Reference
is hereby made to the indenture dated September 2, 2020 among Royalty Pharma plc (the “Company”), Royalty Pharma
Holdings Ltd. and Wilmington Trust, National Association, as trustee (the “Trustee”) (the “Base Indenture”),
as supplemented by the First Supplemental Indenture dated as of September 2, 2020 among the Company, Royalty Pharma Holdings Ltd.
and the Trustee (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

[                    ], (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that:

 

1.       Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note.

 

(a)       
□ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities
Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)       □ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the
Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

 

(c)        □ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection
with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii)
such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the

 

    32

    

    

restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws
of any state of the United States.

 

(d)        □ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2.          Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes.

 

    (e)              
□ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an
equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s
own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

 

(f)        □ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] □ 144A Global
Note, □ Regulation S Global Note, □ IAI Global Note with an equal principal amount, the Owner hereby certifies (i)
the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation
of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

 

This certificate
and the statements contained herein are made for your benefit and the benefit of the Company.

 

 

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	 
	 	 	 

 

	Dated:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 

 

 

    33

    

    

Section 3.03.     
Transfer and Exchange of Global Securities.

 

(a)        The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance
with the Indenture (including applicable restrictions on transfer set forth in the Indenture and in the Global Security) and the
procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security to another Global Security shall
deliver to the Security Registrar a duly completed Assignment Form in the form attached to the Global Security, any applicable
certifications or opinions required by the Assignment Form and a written order given in accordance with the Applicable Procedures
containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global
Security. The Security Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account
of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person
making the transfer the beneficial interest in the Global Security being transferred.

 

(b)        If the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global
Security, the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the
Global Security to which such interest is being transferred in an amount equal to the principal amount of the interest to be so
transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal
amount of the Global Security from which such interest is being transferred.

 

(c)        If the Company determines (upon the advice of counsel and with such other certifications and evidence as the Company may reasonably
require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the
need for current public information and that the Private Placement Legend in Section 3.02 hereto is no longer necessary or appropriate
in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the
Securities Act, the Company may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee)
a new Note in any authorized denominations of like tenor and aggregate principal amount, registered in the name of the Holder
thereof (or its transferee), that does not bear the Private Placement Legend, and the Trustee will comply with such instruction.

 

(d)        Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon
receipt of a Company Order in accordance with Section 303 of the Base Indenture, the Trustee shall authenticate Global Securities
and/or Definitive Notes not bearing the Private Placement Legend in an aggregate principal amount equal to the principal amount
of the beneficial interests in the Global Securities representing the Restricted Global Notes or Restricted Definitive Notes,
as the case may be, tendered for acceptance in accordance with the Exchange Offer and accepted by the Company for exchange in
the Exchange Offer, as shall be specified in such Company Order.

 

    34

    

    

 

Article
4

Remedies

 

Section 4.01.     
Events of Default.

 

“Event
of Default” means, wherever used herein with respect to a series of the Notes, any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

		(a)	an Event of Default pursuant
                                         to Section 501 of the Base Indenture; or

 

		(b)	the Company’s failure
                                         to pay the Repurchase Price when due in connection with a Change of Control Triggering
                                         Event.

 

Article
5

Redemption of Securities

 

The provisions
of this Article 5 apply solely with respect to the Notes and all references to Holders in this Article 5 shall be solely to Holders
of the Notes. The Notes of each series shall be redeemable at the Company’s option prior to the Maturity Date in accordance
with this Article 5, Section 6.02(h) and Article XI of the Base Indenture (as amended by this Article 5).

 

Section 5.01.     
Optional Redemption. Prior to the applicable Par Call Date, or with respect to the 2023 Notes, September 2, 2023,
the Company may at its option redeem all or a part of any series of the Notes upon not more than 60 days nor less than 10 days
prior notice, at any time and from time to time, at a Redemption Price in cash equal to the greater of (i) 100% of the aggregate
principal amount of any Notes of such series being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest (exclusive of interest accrued to the date of redemption) on any Notes of such series being
redeemed (assuming, other than with respect to the 2023 Notes, the Notes matured on the applicable Par Call Date), discounted
to the date of redemption on a semi-annual basis (assuming a 360-day year of twelve 30-day months) at the Treasury Rate plus the
applicable Make-Whole Amount, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date (subject
to the right of the Holders of record on the Regular Record Date to receive interest due on the relevant Interest Payment Date).

 

The Company
shall give the Trustee and the Holders notice of the Redemption Price with respect to any redemption pursuant to the preceding
paragraph as soon as practicable after the calculation thereof and the Trustee shall have no responsibility for such calculation.

 

On or after
the applicable Par Call Date (other than with respect to the 2023 Notes), the Company may at its option redeem all or a part of
any series of the Notes

 

    35

    

    

upon not
more than 60 days nor less than 10 days prior notice, at a Redemption Price in cash equal to 100% of the aggregate principal amount
of any Notes to be redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding,
the Redemption Date (subject to the right of the Holders of record on the Regular Record Date to receive interest due on the relevant
Interest Payment Date). Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions
precedent, including, but not limited to, completion of a securities offering or other corporate transaction.

 

If the Company
redeems one series of Notes, the Company will have no obligation to redeem any other series of Notes.

 

Section 5.02.     
Optional Tax Redemption.

 

(a)              
If, as a result of any amendment to, or change in, the laws (or any rulings, rules or regulations thereunder) of a Relevant
Taxing Jurisdiction or any amendment to or change in an official interpretation or application of such laws, rulings, rules or
regulations (including by virtue of a holding, judgment, order by a court or change in published administrative practice), which
amendment or change becomes effective (or, in the case of an amendment or change in official interpretation or application, is
announced) on or after August 24, 2020 (or in the case where a jurisdiction becomes a Relevant Taxing Jurisdiction after August
24, 2020, on or after the date such jurisdiction becomes a Relevant Taxing Jurisdiction under the Indenture) the Company, any
Guarantor or any successor thereto, as applicable (each, a “Payor”) would be obligated, after taking all reasonable
measures available to it to avoid the requirement to pay Additional Amounts then, at the Company’s option, all, but not
less than all, of any series of Notes may be redeemed at any time on giving not less than 10 nor more than 60 days’ notice
to the Holders of such Notes, at a Redemption Price equal to 100% of the outstanding principal amount, plus accrued and unpaid
interest and any Additional Amounts due thereon up to, but excluding, the date of redemption (subject to the right of Holders
of record on the Regular Record Date to receive interest due on the relevant interest payment date); provided, however, that (1)
no notice of redemption for tax reasons may be given earlier than 90 days prior to the earliest date on which the relevant Payor
would be obligated to pay these Additional Amounts if a payment on Notes of such series were then due, and (2) at the time such
notice of redemption is given such obligation to pay such Additional Amounts remains in effect.

 

(b)           Prior to the delivery of any notice of redemption to the Holders pursuant to this Section 5.02, the Company will deliver
to the Trustee and the Paying Agent:

 

		·	an
                                         Officers’ Certificate of the Company stating that the Company is entitled to effect
                                         the redemption and setting forth a statement of facts showing that the conditions precedent
                                         to the Company’s right to redeem have occurred, and

 

		·	an
                                         opinion of tax counsel or an independent tax advisor, in either case reasonably satisfactory
                                         to the Trustee, stating that no later than the next

 

    36

    

    

succeeding
date on which any amount is to be paid, the relevant Payor has or will become obligated to pay such Additional Amounts as a result
of such amendment or change.

 

Article
6

Particular Covenants

 

Section 6.01.     
Liens. The Credit Parties shall not, and shall not permit any of their Subsidiaries to, create, assume, incur or
guarantee any indebtedness for money borrowed (or any guaranty thereof) that is secured by a pledge, mortgage, lien or other encumbrance
(other than Permitted Liens) on any Principal Property or any Voting Stock or profit participating equity interests of their respective
Subsidiaries (to the extent of their ownership of such Voting Stock or profit participating equity interests) or any entity that
succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any
of such Subsidiaries, without providing that the Notes of each series (together with, if the Credit Parties shall so determine,
any other indebtedness of, or guarantee by, the Credit Parties ranking equally with each series of the Notes and existing as of
the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or prior to all other
indebtedness secured by such pledge, mortgage, lien or other encumbrance on the Principal Property or Voting Stock or profit participating
equity interests of any such entities, unless after giving effect thereto the aggregate amount of all indebtedness for money borrowed
(or any guaranty thereof) that is so secured, together with all Attributable Debt in respect of sale and leaseback transactions
involving Principal Properties, would not exceed 15% of the Consolidated Total Assets of the Company. This ‎Section 6.01 shall
not limit the ability of the Credit Parties or any of their Subsidiaries to incur indebtedness or other obligations secured by
liens on assets other than the Principal Property and the Voting Stock or profit participating equity interests of their respective
Subsidiaries.

 

Section 6.02.     
Obligation to Offer to Repurchase Upon a Change of Control Triggering Event.

 

(a)        If
a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem any series of the Notes
pursuant to Article 5 by giving notice of such redemption to the Holders of the Notes of such series pursuant to Section 1104
of the Base Indenture, the Company will make an offer to each Holder of Notes of such series to repurchase all or any part of
that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of
the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but
excluding, the date of purchase (the “Repurchase Price”).

 

(b)       In connection with any Change of Control related to a Change of Control Triggering Event and any particular reduction in
the rating on the Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation
that such reduction in the rating on the Notes was the result, in whole or in part, of any event or circumstance comprised of
or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall

 

    37

    

    

have
occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly certify to the Trustee as to whether
or not such confirmation has been received or denied.

 

(c)       Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change
of Control, but after the public announcement of the Change of Control, the Company will give notice to each Holder of Notes,
with a written copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of
Control Triggering Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier
than 30 days and no later than 60 days from the date such notice is given (the “Repurchase Price Payment Date”).
The notice shall, if given prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned
on the Change of Control Triggering Event occurring on or prior to the payment date specified in the notice.

 

(d)       The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result
of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control Triggering Event provisions of the Notes, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control Triggering Event provisions of
the Notes by virtue of such conflict.

 

(e)        On
the Change of Control Triggering Event payment date, the Company will, to the extent lawful:

 

(i)               accept for payment all Notes or portions of Notes properly tendered (and not validly withdrawn) pursuant to the Change of Control
Offer;

 

(ii)             
deposit with the Paying Agent an amount equal to the Repurchase Price in respect of all Notes or portions of Notes properly
tendered (and not validly withdrawn); and

 

(iii)           
deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate
stating the aggregate principal amount of Notes of each series being purchased by the Company.

 

(f)        The
Paying Agent will promptly deliver to each Holder of Notes properly tendered the Repurchase Price for the Notes, and the Trustee
will promptly, upon Company Order, authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note
of the same series equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note
representing any unpurchased portion of any Notes surrendered will be in a minimum principal amount of $2,000 and integral multiples
of $1,000 in excess thereof.

 

(g)       Notwithstanding
the foregoing, the Company will not be required to make an offer to repurchase the Notes of a series upon a Change of Control
Triggering Event if

 

    38

    

    

(i)
a third party makes an offer in respect of such Notes in the manner, at the times and otherwise in compliance with the requirements
for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer
or (ii) the Company has given written notice of a redemption as provided under Section 1104 of the Base Indenture; provided that
the Company has not failed to pay the applicable Redemption Price on the applicable Redemption Date.

 

(h)       If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes of the applicable series validly tender and
do not withdraw such Notes in an offer to repurchase such Notes upon a Change of Control Triggering Event and the Company, or
any third party making such an offer in lieu of the Company, purchases all of the Notes validly tendered and not withdrawn by
such Holders, the Company or such third party will have the right, upon not less than 10 days nor more than 60 days’ prior
notice, provided that such notice is given not more than 30 days following the applicable Repurchase Price Payment Date pursuant
to the offer described above, to redeem all Notes of such series that remain outstanding following such purchase on a date specified
in such notice and at a price in cash equal to 101% of the aggregate principal amount of Notes to be redeemed plus any accrued
and unpaid interest on the Notes to be redeemed to, but excluding, the Redemption Date specified in such notice.

 

Section 6.03.     
Financial Reports.

 

(a)        For so long as the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company
shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data
Gathering, Analysis and Retrieval System (or successor system), within 15 days after the Company files the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) which the Company may file with the Commission pursuant
to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such
presumption, that the Company has not filed any such reports, information, documents and other reports with the Commission that
are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless
and until it shall have received written notice from the Company to the contrary.

 

(b)       For
so long as any of the Notes remain Outstanding, the Company shall, or shall cause its Affiliates to, furnish to the Holders of
the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act for the Company and the Guarantors, and, unless available on the Commission’s Electronic Data Gathering,
Analysis and Retrieval System (or successor system), for the Company (as if such rule applied to it); provided, however,
that if any time the Company no longer directly or indirectly controls the Credit Parties, such information shall be provided
for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or
indirectly controls the Credit Parties and guarantees the Notes (in each case, as if such rule applied

 

    39

    

    

to
such Persons). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities
analysts and prospective investors upon request.

 

(c)       Delivery of such reports, information and documents to the Trustee shall be for informational purposes only and the Trustee’s
receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of the covenants contained in the Indenture (as to which
the Trustee will be entitled to conclusively rely upon an Officers’ Certificate). The Trustee shall have no obligation to
determine if and when the Company’s information is available on the Commission’s Electronic Data Gathering, Analysis
and Retrieval System (or successor system) and the Trustee shall have no obligation to obtain any reports that are posted on the
Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system).

 

Section 6.04.     
Sale Leaseback Transactions. The Credit Parties and their Subsidiaries shall not enter into any sale and leaseback
transaction involving any Principal Property, the acquisition or completion of construction and commencement of full operation
of which has occurred more than 180 days prior thereto, unless (a) such Credit Party or such Subsidiary could incur a lien on
such property under the restrictions described in Section 6.01 in an amount equal to the Attributable Debt with respect to the
sale and leaseback transaction without equally and ratably securing the Notes or (b) such Credit Party, within 180 days after
the sale or transfer by the Credit Party, applies to the retirement of its pari passu indebtedness for borrowed money of a Credit
Party having a maturity of, or by its terms extendible or renewable for, a period of more than 12 months after the date of determination
of the amount thereof (“Funded Debt”) an amount equal to the greater of (i) the net proceeds of the sale of
the Principal Property sold and leased pursuant to such arrangement or (ii) the fair market value of the Principal Property so
sold and leased as determined by the Board of Directors of the Company; provided that the amount to be applied to the retirement
of Funded Debt of the Company shall be reduced by the principal amount of any Notes having a maturity date more than 12 months
after such sale or transfer delivered within 180 days after such sale or transfer to the Trustee for retirement and cancellation;
provided, further, that no retirement referred to in this clause (b) may be effected by payment at maturity or pursuant to any
mandatory sinking fund payment or any mandatory prepayment provision.

 

Section 6.05.     
Additional Amounts.

 

(a)        All payments made by or on behalf of the Payor under, or with respect to, the Notes or any Guarantees will be made free
and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment
or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”)
unless the withholding or deduction of such Taxes is then required by law or the official interpretation or administration thereof.
If any deduction or withholding for, or on account of, any Taxes imposed, levied, collected or assessed by or on behalf of (1)
the United Kingdom or any political subdivision or governmental

 

    40

    

    

authority
thereof or therein having power to tax, (2) any jurisdiction from or through which payment on the Notes or any Guarantees is made
on behalf of the Payor, or any political subdivision or governmental authority thereof or therein having the power to tax or (3)
any other jurisdiction in which a Payor is organized, tax resident or engaged in business for tax purposes, or any political or
governmental authority thereof or therein having the power to tax (each of clause (1), (2) and (3), a “Relevant Taxing
Jurisdiction”) will at any time be required from any payments made with respect to the Notes or any Guarantees, including
payments of principal, premium, if any, Redemption Price or interest, the Payor will pay such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received by each Holder will equal the amounts that would
have been received in the absence of such withholding or deduction; provided, however, that no such Additional Amounts
will be payable with respect to:

 

		1.	any
                                         Taxes that would not have been so imposed but for the existence of any present or former
                                         connection between the relevant Holder or beneficial owner and the Relevant Taxing Jurisdiction,
                                         including being or having been a citizen, resident, or national thereof or being or having
                                         been present or engaged in a trade or business therein or having or having had a permanent
                                         establishment therein (but excluding any connection arising merely from the receipt of
                                         such payment or the acquisition or ownership of such Note or enforcement of rights thereunder);

 

		2.	any
                                         estate, inheritance, gift, sales, excise transfer or personal property or similar tax;

 

		3.	any
                                         Taxes which are imposed, payable or due because the Notes are presented (where presentation
                                         is required) for payment more than 30 days after the date such payment was due and payable
                                         or was first provided for, whichever is later, except for Additional Amounts with respect
                                         to Taxes that would have been imposed had the Holder presented the Note for payment on
                                         the last day of such 30-day period;

 

		4.	any
                                         Taxes that are imposed or withheld by reason of the failure of the Holder or beneficial
                                         owner of a Note to comply with any certification, identification, information, documentation
                                         or other reporting requirements concerning the nationality, residence, identity or connection
                                         of the Holder or such beneficial owner with the Relevant Taxing Jurisdiction or to make,
                                         any other claim or filing for exemption to which it is entitled if such compliance, making
                                         a claim or filing for exemption is required as a precondition to exemption from all or
                                         part of such Taxes but only to the extent the Holder or beneficial owner is legally entitled
                                         to provide such certification, identification, information or documentation or other
                                         requirement and provided that at least 30 days prior to the first payment date with respect
                                         to which such certification, identification, information or documentation or other requirement
                                         is required by the Company, the relevant Holder at that time has been notified that such
                                         payment will be subject to such Taxes (in

 

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accordance
with the procedures set forth in the Indenture) by the Payor or any other person through whom payment may be made;

 

		5.	any
                                         Taxes payable other than by deduction or withholding from payments under, or with respect
                                         to, the Notes or any Guarantees;

 

		6.	any
                                         withholding or deduction that is imposed in connection with Sections 1471-1474 of the
                                         Code (and any successor provision to any of those Sections), and the U.S. Treasury regulations
                                         or any rulings thereunder (“FATCA”) and any current or future regulations
                                         or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)
                                         of the Code (and any successor provision thereto), any intergovernmental agreement between
                                         the United States and any other jurisdiction implementing, or relating to, FATCA or any
                                         law, regulation or official guidance enacted or issued in any jurisdiction with respect
                                         thereto; or

 

		7.	any
                                         combination of the above.

 

(b)       No Additional Amounts will be payable with respect to any payment of principal of (or premium, if any, on) or interest
on such Note or with respect to any payment on a guarantee to any Holder who is a fiduciary or any person other than the sole
beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary or the beneficial
owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor or beneficial owner
held such Note directly.

 

(c)        The Payor will (1) make any required withholding or deduction and (2) remit the full amount deducted or withheld to the
applicable taxing authority in the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor will use all reasonable
efforts to obtain certified copies of tax receipts or other available documentation evidencing the payment of any Taxes so deducted
or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will attach to each certified copy (or other evidence)
an Officers’ Certificate stating the amount of such withholding Taxes paid per $1,000 principal amount of the Notes, copies
of which shall be promptly delivered to the Trustee and each Paying Agent.

 

(d)        Each Payor will pay any present or future stamp, court or documentary taxes or property taxes, charges or similar levies
(including interest and penalties to the extent resulting from a failure by the Company to timely pay amounts due) that arise
in any jurisdiction from the execution, delivery or registration of any Notes or any other document or instrument referred to
therein (other than a transfer of the Notes), excluding any such taxes, charges or similar levies imposed by any jurisdiction
that is not a Relevant Taxing Jurisdiction or any jurisdiction in which a Paying Agent is located, other than those resulting
from, or required to be paid in connection with, the enforcement of the Notes or any other such document or instrument following
the occurrence of any Event of Default with respect to the Notes.

 

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(e)       The foregoing obligations will survive any termination, defeasance or discharge of the Indenture and will apply mutatis
mutandis to any Relevant Taxing Jurisdiction with respect to any Successor Person to a Payor.

 

(f)        Any reference in the Indenture to principal, premium or interest in respect of the Notes of a series will be deemed also
to refer to any Additional Amounts that may be payable with respect to such principal, premium or interest under the obligations
referred to in this subsection.

 

Section 6.06.     
International Stock Exchange. The Company will apply to The International Stock Exchange Authority for each series
of the Notes to be admitted to the Official List of The International Stock Exchange. The Company will notify the Trustee in writing
in the event that the Notes are admitted for listing or de-listed from any exchange.

 

Article
7

Supplemental Indentures

 

Section 7.01.     
Supplemental Indentures without Consent of Holders of Notes.

 

Solely with
respect to the Notes, Section 901(13) of the Base Indenture is hereby replaced in its entirety by the following:

 

“(13)to
cure any ambiguity, to correct or supplement any provision of this Indenture which may be defective or inconsistent with any other
provision herein provided that, no amendment to cure any ambiguity, defect or inconsistency in the Indenture or the Notes made
solely to conform the Indenture or the Notes to the Description of Notes contained in the Company’s offering memorandum
dated August 24, 2020, to the extent that such provision in the Description of Notes was intended to be a verbatim recitation
of a provision of the Indenture or the Notes, shall be deemed to adversely affect the interests of the Holders of any Notes in
any material respect; and”

 

Section 7.02.     
Supplemental Indentures with Consent of Holders of Notes.

 

Solely with
respect to the Notes, Section 902 of the Base Indenture is hereby replaced in its entirety by the following:

 

“With
the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of a series affected
by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act
of said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter
into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture;
provided, however,

 

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no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note of the series affected thereby:

 

(a)       change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any series of Notes;

 

(b)       reduce the principal amount of any Note which would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 502 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any
series of Notes;

 

(c)       
reduce the Repurchase Price in connection with a Change of Control Triggering Event;

 

(d)       
reduce any premium payable upon the redemption of or change the date on which any series of Notes may or must be redeemed;

 

(e)       
change the coin or currency in which the principal of or premium, if any, or interest on any series of Notes is payable;

 

(f)        change the date on which any series of Notes may or must be redeemed;

 

(g)       impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption or repayment, on or after the Redemption Date or a Repurchase Price Payment Date, as applicable);

 

(h)       reduce the percentage in principal amount of the Outstanding Notes of a series the consent of whose Holders is required
for modification or amendment of this First Supplemental Indenture or the Base Indenture with respect to such series or the consent
of whose Holders is required for any waiver (of compliance with provisions of the Base Indenture or this First Supplemental Indenture
or defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this First Supplemental Indenture;

 

(i)        
modify any of the provisions of this ‎Section 7.02 or Section 512 or Section 1005 of the Base Indenture, except to
increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Note of a series affected thereby; provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee”
and concomitant changes in this ‎Section 7.02 and Section 1005 of the Base Indenture, or the deletion of this proviso, in
accordance with the requirements of Sections 611 and 901(7) of the Base Indenture;

 

(j)         subordinate
the Notes of any series or any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor;

 

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(k)        modify the terms of any Guarantee in a manner adverse to the Holders of any series of the Notes; or

 

(l)         modify clauses ‎(a) through ‎(k) above.

 

It shall
not be necessary for any Act of Holders under this ‎Section 7.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

A supplemental
indenture which changes or eliminates any covenant or other provision of the Indenture which has expressly been included solely
for the benefit of one or more particular series of Securities other than the Notes of a series, or which modifies the rights
of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the
rights under the Indenture of the Holders of any other series of the Notes.

 

In addition,
the Holders of at least a majority in aggregate principal amount of the Outstanding Notes of a series may, on behalf of the Holders
of all Notes of such series, and subject to and in accordance with the provisions of Section 1005 of the Base Indenture, waive
compliance with the Credit Parties’ covenants described under Sections ‎Section 6.01, ‎6.02 and ‎6.02 of this
First Supplemental Indenture and ‎Article VII and Section 1402 of the Base Indenture (other than any covenant, a modification
to which under clause ‎(e) of this ‎Section 7.02 would require the consent of the Holder of each Outstanding Note of such
series affected thereby).

 

Article
8

Defeasance

 

Section 8.01.     
Covenant Defeasance.

 

Solely with
respect to the Notes, Section 1303 of the Base Indenture is hereby replaced in its entirety by the following:

 

Upon the
Company’s exercise of its option, if any, to have Section 1303 of the Base Indenture applied to the Notes, or if Section
1303 of the Base Indenture shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their
respective obligations and any covenants provided pursuant to ‎Article 6 (other than Section 6.05) of this First Supplemental
Indenture and Section 801 and Section 1402 of the Base Indenture and (2) the occurrence of any event specified in Section 501(4)
of the Base Indenture with respect to Article 6 (other than Section 6.05 of this First Supplemental Indenture) or Section 801
and Section 1402 of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to
the Notes and the related Guarantees on and after the date the conditions set forth in Section 1304 of the Base Indenture are
satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that,
with respect to the Notes and Guarantees thereof, each of the Company and the Guarantors may omit to comply with and shall have
no liability in respect of any term, condition or limitation set forth in any such

 

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specified
Section, whether directly or indirectly by reason of any reference elsewhere herein or in the Base Indenture to any such Section
or by reason of any reference in any such Section to any other provision herein or in the Base Indenture or in any other document,
but the remainder of the Base Indenture, this First Supplemental Indenture and such Notes and Guarantees thereof shall be unaffected
thereby.

 

Article
9

Miscellaneous

 

Section 9.01.     
Execution as Supplemental Indenture.

 

This First
Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture and, as provided
in the Base Indenture, this First Supplemental Indenture forms a part thereof in the manner and to the extent herein and therein
provided; provided, however, that the provisions of this First Supplemental Indenture apply solely with respect to the
Notes.

 

Section 9.02.     
Not Responsible for Recitals or Issuance of Notes.

 

The recitals
contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Securities or the Guarantees.
The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. All of the
provisions contained in the Base Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee
shall be applicable in respect of the Notes and of this First Supplemental Indenture as fully and with like effect as if set forth
herein in full.

 

Section 9.03.     
Separability Clause.

 

In case any
provision in this First Supplemental Indenture or in the Notes 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 9.04.     
Successors and Assigns.

 

All covenants
and agreements in this First Supplemental Indenture by the Company and the Guarantors shall bind their respective successors and
assigns, whether so expressed or not. All agreements of the Trustee in this First Supplemental Indenture shall bind its successors
and assigns, whether so expressed or not.

 

Section 9.05.     
Execution and Counterparts.

 

This First
Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument.

 

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Section 9.06.     
Governing Law.

 

This First
Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the law of the State of New York.

 

Section 9.07.     
Submission to Jurisdiction.

 

The Company
and the Guarantors hereby submit to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of
Manhattan in The City of New York in any suit or proceeding arising out of or relating to this First Supplemental Indenture, the
Notes, the Guarantees or the transactions contemplated hereby or thereby. The Company and the Guarantors waive any objection which
it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and the
Guarantors agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding
upon the Company and each Guarantor, as applicable, and may be enforced in any court to the jurisdiction of which Company or the
Guarantor is subject by a suit upon such judgment. The Company and the Guarantors irrevocably appoint CSC North America, with
its principal office as of the date of this First Supplemental Indenture located at 251 Little Falls Drive, Wilmington, DE 19808,
as its authorized agent in the Borough of Manhattan in The City of New York upon which process may be served in any such suit
or proceeding, and agrees that service of process upon such authorized agent, and written notice of such service to the Company
or any such Guarantor, as the case may be, by the person serving the same to the address provided in Base Indenture, shall be
deemed in every respect effective service of process upon the Company and such Guarantor in any such suit or proceeding. The Company
and the Guarantors hereby represent and warrant that such authorized agent has accepted such appointment and has agreed to act
as such authorized agent for service of process. The Company and the Guarantors further agree to take any and all action as may
be necessary to maintain such designation and appointment of such authorized agent in full force and effect until at least one
year after all of the Notes are no longer Outstanding.

 

Section 9.08.     
Waiver of Immunity. To the extent that the Company and the Guarantors may acquire any immunity (sovereign or otherwise)
from jurisdiction of any court of (i) England and Wales, (ii) the United States or the State of New York, (iii) any jurisdiction
in which it owns or leases property or assets or from any legal process (whether through service of notice, attachment prior to
judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves or their respective property
and assets or this First Supplemental Indenture, the Notes or the Guarantees, each of the Company and the Guarantors hereby irrevocably
waives such immunity in respect of its obligations under this First Supplemental Indenture, the Notes and the Guarantees to the
fullest extent permitted by applicable law.

 

Section 9.09.     
Jury Trial Waiver. EACH OF THE COMPANY, THE INITIAL GUARANTOR, THE TRUSTEE AND THE HOLDERS, BY THEIR ACCEPTANCE
OF THE NOTES, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY

 

    47

    

    

IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIRST SUPPLEMENTAL INDENTURE, THE NOTES OR THE GUARANTEES.

 

[Signature
pages to follow.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    48

    

    

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

 

	 	Royalty Pharma plc
	 	 
	 	 
	 	By:	 /s/ Pablo Legorreta
	 	 	Name: Pablo Legorreta
	 	 	Title:Director
	 	 	 
	 	 	 
	 	Royalty Pharma Holdings Ltd.
	 	 
	 	 
	 	By:	/s/ Pablo Legorreta
	 	 	Name: Pablo Legorreta
	 	 	Title:Director

 

 

 

    
[Signature Page to First Supplemental Indenture]

    

    

	 	Wilmington Trust, National Association,
    as Trustee
	 	 
	 	 
	 	By:	/s/ Quinton M. DePompolo
	 	 	Name:Quinton M. DePompolo
	 	 	Title:Banking Officer

 

 

 

 

 

    
[Signature Page to First Supplemental Indenture]

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